Nigeria in 1min: Economic, Business and Financial Headlines - 190221

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Friday, February 19, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @NGRPresident

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COVID-19 Health Updates 

  • 18th of February 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 150,246 cases (New: 877)
  • Discharged:  126,417
  • Deaths: : 1,803 (New: 16)

Source: NCDC Read More

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PROSHARE ECONOMY

Outlook 2021: How Sectors of the Economy Fared in 2020 - Telecommunication Sector - The advent of the coronavirus pandemic helped bolster the role telecommunication infrastructure plays in keeping the smooth running of businesses, government, and societies. The lockdown and restrictions led to higher dependence on digital tools which increased the demand for telecommunication services. Source Proshare Research Read More

Nigeria Exits Recession Real GDP Grew by 0.11% in Q4 and -1.92% in Full Year 2020 - Nigeria's Gross Domestic Product (GDP) grew by 0.11%(year-on-year) in real terms in the fourth quarter of 2020, representing the first positive quarterly growth in the last three quarters. Source NBS Read More

AM Best Affirms Credit Ratings of AXA Mansard Insurance Plc - AXA Mansard Insurance plc. is pleased to announce the affirmation of its rating outlook by the global insurance rating agency, A.M. Best as stable and its Financial Strength Rating (FSR) of "B+" (Good) and "bbb-" (Good) for the Issuer Credit Rating (ICR). Source AXA Mansard Read More

Ehingbeti Economic Summit 2021: The Lagos of Our Dream - Ehingbeti is a forum for all stakeholders in and outside of Lagos - citizens, businesses, governments, regulators, civil society, technocrats, academics, funders, donor community, and international partners - to exchange ideas, address potential developmental roadblocks and chart a path forward towards accelerating sustainable economic growth in Lagos State. Source LASG Read More

External Reserves Down by $565m in Two Weeks - The country's external reserves dipped by $565m from $36.198bn as of February 1, to $35.633bn as of February 15, latest figures from the Central Bank of Nigeria revealed on Wednesday. The reserves which had gained in recent weeks started a downward trend on January 26 on which date it declined to $36.34bn. Source Punch Read More

FX Market: CBN Intervened with $10.308bn in Six Months - The Central Bank of Nigeria (CBN) sold a total of $10.308 billion in the foreign exchange (FX) market in the first six months of 2020. The banking sector regulator disclosed this in its 'Half-year Activity Report', as of June 2020, posted on its website yesterday. Source THISDAYLIVE Read More

JUST IN: FG, States, LG Share N640b - The FG, States and LGCs share N640.310 billion for the month of January 2021. The Federation Accounts Allocation Committee (FAAC), today at its meeting through Virtual Conference shared to the three tiers of government, a total sum of N640.310 billion as federation allocation for the month of January 2021. Source Punch Read More


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PROSHARE MARKETS

NCM 2020: Extracts of Financials of Quoted companies - DANGCEM Tops on Revenue and PAT - DANGCEM tops the list of top ten companies by turnover with revenue of N761,444 mln and closely followed by ETI with N613,145 mln while ACCESS came third on the table with N592,800 mln. Source Proshare Research Read More

Investors Lose N132.42bn as NSEASI Dips Further by -0.63% Amid Positive Market Turnover - Equities market closed today on a negative note, as NSEASI depreciated by -0.63% to close at 40,212.19 basis points as against -0.07% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -0.15%. Source Proshare Markets Read More

 

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Insights on using cross-communication skills to obtain better outcomes from diversity, while managing cultural (and individual) differences in an onsite or remote workplace will be shared on Tuesday, February 23, 2021. Click here to enjoy a 5% participation fee discount. 

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PROSHARE BUSINESS

Sahara Group Releases Its 2019 Sustainability Report - Energy Conglomerate, Sahara Group has released its 2019 Sustainability Report which reflects its commitment to achieving its corporate goals and creating shared value for stakeholders through economic development, protection of the environment and building a sustainable society. Source Sahara Group Read More

SERAP Urges House of Reps Leadership to Drop Bill Pushing to Criminalise Journalists - SERAP Nigeria urges the leadership of the House of Representatives to immediately drop the unconstitutional, illegal and discriminatory bill pushing to criminalise and stop journalists with no "media degree" from doing their job as journalists. Source SERAP Nigeria Read More

Fuel Price Hike Looms Nationwide as Marketers Meet - Marketers of Premium Motor Spirit, popularly called petrol, on Wednesday met in Abuja on matters regarding the price of the commodity. Although most filling stations in Abuja and neighbouring states of Nasarawa and Niger dispensed PMS at the approved N162/litre price, it was gathered that this price might be adjusted upwards in the coming days. Source Punch Read More

FG to Borrow $1.2bn for Agric Mechanisation, Others - The Federal Government is set to borrow $1.2bn from the Dutch Bank and the Development Bank of Brazil to provide for mechanised agriculture in Nigeria. Senior Special Adviser to the President on Agriculture, Andrew Kwasari, told journalists in Abuja on Wednesday that the initiative was under the Green Imperative Project of government. Source Punch Read More

Wall St Closes Down on Tech Slide, Rising Jobless Claims - Stocks on Wall Street closed lower on Thursday as investors shifted out of big technology names, while an unexpected rise in weekly U.S. jobless claims pointed to a fragile recovery in the labor market. Source Reuters Read More


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PROSHARE TECHNOLOGY

Japanese Firm Launches $15m African Startup Fund, Announces Five Investments - The Tokyo-headquartered UNCOVERED FUND has launched with a targeted size of US$15 million and confirmed its first five investments in African tech startups. Source Tom Jackson of Disrupt Africa Read More

Use of Cryptocurrencies, a Concern - IMF - The International Monetary Fund has called for caution in the use of cryptocurrencies, describing it as a concern. It disclosed this during a virtual briefing on the recently published 2020 Article IV IMF Staff Report for Nigeria. The Resident Representative of IMF for Nigeria, Ari Aisen, said the concern on the use of cryptocurrencies was why many central banks were cautious about the development. Source Punch Read More

 

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PROSHARE FINANCE

Riding the New Normal: What Insurance Businesses Must Do - COVID-19 has set an inconvenient code of evolution for many industries including the insurance business which has had to muscle through a season of rethinking, reimagining and restrategizing of its core purpose as companies in larger numbers falter and business mortality rates become top-of-the-mind considerations. Source OpEd by Nkemchor Omife Read More 

 

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