Nigeria in 1min: Economic, Business and Financial Headlines - 240122


Monday, January 24, 2022 / 5:45 AM / By News Aggregator / Header Image Credit: Akinwumi A. Adesina

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 COVID-19 Health Updates

  • 23th of January 2022: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 252,187 cases (New: 228) 
  • Discharged: 226,408
  • Deaths: 3,124 (New: 6)


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The Nigerian Financial Market 2021 Review and 2022 Outlook: A Mix of Boom and Gloom - 2021 was a lackluster year for the domestic bourse, although trading closed on a positive note. This was shaped by a mix of rising fixed income (FI) yield, recurring FX issues, impressive corporate earnings, global oil price recovery, and a rollercoaster resurgence of the virus infections. Source Afrinvest Research Read More

Oil Prices Fall Back Despite Bullish Predictions - OIR 210122 - Leading investment banks issued their outlooks for 2022 this week, with both Goldman Sachs and Morgan Stanley expecting crude oil prices to hit $100 per barrel this year as oil inventories continue to ebb further and OPEC+ spare capacity falls. Source Tom Kool of Read More

LCCI: The Non-Interest Debt Debate for Budget 2022, Rethinking Public Policy - Nigeria's leading trade business group, the Lagos Chamber of Commerce and Industry (LCCI), recently hosted stakeholders at a conference assessing the Federal Government's 2022 Budget and how to chart a pathway to effective fiscal management. Source Ottoabasi Abasiekong for WebTV Read More

Rising Governance Cost, Recession, Others Raise FG Spending by 183% - Rising governance cost, economic recessions necessitating higher government spending may have combined with other factors to raise Federal Government spending by 183 per cent in seven years, it has been learnt. Source Punch Read More

Nigeria Lost N74.51bn Oil Revenue in December, Says OPEC - A new monthly report of the Organization of the Petroleum Exporting Countries has shown a plunge in Nigeria's crude oil production in December 2021, triggering a loss of about N74.51bn in oil earnings. Source Punch Read More

Agusto to FG: Admit Nigeria Has Debt Problem before Economy, Local Currency Crumbles - The Founder of Nigeria's first rating agency, Agusto & Co Limited, Mr. Bode Agusto, has called on the federal government to admit that the country has a serious debt problem that required urgent steps to address before the Nigerian economy and its local currency would crumble and crash. Source THISDAYLIVE Read More

FAAC: FG, States, LGs Share N699bn as Allocation in December - up by N23bn - The federation accounts allocation committee (FAAC) says it shared N699.824 billion among the three tiers of government for December 2021. This represents an increase of N23.878 compared to N675.946 disbursed in the previous month. Source TheCable Read More

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Revenue Drive or Market Development - Making Sense of SEC's New Circular to CMOs - The recent announcement of a hike in the registration fees of capital market operators (CMOs) could be a major test for the Nigerian Capital Market or the start of the redefinition of the relationship between Trade Groups/SROs and their market regulator, the Securities and Exchange Commission (SEC) Nigeria. Source TheAnalyst Read More


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What To Expect From The Markets This Week - 240122 - The IMF disclosed on Thursday that it proposes a $50bn Resilience and Sustainability Trust (RST) to help low-income and vulnerable middle-income countries build resilience to balance of payments shocks. Source Proshare Content Read More


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AMCON Takes Over IBEDC - The Assets Management Corporation of Nigeria (AMCON) has taken over the Ibadan Electricity Distribution Company (IBEDC) Ltd over insolvency. The Chief Operating Officer (COO) Engineer John Ayodele disclosed this in a memo to members of staff intimating them of the development, The Nation gathered. Source Bisi Oladele of The Nation Read More 

Dangote Oil Refinery to Begin Production before Q3, 2022 - Africa's richest man, Aliko Dangote, said mechanical work on his much-awaited crude oil refinery located at the Lekki Free Zone, in Lagos State, had been completed and the facility would begin to run between August and September this year. Source THISDAYLIVE Read More

FG Signs Tripartite Agreement with Two States on Electricity Supply - Poised to improve electricity supply to rural and urban settlements, the Federal Government had signed a Memorandum of Understanding (MoU) with the Sokoto and Bauchi state governments for solar and mini grid power systems. Source Guardian Nigeria Read More

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Non-Fungible Tokens - Regulatory Concerns in Nigeria - The last decade has witnessed a massive rave in the use and acceptance of digital currencies and assets all around the world. Amongst these digital assets, Nonfungible Tokens ("NFTs"), has gained so much popularity-particularly amongst creatives and content creators. Source Rapheal Irenen (AELEX) Read More

Apple Nears First Product Launch of 2022, with 5G iPhone SE and New iPad on Tap - Apple Inc. is nearing its first launch event of the year, with a new iPhone SE and iPad on tap. Also: The company takes another hit to its App Store business model, and the autonomous car team loses another top manager. Source Bloomberg Read More

U.S. House Bill on China Competitiveness, Chip Investment, Coming Soon - Pelosi - The U.S. House of Representatives will soon introduce a bill to increase U.S. competitiveness with China and boost federal spending on semiconductors, Speaker Nancy Pelosi said on Friday as the Biden administration seeks to boost domestic chip production. Source Reuters Read More

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How Ethical Funds Create Wealth and Economic Value in Nigeria - Ethical funds are catalysts for wealth creation and economic value for investors, especially in frontier markets like Nigeria. Dr. Yusuf Adeneye, Senior Lecturer, Universiti Malaysia Kelantan, made this point while explaining "Ethical Funds, Economic Growth and Public Goods from a Shariah Perspective." Source Bukola Akinyele-Yisau for WebTV Read More 

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