Nigeria in 1min: Economic, Business and Financial Headlines - 180122

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Tuesday, January 18, 2022 / 5:49 AM / By News Aggregator / Header Image Credit: Government of Nigeria

 

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 COVID-19 Health Updates

  • 17th of January 2022: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 251,178 cases (New: 249) 
  • Discharged: 224,629
  • Deaths: 3,110 (New: 7)

 

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PROSHARE ECONOMY

Official Inflation to Decline Again in December 2021 to 14.9% - The December 2021 inflation report is likely to be released next week. Based on our econometric model, official headline inflation is expected to fall to 14.9% from 15.4% in November 2021. Source FDC Ltd Read More

Bureaucracy Must be Addressed, to Implement Nigeria's New Agricultural Policy - Chuka Mordi - The recently inaugurated National Agricultural Technology and Innovation Policy (NATIP) for the period 2022-2025, will be best implemented if the issues around bureaucratic bottlenecks are addressed. Source Ottoabasi Abasiekong for WebTV Read More

Finance, Insurance Firms Boost Services Sector Growth - CBN - The services sector recorded slight growth in the third quarter of 2021, buoyed by the improved performances of the finance and insurance sectors, according to the Central Bank of Nigeria. Source Punch Read More

Fashola Calls for Joint Effort in Maintenance of Road Infrastructure - Minister of Works and Housing, Mr Babatunde Fashola (SAN), has called on the Nigerian public to support the federal government to ensure all roads and utilities across the nation are kept in good condition. Source THISDAYLIVE Read More


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PROSHARE MARKETS

Investors Lose N29.64bn as NGXASI Dips by 0.12% to Open the Week Negative - Equities market closed on a negative note, as NGXASI depreciated by -0.12% to close at 44,399.66 basis points as against -0.34% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +3.94%. Source Proshare Markets Read More

NAFEX Rate Appreciated by 0.85% WoW to N415.61 - In the FX Spot and Derivatives markets, the total turnover for the week-ended January 14, 2022, was $631.89 million, representing an increase of 23.55% ($120.43 million) from $511.46 million reported for the week-ended January 7, 2022. Source FMDQ Read More

Steady Pressure on Grain Price Amid High Demand - AFEX Commodities Weekly Report 140122 - Last week all grain commodities closed in the green territory, returning gains to investors on the Exchange. Prices are not looking to halt the upward trend soon as demand pressure and hoarding activities of traders prevail. Source Kainosedge Consulting for AFEX Commodities Exchange Read More

Bullish Run Sustained as Average Yield Declines 4bps WoW to 4.39% - Last week, the Nigerian Treasury Bills ("NT-Bills") secondary market maintained its bullish run as investors anticipated the Primary Market Auction ("PMA") that held last Wednesday (12-Jan-2022). Source Afrinvest Research Read More 

Parallex Bank Debuts as First To Transit From Microfinance To Commercial Bank   - With groundbreaking value-drivers, prominent financial institution Parallex Bank has become the latest entrant into the commercial banking industry in Nigeria. Having launched on Friday, January 14, 2022, at the bank's headquarters in Victoria Island, Lagos, Parallex Bank has set out with a mission to redefine the banking landscape in Nigeria, and Africa, by extension. Source Nairametrics Read More


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PROSHARE BUSINESS

KPMG Lists Ecobank Nigeria Among Top Five Customer Experience Leaders in Nigeria - KPMG, Nigeria's Leading audit and professional services company, has ranked Ecobank Nigeria among the top five leading banks in Wholesale (Corporate) Banking in the KPMG Customers' Experience and Satisfaction Survey. Source Ecobank Read More

Report: Nigeria's Daily Oil Production to Hit 1.7m bpd in 2022 - In spite of its current struggles, Nigeria's oil production will hit 1.7 million barrels per day in 2022, a new report by CardinalStone Research, has indicated. Source THISDAYLIVE Read More

Emirates Resumes Flights from Five African Countries - But Not Nigeria - Emirates Airlines, flag carrier of the United Arab Emirates (UAE), has announced the resumption of passenger flight operations to and from Ghana, Guinea, Angola, Ivory Coast and Uganda. Source TheCable Read More

Dangote Calls for Cooperation As Afreximbank Launches PAPSS - President of Dangote Group, Aliko Dangote, has charged African leaders and citizens to be united in the promotion of the continent's intrinsic greatness through improved trade relations amongst African countries. Source Daily Trust Read More

BOJ Raises Inflation Forecasts, Maintains Ultra-Easy Policy - The Bank of Japan upgraded its inflation forecasts on Tuesday and said risks to the price outlook were evenly balanced, in a nod to signs the recent commodity-driven rise in inflation was broadening. Source Reuters Read More

 

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PROSHARE TECHNOLOGY   

Canadian Fintech Periculum, Officially Launches in Nigeria - The availability of domestic credit is a key requirement for consistent economic growth in developing countries. The vitality of financial services such as banking, savings, debt and equity financing, investment management, and point-of-sale lending is largely dependent on the maturity of its domestic credit industry. Release by Periculum Read More 

Samsung Partners with AMD to Power Up Mobile Chips - Samsung Electronics Co. introduced its first mobile processor powered by Advanced Micro Devices Inc. graphics as the company tries to better compete with the gaming prowess of archrival Apple Inc.'s iPhones. Source Bloomberg Read More

Major U.S. Airlines Warn 5G Could Ground Some Planes, Wreak Havoc - The chief executives of major U.S. passenger and cargo carriers on Monday warned of an impending "catastrophic" aviation crisis in less than 36 hours, when AT&T (T.N) and Verizon (VZ.N) are set to deploy new 5G service. Source Reuters Read More

Ghanaian Fintech Float Raises $17M Seed to Power Cash Flow For Commerce In Africa - Cash flow is a major pain point for small businesses in Africa. Long payment cycles, which can take 30-90 days after services or products have been rendered, and little or no capital, of which research says 85% of African small and medium businesses are subject to, are the main culprits of cash flow issues. Source Tech Crunch Read More

CBDCs And Stablecoins: EY Advises Banks To 'Prepare for What's Coming' - Big Four accounting firm Ernst & Young has recommended that banks should change their regulatory perimeter to address the oncoming launches of state-backed central bank digital currencies (CBDC) and private stablecoins. Source Cointelegraph Read More


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PROSHARE FINANCE

Why Academics Should Consider Branding Themselves - This is the first in a four-part series on personal branding for academics in an era of dwindling state funding for higher education institutions, decreases in university income in the light of the COVID-19 pandemic and unending criticisms from employers... Source OpEd by Prof Robert Ebo Hinson Read More 

PenCom Reviews Pension Reform Act 2014 - The National Pension Commission (PenCom) has reviewed the Pension Reform Act 2014 (PRA 2014) as a prelude to advancing legislative action on the Bill. This is contained in a statement by Peter Aghahowa, Head, Corporate Communications of PenCom, on Monday in Abuja. Source Vanguard Read More


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PROSHARE MSME

Nestle, Nomanini and Standard Bank Partner to Solve the Stock Needs of Africa's Underbanked - A collaborative partnership between Nestle Eastern and Southern African Region, Nomanini and Standard Bank is providing MSMEs with access to working capital via Trader Assist. Source Nomanini Read More 

 Standard Bank Launches Platform to Get Working Capital to African MSMEs - Retail Micro, Small, Medium-sized Enterprises (MSMEs) in the region typically generate more than 80% of their revenue through the sale of fast-moving consumer goods, say the partners. Many of these traders are underbanked making it difficult to get access to capital to keep their shelves stocked. Source FinExtra Read More


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