Nigeria in 1min: Economic, Business and Financial Headlines - 190121


Tuesday, January 19, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @NigeriaGov


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COVID-19 Health Updates

  • 18th of January 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 112,004 cases (New: 1617)
  • Discharged:  89,939
  • Deaths: : 1449 (New: 14)

Source: NCDC Read More

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Dangote Completes Nigeria's Longest Concrete Road in Kogi State - The Dangote Group has completed Nigeria's longest rigid pavement located in Kogi State.  It is the first of its kind, top engineers say. The 43KM Obajana-Kabba road constructed by Dangote Industries Limited (DIL), as been described by motorists as the country's most strategic highway that is aiding travelers between the North and the South. Source Dangote Read More

Inflation Spikes Despite Harvest and Land Border Re-opening - Nigeria's headline inflation for December 2020 came in at 15.75%, much higher than analyst expectations and 0.86% above the November figure (14.89%). It is almost 7% above the upper limit of the CBN's inflation target range (6-9%), bringing the average inflation in 2020 to 13.21%, up from 11.39% in 2019. Source FDC Research Read More

How the Lagos T.H.E.M.E Agenda Will Drive Industrialization - Gbenga Omotosho - The T.H.E.M.E agenda of the Governor Babajide Sanwo-Olu administration in Lagos state is already setting the pace for the second-level industrialization of Nigeria's economic capital. Source WebTV Read More

FG Pumps N1.62bn into Community Works Project to Boost States' Economy - The Minister of State for Agriculture and Rural Development, Hon. Mustapha Shehuri, has said that the federal government's Extended Special Public Works Programme (ESPWs) will inject about N1.62 billion into states and Local Governments Areas (LGAs) across the country as well as boost their respective economies. Source THISDAYLIVE Read More

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Investors Lose N39.54bn as NSEASI Dips by -0.23% to Open the Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.23% to close at 41,082.38 basis points as against +0.52% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +2.02%. Source Proshare Markets Read More

Price of Maize Set to Crash, 300,000MT of Maize for Release in February 2021 - About 300,000 metric tonnes of maize are soon to be released into the Nigerian market from strategic anchors under the Anchor Borrowers' Programme (ABP) of the Central Bank of Nigeria (CBN), which watchers believe will reduce the current price of maize from N155,000 per metric tonne. Source CBN Read More

Mutual Funds in 2020 - Within the past 10 years, the total value of mutual funds in Nigeria grew by 1,927%! That's solid progress. In 2011, the total value was N74 billion and that grew to N1.5 trillion in 2020. This simply means that more people are starting to invest in mutual funds, and we have made this easier as the number 1 retailer of mutual funds. Source Cowrywise Read More

Passfolio - US Stockbroker Available In Nigeria Launches New Web Platform - Passfolio, a US-registered broker-dealer founded in 2018, just launched its new web platform available to Nigerian investors. Based in San Francisco (US), Passfolio is a broker-dealer that offers commission-free* US stock trading to investors in more than 170 countries. Source Passfolio Read More

Global Stocks Waver as COVID-19 Fears Trump Recovery Hopes - Global stock markets wavered on Monday as soaring COVID-19 cases offset investor hopes of a quick economic recovery, even after data showing that the Chinese economy rebounded faster-than-expected in the fourth quarter of 2020. Source Reuters Read More

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Lagos-Ibadan Expressway Reconstruction Nears Completion, Says FG - The ongoing rehabilitation, reconstruction and expansion of the Lagos-Ibadan dual carriage way has reached an appreciable level of completion, the Federal Government said on Sunday. Source Punch Read More

External Reserves Rise by $930m in Two Weeks - The country's external reserves rose by $930m from $35.37bn as of December 31, 2020 to $36.30bn as of January 14, 2021. Figures obtained from the Central Bank of Nigeria disclosed on Sunday. The CBN also disclosed that foreign exchange inflow through the bank in the third quarter of 2020 stood at $6.97bn. Source Punch Read More

Buhari to Inaugurate National Oil, Gas Centre Thursday - President Muhammadu Buhari will on Thursday virtually inaugurate the National Oil and Gas Excellence Centre (NOGEC) Lagos, as part of effort to boost the operations of the Nigeria oil and gas sector. Source THISDAYLIVE Read More

Yellen Says U.S. Must 'Act Big' on Next Coronavirus Relief Package - Janet Yellen, U.S. President-elect Joe Biden's nominee to run the Treasury Department, will tell the Senate Finance Committee on Tuesday that the government must "act big" with its next coronavirus relief package. Source Reuters Read More

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Telcos Submit 43 Million NINs to NIMC for Verification - About 43 million National Identity Numbers have been submitted by telecommunication companies to the National Identity Management Commission for verification in order to have them registered with their respective Subscriber Identification Modules. Source Punch Read More 

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