Nigeria in 1min: Economic, Business and Financial Headlines - 230221

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Tuesday, February 23, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @NigeriaGov

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COVID-19 Health Updates 

  • 22nd of February 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 152,616 cases (New: 542)
  • Discharged:  129,300
  • Deaths: : 1,862 (New: 23)

Source: NCDC Read More


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PROSHARE ECONOMY

Outlook 2021: A Gaze into Market Performance - Equities Market - The year 2020 brought a rapid and unpredictable change to global economies and stock markets with an unprecedented health crisis that disrupted markets throughout the year. Source Proshare Research Read More

Deal with Siemens: Hope For The Power Sector? - The Federal Government last week signed a contract with Siemens Energy Nigeria for the pre-engineering phase (the first phase) of the Presidential Power Initiative through a Special Purpose Vehicle (SPV), FGN Power Company. The Presidential Power initiative seeks to improve power generation in the country. Source CSL Research Read More

Headline Inflation Increases by 16.47% YoY in January 2021 for the 17th Consecutive Month - The most recent figures published by the National Bureau of Statistics show a rise in the inflation rate for the 17th consecutive month. On a month-on-month basis, the Headline index increased by 1.49 percent in January 2021. This is 0.12 percentage points lower than the rate recorded in December 2020 (1.61 percent). Source PFI Capital Read More

2020 Capital Budget Implementation Worries National Assembly - The leadership of the National Assembly on Monday expressed concern over the low implementation of the 2020 budget despite the three-month extension granted the executive arm of government to implement the capital component of the fiscal document up till March 2021. Source Punch Read More

Individuals Can Build, Maintain Highways, Says FG - Under the new Highway Development and Management Initiative of the Federal Government, private individuals will be permitted to build, operate or maintain assets on some federal highways that are up for concession. Source Punch Read More


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PROSHARE MARKETS

NCM 2020: Treasury Bills Fell to a Record Lows in 2020 - Towards the end of 2019, the Federal Government of Nigeria bifurcated the bills (T. bills and OMO bills) and the rates of T. bills have been on a steady decline with rates as low as 1.15% which was recorded in August 2020. Source Proshare Research Read More

Investors Lose N17.06bn as NSEASI Dips by -0.08% to Open the Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.08% to close at 40,154.09 basis points as against -0.06% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -0.29%. Source Proshare Markets Read More

Mild Demand from Investors Drives Average Yield Lower By 4bps to 1.5%; Commercial Papers Available - The bearish streak in Nigerian Treasury Bills ("NT-Bills") secondary market furthered into the start of last week, as average yield inched 2bps higher on Monday to 1.5% following continued selloffs on mid-dated maturities. Source Afrinvest Research Read More

Nasdaq, S&P 500 End Lower as U.S. Yields Rise; Disney lifts Dow - The S&P 500 and Nasdaq closed lower on Monday as climbing Treasury yields and prospects of rising inflation triggered valuation concerns, hitting shares of high-flying growth companies. Source Reuters Read More

 

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PROSHARE BUSINESS

Implementation of Effective Stakeholders' Management Strategies Key to Success - Olakunle Alake - The Group Managing Director of Dangote Industries Limited, Olakunle Alake has hinged success of business organisations on the adoption and implementation of effective stakeholders' management strategies. Source Olakunle Alake, GMD Dangote Industries Ltd Read More

Petrol Landing Cost Jumps to N186, Oil Hits $64 - Against the backdrop of the rising price of oil prices, the landing cost of Premium Motor Spirit (petrol) imported into Nigeria has increased to N186.33 per litre. Source Punch Read More

African Union to Set up Infrastructure Fund - The African Union (AU) is setting up a fund to finance the construction of much-needed roads, railways and power plants on the continent. Source THISDAYLIVE Read More

NERC Outlines Sanctions for Discos, TCN overload Rejection, Wheeling Deficit - The Nigerian Electricity Regulatory Commission (NERC) has signed a new set of guidelines that would see power Distribution Companies (Discos) get sanctioned for load rejection and the Transmission Company of Nigerian (TCN) punished for inability to wheel electricity sent to it by the Generation Companies (Gencos). Source THISDAYLIVE Read More


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PROSHARE TECHNOLOGY   

Why Internet Service Providers Are Declining, by NCC - Competition with mobile network operators (MNOs), harsh business operating environment, and inadequate national broadband infrastructure are some of the problems that have led to the depletion of the generation of internet service providers (ISPs) in the country, according to the Nigerian Communications Commission (NCC). Source The Nation Read More 

 

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PROSHARE FINANCE

How Businesses Can Manage Their Risks in A Time of Uncertainty - "The Business Environment requires business owners to pay close attention to the wide range of risks that could impact their organization." This was the assertion of Mr. Seyon Thomas, Head of Enterprise Management at Coronation Insurance Plc during a webinar, which had as its theme 'Managing Business Risks at a Time of Uncertainty'. Source WebTV Read More

Customers Expectation and the Insurance Industry in A New Normal - As we settle into the new normal, the insurance industry, which had seen much more challenges than other sectors during the period of the COVID-19 pandemic has begun to identify the opportunities emerging from the throes of the pandemic. Source OpEd By Ekerete Ola Gam-Ikon Read More

How Development of Nigeria's Housing Sector Could Boost Economic Growth - A vibrant housing sector is critical to achieving inclusive economic growth in Nigeria while addressing the problem of high unemployment. Mr. Ayo Ibaru the Chief Operating Officer of North Court Real Estate made the point in a recent discussion around "Unlocking Growth in The Real Estate & Housing Market in Nigeria". Source Ottoabasi Abasiekong for WebTV Read More

 

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