Nigeria in 1min: Economic, Business and Financial Headlines - 250122

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Tuesday, January 25, 2022 / 6:00 AM / By News Aggregator / Header Image Credit: Government of Nigeria

 

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 COVID-19 Health Updates

  • 24th of January 2022: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 252,428 cases (New: 241) 
  • Discharged: 227,004
  • Deaths: 3,126 (New: 2)

 

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PROSHARE ECONOMY

MPC: Nigeria Should Pay Attention to Growth, Rather than Inflation - Biodun Adedipe - As the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) begins its two-day 283rd meeting today in Abuja, the first for the year 2022, members have been told to focus on growth instead of Inflation. Source Ottoabasi Abasiekong for WebTV Read More

Experts Call for Policy Cohesion and an Enabling Business Environment at the 8th CIBN Outlook - Experts at the recent 8th National Economic Outlook facilitated by the Chartered Institute of Bankers of Nigeria (CIBN) agreed that policy cohesion between fiscal and monetary policy authorities and an enabling environment for businesses would be critical for Nigeria in 2022. Source Ottoabasi Abasiekong for WebTV Read More

Labour Set for Protest, FG Suspends Subsidy Removal, NBA Warns Govt - The Nigeria Labour Congress will continue with its planned nationwide protest on Thursday despite the announcement by the Federal Government that it would no longer remove the fuel subsidy for now. Source Punch Read More

FG's Local Currency Debts to Hit N44tn in 2022, Says Report - A report by Agusto & Co. Limited has estimated that the Federal Government's local currency debts will rise to N44tn in 2022. This was disclosed in a report, titled 'Nigeria in 2022', on the economic outlook for 2022. Source Punch Read More


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PROSHARE REGULATORS

NGX to Bar CMOs that Fail to Renew their Licenses from Performing Capital Market Functions in 2022 - On January 21, 2021, SEC released a circular, following its earlier circular on December 16, 2021, reminding all Capital Market Operators (CMOs) and relevant stakeholders that the 2022 Registration Renewal Exercise would end on January 31, 2022. Source NGX Read More 

 

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PROSHARE MARKETS

Driving Capital Market Recovery Through Policy Advocacy - The Nigerian capital market started the year on a mixed bag as the NGX ASI inched up by +5.32%, while the NASD USI closed negative by -1.04% and the FMDQ turnover also closed negative by -34.49% M-o-M in January 2021. Source Tosin Ige, Proshare Research Read More

NAFEX Rate Depreciated by 0.01% WoW to N415.63 - In the FX Spot and Derivatives markets, the total turnover for the week-ended January 21, 2022, was $788.19 million, representing an increase of 24.74% ($156.30 million) from $631.89 million reported for the week-ended January 14, 2022. Source FMDQ Read More

Quiet Sessions as Average Yield Marginally Gained 2bps WoW to 4.41% - Last week at the Nigerian Treasury Bills ("NT-Bills") secondary market, activity levels were muted as most instruments closed flat W-o-W. This was on the back of investors digesting the recently released CPI/Inflation data for the month of December 2021 (which grew at 15.6% Y-o-Y). Source Afrinvest Research Read More

Investors Lose N11.88bn as NGXASI Dips by 0.06% to Open the Week Negative - Equities market closed on a positive note, as NGXASI appreciated by -0.06% to close at 45,957.35 basis points as against +0.15% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +7.52%. Source Proshare Markets Read More

European Stocks Smashed in Worst Trading Day in 19 Months - European stocks on Monday were engulfed in red, suffering their worst single day of trade in three months. The Stoxx Europe 600 SXXP, -3.81% dropped 3.8% to 456,40, with all of the major sector indexes losing ground. That was the worst single-day drop since June 11, 2020. Source Market Watch Read More


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PROSHARE BUSINESS

2020 Marginal Field Bid Round: NUPRC Revokes Offer to Potential Awardees for Non-Payment - For failing to pay the Signature Bonus for their respective equity participation in the 2020 Marginal Field Bid Round (MFBR) the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has revoked its offer to potential awardees. Source Tribune Online Read More

Nigeria's Extractive Industry Serving Interests of a few, says BudgIT - From BudgIT Foundation came a revelation that the Nigerian extractive industry has functioned as a pander used to cushion the needs of very few highly placed in the society. Source Guardian Nigeria Read More

Oil to Breach $100 a Barrel Later This Year - Goldman Sachs - Brent oil prices are primed to rise above $100 per barrel later this year, Goldman Sachs analysts said, adding oil market remains in a "surprisingly large deficit" as demand hit from the Omicron coronavirus variant is so far smaller than expected. Source Reuters Read More

CBN's e-invoicing Directive will Facilitate Trade - LCCI - The Lagos Chamber of Commerce and Industry (LCCI) has commended the Central Bank of Nigeria (CBN) on the introduction of e-Evaluator and e-Invoicing for import and export, noting that it will enhance trade transactions and boost revenue. Source Vanguard Read More 

 

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PROSHARE TECHNOLOGY   

IBM Posts Best Sales Growth in 10 Years on Cloud Demand - International Business Machines Corp. reported revenue that beat analysts' estimates, buoyed by strong demand in the software unit, which includes IBM's hybrid-cloud offering, signaling that the company's efforts to transform the 110-year-old tech giant are bearing fruit. Source Bloomberg Read More

Moody's Expects Tesla to stay at EV Leader Spot, Upgrades to 'Ba1' - Moody's upgraded Tesla Inc's (TSLA.O) debt rating by two notches to "Ba1" from "Ba3" on Monday, reflecting the ratings agency's expectations that the Elon Musk-led company will maintain its position as the leading battery electric vehicle manufacturer. Source Reuters Read More

Facebook Parent Meta says its new AI Supercomputer will be World's Fastest - Facebook parent Meta Platforms Inc (FB.O) said on Monday that its research team has built a new artificial intelligence supercomputer that it thinks will be the fastest in the world when completed in mid-2022. Source Reuters Read More


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PROSHARE MSME

African Guarantee Fund Partners Trade Hub to Support West African SMEs - AGF, a leading non-bank financial institution, will leverage this grant, as well as $20 million of private equity to support its two-part COVID-19 Guarantee Facility.  The combined $22.5 million co-investment will allow AGF to absorb additional pandemic-related risk. Source African Guarantee Fund Read More

FFA: Ecobank Takes the Lead as 18 Finalist Models Head to Lagos for the Grand Finale - Ecobank Nigeria says it is a proud partner of the Future Face Africa (FFA) model talent search as preparation reaches concluding phase to host the grand finale of the competition in Lagos, Nigeria. Source Ecobank Read More 

Osinbajo: FG has Disbursed Over N150bn to MSMEs in the Last Five Years - Vice-President Yemi Osinbajo says the federal government schemes designed for micro, small and medium enterprises (MSMEs) have deployed N150 billion and impacted over four million businesses in the past five years. Source TheCable Read More


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