Nigeria in 1min: Economic, Business and Financial Headlines - 180820


Tuesday, August 18, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Ecographics


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COVID-19 Health Updates

  • 17th of August 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 49,485 cases (New: 417)
  • Discharged:  36,834
  • Deaths: 977: (New: 2)

Source: NCDC Read More

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Nigeria's Economy Heats Up As Inflation Rises to 12.82% - Nigeria's inflation rate went up as data released by the Nigerian Bureau of Statistics (NBS) showed that the domestic inflation rate rose to 12.82% in July 2020 from 12.56% in June 2020, the highest rate recorded in the year. The global spread of the coronavirus harmed the domestic economy. Source Adesola Borokinni. Proshare Research Read More

High Hopes of The Pick-up in Credit Extension - The monetary policy committee (MPC) voted by eight to two in July to hold the policy rate unchanged at 12.50%. A reading of members' personal statements, however, tells us that a good number felt easing should be the response to recession. Source FBNQuest Research Read More 

Unemployment Heads for New-High - PFI Capital Limited - Last week, the National Bureau of Statistics (NBS) published the long-awaited Labor Force Statistics, seven quarters since the last official employment data. Notably, the NBS reported unemployment rate at 27.1% in Q2'20 (versus 22.7% in Q2'18 and 23.1% in Q3'18). Source PFI Capital Read More

FG Suffers N1tn Revenue Shortfall in Five Months - The Federal Government on Monday released guidelines and instructions that must be followed by all its ministries, departments and agencies for the preparation of the 2021 budget proposal. Source Punch Read More

Chinese Loans: FG Signed Documents Before Agreeing on Loan Repayment Terms - Reps - The Chairman, House Committee on Treaties, Protocols and Agreements, Ossai Nicholas Ossai, disclosed this during the resumed hearing on the review of bilateral loan and commercial contract agreements by Ministries, Departments and Agencies. Source The Point Read More

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SEC Holds 1st CMC Meeting in Year 2020 - The Securities and Exchange Commission (SEC) has announced that the first Capital Market Committee (CMC) meeting in 2020 is scheduled to hold from Thursday August 20 to Friday August 21, 2020. A CMC Meeting planned for April 2020 could not hold owing to the prevailing lockdown imposed by the FGN during the period. Source SEC Nigeria Read More

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Investors Lose N35.04bn as NSEASI Dips by -0.27% to Open the Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.27% to close at 25,132.67 basis points as against -0.15% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -6.37%. Source Proshare Markets Read More 

UBA Board Approves H1 2020 Results and Payment of Interim Dividend; Awaits Regulatory Approval - United Bank for Africa Plc announces its Board has considered and approved the 2020 Audited Half Year Results & Reports and payment of an interim dividend, subject to the approval of the Central Bank of Nigeria at its meeting which held on Thursday, August 13, 2020. Source NSE Read More 

Nigeria and The Cocoa Rally - In light of the earlier plunge in oil prices and the resultant fiscal and external shocks, Nigeria is gradually expanding its revenue base using cash crops such as cocoa. Source FDC Ltd Read More


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Otudeko: A Boardroom Revolutionary At 77 - Otudeko has been a titan of local boardrooms for over four decades and has emerged as one of Nigeria's savviest masters of the art of motivation, inspiration and jackboot tough love where and when necessary. Source Proshare Content Read More

NBCC August 2020 Webinar to Focus on The Future of Nigerian Healthcare Industry - The Nigerian-British Chamber of Commerce (NBCC) is set to host its Monthly Webinar on Thursday, August 20, 2020. The webinar poses to address the current state of the Nigerian Healthcare sector, assessment of COVID-19 response, and improving health care delivery In the country. Source NBCC Read More 

Is This The Right Time to Defer AfCFTA? - The African Continental Free Trade Area (AFCFTA) is an attempt by African nations to boost intra-African regional trade, which is currently estimated at 15%. It aims to operate a single market for goods and services... Source FDC Ltd Read More

Scarcity Disrupts Banks, IOCs, Telcos' Forex Payments - There are indications that the lingering foreign exchange scarcity in the country is slowing down banks' ability to meet their payment obligations that are denominated in dollar. Source Punch Read More

Nigeria Resumes International Flights August 29 - The federal government yesterday fixed August 29 for the resumption of international flights, suspended in March in the wake of the introduction of measures to curb the spread of COVID-19. Source THISDAYLIVE Read More

Tax Regulators, Property Consultants Disagree on Multiple Charges in Real Estate Sector - Property consultants and experts in taxation in the private sector believe the real estate sector in Nigeria is bogged down by too many contentious taxes and charges with ambiguous applications that the government needs to align for the good of the nation's economy. Source THISDAYLIVE Read More

Asia shares sluggish after Wall Street's tech-inspired rally - Asian stocks inched up on Tuesday as Sino-U.S. tensions weighed on optimism generated by Wall Street's tech-driven rally, while the dollar dropped against almost all major currencies. Source Reuters Read More

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When the Cookie Crumbles: Phasing out third-party Cookies - By Elo Umeh - In January 2020, Google announced that it would phase out third-party cookies on its chrome internet browser over the next two years, joining other internet platforms like (Safari by Apple, and Firefox by Mozilla) in this direction since 2013. Source Oped by Elo Umeh Read More

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