Nigeria in 1min: Economic, Business and Financial Headlines - 180221

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Thursday, February 18, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @FinMinNigeria

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COVID-19 Health Updates 

  • 17th of February 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 149,369 cases (New: 869)
  • Discharged:  125,722
  • Deaths: : 1,787 (New: 8)

Source: NCDC Read More

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PROSHARE ECONOMY

Outlook 2021: How Sectors of the Economy Fared in 2020 - Oil and Gas Sector - The Oil and Gas sector suffered a twin hit in 2020. Plunging oil demand brought about by the COVID-19 and the price war between Russia and Saudi Arabia further worsened the financial position of an already vulnerable sector. Source Proshare Research Read More

Nigeria's Inflation Rate Rises as Risk Factors Heightens - Nigeria's economy is spinning on an inflation flywheel as headline consumer price index (CPI) for January 2020 moved a dial from +15.75% in December 2020 to +16.47% in January 2021. Source Proshare Research Read More

Uncertainty Over PMS Price - A Clear Indication Inflation Concerns Could Linger - In line with our forecast, Nigeria's headline inflation accelerated 71bps to 16.47% YoY in January 2021. Notably, food inflation surged to 20.57% YoY (highest reading in over 12 years), even though the re-opening of land borders may have contributed to temperance in month-on-month reading. Source CardinalStone Research Read More

Fitch Assigns Ecobank Nigeria Limited's $300m Senior Unsecured Notes 'B-' Final Rating - Global credit Rating agency, Fitch Ratings, has assigned EBN Finance Company BV's USD300 million 7.125% senior participation notes due 2026 a final rating of 'B-' with a Recovery Rating of 'RR4'. Source Fitch Ratings Read More

Agriculture Sector in 2021: Still a Growth Story - Nigeria's agriculture sector growth remained positive through 2020 but at a considerably slower pace. Despite increased government attention, growth remained at a low-single-digit level. Compared to a 5-year average growth rate of 3.0%, the sector grew by 2.2% in Q1-20. Source United Capital Read More

56.1 Million Poor Nigerians Not in Database - FG - As of January 31, 2021, a total of 56.1 million poor and vulnerable Nigerians had yet to be identified and registered in the National Social Register, the Federal Government said on Tuesday. Source Punch Read More


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PROSHARE MARKETS

NCM 2020: Agriculture Sector - OKOMUOIL Tops on EPS and PAT Margin - The Agriculture services sector is one of the most active sectors among NSE Sectors. A cursory review of the EPS ratio of the Agriculture sector reveals that OKOMUOIL tops based on EPS and closely followed by PRESCO and LIVESTOCK while FTNCOCOA leads otherwise with negative EPS. Source Proshare Research Read More

Investors Lose N15.19bn as NSEASI Dips Further by -0.07% Amid Increased Sell Pressure - Equities market closed today on a negative note, as NSEASI depreciated by -0.07% to close at 40,465.32 basis points as against -0.19% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +0.48%. Source Proshare Markets Read More

FIDELITYBK Announces Result of Offer for Subscription of its N41bn Bonds Due 2031 - This is to inform the general public that Fidelity Bank Plc has concluded the issuance of the Offer for Subscription of N41,213,000,000 8.5% Fixed Rate Unsecured Subordinated Bonds due 2031. Source NSE Read More 

 

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PROSHARE BUSINESS

Ecobank Group Signs A Remittance Partnership with Small World Financial Services - Leading international money transfer provider Small World Financial Services ("Small World"), has signed a partnership with Ecobank -the leading Pan-African banking group, based in Lome, Togo. Source Ecobank Group Read More

Adegbite: Nigeria's Gold Export Royalty among World's Lowest - The Minister of Mines and Steel Development, Mr. Olamilekan Adegbite, has stated that Nigeria has one of the lowest gold export royalty in the world. Adegbite explained that the royalty fee accruable to government from gold export was merely three per cent of the value of the export, adding that the low rate was to encourage growth in the gold mining sector. Source THISDAYLIVE Read More

NSIA, InfraCo Set to Enhance Nigeria's Infrastructure - The Nigerian Sovereign Investment Authority (NSIA) has said it will collaborate with the newly-established infrastructure company (infraCo) to support the development of Nigeria's infrastructure. Source THISDAYLIVE Read More

Additional Fiscal Stimulus Powers U.S. Retail Sales; manufacturing output strong - U.S. retail sales rebounded sharply in January after households received additional pandemic relief money from the government, suggesting a pick-up in economic activity after being restrained by a fresh wave of COVID-19 infections late last year. Source Reuters Read More

Nasdaq Ends Lower as Tech Slides; Inflation Concerns Weigh - The Nasdaq closed lower while the S&P 500 was little changed on Wednesday as investors rotated out of technology shares and concerns about inflation added some pressure on stocks. Source Reuters Read More

 

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PROSHARE TECHNOLOGY

Tracking and Using Data for Decision Making as a Business Owner - We are in a digital world where DATA is referred to as "the new oil" because of its economic power; just as OIL was in the industrial age. With data, business owners can now make more informed decisions regarding their customers, processes, platforms and people. Source FCMB Business Zone Read More

CBN Issues Regulatory Framework for Open Banking in Nigeria - The Central Bank of Nigeria (CBN) in line with its mandate to promote financial system stability, hereby issues the Regulatory Framework for Open Banking in Nigeria. The framework establishes principles for data sharing across the banking and payments ecosystem, which will promote innovation, broaden the range of financial products and services, and deepen financial inclusion. Source CBN Read More

 

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PROSHARE FINANCE

IMF Backs CBN's Decision on Cryptocurrency - The International Monetary Fund (IMF) has thrown its weight behind the Central Bank of Nigeria (CBN) in the latter's decision directing banks to desist from transacting in/and with entities dealing in cryptocurrencies. Source Vanguard Read More

Local Insurers Losing Out on Big Ticket Transactions, NAICOM Laments - Local insurers losing out on big ticket transactions, NAICOM The National Insurance Commission, NAICOM, has lamented the declining participation of local insurers in big ticket businesses such as aviation, annuity as well as oil and gas risks underwriting. Source Vanguard Read More


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