Nigeria in 1min: Economic, Business and Financial Headlines - 180621


Friday, June 18, 2021 / 5:44 AM / By News Aggregator / Header Image Credit: Twitter; @seyiamakinde

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COVID-19 Health Updates

  • 17th of June 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 167,142 cases (New: 39)
  • Discharged: 163,535
  • Deaths: : 2,117 (New: 0)

Source: NCDC Read More

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Average Fare Paid by Passengers for Water Transport Increased by 0.99% MoM to N828.35 in May 2021 - The Transport fare Watch report for May 2021 covers the following categories namely bus journey within the city per drop constant route; bus journey intercity, state route, charge per person; air fare charge for specified routes single journey; journey by motorcycle (Okada) per drop; and water way passenger transport. Source NBS Read More

Bolt launches Vehicle Financing Programme for Drivers in Nigeria - Africa's leading ride-hailing platform, Bolt, has launched a vehicle financing programme that will enable drivers to own a car with low equity repayment. This first-of-its-kind offering in Nigeria is part of Bolt's commitment to improving earnings for drivers while allowing them to maintain flexibility as vehicle owners. Source Bolt Nigeria Read More

Legislative Analysis of Nigeria's Liquified Natural Gas Act And Business Opportunities - It is pertinent for every government to create an enabling business environment for Foreign Direct Investment that will increase the Gross Domestic Products within the economy and Nigeria is not exempted from creating such an enabling business environment to attract businesses locally and internationally. Source CITN Read More

FG Borrowed N1.3tn in Four Years to Subsidise Power Consumers, Firms - World Bank - The Federal Government has borrowed a total of N1.3tn since 2017 to ensure that generation companies and gas suppliers received enough payments to continue generating electricity, the World Bank has said. Source Punch Read More

External Reserves Drop by $1.4bn in Two Months - The country's external reserves fell by $1.4bn in two months, the latest data from the Central Bank of Nigeria showed on Wednesday. The reserves, which stood at $35.25bn as of April 16, fell to $34.23bn as of May 31 and $33.85bn as of June 15. Source Punch Read More


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SEC Rolls Out Regulatory Incubation Program for FinTechs Operating in the Nigerian Capital Market - The Securities and Exchange Commission (SEC) announces the imminent roll-out of the SEC Regulatory Incubation (RI) program for FinTechs operating or seeking to operate in the Nigerian Capital Market. Source SEC Nigeria Read More

SEC Nigeria Takes Over Leadership of The West Africa Securities Regulators Association (WASRA) - Mr. Lamido Yuguda, the Director-General of the Securities and Exchange Commission, Nigeria took over the mantle of leadership of the West African Securities Regulators Association (WASRA) as Chairman, on Monday, 14th June, 2021. SEC Nigeria Read More


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Emerging Markets: SSAs Will Likely Be Among the World's Slowest Growing Economies in 2021 - S&P Global Ratings has released a new report on emerging markets with a focus on Sub-Saharan African Economies. The report titles Emerging Markets: Pandemic's Fallout and Existing Challenges Restrain Sub-Saharan Africa's Recovery takes a critical look the macroeconomic environment and the impact of the COVID-19 pandemic on the SSAs. Source Proshare Research Read More

Investdata to hold Masterclass focused on Improving Trading Results and Enhanced Confidence - To participate in this masterclass which costs N50,000 per participant, kindly send Yes to any of these phone numbers 08028164085, 08179547605, 08111811223 or send an email to Source Investdata Consulting Read More

NGX ETF Market Capitalization Hits N20.32bn in Q1 2021 - The assets under listing of the Nigerian Exchange Limited (NGX), the leading market for Exchange traded Funds (ETFs) in the West African region market rose by N20.324 billion in the first quarter (Q1) of 2021. Source NGX Read More


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Zenith Bank Recognised as Best Corporate Governance Financial Services in Africa 2021 - For the second consecutive year, Zenith Bank Plc has been named as the Best Corporate Governance 'Financial Services' Africa 2021 by the Ethical Boardroom. The award, which was published in the June 2021 edition of The Ethical Boardroom magazine. Source Zenith Bank Read More

Payment24 Introduces 'Vehicle Biometrics' to Fast Track Refuelling - Payment24's latest innovation, FastLane, is described as 'biometrics for the vehicle' which instantly identifies any vehicle enrolled in the system as it drives into the forecourt, and then authorises refuelling and automates payment. Source Payment24 Read More

Transmission, Distribution Challenges Stalling 3,599MW Electricity Supply - NDPHC - Systemic transmission and distribution problems are preventing the supply of about 3,599 megawatts of electricity generated by eight power plants under the management of the Niger Delta Power Holding Company. Source Punch Read More

Cost of Kerosene Soars by 9.03 Percent in May - The National Bureau of Statistics (NBS) has said the average price of kerosene rose by 9.03 per cent in May 2021. This was contained in its "National Household Kerosene Price Watch - May 2021". The report explained the product also soared by 9.03 per cent on-year-on-year basis to N363.50 in the period under review from N362.68 in April 2021. Source The Nation Read More

$1bn Capital Flight in W'Africa Ends as Aircraft Maintenance Facility Debuts In Nigeria - The Nigerian aviation industry is on the verge of witnessing a boom in terms of aircraft maintenance that could save the country and the entire West African region a whopping $1billion annually. This is because the Nigerian Civil Aviation Authority (NCAA) has granted a private firm, 7star Global Hangar Ltd, a licence to operate Aircraft Maintenance Organisation (AMO) and an all-inclusive Maintenance Repair and Overhaul (MRO) on aircraft in the country. Source LeadershipNG Read More


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Positive Outlook for Telecoms Post Resumption of SIM Sales - The latest data released by the Nigerian Communications Commission (NCC) show that active mobile and internet subscriptions declined by -1.9% m/m and -2.2% m/m to c. 188.7 million and 141.8 million respectively in April. Source FBNQuest Research Read More

Fed Govt Launches Digital Entrepreneurship Policy -The Federal Government has inaugurated the Nigeria Digital Innovation, Entrepreneurship and Startup Policy (NDIESP) in line with National Digital Economy Policy and Strategy (NDEPS) for a digital Nigeria. The policy documents comprise of five priority thrusts namely: Advancing Human Capital, Unlocking Access to Capital, Enabling Infrastructure, Boosting Demand, and Promoting Innovative Entrepreneurship. Source The Nation Read More

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SEC Nigeria Restates Commitment to Development of the Non-Interest Capital Market - The Securities and Exchange Commission (SEC) has restated its commitment to the growth and development of Nigeria's non-interest Capital Market. Mr. Abdulkadir Abbas the Head, Securities and Investment Services, SEC gave the assurance as keynote speaker at the maiden WebTV Islamic Finance Webinar series. Source Bukola Akinyele-Yisau for WebTV Read More

Expanding Africa's Insurance Sector with Mikir Shah, CEO, Africa Specialty Risks - Speaking on how (re)insurance can unlock investment in Africa and why he is optimistic about the growth of the Continent's (re)insurance sector, Mikir Shah, CEO of ASR said "Africa is one of the last real growth markets, but the provision of covers have never been the full range of covers we get in the West". Source Africa Specialty Risks Read More

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