Nigeria in 1min: Economic, Business and Financial Headlines - 210421

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Wednesday, April 21, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @FinMinNigeria

 

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COVID-19 Health Updates 

  • 20th of April 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 164,423 cases (New: 120)
  • Discharged: 154,406
  • Deaths: : 2061 (New: 0)

Source: NCDC Read More

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PROSHARE ECONOMY

2020 IGR Report: Urgent Need to Bolster States' IGR - The NBS has published its report on internally generated revenue (IGR) at state level for Q4 '20. According to the report, in 2020 aggregate IGR for the 36 states and the FCT was NGN1.31trn, compared with N1.33trn the previous year. In Q4 alone it stood at N335.3bn vs N338.6bn the previous quarter. Source FBNQuest Research Read More

Oil Prices Down Despite Libya Outage - 200421 - Oil prices posted modest gains on early Tuesday morning following reports of an outage in Libya, but demand concerns sent prices falling as the day progressed. Source Tom Kool of Oilprice Read More

Book of States 2020: Vast Resources, Low Industrial Development - The Nigerian Investment Promotion Commission (NIPC) in a recent report titled "Book of States 2020" highlighted the investment prospects of the 36 states of the federation including the Federal Capital Territory (FCT) to steer attention to the subnational investment opportunities in Nigeria.  Source CSL Research Read More

 

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Unity Bank FY2020 Audited Results: Strong Asset Growth Reawakens Investor Interest - The COVID-19 pandemic hurt the topline and bottom-line earnings of most banks in Nigeria in 2020, Unity Bank inclusive. Nigeria's top agri-lender, however, pushed against the headwinds to beef up its short-dated assets and improve its liquidity despite a prickly year. Source TheAnalyst, Proshare Research  Read More

AFEX Commodities Index Closed Positive for the Reporting Week as @160421 - The AFEX Commodities Index (ACI) upturned by 2.09% (W-o-W) closing the reporting week at 399.8 points because of the moderate increase in maze price coupled with a sight increase in paddy rice price. Year-to-date returns closed at 26% at the end of the week. Source Kainosedge Consulting for AFEX Commodities Exchange Read More

Investors Gain N87.69bn as NSEASI Inches Up by 0.43%, Closes Above 39,000bpts - Equities market closed today on a positive note, as NSEASI appreciated by +0.43% to close at 38,848.02 basis points as against +0.10% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -3.12%. Source Proshare Markets Read More

AXA Mansard Insurance Plc Records 56% Growth in PAT in FY 2020 - Commenting on the results, Mrs. Ngozi Ola-Israel, the Chief Financial Officer said. "It was a challenging year, but we achieved strong growth in PAT (56%) and Underwriting profits (22%). We managed operating costs at a low level of growth of 3% despite COVID headwinds and inflation. Source AXA Mansard Read More

NGX Admission on NASD May Improve Investor Confidence in the OTC Market - The admission of the shares of the demutualized Nigeria Exchange Limited (NGX) on the NASD exchange will boost investor confidence in Nigeria's OTC market. Ifeoma Uba-Onubogu Head, Legal and Compliance, NASD Plc made the point in a conversation on "NGX Shares Admission on NASD Platform: Implications for Nigeria's OTC Market". Source Ottoabasi Abasiekong for WebTV Read More

Market Prices in Expectations Ahead of The FGN Bond Auction Scheduled for This Week - The FGN Bond market opened the week on a quiet note, as investors showed little or no interest in the secondary market as the monthly FGN bond auction approaches. We saw bids camped high at the short- to mid-end of the bond curve, with trades seen on the FGN 2027s paper trading hands at 12.25% levels. Source Zedcrest Capital Read More

Coca-Cola Beverages Africa to be Listed as Publicly Traded Company - The Coca-Cola Company and Coca-Cola Beverages Africa (CCBA) today announced plans to list CCBA as a publicly traded company. The Coca-Cola Company intends to sell a portion of its shareholding in CCBA via an initial public offering. Source The Guardian Nigeria Read More


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PROSHARE BUSINESS

Petrol Queue: NNPC GMD, Kyari, Promises to End Fuel Scarcity in Hours - Kyari gave the assurance when he addressed State House correspondents after giving an update on the petroleum sector to President Muhammadu Buhari at the presidential villa, Abuja, on Tuesday. Source Vanguard Read More

OAGF to Help NEITI Track Oil & Gas Revenue - The Office of the Accountant General of the Federation (OAGF) has pledged to support the Nigeria Extractive Industries Transparency Initiative (NEITI) in tracking oil and gas revenue that accruable to the Federal Government to ensure appropriate remittances. Source Vanguard Read More

Fed Chair Powell Says Won't Allow 'Substantial' Overshoot of Inflation Target - April 8 Letter to U.S. Senator - The U.S. economy is going to temporarily see "a little higher" inflation this year as the recovery strengthens and supply constraints push up prices in some sectors, but the Federal Reserve is committed to limiting any overshoot, Fed Chair Jerome Powell said in an April 8 letter to Senator Rick Scott. Source Reuters Read More 

 

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PROSHARE FINANCE

NBCC is set to host its Nigeria-UK Virtual Trade Mission on Healthcare - The Nigerian-British Chamber of Commerce is pleased to invite the general public to its first virtual Trade Mission on Healthcare themed "Building, Financing and Implementing a Sustainable Healthcare System" scheduled to hold on Thursday, April 22, 2021 from 10 am to 4pm. Source NBCC Read More

Education as a Catalyst for Economic Growth - Across the globe, organisations have intensified efforts towards preparing their workforce for the demands of the future. The preparation comes in the form of education (or training), that is, upskilling (technical, soft skills, mentorship) and digitisation training programs. Source FBNQuest Research Read More


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PROSHARE MSME

FBNQuest Recommends Commercial Papers and Bonds as Stable Funding Sources for SMEs and Corporates - FBNQuest Merchant Bank, the investment banking and asset management group of FBN Holdings Plc, is recommending commercial papers and bonds to corporate issuers seeking to raise working capital, expansion capital, refinance expensive debt and better match their cash obligations with revenues. Source FBNQuest Research Read More


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