Nigeria in 1min: Economic, Business and Financial Headlines - 190122

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Wednesday, January 19, 2022 / 5:32 AM / By News Aggregator / Header Image Credit: LCCI

 

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 COVID-19 Health Updates

  • 18th of January 2022: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 251,341 cases (New: 163) 
  • Discharged: 224,939
  • Deaths: 3,116 (New: 6)

 

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PROSHARE ECONOMY

Headline Inflation up, All Eyes on the MPC Meeting Next Week - The December inflation report was released yesterday. Contrary to our projections (14.9%), headline inflation bucked its 8-month declining trend, rising by 0.23% to 15.63% from 15.4% in November 2021. This will partially address the recent controversy surrounding the contrarian direction of inflation in Nigeria. Source FDC Ltd Read More

An Unexpected Rise in Headline Inflation in December 2020 - The latest inflation report published by the National Bureau of Statistics (NBS) showed that December's headline inflation reading unexpectedly increased by 23bps to 15.63% y/y. The rise in the headline reading is the first after eight consecutive months of slowdown, mostly driven by favourable base effects. Source FBNQuest Research Read More

2022 Outlook: In Dribs and Drabs - On January 18, 2022, we published Nigeria's macroeconomic and equities outlook for 2022, enunciating our views on the economy, socio-political environment, and the equities and fixed income markets. Source CSL Research Read More

Global Growth to Slow through 2023, Adding to Risk of 'Hard Landing' in Developing Economies - The global recovery is set to decelerate markedly amid continued COVID-19 flare-ups, diminished policy support, and lingering supply bottlenecks. In contrast to that in advanced economies, output in emerging market and developing economies (EMDEs) will remain substantially below the pre-pandemic trend over the forecast horizon. Source World Bank Read More

Labour Lists Conditions for Fuel Subsidy Removal, Says $9.5bn Wasted on Refineries - Key labour unions in Nigeria met on Tuesday in Abuja where they outlined the conditions the Federal Government must meet before it would be allowed to stop subsidising Premium Motor Spirit, popularly called petrol. Source Punch Read More

Lawan Faults 'Endless' Borrowings, Backs Infrastructure Loans, Blames MDAs - The President of the Senate, Ahmad Lawan, says Nigeria cannot continue to "borrow endlessly" to fund its annual budgets, blaming the Federal Government Ministries, Departments and Agencies for failing to generate enough revenue. Source Punch Read More


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PROSHARE MARKETS

Investors Gains N138.05bn as NGXASI Inches up by 0.58%; Erases Previous Day Loss - Equities market closed on a positive note, as NGXASI appreciated by +0.58% to close at 44,655.89 basis points as against -0.12% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +4.54%. Source Proshare Markets Read More

Why SEC Nigeria Needs to Rethink Its Strategy on Investor Education - The Securities and Exchange Commission, Nigeria has been advised to rethink its strategy on investor education in the country, with the focus of decentralizing it and making it inclusive. Source Ottoabasi Abasiekong for WebTV Read More

Interest Rate and Equities in 2022 - Which way for the equity market in 2022? At Coronation Research we shun such questions, preferring to show how investing in stocks with high and consistent profitability creates wealth over the long term, as we demonstrated in 'Equities for a Superior Return' (15 November 2021). Source Coronation Research Read More 

 

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PROSHARE BUSINESS

FG 90% Ready to Unbundle NIPOST - Minister - The Federal Ministry of communication and digital economy has said that it is 90 per cent ready to unbundle the Nigerian Postal Services (NIPOST). It said that the agency's more than 2,000 property nationwide would be deployed to money-spinning ventures. Source Vanguard Read More

Oil Hit 7-Year Highs as Tight Supply Bites - Oil prices on Tuesday climbed to their highest since 2014 as investors worried about global political tensions involving major producers such as the United Arab Emirates and Russia that could exacerbate the already tight supply outlook. Source Reuters Read More

Only Six of Nigeria's Offshore Rigs Operational as Oil Prices Near $90 - Confirming concerns about Nigeria's production challenges, the Organization of Petroleum Exporting Countries (OPEC's) Monthly Oil Market Report (MOMR), published yesterday, showed that oil output remained below quota as the country's rig count dropped further to six last month. Source Guardian Nigeria Read More

 

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PROSHARE TECHNOLOGY   

Cryptocurrency Trends to Watch out for in 2022 - In many ways, 2021 was an outstanding year for the crypto ecosystem in Africa and the rest of the world. Though still heavily impacted by the pandemic, remarkable growth was recorded on the continent, as well as noteworthy progress with innovation, regulation, and adoption. Source Binance Read More 

We're Preparing to Launch Second Satellite in 2022, Says FG - The Federal Government is planning to launch a second satellite to boost the country's satellite communication system in 2022. The Minister of Communications and Digital Economy, Prof Isa Pantami, disclosed this during a one-day working visit and interaction with the staff of the Nigerian Communications Satellite in Abuja on Monday. Source Punch Read More

Orda, Nigerian Food-Tech Startup, Raises $1m to expand operations to South Africa - Orda, a Nigerian food-tech startup, says it has raised a pre-seed round capital of $1.1 million to expand its operations to South Africa and scale up financial products. The company, formerly known as StarKitchens, was founded in 2020 and currently operates in Nigeria and Kenya. Source TheCable Read More

U.S. 5G Rollout Throws Flights Into Turmoil from Japan to Dubai - Airlines across the world are adjusting their schedules and aircraft deployments for flights to the U.S. over fears that a 5G rollout by AT&T Inc. and Verizon Communications Inc. near American airports could interfere with key safety systems. Source Bloomberg Read More


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PROSHARE FINANCE

France Supports Nigeria's Health Sector - Mrs. Emmanuelle Blatmann, Ambassador of France to Nigeria and Mrs. Zainab Ahmed, Federal Minister of Finance, Budget & National Planning, signed on 13 January the first loan from the Treasury to Nigeria since 1990. Source Ambassade de France au Nigeria Read More 

LIRS Gives Employers January Deadline to File Tax Returns - The Lagos State Internal Revenue Service (LIRS) has reminds businesses and employers of labour of their statutory obligation to file annual income tax returns pursuant to section 81 (2) of the Personal Income Tax Act (PITA) Cap P8 LFN 2004 (as amended). Source THISDAYLIVE Read More


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