Nigeria in 1min: Economic, Business and Financial Headlines - 260122

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Wednesday, January 26, 2022 / 6:00 AM / By News Aggregator / Header Image Credit: @dabiodunMFR

 

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 COVID-19 Health Updates

  • 25th of January 2022: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 252,678 cases (New: 250) 
  • Discharged: 227,491
  • Deaths: 3,133 (New: 7)

 

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PROSHARE ECONOMY

Momentum Builds for Oil Prices at US$100 a Barrel - The global oil prices hit 7-year highs last week as Brent crude futures briefly touched US$89 per barrel. In contrast, US West Texas Intermediate (WTI) crude futures hovered around US$85 per barrel on the expectation of supply disruption following a series of fatal attacks in the Middle East and geopolitical tension in Eastern Europe. Source Tosin Ige, Proshare Research Read More

MPC Holds All Policy Parameters at the End of January 2022 MPC Meeting - The Monetary Policy Committee (MPC) of the Central Bank of Nigeria has concluded its two-day meeting in January 2022. This marks the first MPC meeting for the year 2022. At the end of the meeting, the committee resolved to hold the monetary policy rate and all other policy parameters constant. Source Proshare Research Read More

IMF Retains 2022 Growth Forecast for Nigeria at 2.7% - The International Monetary Fund has retained its 2022 growth forecast for Nigeria at 2.7 per cent and increased 2023 projection by 0.1 per cent to 2.7 per cent. Source Punch Read More

Fuel Subsidy: NLC Suspends Planned Nationwide Protests - The Nigeria Labour Congress has suspended its nationwide protests slated for Thursday 27 and February 2. The congress took the decision at its National Executive Council meeting held virtually on Tuesday. Source Punch Read More

FUEL SUBSIDY: NACCIMA, LCCI Propose Phased Removal, Wider consultations - Against the backdrop of the announcement by the federal government to postpone the planned removal of fuel subsidy, the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and the Lagos Chamber of Commerce and Industry (LCCI) have proposed phased removal of the subsidy, to be accompanied with wider consultations with major stakeholders. Source Vanguard Read More

 

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PROSHARE MARKETS

Investors Gain N6.06bn as NGXASI Inches up Marginally by 0.02%; YTD Return Hits 7.55% - Equities market closed on a positive note, as NGXASI appreciated by +0.02% to close at 45,939.51 basis points as against -0.06% depreciation recorded previously. Its Year-to-Date (YTD) return currently stands at +7.55%. Source Proshare Markets Read More

Why the FG Should Use the Nigerian Capital Market to Support Economic Growth - The Federal Government should explore more capital market ways to support national economic development. Mr. Olatunde Amolegbe, FCIS, the President of the Chartered Institute of Stockbrokers, stressed this point while providing his perspective on "How the Capital Market Can Support Nigeria's Economic Growth". Source Ottoabasi Abasiekong for WebTV Read More

Emerging Africa Group Launches Maiden African Capital Markets Report - Emerging Africa Group a financial services group as part of its commitment to positioning the African region as a key global investment origin and destination launched the maiden of its "Africa Capital Markets Report". Source Ottoabasi Abasiekong for WebTV Read More

Parthian Securities to Organise Free Investment Clinic on The Nigerian Equity Market - Parthian Securities Limited is set to organise the maiden edition of its "Bears & Bulls Series" themed "The Nigerian Equity Market: 2021 Review; 2022 Outlook & Stocks to Watch". Source Parthian Securities Read More


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PROSHARE BUSINESS

Launch of the PAPSS - A New Dawn for Cross Border Financial Transactions in Africa - The first step in ensuring that transactions can be carried out, is for the central bank of a country to connect to PAPSS. The system provides for only the central banks of Afrexim member states to connect to it so that they can assist PAPSS with settling transactions as a national settlement agent. Source Davidson Oturu of AELEX Read More 

Autogas: FG to Convert 200,000 Vehicles, Plans 580 Refueling Centres - The Federal Government on Monday met with oil marketers in the downstream sector to perfect plans for the full deployment of autogas in filling stations and the conversion of 200,000 commercial vehicles to run on gas this year. Source Punch Read More

ICRC Bemoans Slow Pace of Work at Inland Container Depots - The acting Director General, Infrastructure Concession Regulatory Commission (ICRC), Mr. Michael Ohiani has lamented that 16 years after the concession contracts for the six Inland Container Depots (ICDs) located in each of the geo-political zones in the country were signed, some of the assets are still at 5 per cent completion. Source THISDAYLIVE Read More

NCAA Reads Riot Act on Predatory Pricing, Unhealthy Rivalry Among Airlines - The Nigerian Civil Aviation Authority has read a riot act on alleged predatory pricing in local airfares and unhealthy practices that lower operators' chances of survival and viability of air travel services. Source Guardian Nigeria Read More


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PROSHARE TECHNOLOGY   

'Nigeria accounts for 82% of Africa's ICT market' - Nigeria currently accounts for 82 per cent of Africa's information and communications technology (ICT) market. This was made known by the Executive Vice Chairman, Nigerian Communications Commission (NCC), Prof. Umar Danbatta, at the 10th and 11th combined Convocation Lecture of the Fountain University, Osogbo, Osun State. Source Guardian Nigeria Read More

Afreximbank to Support Nigeria's Digital Switch Over Project - The African Export-Import Bank (Afreximbank) says it will put up a financial mechanism to ensure the completion of Nigeria's Digital Switch Over (DSO) project before the end of the year. Source TheCable Read More

Ditch Bitcoin: IMF Urges El Salvador to Rethink Crypto - The International Monetary Fund's board urged El Salvador to strip Bitcoin of its status as legal currency due to its large risks, highlighting a major obstacle for the nation's efforts to get a loan from the institution. Source Bloomberg Read More

Twitter Sees Record Number of Govt Demands to Remove Content - Twitter said governments around the world made requests to remove content from a record number of user accounts between January and June last year, in data to be released by the social media company on Tuesday. Source Reuters Read More


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PROSHARE FINANCE

Growth of HealthTech in Nigeria - Analysing the Online Pharmaceutical Regulations 2021 - With the pandemic and its associated developments, the ability to timeously and efficiently place orders for drugs and medicine to meet the needs of patients and consumers has become crucial and online-based pharmaceutical service providers have created a niche for themselves by filling this yearning gap. Source Tubosiya Ibama of AELEX Read More 

Avoid Loan Sharks, Leverage on Microfinance Banks, Emefiele tells Nigerians - Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), says Nigerians should beware of illegal money lenders, known as loan sharks. Emefiele said this on Tuesday at the end monetary policy committee meeting in Abuja. Source TheCable Read More


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