Nigeria in 1min: Economic, Business and Financial Headlines - 240221

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Wednesday, February 24, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @FinMinNigeria


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COVID-19 Health Updates 

  • 23rd of February 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 153,187 cases (New: 571)
  • Discharged:  129,943
  • Deaths: : 1,874 (New: 12)

Source: NCDC Read More

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PROSHARE ECONOMY

Outlook 2021: A Gaze into Market Performance - Nigeria and the Commodities Market  - The world economy in the year 2020 experienced a lot of downs and few ups due to the novel coronavirus which broke out at the end of 2019 and spread throughout the world affecting virtually all sectors of the economy including the commodities market. Source Proshare Research Read More

Brent Crude Holds Gains Above $65 - OIR 230221 - Oil prices were off a bit in early trading on Tuesday but are nonetheless trading close to more than one-year highs after soaring on Monday. The price hike comes shortly after Goldman Sachs forecast that oil prices would climb into the $70s over the next few months. Source Tom Kool of Oilprice Read More

Average Prices of PMS, AGO, HHK and Cooking Gas - January 2021 - Average price paid by consumers for premium motor spirit (petrol) increased by 12.88% year-on-year and decreased month-on-month by -0.97% to N164.09 in January 2021 from N165.70 in December 2020. Source NBS Read More 

DMO Publishes Nigeria's Medium-Term Debt Management Strategy, 2020-2023 - Nigeria's Medium-Term Debt Management Strategy (MTDS), 2020-2023, is formulated to guide the borrowing activities of the Government in the medium-term. The framework compares alternative funding strategies available to Government as it pursues the desired structure of debt portfolio that reflects the selected strategy considering the costs and risk trade-offs in the medium-term. Source DMO Read More

 

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PROSHARE MARKETS

NCM 2020: FGN Eurobond Was Driven by Movement in Oil Prices and COVID-19 Pandemic - The price and yield movement of a Eurobond instrument is largely impacted by the health of the issuing country, for the case of Nigeria the FGN Eurobond instrument is considered a risky instrument as the economy is highly dependent on earnings from Oil which is impacted by the global and not controlled by Nigeria. Source Proshare Research Read More

Investors Gain N5.63bn as NSEASI Inches Up by 0.03% Amid Negative Market Breadth - Equities market closed today on a positive note, as NSEASI appreciated by +0.03% to close at 40,164.86 basis points as against -0.08% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -0.26%. Source Proshare Markets Read More

How the Nigerian Capital Market Can Support MSME Financing - With over 40m Micro, Small and Medium Enterprises (MSMEs) in Nigeria a major challenge remains access to finance at affordable rates. Mr. Franklin Odoemenam the Managing Director of Fragg Investment Management made this point while discussing the subject "Improving Financing for MSMEs Through the Nigerian Capital Market". Source WebTV Read More

ZENITHBANK Declares N231bn PAT in 2020 Audited Results; Proposes N2.70k Final Dividend (SP:N24.80K) - Zenith Bank Plc released its 2020 Audited results for the period ended December 31st, 2020. Gross Earnings grew by 5% to N696bn from N662bn in the previous quarter. Profit before tax grew by 5% to N256bn. Source NSE Read More

 

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PROSHARE BUSINESS

Livestock Programme Begins with Netherland's 400,000 Euros Funding, Says Presidency - The Federal Government on Tuesday announced that it had commenced the implementation of the National Livestock Transformation Plan and also disclosed that 20 governors had shown interest in the programme. Source Punch Read More

NEPZA Urges CBN to Expedite Approval for Offshore Banking - The Managing Director/Chief Executive, Nigeria Export Processing Zones (NEPZA), Prof. Adesoji Adesugba, has called on the Central Bank of Nigeria (CBN) to fastrack approval for the establishment of offshore banking to enhance the operation of free trade zones in the country. Source THISDAYLIVE Read More

Lagos Trade Fair, TBS Concession Process Begins Q2 2021 - The process for the concession of the Lagos International Trade Fair Complex and the Tafawa Balewa Square is expected to commence in the second quarter of the year. Source Punch Read More

Oil to Hit $70 in Second Quarter - Goldman Sachs Group Inc. has raised its price estimates and is predicting that Brent will reach $70 a barrel in the second quarter and $75 in the following three months, $10 above its previous forecasts, according to a note. Source The Nation Read More

Powell Says Economy Still Needs Fed Support, Pushes Back 0n Inflation Worries - Federal Reserve Chair Jerome Powell, pushing back on suggestions that loose monetary policy risked unleashing inflation and financial risks in what may be an emerging economic boom, said the central bank would keep its attention focused on getting Americans back to work as a vaccine-related recovery proceeds. Source Reuters Read More

 

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PROSHARE TECHNOLOGY

Cryptocurrency: We Acted in Nigerians' Best Interest - Emefiele - The Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele says the Bank's decision to prohibit deposit money banks, non-banking institutions and Other Financial Institutions from facilitating trading and dealings in cryptocurrency is in the best interest of Nigerian depositors and the country's financial system. Source CBN Read More

Fintech will Enhance Financial Inclusion - SEC - The Securities and Exchange Commission has stated that it is committed to enhancing financial inclusion in the country through technology. Director General of the SEC, Mr. Lamido Yuguda stated this at the joint session of the Senate Committee on Banking, Insurance and other Financial Institutions, Capital Market and ICT and Cyber Crime in Abuja, Tuesday. Source SEC Nigeria Read More


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