Nigeria in 1min: Economic, Business and Financial Headlines - 220921

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Wednesday, September 22, 2021 / 5:54 AM / By News Aggregator / Header Image Credit: Twitter; @NOIweala

 

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 COVID-19 Health Updates

  • 21st of September 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 202,704 cases (New: 513)
  • Discharged: 191,370
  • Deaths: 2,664 (New: 3)

Source: NCDC Read More

 

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PROSHARE ECONOMY

Insights on Nigeria's Debt Costs and the Way Out - Ayo Teriba - It is not clear what we should make of the well-established fact that interest payments on debt are perennially consuming nearly 100 percent of the revenue available to the Federal Government of Nigeria.  Source Ayo Teriba Read More

Debt Stock Rises to N35.5tn in June 2021 - The Director-General of the Debt Management Office (DMO), Patience Oniha, during a virtual media presentation, announced that the country's debt stock level had risen to N35.5tn as of June 2021 from N33.1tn in March 2021. The debt service to revenue ratio sat precariously at 98% as of May 2021. Source CSL Research Read More

Some Traction in Non-Oil Revenue Collection - The CBN's monthly report for April '21 shows improvements in the federation's gross revenue,  thanks to a gradual return of economic activities to pre COVID-19 levels. Gross revenue increased 21% y/y to NGN 1.1trn and was c.8% higher than the pro-rata monthly budget. Source FBNQuest Research Read More

Oil Prices Under Pressure from China's Evergrande Crisis - OIR 210921 - Despite 18% of oil production and 27% of gas production in the Gulf of Mexico being offline, oil prices are under pressure due to worrying economic developments in China. Source Tom Kool of Oilprice.com Read More

Lawan Gives Senate Panel One Week to Assess Buhari's $4bn Loan Request - Senate President Ahmad Lawan has given the senate committee on foreign and local debts, one week to assess President Muhammadu Buhari's $4 billion loan request. Lawan gave the committee the ultimatum on Tuesday, after he referred the president's request to the committee for legislative action. Source TheCable Read More

Nigerians Shun Naira for Foreign Currencies to Store Wealth - Nigerians have been accumulating foreign currencies to protect their wealth from naira volatility and surging inflation, according to a research paper in a journal published by the Central Bank of Nigeria. Source Bloomberg Read More

FG Writes OPEC, Seeks Higher Oil Production Quota - Nigeria has now officially written the Organisation of Petroleum Exporting Countries (OPEC), requesting a higher production quota under the OPEC+ accord, as had been predicted by THISDAY.Source THISDAY Read More

Buhari Proposes New Amendments to PIA, Nominates Regulatory Boards - Exactly 37 days after the Petroleum Industry Act (PIA) was enacted, President Muhammadu Buhari has written to the senate, requesting amendments to the law and expansion of membership of the board of the Upstream Regulatory Commission (URC). Source THISDAY Read More



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PROSHARE MARKETS

Access Bank H1 2021 Result: Earnings Rise, But Debt Worries Persist - Access Bank Plc had a decent H1 2021 corporate financial performance, with gross earnings rising by +13.58% year on year (Y-o-Y). Most of the gross revenue increases came from interest income (which rose by +58.52%), while non-interest income dipped by -13%. Source Adaeze Nwachukwu, Proshare Research Read More

Investors Lose N16.97bn as NSEASI Dips Further by -0.08% Amid Positive Market Breadth - Equities market closed today on a negative note, as NSEASI depreciated by -0.08% to close at 38,873.85 basis points as against -0.10% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -3.47%. Source Proshare Markets Read More

FG Should Provide Laws for State-owned Enterprises to List on The NGX - With President Muhammadu Buhari's, approval of the Nigerian National Petroleum Corporation incorporated, a pathway exists for the commercialization of a few state-owned enterprises with their listing on the Nigeria Exchange Limited (NGX). Source Ottoabasi Abasiekong  for WebTV Read More

Nigeria's Multibillion-Dollar Eurobond Offering Is Step In The Right Direction - Akinwuntan - The Managing Director, Ecobank Nigeria, Patrick Akinwuntan has described Federal Government's plan for a Eurobond issuance in the International Capital Market (ICM) as a step in the right direction, stressing that the fundamentals and potentials of the nation's economy are strong with capacity to meet its debt obligations. Source Ecobank Read More


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PROSHARE BUSINESS

First Bank Board Removal: When Boards Blur Vision - Getting a company's board to pull the organization in the right direction can be a mix of balancing egos, clever horse-trading, and clarity of purpose of a few good fellows, male and female. Company boards should be the chief visioners of a business. Source Proshare Research Read More

Nigerians Have Lost Over N300bn to Ponzi Schemes - CIIA - Nigerian investors have lost over N300bn to Ponzi schemes across various platforms in the country, operated by fake capital and financial market operators. The President of the Association of Corporate and Individual Investment Advisers, CIIA, Mr. Akin Adeniyi, CFA, disclosed this at a recent webinar that reviewed the theme "Ponzi: Plugging the Ills of Unregistered Fund Managers in Nigeria". Source Oluwakemi Enitan Falayo for WebTV Read More

A Fit for Purpose Strategy to Transform your Organization - Start-up or old business, small or big, every company needs a strategy. Although not all businesses get it right straight away, there is a natural weakness within all organisations for various reasons. Business strategy tries to remedy the shortcomings so that companies do not trip up and suffer significant impacts. Source Ambrose Adebayo, Assistant Consultant, Phillips Consulting Read More

AbokiFX: BDCs Halt Exchange Rate Publication, Naira Slides Further - The naira defied all interventions and continued sliding against other currencies, exchanging 580 to the dollar at the parallel market on Monday. The rate was N570/$ on Friday. Source Punch Read More

IEA Forecasts Major Oil Demand Rebound in October, Additional 1.6m bpd till End of 2021 - The International Energy Agency (IEA), has predicted that global demand for crude oil will rebound in October by as much as an additional 1.6 million barrels per day and continue in that line till the end of 2021 on the back of abating Covid-19 cases. Source THISDAYLIVE Read More 

Abia to Build N30bn Industrial Cluster for Leather, Garment Products - Abia State government has signed a memorandum of understanding (MoU) with Total Value Integrated Services Limited for the building of an industrial cluster for the leather, garment and allied products producers at Amator in Obingwa LGA of the state. Source The Guardian NG Read More


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PROSHARE TECHNOLOGY

Buhari Directs FIRS to Deploy Technology to Tax All e-Commerce Transactions - President Muhammadu Buhari has directed the Federal Inland Revenue service (FIRS) to deploy necessary technology to effectively tax all digital transactions carried out in Nigeria, in an effort to significantly raise the nation's tax revenue. Source Vanguard Read More 


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