Nigeria in 1min: Economic, Business and Financial Headlines - 231020


Friday, October 23, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @followlasg


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COVID-19 Health Updates

  • 22nd of October 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 61,805 cases (New: 138)
  • Discharged:  56,985
  • Deaths: : 1,127 (New: 2)

Source: NCDC Read More

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President Buhari Calls for Peace, but Insists on Decisive Action Against Carnage - Being Address to The Nation by His Excellency, Muhammadu Buhari, President of The Federal Republic Of Nigeria On The ENDSARS Protests, 22nd October, 2020. Source State House Read More

NESBITT Acquires Peugeot Automobile Nigeria - NESBITT Investment Nigeria Limited has acquired Peugeot Automobile Nigeria (PAN) and plans to inject US$150m into the company in the next three years to revamp the automobile firm. According to the new owners, the fund to be invested would be spent on retooling and upgrading the automobile company's assembly line as well as in supporting infrastructure and working capital. Source CSL Research Read More 

SSA October 2020 Regional Economic Outlook: A Difficult Road to Recovery - The regional outlook is broadly unchanged since the June 2020 Regional Economic Outlook Update. In 2020, economic activity is expected to contract by 3.0 percent, but then recover by 3.1 percent in 2021. This represents a drop in real per capita income of 4.6 percent over 2020-21, which is larger than in other regions. Source IMF Read More

Private sector-led growth strategy will boost Nigeria's FDI, job creation - IFC Report - The International Finance Corporation, IFC, a member of the World Bank Group, has said that Nigeria could attract the much-needed Foreign Direct Investment, FDI, into the country and create millions of jobs with adoption of a broader private sector-led growth strategy. Source Vanguard Read More


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Banks in H1 2020: Deconstructing Banks' H1 2020 Individual Performances - Stanbic IBTC Bank - Stanbic IBTC Bank's financial results revealed a rebound in its profit before tax of +17.37% in H1 2020 after recording a decline in H1 2019. Its strong rebound in profit growth defied analyst expectations who had predicted a further decline in profits as a result of the macroeconomic headwinds posed by the COVID-19 pandemic. Source Proshare Research Read More 

Investors Gain N59.78bn as NSEASI Inches Up by 0.40% Amid Improved Market Breadth - Equities market closed today on a positive note, as NSEASI appreciated by +0.40% to close at 28,563.87 basis points as against -0.75% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +6.41%. Source Proshare Markets Read More

Coronation MB Funding SPV Plc's Up to N10bn Series I Bond Issuance Now Open - We are pleased to inform you that the offer of up to N10billion Series 1 Bond (the "Transaction" or the "Issuance") under the CORONATION MB SPV PLC N100billion Bond Issuance Programme is now open and closes Friday 30th October 2020. Source Arthur Stevens Asset Mgt Read More

Nigerian Equity Market Outlook: COVID Out, Riots In? - Yesterday, the Nigerian Stock Exchange All-Share Index (NSE-ASI) ended in the red territory as market participants priced-in the heightened risk around the fatal outcome of what started as a peaceful protest in Nigeria. Source United Capital Research Read More


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Training Bonds - How Enforceable Are They Against Employees In Nigeria? - The major focus of most businesses is to achieve customer satisfaction by sustaining and/or improving the quality of goods and services delivered to their clients. One of the ways in which this value is achieved is by the continuous education and/or training of employees. Source Abdulmajeed Abolaji, Aelex Read More

Stakeholders Seek Mechanised Exploration of Gold - Stakeholders in solid minerals industry are calling for the mechanised exploration of the abundant mineral resources in Nigeria. Specifically, they said gold had the potential to attract substantial investment into the country and should be explored strategically. Source Punch Read More 

Asian Stocks Set for Slight Gains After Wall Street Ends Higher - Asian stocks were set for cautious gains on Friday after positive U.S. economic data and signs of progress in stimulus talks in Washington lifted Wall Street benchmarks. Source Reuters Read More

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Consistent Rise in Internet Subscriptions, stood at 149.3m in August 2020 - The latest data released by the NCC, the industry regulator, show that internet subscriptions stood at 149.3 million in August, representing y/y growth of 22%. The figure implies density of 75% in a population estimated at 198 million, placing Nigeria well above the African average of around 16% as indicated by McKinsey. Source FBNQuest Research Read More


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The Protests and the Challenges for Conventional Insurance - Lives are irreplaceable, losses are irredeemable however relief comes for mourners and victims when there may have been some thinking that we ought to protect ourselves against times like this. The purpose of insurance has always been to make us resilient and ready to start over. Source Ekerete Ola Gam-Ikon Read More

Total Pension Assets Rise to N11.35tn - Despite the effect of the COVID-19 pandemic on the economy, the total assets under the Contributory Pension Scheme rose to N11.35tn as of the end of August, the latest figures from the National Pension Commission revealed on Wednesday. According to the data, the funds rose from N11.08tn in June to N11.3tn in July. Source Punch Read More


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70,000 Businesses to Benefit from MSME Covid-19 Funds - FG - The Federal Government has reiterated its commitment to fully execute the N75billion Micro, Small, and Medium Enterprises (MSMEs) Survival Fund. It said the scheme, which is aimed at alleviating the challenges faced by small businesses during and after the Covid-19 pandemic, has so far attracted 432,000 applications from 12 states out of which 70,000 have been picked. Source The Guardian Nigeria Read More

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