Nigeria in 1min: Economic, Business and Financial Headlines - 240820

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Monday, August 24, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @SECNigeria

 

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COVID-19 Health Updates

  • 23rd of August 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 52,227 cases (New: 322)
  • Discharged:  38,945
  • Deaths: : 1002 (New: 5)

Source: NCDC Read More


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PROSHARE ECONOMY

Unemployment - Sub-Nationals in Focus - Imo State Records Highest Unemployment Rate of 48.7% - Today we continue our commentary around the recently released NBS labour force report. Nigeria has a large population, estimated as high as 198 million and largely untapped human capital. The report also covers unemployment by state. It shows that in Q2 2020, Imo State recorded the highest rate of unemployment - 48.7%. Source FBNQuest Research Read More

Oil Tumbles On Shaky Recovery Prospects - OIR 210820 - Oil retreated at the end of the week on more negative news from the U.S. labor market. Oil prices fell back to a familiar trading range in the low-$40s. "With all the bullish headlines that we've seen over the last weeks regarding inventories," the inability to break higher does not bode well, Tariq Zahir, managing member of the global macro program at Tyche Capital Advisors LLC, told Bloomberg. Source Tom Kool of Oilprice Read More


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PROSHARE MARKETS

Gold Rebound Shaky as Silver Continues to Outshine the Yellow Metal - Gold prices have had a stellar performance so far in 2020, hitting a record high of over $2000/t.oz during the first week of August. This rally took a hit during the second week as prices of the precious metal tumbled below $2000/t.oz to $1911.89/t.oz. Source Funsho Idowu, Proshare Research Read More

What To Expect From The Markets This Week - 240820 - Japan posted a record economic contraction in the second quarter as a state of emergency and lockdowns in the country's major export markets hammered consumer spending, production and exports.  Source Proshare Content Read More

Nigeria Doubles African Development Bank Rights Before Key Vote - Nigeria has almost doubled its voting rights in the African Development Bank to 16.8% before the lender's annual meetings next week, as one of its own seeks re-election at the helm of the lender after being cleared of allegations of wrongdoing. Source Bloomberg Read More


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PROSHARE BUSINESS

Power Sector Loses N468.4bn as Hitches Stall 33,122MW - Gas, transmission, distribution and other constraints made Nigeria's power sector to lose about N468.4bn between January and August 21 this year, latest documents on the industry's performance have shown. Source Punch Read More

NNPC Generates $4.6bn From Crude Exports in 13 Months - The Nigerian National Petroleum Corporation on Sunday announced that it made $4.6bn as total crude oil and gas export receipts from June 2019 to June 2020. Source Punch Read More

We Owe Contractors N336bn, Says Fashola - The Minister of Works and Housing, Mr Babatunde Fashola, says the Federal Government owes contractors N336bn as of July, 2020. Fashola said this during an interview on Arise Television on Sunday which was monitored by our correspondent. Source Punch Read More

ICRC Boss Commends $221m Equity Investment in Lekki Deepwater Port - The Director General/Chief Executive, Infrastructure Concession and Regulatory Commission (ICRC), Mr. Chidi Izuwah has commended the injection of $221 million by China Harbour Engineering Company (CHEC) into the Lekki Deepwater Port Project. Source THISDAYLIVE Read More

Ahead of Adesina's Re-election, Nigeria Doubles AfDB Voting Rights - Nigeria has almost doubled its voting rights in the African Development Bank (AfDB) to 16.8 per cent before the lender's annual meetings next week. Source THISDAYLIVE Read More

'52 Countries Face Debt Crises' - Poor countries' debt payments have reached their highest level since 2001, having grown by 115 per cent in the past decade, a new analysis released at the weekend has shown. Source The Nation Read More

Global Stocks Jump as Investors Pin Hopes on Coronavirus Treatment - Asian shares advanced for a second straight session on Monday, underpinned by coronavirus hopes after the U.S. Food & Drug Administration (FDA) authorised the use of blood plasma from recovered patients as a treatment option. Source Reuters Read More

Global Dividend Plunge to Be Worst Since Financial Crisis - Global dividend payments plunged $108 billion to $382 billion in the second quarter of the year, fund manager Janus Henderson has calculated, equating to a 22% year-on-year drop which will be the worst since at least 2009. Source Reuters Read More


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PROSHARE TECHNOLOGY

Fintech and Financial Development in Nigeria - Financial technology, or fintech, is the innovative use of technology in the design and delivery of financial services. It often results in new business models, applications, processes, or products with an accompanying effect on financial markets and institutions. Source FDC Ltd Read More

 

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PROSHARE FINANCE 

The Nigerian Education System Post COVID-19: The Place of Virtual Learning - Virtual learning has become imperative in promoting and sustaining educational development globally considering the disruptive effect of the COVID-19 pandemic on traditional learning. Source FDC Ltd Read More

How Africa Can Tap Into The $5trn Halal Consumer Market - Tausif Malik - The Founder of the Halal Angels Network, Dr. Tausif Malik, disclosed this as a guest on WebTV's Islamic Finance Weekly Program. According to Malik, some African countries are already developing their infrastructure at a rapid speed and those in the diaspora are returning to the continent to start their ventures or to invest in their respective economies. Source WebTV Read More

 

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