Nigeria in 1min: Economic, Business and Financial Headlines - 180521


Tuesday, May 18, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @NigeriaGov


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COVID-19 Health Updates 

  • 17th of May 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 165,778 cases (New: 69)
  • Discharged: 156,415 
  • Deaths: : 2067 (New: 1)

Source: NCDC Read More

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Headline Inflation Increases by 18.12% YoY In April 2021, 0.05% Lower Than March 2021 Rate - NBS - The consumer price index, (CPI) which measures inflation increased by 18.12 percent (year-on-year) in April 2021. This is 0.05 percent points lower than the rate recorded in March 2021 (18.17) percent. Source NBS Read More

2021 Budget: FG Asked to Block Loopholes And Investigate 314 Duplicated Projects - The Federal Government has been tasked with blocking the loopholes in the 2021 budget and ensuring transparency and accountability are entrenched in the releases done across the ministries, departments and agencies, MDAs. Source Ottoabasi Abasiekong for WebTV Read More

Nigerian Banks' Near-Term Credit Risks Ease - The outlook for Nigerian banks' credit fundamentals has stabilised since the initial economic shock from the pandemic, Fitch Ratings says in a new report. Profitability and capitalisation have held up and asset-quality deterioration is contained, at least for now. Source Fitch Ratings Read More 

The Naira Depreciated Against the US Dollar on IEFX Window as Nigeria's Oil Production Improved - The average monthly value of the Naira depreciated by N0.50 at the I&E FX Window with the average exchange rate of the currency to a unit of the Dollar climbing to N410.36 in April 2021 from N409.85 in March 2021. Source Comercio Partners Asset Mgt Read More

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Investors Lose N91.43bn as NSEASI Dips by -0.44% to Open the Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.44% to close at 39,306.47 basis points as against +0.25% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -2.39%. Source Proshare Markets Read More

Lafarge Africa Q1 2021 Result: Rising Profits Hit Tight Working Capital - Economic activities in the first quarter of the year usually tend to be slow, however, this does not seem to be the case in Q1 2021 for Lafarge Africa Plc. The cement maker's Q1 2021 result showed a sizable rise in earnings and a marginal improvement in the group balance sheet. Source Adaeze Nwachukwu, Proshare Research Read More

BUA Cement Q1 2021 Result: Earnings Leap as Debt Numbers Spring Upwards - The Q1 2021 unaudited result of BUA Cement Plc showed an improvement in its revenue and profit running off the back of stiff economic and social headwinds in 2020. The company pivoted towards intensified competitiveness with a focus on production expansion and larger market share. The cement maker also saw a notable rise in its debt-to-equity ratio. Source Adaeze Nwachukwu Proshare Research Read More

Afrinvest Stock Recommendation for the Week 170521 - Last week, the equities market rebounded with trading closing in the green on the 3 trading days. As a result, the All-Share index rose 0.8% w/w to 39,481.89 points. Market capitalisation increased by N147.6bn to N20.6tn while YTD return improved to -2.0%. Source Afrinvest Research Read More

Is Copy Trading Profitable in 2021? - Forex remains the largest and most volatile financial market globally. The riskiness is what makes forex trading interesting and hurting. It is interesting because brave and analytical traders earn their first million from it. On the other hand, the market is likely to hurt if you don't know how to handle risky signals. Source Globex Marketing Read More 

Domestic Investment In Capital Market Hits N526.30bn In Q1 - According to 'the Domestic and Foreign Portfolio Investment (FPI) report for March, 2021,' the total transactions at the nation's bourse amounted to N676.53 billion, with domestic investors dominating by 77.79 per cent, while foreign investors pulled N150.23 billion or 22.21 per cent in Q1. Source LeadershipNG Read More

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AXA Mansard Bags People First Organization and CEO Awards - AXA Mansard Insurance Plc, a member of the AXA group, a global leader in insurance and asset management has won the People First Organisation Award and the "People First CEO Award", organized by the Chartered Institute of Personnel Management of Nigeria (CIPM), the apex regulatory body for Human Resource Management practice in Nigeria. Source AXA Mansard Read More

Fola Adeola to Speak at Maiden CFA Society Nigeria Quarterly Leadership Series - CFA Society Nigeria is hosting its maiden Quarterly Leadership Series on Wednesday, 26 May 2021 featuring Fola Adeola, OFR, Founder and First Managing Director of Guaranty Trust Bank. Source CFA Society Nigeria Read More 

Does Nigeria Need a Startup Act? - Startups are young companies that are founded to develop a unique product or service and bring it to the market. In recent years on the African Continent, several startups have been making positive impact in their communities leading to several countries enacting or planning to implement a Startup Act. Source Oluwapelumi C. Omoniyi (AELEX) Read More

Petrol Imports Rose by 100 Million Litres in January - NNPC - Latest figures in the financial and operations report of the Nigerian National Petroleum Corporation have shown that the imports of Premium Motor Spirit (or petrol) by the NNPC rose by 100 million litres following the dormancy of Nigeria's refineries to refine crude. Source Punch Read More

$1.24bn Spent on Food Imports Despite Buhari's Forex Ban - Food products imports gobbled up $1.24bn of the foreign exchange supplied by the Central Bank of Nigeria from October 2020 to March 2021 despite the ban directive from the President, Major General Muhammadu Buhari (retd.), 'FEMI ASU reports. Source Punch Read More

Lagos Free Zone will Boost Indian Investments in Nigeria - High Commissioner - The Indian High Commission in Nigeria has indicated that the Lagos Free Zone (LFZ) provides a unique and special ecosystem for Indian companies with growth aspirations to consider for their businesses. Source Vanguard Read More

'Family Businesses Key to Realising Nigeria's 6% Yearly Growth - Based on their significance, it is pertinent that lasting family businesses emerge in Nigeria if the country will realise its desired growth potentials of four per cent - six per cent yearly post-COVID-19, professional services company PricewaterhouseCoopers (PwC Nigeria) has said. Source The Nation Read More

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The Effect of Nigeria's Data Protection Regime on Open Banking - Historically, the banking relationship between a bank and its customer is a private one. The novelty of open banking lies in its audacious challenge to this historical model by promoting the sharing of the customer's banking data with 'trusted' third parties.[1] Source AELEX Read More 


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Learning and Development Out of the Box - Lessons from Everything, Everywhere - One of the remarkable ideas behind the modalities of learning - Visual, Auditory, Kinesthetic and Tactile learning - is the ability to interact with the material in many dimensions. Without a doubt, the new ways of working and business operations around the world have shown us all that intuition... Source Bereola Martins, Associate Consultant and Tobi Akinola, Senior Analyst, Phillips Consulting Read More

67 Aggrieved Depositors Lodged N11.7bn Complaints Against Banks - CIBN - The Chartered Institute of Bankers of Nigeria has said it received 67 petitions from depositors against banks in 2020, with claims totalling amounted to N11.7bn. The CIBN disclosed this in its 2020 annual report, which was obtained by our correspondent. Source Punch Read More

PenOp Partners AVCA on Private Equity Investments - The Pension Fund Operators Association of Nigeria (PenOp) has gone into partnership with the African Private Equity and Venture Capital Association (AVCA) to empower local investors and develop private equity (PE) as an asset class in Nigeria. Source THISDAYLIVE Read More

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