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Nigeria in 1min: Economic, Business and Financial Headlines - 200121

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Wednesday, January 20, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @seyiamakinde

COVID-19 Health Updates

19th of January 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
Confirmed: 113,305 cases (New: 1301)
Discharged: 91,200
Deaths: : 1464 (New: 15)

Source: NCDC Read More

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Average Prices of PMS, AGO, HHK and Cooking Gas - December 2020 - Average price paid by consumers for premium motor spirit (petrol) increased by 14.00% year-on-year and decreased month-on-month by -0.94% to N165.70 in December 2020 from N167.27 in November 2020. Source NBS Read More

Average Air Fare Increases by 18.54% YoY in December 2020 - NBS - The Transport Fare Watch report for December 2020 covers the following categories namely bus journey within the city per drop constant route; bus journey intercity, state route, the charge per person; airfare charge for specified routes single journey; journey by motorcycle (Okada) per drop; and waterway passenger transport. Source NBS Read More

Employer Tax Returns Due for Filing by 31st January 2021 - The 2020 Employer Tax Returns (Form H1) are due for filing by 31 January 2021. The Personal Income Tax Act (PITA) Cap P8 LFN 2004 (as amended to date), requires every employer to submit Tax Returns (Form H1) with the relevant State Tax Authorities where its employees are tax resident. Source Deloitte Read More

How Optimized Energy Management Delivers Reliability and Efficiency at the Fekola Gold Mine - Since B2Gold first acquired the Fekola gold mine, located in a remote corner of southwest Mali, exploration studies revealed the deposits to be almost double the initial estimates. A recent site expansion has just been completed, and while the existing power units provide enough power to support the increase in production. Source Luke Witmer, GM, Data Science, Wartsila Energy Storage and Optimization Read More

FIRS Generates N4.9 trn - The Federal Inland Revenue Service (FIRS) collected the sum of N4. 952 trillion in total tax revenue in the year 2020. Director Communications and Liaison, Mr. Abdullahi Ahmad, said in a statement today, that the figure represented approximately 98 per cent of the national tax target of N5.076 trillion set for the FIRS by the federal government, in the year under review. Source Vanguard Read More

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The ACI and AEI Remain Bullish - AFEX Commodities Weekly Report 150121 - The AFEX Commodities Index continues its 4weeks bullish trend, increasing by 4.91% for the reporting week. This increase could mostly be attributable to the increase in the price of maize, soybean and sorghum on the Exchange, Given the nature of grains in the country. Source Kainosedge Consulting for AFEX Commodities Exchange Read More

A Slow Start into The New Week as Market Activities Remain Dampened in The Fixed Income Space - The FGN bond market kicked off the new week on a sluggish note, with light trading volumes consummated in the market despite bond coupon inflows hitting the system. Bond maturities, especially at the curve's belly, remained aggressively offered throughout the day with very few bids to match. Source Zedcrest Capital Read More

Shareholders Caution FG Against Borrowing Unclaimed Dividend - Divergent views have continued to trail the Federal Government's moves to borrow N895 billion from unclaimed dividends and dormant account balances, as shareholders insisted that the decision is a disincentive to investment. Source The Guardian Nigeria Read More

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DCSL to Host its Annual HR Breakfast Session on January 21, 2021 - The Human Resource function traditionally supports business activities in talent selection, retention and assessment. Today, the role has evolved with the changing nature of work and other dynamics. We are hosting our Annual HR Breakfast Session on the 21st of January, 2021. Source DCSL Corporate Services Limited Read More

CBN: FG's Revenue Dropped by 18% to N616bn in October - At N616.35 billion, Nigeria's gross federally-collected revenue in October 2020 reduced by 18.3 per cent, compared with the N729.14 billion recorded the previous month. Source THISDAYLIVE Read More

ACFTA: We Need Clear Tariffs Directives - Customs - The Nigeria Customs Service (NCS) has said that it needed clear directives on tariffs on goods covered by the African Continental Free Trade Agreement (ACFTA). Source Vanguard Read More

OPEC Backs Electric Vehicles, Says Oil Remains Relevant - The Organisation of the Petroleum Exporting Countries has expressed its support for the adoption of electric vehicles in a sustainable manner as well as renewable energy as part of efforts to reduce emissions. Source Punch Read More

Asian Shares Hit A Record High After Yellen Calls for Big Spending - Asian shares climbed to a record high on Wednesday as U.S. Treasury Secretary nominee Janet Yellen advocated for a hefty fiscal relief package to help the world's largest economy ride out a pandemic-driven slump. Source Reuters Read More

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Islamic Banks, Technology and the Need to Improve Financial Inclusion - Muazzam Mohamed - In a recent interview with the Islamic Markets platform the Chief Executive Officer of Bank Islam Malaysia Berhad, Mr. Muazzam Mohamed, believed Islamic banks have a key role to play in leveraging technology to close the gap in financial inclusion. Source WebTV Read More

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Three Skills to Cultivate to attain Financial Independence - One of the major roadblocks to financial success is to depend on a source of income that can barely sustain you. When you have limited amounts of income there are only two things you can do. The first thing is to reduce your expenses, while the second thing is to earn more income. Source Grace Agada Read More

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