Nigeria in 1min: Economic, Business and Financial Headlines - 251120

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Wednesday, November 25, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @officialNESG


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COVID-19 Health Updates

  • 24th of November 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 66,607 cases (New: 168)
  • Discharged:  62,311
  • Deaths: : 1,169 (New: 1)

Source: NCDC Read More

 

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PROSHARE ECONOMY

Nigeria's Recession Bust: GDP Does A Bungee Jump, Reverses To -3.62% - Not many people fancy a bungee jump and definitely not policymakers troubled by economic headwinds, but with Nigeria's recent GDP figures for Q3 2020 reversing from -6.10% in Q2 2020 to -3.62%, the mild drop in the aggregate value of goods produced in the country may have a pleasant side after all. Source Proshare Research Read More

Recession Blues - He Who Feels It - "Are you Yoruba people alright at all? You people always make a joke out of everything. Does recession look like a joke to you? Second recession in the last five years, the worst in Nigerian history in 33 years, and all you can think of is some meaningless local greeting. Source OpEd By Reuben Abati Read More

Q3 2020 GDP: How Long Until Exit from Recessionary Waters? - Data from the National Bureau of Statistics (NBS) revealed that the Nigerian economy has officially slipped into recession for the second time in 5 years, as the economy contracted by 3.62% YoY in Q3'20. Source CardinalStone Research Read More

#NES26: Economists Explore Nigeria's Path to Recovery - With the recent report that Nigeria's economy slipped into a recession for the second time in four (4) years the quest for achieving a pathway to recovery was the focal point of discussions at a panel session at the 26th Nigeria Economic Summit. Source WebTV Read More 

 

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PROSHARE MARKETS

Investors Gain N113.38bn as NSEASI Inches Up by 0.64% Amid Negative Market Turnover - Equities market closed today on a positive note, as NSEASI appreciated by +0.64% to close at 34,340.56 basis points as against -0.04% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +27.94%. Source Proshare Markets Read More

Nigerian Breweries Engages Market Stakeholders with a Facts Behind the Figures Presentation - The Nigerian beer market appears to have rebounded after the first impact of COVID-19. While the sector remains under pressure, fundamentals are quite attractive with a high growth potential. Source Tenebe Anthonia Read More

 

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PROSHARE BUSINESS

O and O Networks Limited and ETI Appeal Court of Appeal Judgement on Disputed Airtel Shares - O&O Networks Limited is appealing an unfavourable Court of Appeal Judgment that was delivered today and relating to shares that it previously owned in Airtel Networks Limited. Source Ecobank Group Read More

Implement Zero Duty on Aircraft Importation, Spare Parts - Senate - The Senate at plenary on Tuesday called on the Federal Government to fully implement the Executive Order on zero Customs duty and zero Value Added Tax on the importation of commercial aircraft and aircraft spare parts, as well as implement the removal of VAT. Source Punch Read More

LDR: Total Credit to Economy Hits N19.5tn - Total credit to the economy rose to N19.54 as of the end of November 13, according to the Central Bank of Nigeria. The CBN Governor, Godwin Emefiele, who disclosed this after the Monetary Policy Committee meeting on Tuesday, said aggregate domestic credit grew by 7.61 per cent in October 2020 compared with 7.35 per cent in the previous month. Source Punch Read More

Senate Approves FG's N148.14bn Refund to Ondo, Osun, others - The Senate on Tuesday approved the request of the President, Major General Muhammadu Buhari, seeking a refund of N148,141,969,161.24 to Ondo, Osun, Rivers, Bayelsa, and Cross River states. The amount was meant for projects they executed on behalf of the Federal Government. Source Punch Read More

OPEC Projects 6.2mbpd Growth in Oil Demand in 2021 - The Organisation of Petroleum Exporting Countries (OPEC) has projected 6.2 million barrel per day (bpd) growth in oil demand in 2021. Source Vanguard Read More

Global Stocks Hit Record High As Biden, Vaccine Lift Global Prospects - World shares rallied to a record peak on Wednesday, following an overnight surge that saw the Dow Jones benchmark crack 30,000 for the first time as investors cheered a dramatically improved global outlook. Source Reuters Read More 


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