Nigeria in 1min: Economic, Business and Financial Headlines - 200122

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Thursday, January 20, 2022 / 5:50 AM / By News Aggregator / Header Image Credit: WebTV

 

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 COVID-19 Health Updates

  • 19th of January 2022: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 251,571 cases (New: 230) 
  • Discharged: 225,280
  • Deaths: 3,117 (New: 1)

 

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PROSHARE ECONOMY

Oil Production: Nigeria Loses $32.9m per day in December - The latest Organization of the Petroleum Exporting Countries (OPEC's) Monthly Oil Market Report (MOMR) released on Tuesday, shows that Nigeria's oil production failed to meet the OPEC+ required quota for December and the 2021 budget assumption. Source Tosin Ige, Proshare Research Read More

Inflation Rises to 15.63%, FY 2021 Inflation Comes in at 16.98% - In the latest CPI report released by the National Bureau of Statistics on Monday, Nigeria's Inflation rate fell for the first time in nine months, as the headline consumer price index rose by 15.63% y-o-y. Source AbdulQudus Isiaka, Proshare Research Read More

Drone Attacks and Invasion Fears Send Oil Prices Soaring - OIR 180122 - The Houthi drone attack on the United Arab Emirates triggered a swift escalation in one of the most important oil-producing regions globally, adding a hefty geopolitical price premium to markets that are already on edge over a potential Russian invasion of Ukraine. Source Tom Kool of Oilprice.com Read More

Trains Intended for Unbuilt Milwaukee-Madison High-Speed Rail Line Going to Nigeria - Two trains originally intended for a high-speed rail line to connect Madison and Milwaukee are headed for Nigeria. The governor of that country's Lagos State was in Milwaukee on Tuesday to purchase the unused trains. Source Wisconsin Public Radio Read More

Nigeria to Partner Egypt on Power Transmission, Distribution - The Federal Government has announced plans to partner Egypt in the areas of technical support in the transmission and distribution of electricity in Nigeria. Source Punch Read More

FEC Approves N56bn for FCT Roads, Car Park Projects - The federal executive council (FEC) has approved contracts worth N56.2 billion for the construction of roads and a car park in the federal capital territory (FCT). Mohammed Bello, FCT minister, disclosed this on Wednesday while briefing state house correspondents after the FEC meeting presided over by Yemi Osinbajo. Source TheCable Read More

Fix Refineries Before Stopping Subsidy, TUC Tells FG - The National President of the Trade Union Congress, Comrade Quadri Olaleye has urged the federal government to fix the moribund refineries in the country before putting an end to the payment of petroleum subsidies. Source Daily Trust Read More


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PROSHARE MARKETS

Investors Gains N417.15bn as NGXASI Inches up by 1.73%; Closes Above 45,000 Basis Points - Equities market closed on a positive note, as NGXASI appreciated by +1.73% to close at 45,430.14 basis points as against +0.58% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +6.35%. Source Proshare Markets Read More 

 

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PROSHARE BUSINESS

How to Prepare Your Business for the Next Wave of Employees - For over two decades, there has been a surge of the first generation to disrupt traditional working, i.e., the Millennials - joining the workforce as the youngest generation in various organisations. Source Adolrah Boyejo, Analyst, Phillips Consulting Read More

Cooking Gas Demand Surges Over NLNG's 100% Domestic Supply - There is currently a surge in the demand for Liquefied Petroleum Gas, popularly called cooking gas, leading to marginal price hike following the recent decision of the Nigeria Liquefied Natural Gas company to channel all its LPG into the domestic market. Source Punch Read More

Biden Pledges to Keep Pressing for Lower Oil Prices Amid Rise - President Joe Biden pledged to continue trying to lower oil prices that are running at a seven-year high despite his faltering effort to persuade producing countries to increase output. Source Bloomberg Read More

Biden Says 'Not There Yet' on Possible Easing of Tariffs on Chinese Goods - President Joe Biden on Wednesday said it was too soon to make commitments on lifting U.S. tariffs on Chinese goods, but his chief trade negotiator Katherine Tai was working on the issue. Source Reuters Read More


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PROSHARE TECHNOLOGY   

Telcos Insist Market Forces Will Determine 5G Spread, Allay Perceived Fears of Interference on Aviation - Ahead of 5G network rollout in Nigeria this year, subscribers are already calling on Original Equipment Manufacturers (OEMs) to reduce the cost of 5G devices in order to encourage massive deployment and adoption of 5G network across the country. Source THISDAYLIVE Read More

5G Flight Disruption Eases as Emirates Blasts U.S. Rollout - Disruption to U.S.-bound air travel caused by the rollout of 5G services in the United States eased on Wednesday as authorities approved more flights, but a top airline warned "irresponsible" regulatory confusion would be felt internationally for days. Source Reuters Read More


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PROSHARE FINANCE

Commercial Real Estate Development Activity Increased by 19% in 2021 Across Lagos - Development activity across the commercial real estate sector in Lagos increased by 19% in 2021 compared to 2020 in a return to market activity in the city's construction industry, according to the latest analysis by leading real estate data company, Estate Intel. Source Estateintel Read More

FIRS Urges Tribunals to Speed up Resolution of Tax Disputes - Chairman of the Federal Inland Revenue Service (FIRS), Muhammad Mamman Nami, has called on chairmen and commissioners of the Tax Appeals Tribunals (TAT) to devise appropriate mechanisms to achieve early and speedy resolution of tax disputes. Source Guardian Nigeria Read More


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PROSHARE REGULATORS

SEC Notifies on FG's Official Gazette on Proscription of Banditry and Screening of Clients - On 17 January 2022, the Commission released a circular notifying all Capital Market Operators (CMOs) of the Federal Government of Nigeria's proscription of the existence of YAN BINDIGA GROUP, YAN TA'ADDA GROUP and other similar Groups, and the resultant requirement to screen clients against the Groups. Source NGX Read More 

 

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