Nigeria in 1min: Economic, Business and Financial Headlines - 260421

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Monday, April 26, 2021 / 6:00 AM / By News Aggregator / Header Image Credit:


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COVID-19 Health Updates 

  • 25th of April 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 164,719  cases (New: 35)
  • Discharged: 154,926
  • Deaths: : 2062 (New: 1)

Source: NCDC Read More

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PROSHARE ECONOMY 

Hospitality Post-COVID-19: Making the Future Count - The global hospitality business has been in a mixed (as distinct from mixed-up) mind. African economies have been harmed by the consequences of COVID-19-induced economic restrictions on the hospitality industry leading to what economists have referred to as 'economic scarring'. Source Proshare Research Read More

Hospitality: A Post-COVID-19 Reality - The effect of the unprecedented changes caused by the coronavirus pandemic hurt most economies and businesses. The pandemic caused an emergence of winners which include technology companies like Amazon, Facebook, Tesla, etc, and losers such as the hospitality sector, aviation sector, tourism sector, etc. Source Proshare Research Read More

Hospitality Before and After - The Unmaking of Hotels - The hospitality sector was initially projected to record significant growth in 2020 and 2021 stemming from a sustained upward trajectory in the past but the massive decline in the demand for hotel services, airlines, and tourist arrivals forced analysts to revise and dramatically reduce their 2020 and 2021 projections. Source Proshare Research Read More

Bullish Oil News Offset By New Lockdowns In India - 230421 - Oil prices held on at the end of the week, set to close out mostly flat from a week earlier. Oil prices are trapped between horrific downside risks, mostly in India, offset by growing optimism in the U.S. and to a lesser extent in Europe. Source Tom Kool of Oilprice Read More

FG, States, LGs Share N681.33bn in March - The Federation Accounts Allocation Committee has shared a total of N681.33bn as March 2021 federation revenue to the federal, states and local governments and relevant agencies across the country. Source Punch Read More


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What to Expect from The Markets This Week - 260421 - According to the World Bank, in its Power Sector Recovery Programme fact sheet, Nigeria businesses lose about $29bn annually due to its poor power supply. Furthermore, it noted that Nigeria had the largest number of people without access to electricity in the world. Source Proshare Content Read More

FBNQuest Holds 6th Annual General Meeting, Reports N6.52 Billion PBT - FBNQuest Merchant Bank, the investment banking and asset management subsidiary of FBN Holdings Plc, has declared a profit before tax (PBT) of N6.52 billion for the year ended 31st December 2020. Source FBNQuest Read More

Corn Prices to Remain Elevated on Strong Global Demand - Nine days into the Ramadan fast and both the wholesale commodity index and retail prices have surged especially for commodities such as rice, peppers, oranges etc. Also inducing the rise in prices is the planting season scarcity and the cross elasticity of demand for substitutes of imported products. Source FDC Limited Read More 

 

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PROSHARE BUSINESS

NNPC Refineries Idle for 19 Months, Record N177.21bn Loss - In 19 straight months of not processing any barrel of crude oil, the government-owned refineries in Nigeria recorded a total loss of N177.21bn, the latest data from the Nigerian National Petroleum Corporation have shown. Source Punch Read More

Manufacturing Leads $8.41bn Investment Announcements in Q1'21 - The Nigerian Investment Promotion Commission (NIPC) has reported $8.41 billion new investment announcements in Nigeria in the first quarter of 2021 (Q1 2021), with the manufacturing sector attracting 60 percent, reflecting the gradual return of investors' confidence after the COVID-induced decline. Source Vanguard Read More

Investors Doubt U.S. Capital Gains Tax Plan Alone Can Derail Market Rally - U.S. stocks rebounded on Friday from a day-earlier swoon as investors digested the implications of a planned capital gains tax hike, with many pointing to reasons why such a policy alone would be unlikely to threaten the rally in equities. Source Reuters Read More

Businesses Lose $29bn To Poor Power Supply In Nigeria -  W'Bank - The World Bank has said that businesses in Nigeria lose about $29billion annually to unstable electricity supply. The Bank in its power sector recovery programme factsheet shared during the World Bank's virtual meeting with journalists recently, said the country's power sector has not kept up with demand of reliable power supply to existing customers. Source LeadershipNG Read More

IP Exploitation Will Benefit Economy, Says SMEDAN DG - The Director-General/Chief Executive, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Dr. Dikko Umaru Radda, has said Intellectual Property (IP) exploitation remains a source of technological and economic strength for both developed and emerging markets. Source THISDAYLIVE Read More 

 

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PROSHARE TECHNOLOGY

Banking Sector Records 3.46bn Volume of Transaction in Q4 2020 - NBS - A total volume of 3,464,811,083 transactions valued at N356.47trn was recorded in Q4 2020 as data on Electronic Payment Channels in the Nigeria Banking Sector revealed. Online transfers dominated the volume of transactions recorded. 2,227,449,949 volume of Online Transfer transactions valued at N120.27trn were recorded in Q4 2020. Source NBS Read More

NBCC Forum: Businesses in Nigeria Must Embed Technology - Businesses in Nigeria have been advised to embed technology across their internal and external core operational and ancillary systems. The Chief Executive Officer of First Bank of Nigeria (FBN), Dr. Adesola Adeduntan disclosed this as the keynote speaker at the recent Nigeria-British Chamber of Commerce webinar that discussed "Technology and Innovation; Creating Boundless Opportunities". Source Ayomide Oguntoye for WebTV Read More

FITC Forum: Expert Highlights Benefits of Social-Selling Through the LinkedIn Platform - The Financial Institutions Training Centre on Thursday, April 22, 2021, held a Digital Marketing Summit which had as its theme, "Digital Market: Accelerate Sales in Uncertain Times". The summit featured different training sessions, one of which was the session with Tobi Asehinde, digital marketing expert and the founder of Digital Marketing Skill Institute. Source Ayomide Oguntoye for WebTV Read More

 

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PROSHARE FINANCE

Ways Nigeria's Islamic Societies Can Support the Growth of the Non-Interest Finance Market - The growing interest in Islamic Finance as an alternative source of financing for Nigeria's economic development through products like Sukuk have shown immense opportunities and prospects for driving Nigeria's economic transformation, that can address issues like poverty, unemployment, and underdevelopment. Source Bukola Akinyele-Yisau for WebTVNG Read More

MRCC and Specialist Hospital (MRCC) Opens World-Class Cancer Treatment Facility in Lagos - In support of the Marcelle Ruth Cancer Centre & Specialist Hospital, the country's first fully-equipped private oncology centre, GE Healthcare has completed the delivery and installation of advanced radiology and radiopharmacy equipment in Nigeria which will accelerate diagnostic care for cancer. Source GE Healthcare Read More

 

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