Nigeria in 1min: Economic, Business and Financial Headlines - 260221


Friday, February 26, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @NigeriaGov

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COVID-19 Health Updates 

  • 25th of February 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 154,476 cases (New: 634)
  • Discharged:  131,699
  • Deaths: : 1,891 (New: 6)

Source: NCDC Read More

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Outlook 2021: Understanding 2021's Mega Trends - 2021 will be a crucial year for a variety of reasons; first, most economies have hopes of shaking off a COVID-19-induced recession that has left global supply chains in tatters and workers in different stages of despair as factories and companies close and consumer demand falls off.  Source Proshare Research Read More

Subsidy Removal and Cost-Reflective Tariff: Tough Decisions to be Made - Oil prices have risen above $65/b with the landing cost of PMS estimated at N186/l in the media. However, pump prices remain at N162/l, highlighting some form of subsidy by the NNPC. Source United Capital Research Read More

Personal Statements by the MPC Members at the 134 MPC Meeting of Jan 25-26, 2021 - The global economy continues to show prospects of recovery with contraction in output moderating in most countries. From an estimated contraction of about 4.0 per cent in 2020, the World Bank currently projects global output growth in 2021 at about 4.0 per cent. Source CBN Read More

Q4 2020 GDP: A Shortage of Green Shoots - The release of the latest national accounts gives the opportunity for our quarterly search for green shoots of recovery. We exclude sectors that represent less than 1% of constant price GDP such as human health and social services, and we cover the last four quarters in our chart because the accounts are not seasonally adjusted. Source FBNQuest Research Read More

Nigeria's Revenue Prospects Brighten as Oil Hits $67 - The international oil benchmark, Brent crude, rose further on Wednesday to $67 per barrel, compared to Nigeria's budget benchmark of $40 per barrel. For Nigeria, which relies on crude oil for about 50 per cent of government revenues and over 90 per cent of export earnings, rising oil price means increased revenue. Source Punch Read More

MDAs Failed to Remit N1tn, Says FRC - Ministries, departments and agencies of the Federal Government are in deficit of over N1tn to the Consolidated Revenue Fund, the Fiscal Responsibility Commission announced on Wednesday. Source Punch Read More

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NCM 2020: Bond Funds Grew By 443.80% YoY in 2020 - A large portion of mutual funds recorded a good performance in the year 2020, with government-backed instruments doing better than their counterparts. The Bonds Funds had the best performance, it grew by +443.80% Year-on-Year (Y-o-Y), the second-best performer was the Fixed Income Bonds which grew by +204.44% Y-o-Y. Source Proshare Research Read More

Investors Lose N65.83bn as NSEASI Dips by -0.31% Amid Renewed Sell Pressure - Equities market closed today on a negative note, as NSEASI depreciated by -0.31% to close at 40,095.49 basis points as against +0.14% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -0.44%. Source Proshare Markets Read More

5 Tips for Success in Forex Trading - Forex trading comprises the largest and most active investment market in the world. Countless traders conduct transactions each minute, moving trillions (in US dollars) each day. Naturally, all these traders are hoping to profit by buying and selling currencies against one another's values. But how can you expect to succeed in such a vast and competitive market? Source Elise Norman Read More

Free Float Deficiency: 3 Shareholders Undertake to Sell Down 25% Shares in Ellah Lakes Plc - Following discussions with The Nigerian Stock Exchange (NSE or The Exchange), on the lack of liquidity in the shares of Ellah Lakes Plc ("Ellah Lakes" or "the Company"), due to the Company's free float that currently stands at 14.55% with a value of  N1,236,333,070.75. Source NSE Read More

WEMABANK Declares N5.1bn PAT in Q4 2020 Unaudited Results, (SP:N0.65K) - Wema Bank Plc released its Q4 2020 Unaudited results for the period ended December 31st, 2020. Gross Earnings declined by -15% to N81bn from N95bn in the previous quarter. Profit before tax grew by 3% to N7bn. Source NSE Read More

Wall Street Ends Sharply Lower, Tech Selloff Weighs as Bond Yields Climb - Wall Street's main indexes tumbled on Thursday, with the Nasdaq index posting its largest daily percentage fall in four months, as technology-related stocks remained under pressure following a rise in U.S. bond yields. Source Reuters Read More

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AXA Mansard Emerges Best Health Insurance Product Winner 2021 - Health Management Organization, AXA Mansard Health Limited, recently announced that it has emerged as the winner of the Best Health Insurance Product of the Year in the Insurance Product & Process section of the just concluded 11th Annual Global Banking and Finance Awards 2021. Source AXA Mansard Read More

Automotive Industry Attracted $1bn in 2019, Says FG - The Federal Government has said its reforms in the automotive industry attracted investments worth over $1bn in 2019. The Director-General, National Automotive Design and Development Council, Mr Jelani Aliyu, made this known at the House of Representatives in Abuja on Wednesday. Source Punch Read More

FG Urges Accountants to Embrace Whistle-blower Policy - The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, has urged accountant and other professionals in the financial system to utilise the whistleblower policy to report suspicious offences in their respective organisations and agencies. Source THISDAYLIVE Read More

NERC to Review MAP Scheme as Meter Deployment Suffers Setback - The Nigerian Electricity Regulatory Commission (NERC) is set to review the Meter Asset Provider (MAP) scheme as deployment suffers a setback. Source The Guardian Nigeria Read More


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Pensions Industry Asset Under Management Increased by 20.3% YoY to N12.29trn in December 2020 - The assets under management (AUM) of the regulated pension industry increased by 20.3% y/y to NGN12.29trn (USD30.0bn) at end-December, and were flat m/m. The asset mix remains heavily concentrated in FGN securities, which accounted for 66.2% of the total. Source FBNQuest Research Read More

Tangerine Life Completes Merger with ARM Life - Tangerine Life Insurance Limited, (previously known as Metropolitan Life Insurance Nigeria Limited), has, after a meticulous process, concluded its merger with ARM Life PLC. Tangerine is owned by Verod Capital, a leading private equity firm investing in growth companies across Anglophone West Africa. Source Tangerine Life Read More

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