Nigeria in 1min: Economic, Business and Financial Headlines - 251021

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Monday, October 25, 2021 / 5:37 AM / By News Aggregator / Header Image Credit: Proshare

 

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COVID-19 Health Updates

  • 24th of September 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 210,460 cases (New: 165)
  • Discharged: 202,379
  • Deaths: 2,882 (New: 32)

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PROSHARE ECONOMY

Abuja-Kaduna Rail Line; The Safest Travelling Option Now Under Siege - The Nigerian Railway Corporation (NRC) announced the suspension of its services on the Abuja-Kaduna rail line following a deadly attack on one of its trains by bandits. Fortunately, no lives were lost. The level of insecurity in the country has risen to alarming levels in recent years. Source CSL Research Read More

Is $85 the New Normal for Oil Markets? - OIR 221021 - Energy stocks are bouncing back into the limelight, significantly outperforming the broader S&P 500 index. Oil prices have remained largely stagnant over the week, with Brent trending around the $85 per barrel mark. Source Michael Kern of Oilprice Read More

CBN Increases Health Intervention Fund to N200bn - There is an increased call for private sector investment in the healthcare sector in order to reverse the trend of foreign exchange spent on medical tourisim as well as human capital flight as The Central Bank of Nigeria (CBN) has increased its healthcare intervention in the health sector from N100 billion to N200 billion. Source LeadershipNG Read More

Electricity: FG Seeks Fresh Interventions to Harness 13,000MW Capacity - The federal government has called for fresh interventions in the country's electricity value chain in order to harness the over 13,000 megawatts (MWs) capacity which Remains largely underused. Source LeadershipNG Read More

Nigeria Gets $70m Grant for Renewable Energy Development - To bridge the nation's power needs and reduce environmental pollution, the Agence Francaise de Developpement (AFD) has staked about $70m to fund renewable energy and efficient energy projects in the country. Source The Guardian Read More

 

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What To Expect From The Markets This Week - 251021 - In its recently released "Regional Economic Outlook for October 2021" The International Monetary Fund, IMF, upwardly reviewed its forecast for Nigeria's economic growth in 2022 and 2021 to 2.7% and 2.6% respectively. Source Proshare Content Read More

FBN Holdings Notifies of a New Investor With Over 5% Stake - The management of FBN Holdings Plc has written officially to the Nigerian Exchange notifying of the acquisition of substantial shareholdings in the Holding Company by a new investor. Source Proshare Research Read More

Unveiling AFEX Crop Production Report 2021 - AFEX will be unveiling its carefully curated report that discusses the production outlook of key commodities in the Nigerian market, using solid, verifiable data, as the new harvest season for major crops begins. Source AFEX Read More 

 

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NBCC Forum: Ondo State will Continue to Use PPPs to Achieve Industrialization - Governor Akeredolu - The Ondo State government will continue to partner with the private sector to lead the "Sunshine State" to the path of full industrialization and economic transformation. Governor Rotimi Akeredolu, SAN, said this at the Nigeria-British Chamber of Commerce (NBCC) "Meet the Governor Forum," which featured Ondo State. Source Ottoabasi Abasiekong for WebTV Read More

IMF Blames Fall in Nigeria's Remittance Flows on Forex Crisis - The uncertainty in Nigeria's foreign exchange market contributed to the decline in diaspora remittance flows into the country, the International Monetary Fund has said. Source Punch Read More

NDIC Liquidates 500 Deposit Money, Microfinance Banks - The Nigeria Deposit Insurance Corporation says it has liquidated at least 500 deposit money, microfinance, and primary mortgage banks whose licences were revoked by the Central Bank of Nigeria. Source Punch Read More

African Railway Roundtable demands AfCFTA Railway Forum - The Director, African Railway Roundtable, Mr. Olawale Rasheed has called on the African Union Development Agency (AUDA-NEPAD) and the secretariat of the African Continental Free Trade Area (AFCFTA) to urgently convey an "AfCFTA Railway Forum". Source The Nation Read More

 

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PROSHARE TECHNOLOGY   

Appzone Launches Next Generation Payment Infrastructure for Africa on Blockchain - Appzone Group, sub-Saharan Africa's leading fintech software company has announced the launch of Zone, the continent's first blockchain platform for payment processing that facilitates local and Intra-African payments in fiat and digital currencies. Source Appzone Read More

ThinkNnovation 2.0 Tasks Organizations on Taking Proactive Measures to Strengthen Cybersecurity - The two-day conference brought together stakeholders from the financial services sector, cyber experts, telecommunications experts, strategists, consulting and industry leaders. The participants discussed salient post-pandemic cyber security development issues and how organizations could build resilience in an increasingly interconnected world. Source Ayomide Oguntoye for WebTV Read More

President Buhari to Unveil eNaira on Monday, 25 October 2021 - President Muhammadu Buhari is scheduled to formally unveil the Nigerian Central Bank Digital Currency (CBDC), known as the eNaira, on Monday 25 October 2021, at the State House, Abuja. Source CBN Read More

CBN Publishes the eNaira Design Paper - Central banks play an essential role in the economy by providing a robust, safe, efficient, and inclusive payment system. They provide monetary and financial stability as well as the safest form of money to the populace - Central Bank Money. Source CBN Read More

 

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PROSHARE FINANCE

Why AfDB Should Integrate Islamic Finance in its Economic Agenda for Africa - The African Development Bank (AfDB) has been advised to integrate Islamic Finance as an alternative source of funding for its economic development agenda for the continent. Source Bukola Akinyele-Yisau for WebTV Read More


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