Nigeria in 1min: Economic, Business and Financial Headlines - 231120

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Monday, November 23, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @NigeriaGov

 

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COVID-19 Health Updates

  • 22nd of November 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 66,383 cases (New: 155)
  • Discharged:  62,076
  • Deaths: : 1,167 (New: 1)

Source: NCDC Read More


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PROSHARE ECONOMY

Nigeria Slips into Recession; Real GDP Contracts by -3.62% in Q3 2020 - Nigeria's gross domestic product (GDP) recorded a growth rate of -3.62% (year-on-year) in real terms in the third quarter of 2020. While this represents an improvement of 2.48% points over the -6.10% growth rate recorded in the preceding quarter (Q2 2020). Source NBS Read More

Average Fare Paid By Commuters for Bus Journey Intercity Increases by 9.25% MoM in October 2020 - The Transport fare Watch report for October 2020 covers the following categories namely bus journey within the city per drop constant route; bus journey intercity, state route, charge per person; air fare charge for specified routes single journey; journey by motorcycle (Okada) per drop; and water way passenger transport. Source NBS Read More

Why The New Automotive Policy Is Driving On Empty - Salon cars soon to be manufactured in Nigeria!!! - This is the vision of the Minister of Trade and Investment- Dr. Olusegun Aganga who first announced the new automotive policy for Nigeria. Source FDC Read More

UCHE ORJI : Nigerian Economy Remains Attractive for Investors - The NSIA's Future Generations Fund is targeted at the next generations of Nigerians. What is the NSIA doing to prepare the next generation to benefit from the fund? Before I answer the question, let me provide you a background. The NSIA was set up with a three-fold mandate: provide a savings base for the Nigerian people. Source THISDAYLIVE Read More

 

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What To Expect From The Markets This Week- 231120 - Nigeria's manufacturing sector expanded following six months of contraction. The CBN, in its latest Purchasing Managers' Index Survey Report, noted that the manufacturing PMI stood at 50.2 index points in November, indicating a recovery from the contraction recorded in manufacturing sector since May 2020. Source Proshare Content Read More

GT Bank 9Months 2020 Result: Braving A Storm, Earnings Up 1.23% - GT Bank recently posted its 9months 2020 results, recording improved performance across broad financial matrices although growth seems to have slowed amidst tough economic headwinds in 2020 majorly caused by industry and trade dislocations related to the global COVID-19 pandemic; the bank, however, appears to be pushing forward. Source Adaeze Nwachukwu, Proshare Research Read More

Conoil Q3 2020: Profit Dips as Oil Industry Outlook Remains Cloudy - Conoil Plc recorded a decline in its financial performance in Q3 2020 as the impact of a liquidity squeeze, economic contraction, the rising cost of funds and scarcity of foreign exchange weighed in on its profitability. Conoil Plc recorded a dip in its PBT by -33.47%, declining from N2.45bn in Q3 2019 to N1.63bn in Q3 2020. Source Proshare Research Read More

Union Bank 9 Months 2020 Results: Waking Up to New Opportunities, But Working on Challenges - Gross earnings for the Group increased Year-on-Year (Y-o-Y) by +3.61% from N117.15bn in 9months 2019 to N121.38bn in 9months 2020. The growth in gross earnings was driven by a +0.51% rise in interest income and a -9.82% decline in interest expense. Source Adaeze Nwachukwu, Proshare Research Read More

Coronavirus Vaccine: Tailwind for Oil, Headwind for Gold - The Second wave of the Coronavirus is jeopardizing the world economy. The spread of the coronavirus infection and widening COVID-19 Restrictions in the United States and other parts of the world has hampered fuel demand. Source Funsho Idowu, Proshare research Read More

 

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PROSHARE BUSINESS

The Secret Origins of China's 40-Year Plan to End Carbon Emissions - The biggest emitter of planet-warming pollution managed to take almost the whole world by surprise. In a September speech to the United Nations, Chinese President Xi Jinping put a 2060 end date on his country's contribution to global warming. Source Bloomberg Read More

Rising Petrol Cost: Stakeholders Demand Full deregulation - Resurgent calls for a full and transparent deregulation of the downstream oil and gas sector have greeted the recent increase of about five per cent from N160/litre to N168/litre in the retail prices of petrol. Source Punch Read More

Ease Lagos-Ibadan Expressway Congestion for Christmas, Fashola tells Contractors - The Minister of Works and Housing, Babatunde Fashola, on Sunday said the Federal Government would complete the Lagos-Ibadan Expressway project despite scarce resources as a result of the sharp drop in oil prices. Source Punch Read More

Train 7 to Create 52,000 Jobs, Says NLNG - The Managing Director and Chief Executive Officer of the Nigerian Liquified Natural Gas, Tony Attah, has said that at least 55 per cent of the scope of work on the newly signed Train 7 project of the Nigerian Liquefied Natural Gas Limited, NLNG will be domesticated in Nigeria to create an additional 50,000 jobs in the country. Source Punch Read More

Kyari: Gas Supply to Power Generating Companies has Improved - Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, has said that gas supply to power generating companies (Gencos), has significantly improved, adding that the major challenge now is that of transmission. Source THISDAYLIVE Read More

 

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PROSHARE FINANCE

AXA Mansard, Curacel Sponsor First-Ever Insurance and Technology Conference in Nigeria - The producers of InsurTech Business Series Podcast have concluded plans to host the first-ever insurance and technology conference in the country. Themed Innovation and Partnerships for Sustainable Insurance, the maiden conference holds virtually on Friday, November 27, 2020, from 10 am to 4 pm. Source InsurTech Business Series Conference Read More

 

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PROSHARE MSME

MSME Survival Fund: SMEDAN Warns Applicants to Be Wary of Extortionists - The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has warned applicants of the MSME Survival Fund to be wary of extortionists and refrain from giving money to anybody to access the funds. Source THISDAYLIVE Read More

 

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