Nigeria in 1min: Economic, Business and Financial Headlines - 221021

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Friday, October 22, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: WebTV

 

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 COVID-19 Health Updates

  • 19th of September 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 209,096 cases (New: 247)
  • Discharged: 198,026
  • Deaths: 2,850 (New: 12)

Source: NCDC Read More

 

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PROSHARE ECONOMY

Regional Economic Outlook - Sub-Saharan Africa: One Planet, Two Worlds, Three Stories - Sub-Saharan Africa is projected to grow by 3.7 percent in 2021 and 3.8 percent in 2022 - a welcome but relatively modest recovery, suggesting that divergence with the rest of the world will persist over the medium term. Source IMF Read More

The Nigerian Power Sector; Still in Muddy Waters - According to a recent by the punch newspaper, Dr. Joy Ogaji, the executive secretary for the Association of Power Generating Companies alleged that Generating Companies (Gencos) have recorded a loss N1.66tn in seven years due to non-payment of deemed capacity. Source CSL Research Read More

Spotlight on the Nigerian Power Sector - Power is a major catalyst for productivity and growth in any economy. According to the 2021 tracking SDG7 report, as at 2019, Nigeria had the world's largest energy access deficit, with 45% (90 million) of its population lacking access to electricity. Source FBNQuest Read More

FG'll Retain 1,500 Staff of Defunct PPPRA, DPR, PEF - Sylva - The Federal Government is to retain the about 1,500 employees of the defunct Department of Petroleum Resources, Petroleum Products Pricing Regulatory Agency and Petroleum Equalisation Fund. Source Punch Read More

IMF Sees Africa Lagging in Rebound from Pandemic Blow - The International Monetary Fund on Thursday forecast that Africa's economic rebound from pandemic-induced shrinkage would be weaker than in the rest of the world in 2021 and 2022. Source The Guardian Read More


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PROSHARE MARKETS

Investors Gain N237.13bn as NSEASI Inches Up by 1.1%, Maintains Positive Posture - Equities market closed today on a positive note, as NGXASI appreciated by +1.1% to close at 41,704.11 basis points as against +0.26% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +3.56%. Source Proshare Markets Read More

October 2021 Bond Auction: Marginal Rates Trend Higher - The Debt Management Office (DMO) conducted the October bond auction, offering to sell N150.0bn worth of bonds across the 2026s, 2037s and 2050s. The auction was met with decent investors' interest as the 2026s, 2037s and 2050s recorded bid-to-cover ratios of 0.9x, 1.6x and 2.4x, respectively. Source United Capital Research Read More

Soaring Energy Prices Pose Inflation Risks as Supply Constraints Persist - Energy prices soared in the third quarter of 2021 and are expected to remain elevated in 2022, adding to global inflationary pressures and potentially shifting economic growth to energy-exporting countries from energy-importing ones. Source World Bank Read More 

FMDQ Clear Becomes an Observer Member of the Global Association of Central Counterparties - FMDQ Clear Limited ("FMDQ Clear"), Nigeria's Premier Central Counterparty (CCP) and a wholly-owned subsidiary of FMDQ Holdings PLC ("FMDQ Group"), was admitted to the Global Association of Central Counterparties ("CCP12 or the "Association"). Source FMDQ Read More


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PROSHARE BUSINESS

Gencos Lose N1.66tn Over Non-Payment for Unused Power - Power generation companies in Nigeria have said they suffered a loss of N1.66tn in seven years as a result of non-payment for deemed capacity. Source Punch Read More 

 

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PROSHARE TECHNOLOGY   

NITDA Set to Train 10,000 Internally Displaced Persons on Digital Literacy - The Directory General (DG), National Information Technology Development Agency (NITDA), Mallam Kashifu Inuwa Abdullahi, has disclosed NITDA's plan to train over 10,000 Internally Displaced Persons (IDPs) on digital literacy, to enable seamless reintegration of Nigerian citizens who were displaced as a result of insecurity. Source THISDAYLIVE Read More 

 

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PROSHARE FINANCE

CITN Hinges Poor Tax Compliance on Obsolete Legislation, Poor Database - Among the many challenges confronting the country's tax system, the Chartered Institute of Taxation of Nigeria (CITN) has listed multiplicity of taxes, obsolete tax legislations, poor database and tax touting as some of the issues impeding tax compliance by individuals and corporate entities. Source The Guardian Read More 

 

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PROSHARE MSME

How to Manage a Start-up: 5 Tips - A start-up is a way to develop and find new goals. As long as the company considers itself a start-up, it is not afraid to try new things, is ready to act outside the box and make mistakes. Sponsored post by stas podshivialo Read More 

Senators, BoI Differ Over Loans' Beneficiaries, SMEs' Allocations - Some members of the Senate Committee on Industry on Wednesday disagreed with the Managing Director/Chief Executive Officer of the Bank of Industry, Olukayode Pitan, over the choice of the bank's loans beneficiaries across the country. Source Punch Read More


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