Nigeria in 1min: Economic, Business and Financial Headlines - 220321


Monday, March 22, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @jidesanwoolu

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COVID-19 Health Updates 

  • 21st of March 2021: Nigeria COVID19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 161,737 cases (New: 86)
  • Discharged:  147,899
  • Deaths: : 2030 (New: 3)

Source: NCDC Read More

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Pre-MPC March 2021: A Hold Decision in View but MPC to Soften Dovish Tone - The Monetary Policy Committee (MPC) will hold its second set of meetings of the year on the 22nd and 23rd of March 2021. We expect the Committee to review the domestic and external macroeconomic conditions and financial markets developments since its last meeting in January. Source Cordros Research Read More

Average Prices of PMS, AGO, HHK and Cooking Gas - February 2021 - Average price paid by consumers for premium motor spirit (petrol) increased by 14.32% year-on-year and month-on-month by 1.31% to N166.24 in February 2021 from N164.09 in January 2021. Source NBS Read More

Q4 2020 Unemployment Data: Pulling Away from Quicksand - Nigeria's economy has been caught in an unemployment bear hug. Data recently released by the National Bureau of Statistics (NBS) showed Q4 2020 unemployment figure rose to 33.33% from 27.1% in Q2 2020.  Source Proshare Research Read More

The Oil Price Rally Is Officially Over - OIR 190321 - Crude oil plunged by more than 7% on Thursday, the worst single-day loss since April 2020, and is set to close out the week down by the most since October. The decline is the result of a combination of bearish factors. Source Tom Kool of Oilprice Read More

Fitch Affirms Nigeria at ''B''; Outlook Stable - Nigeria's 'B' rating is supported by the large size of the economy, a low general government (GG) debt-to-GDP ratio, small foreign-currency (FX) indebtedness of the sovereign and a comparatively developed financial system with a deep domestic debt market. Source Fitch Ratings Read More 


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What To Expect From The Markets This Week - 220321 -  Nigeria's inflation rate rose to the highest in four years in February 2021. Nigeria's inflation rate rose to 17.33% in February 2021, from 16.47% in January 2021. Source Proshare Content Read More

Q and A On Making Gains With Commodity Trade Using Cashew And Input Note By ComXbyAFEX - Nigeria's leading private commodities exchange AFEX through its COMX platform hosted a tweet chat in partnership with Proshare Nigeria on the topic "Making Gains With Commodity Trade: Cashew And Input Note Focus". Source Ayomide Oguntoye for WebTV Read More


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From Tarmacs to Tar Tracks - The Story of Buying Access Bank Plc - The essence of a well-written non-fiction book is felt through its underlying message, lessons offered and ability of the author to open up himself to scrutiny; and so is this book written by Aigboje Aig-Imoukhuede, who decided to write and indeed concluded the book in 2015; two years after leaving Access Bank Plc. Source OpEd by Olufemi M. AWOYEMI, FIoD Read More

Lekki Port Begins Operations 2023, to Generate 170,000 jobs - Commercial operations at the Lekki Deep Seaport in Lagos Free Zone will begin in the first quarter of 2023, the frontline investor handling the project, Tolaram Group, assured Governor Babajide Sanwo-Olu on Friday. Source Punch Read More

Nigeria's Plan to Repair Refineries May Fail, Says IEA - The plan to rehabilitate government-owned refineries in Nigeria are unlikely to materialise, the International Energy Agency has said in a new report. The Paris-based organisation noted that Nigeria and other African refiners had missed out in the past decade's oil demand growth. Source Punch Read More

Saudi Oil Giant Aramco to Scale Back Spending After 2020 Profit Slump - Saudi Arabian state oil giant Aramco is betting on an Asian-led rebound in energy demand this year after it reported a steep slide in net profit for 2020 on Sunday and scaled back its spending plans. Source Reuters Read More


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Cybersecurity Checklists for Remote Working - COVID-19 has accelerated remote working adoption globally, necessitating the workforce to operate from virtual environments and diverse locations. Today, the global business is done online, including supply orders and cash transfers as an emerging mode of trade.  Source by Jason Ikegwu QSA, Associate Partner, Phillips Consulting Read More

BoE Governor Wants UK Bill to Make Google Tackle Online Scams: Sunday Times - Bank of England Governor Andrew Bailey has been lobbying the British government to introduce a legal requirement for internet giants such as Google to take down financial fraud websites, according to a report in the Sunday Times. Source Reuters Read More

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How Non-Interest Finance Can Support Waste Recycling Businesses - On Thursday March 17, 2021, the world marked the 2021 Recycling Day which had as its theme "Recycling Heroes", Mr. Abdullah Abdulrasaq, a lecturer in the department of Islamic Banking, Insurance and Finance, Islamic Finance College, Ilorin, noted that non-interest finance could support waste recycling businesses in Nigeria. Source Bukola Akinyele-Yisau for WebTV Read More

Bolt Gets IFC's 20million Euros to Increase Access to Mobility Services - Bolt is partnering with International Finance Corporation (IFC), a member of the World Bank Group, to promote access to on-demand mobility services in emerging economies. IFC's 20 million Euros investment and advisory services will help Bolt expand mobility solutions that create earning opportunities, stimulate small-scale entrepreneurship, and improve access to transportation in Eastern European and African markets. Source The Nation Read More

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CBN Raises SMEs Fund to N300bn, Disburses N149.21bn - The Central Bank of Nigeria on Saturday announced its decision to raise the Targeted Credit Facility for households and small and medium enterprises from N150bn to N300bn. It also stated that the bank had disbursed a total of N149.21bn to SMEs and households across the country under the TCF. Source Punch Read More

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