Nigeria in 1min: Economic, Business and Financial Headlines - 210820


Friday, August 21, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: @dabiodunMFR


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COVID-19 Health Updates

  • 20th of August 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 50,964 cases (New: 476)
  • Discharged:  37,569
  • Deaths: 9992: (New: 7)

Source: NCDC Read More

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It is Time to Invest in the People of Nigeria - According to the latest report by NBS, approximately 44.1 million Nigerians are either jobless or underemployed. Naira has lost 145% of its value since 2014 and Nigeria's economy is currently in a quagmire of economic challenges such as high inflation rate, illiteracy and poverty, among others. Source BudgIT Read More

Food Price Pressure Stokes Inflation to 28-month High in July - PFI Capital - On Monday the National Bureau of Statistics (NBS) released inflation figures for July-2020 showing headline inflation rate at a 28-month high of 12.82% y/y for the month, 26bps up from 12.56% y/y in June. Source PFI Capital Read More

Petroleum Industry Bill - Is There Light At The End of The Tunnel? - Local media reports say the Ministry of Petroleum Resources will be presenting the highly anticipated oil and gas reform bill to the President soon. The Petroleum Industry Bill (PIB) which was introduced to the National Assembly over a decade ago was aimed at overhauling and strengthening the regulatory framework governing the entire value chain of the oil and gas industry... Source CSL Research Read More

Revenue Rises by N19.26bn, FG, States, LGs Share N676.41bn - The Federation Accounts Allocation Committee has shared a total of N676.41bn for July 2020 Federation Account revenue to the federal, states and local government councils and relevant agencies across the country. Source Punch Read More


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Investors Gain N18.06bn as NSEASI Firms Up by 0.13%, Maintains Positive Posture - Equities market closed today on a positive note, as NSEASI appreciated by +0.13% to close at 25,171.32 basis points as against +0.14% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -6.22%.  Source Proshare Markets Read More

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Lafarge Sustainability Webinar: Stakeholders Call For Collaboration To Achieve SDGs - Policymakers, business leaders and stakeholders agreed yesterday August 19, 2020, that collaboration, acceleration of activities and effective strategies must be deployed to achieve the sustainable development goals of the United Nations for Nigeria by 2030. Source WebTV Read More

FRCN Request for Comments on International Accounting Standards Board (IASB) Exposure Drafts - The Financial Reporting Council of Nigeria ("FRC" or "the Council") the regulatory agency of the Federal Government that promotes trade and investment in Nigeria by ensuring the development, publishing, promoting and compliance with high quality standards of financial reporting and corporate governance. Source Financial Reporting Council of Nigeria Read More

Power Generation Sinks to 3,356MW After New 5,420.30MW Peak - Power generation in the country fell to 3,356 megawatts on Thursday less than two days after a new peak of 5,420.30MW was achieved. The Transmission Company of Nigeria announced on Thursday that the nation's power industry had achieved yet another all-time national peak of 5,420.30MW. Source Punch Read More

FG Approves Local Production of Bitumen - The Federal Government has given approval for investment by manufacturers in the local production of bitumen and other construction materials that are being imported for the construction of roads. Source Punch Read More

FG Tackles Shipping Companies over Outrageous Surcharges - The federal government has concluded arrangements to tackle shipping lines following the continued increase in surcharges on Nigeria bound cargo, particularly Peak Season Surcharge (PSS). Source THISDAYLIVE Read More

Exports to West Coast Estimated at N41bn - The Chief Executive Officer of Nigeria Exports Promotion Council (NEPC), Segun Awolowo has said that Nigeria informal sector records annual exports of about N41 billion across the West African States. Source THISDAYLIVE Read More

Rise in U.S. Weekly Jobless Claims Clouds Labor Market Recovery - The number of Americans filing a new claim for unemployment benefits rose unexpectedly back above the 1-million-mark last week, a setback for a struggling U.S. job market crippled by the coronavirus pandemic. Source Reuters Read More


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That Our RSA Transfer Process May Be Truly Equitable and Ethical - "The opening of the transfer window will facilitate full and equitable pension assets portability within the pension industry, enhance ethical competition amongst the PFAs and improve service delivery to RSA holders. Source Akin Adeniyi of KingsThrones Ltd Read More

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