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Nigeria in 1min: Economic, Business and Financial Headlines - 210122

All One Min News	2310 VIEWS
All One Min News
2310 VIEWS

Friday, January 21, 2022 / 5:52 AM / By News Aggregator / Header Image Credit: Nigerian Exchange Group

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

An Explained Increase in Domestic Debt Service in Q3 2021 - The DMO's latest quarterly data show a 34% y/y increase in the FGN's domestic debt service, to hit a new high of NGN808bn in Q3 '21. The debt service payments peak in the first and third quarters of the year, when the issuance of FGN bonds has been concentrated. Source FBNQuest Research Read More

10 Nigerian Banks Global Scale Ratings Affirmed Under Revised Criteria; Outlooks Stable - S&P Global Ratings said that it has affirmed its issuer and issue credit ratings on the following 10 Nigerian banks and for some of them their nonoperating holding companies. The affirmations follow a revision to our criteria for rating banks and nonbank financial institutions and for determining a Banking Industry Country Risk Assessment (BICRA). Source S&P Global Ratings Read More

Need to Rethink, Reimagine and Restrategise the Federal Government Budget - A Governance Insight - Being remarks by Dr Ije JIDENMA, FIoD; the President/ Chairman in Council of the Institute of Directors (IoD) Nigeria, represented by Olufemi Awoyemi, FIoD at the LCCI's 2022 Federal Budget Analysis Session at Commerce House, Victoria Island, Lagos, Nigeria on Tuesday, 18 January, 2022. Source Olufemi Awoyemi, mni Read More

We will Engage NLC on Fuel Subsidy - Governors - The thirty-six State Governors under the aegis of Nigeria Governors' Forum, NGF, Thursday resolved to engage the Nigeria Labour Congress, NLC on the proposed removal of fuel subsidy. Source Vanguard Read More

Reps Order Probe of Contract Kickbacks, Extortion by MDA Officials - The House of Representatives is investigating the alleged collection of illegal charges imposed on contractors by Ministries, Departments and Agencies of the Federal Government, which go as high as 25 per cent of the project cost. Source Punch Read More

IMF Set to Launch $50bn Lifeline for Nigeria, Others - The International Monetary Fund has said it is set to launch a $50bn trust fund for low-income and vulnerable middle-income countries to help them build resilience to balance of payments shocks and set them on the path to sustainable recovery before the end of 2022. Source Punch Read More

Budget: LCCI Warns FG Over Rising Recurrent Expenditure - The Lagos Chamber of Commerce and Industry has asked the Federal Government to watch the rising recurrent expenditure and explore options that will help stem the tide. Source Punch Read More

LCCI, Budget Office, Teriba Express Divergent Views over FG's Non-interest Borrowings - The Director General of the Budget Office for the Federal Republic of Nigeria, Mr. Ben Akabueze, has dismissed claims by members of the organised private sector that the federal government should explore more interest-free loans for financing its budget deficit, describing it as a mirage. Source THISDAYLIVE Read More

Petrol May Sell for N403/Litre As Governors Engage Labour - Nigerians may need to adjust their expectations ahead of possible removal of subsidy as the rising price of crude oil may push Premium Motor Spirit (PMS), otherwise called petrol, to N403 per litre. Source Guardian Read More

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PROSHARE MARKETS

Investors Gains N248.04bn as NGXASI Inches up by 1.01%; Maintains Positive Posture - Equities market closed on a positive note, as NGXASI appreciated by +1.01% to close at 45,890.52 basis points as against +1.73% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +7.43%. Source Proshare Markets Read More

Nigerian Women and the Fixed-Income Market - In a recent interview with Adaeze Nwachukwu, an Economist and Research Analyst at Proshare who covers the Fixed Income Market, she explained what goes on in the market and how women can leverage it for investments. Source Ayomide Oguntoye for WebTV Read More

Omicron is Fueling Uncertainty Across Inflation-Ridden Emerging Markets - New COVID-19 cases are rising in emerging markets (EMs) due to the Omicron strain. Currently, hospitalization rates in EMs seem to be moderate, but countries with low vaccination rates are still at risk. Source S&P Global Ratings Read More

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PROSHARE BUSINESS

Procedure for NOTAP Registration - NOTAP approves composite agreements such as Technical Know-How and Management Services agreement in the Manufacturing Sector. The conditions and application remain the same with know-how and Management service agreement. Source Resolution Law Firm Read More

UNCTAD: Foreign Direct Investment to Africa Rose by 147% in 2021 - Foreign direct investment (FDI) into Africa showed a strong rebound in growth of 147 percent to an estimated $97 billion compared with $39 billion in 2020. Source TheCable Read More

Japan's Inflation Hovers Around 2-Year High, BOJ Flags Price Pressure - Japan's core consumer prices rose 0.5% in December from a year earlier, increasing for a second month in a row at the fastest pace in nearly two years in a sign of broadening inflationary pressure from rising fuel and raw material costs. Source Reuters Read More

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PROSHARE TECHNOLOGY

Nigeria Plans Major Broadband Services Rollout to Address Its Economic Challenges - Nigeria requires a rapid broadband services rollout to address its diverse socio-economic challenges, including growing its economy, creating jobs, expanding the tax base, and improving digital literacy and educational standards. Source Broadcast Media Read More

RegTech Africa Conference to Drive Growth and Shape Digital Economy - The RegTech Africa Conference is the premier gathering of regulators, innovation ecosystem builders, investors, corporates, and government representatives to engage, collaborate and share knowledge around new technologies and practices that support better regulations. Source RegTech Africa Read More

Google Asks EU's Top Court to Overturn Record Antitrust Fine - Google asked the European Union's top court to strike down a 2.4 billion-euro ($2.7 billion) antitrust fine that bolstered regulators' crackdown on big tech. Source Bloomberg Read More

U.S. Bill Targeting Big Tech Approved by Senate Panel Despite Hefty Lobbying - The U.S. Senate Judiciary Committee on Thursday approved a bill that would bar tech giants like Amazon.com from giving preference to their own businesses on their websites, despite hefty lobbying from top executives like Apple Chief Executive Tim Cook. Source Reuters Read More

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PROSHARE FINANCE

Lower Global Liquidity and Increased Complexity Are Likely to Hold Back Sukuk Issuance in 2022 - S&P Global Ratings believes that sukuk issuance volumes will be flat at best in 2022 amid lower and more expensive global and regional liquidity, increased complexity, and reduced financing needs for some core Islamic finance countries, according to a new report. Source S&P Global Ratings Read More

FIRS: We'll Ensure 100% Automation of Tax Administration Processes in 2022 - Muhammad Nami, executive chairman, Federal Inland Revenue Service (FIRS), says the agency will achieve 100 percent automation of all its tax administration processes in 2022. Source TheCable Read More

How to Prepare for the Unexpected; a Presentation on How to Build More Resilient Business Operations That can withstand "Black Swan" Events. - The Covid-19 pandemic has been an unprecedented "Black Swan" event that continues to impact business and lifestyle. This webinar will explore why and how businesses can improve their operations to be more resilient against future disruptive events. Source Adekunle Ajiboye Read More