Nigeria in 1min: Economic, Business and Financial Headlines - 261120

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Thursday, November 26, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @cibnigeria

 

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COVID-19 Health Updates

  • 25th of November 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 66,805 cases (New: 198)
  • Discharged:  62,493
  • Deaths: : 1,169 (New: 0)

Source: NCDC Read More


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PROSHARE ECONOMY

#EndSARS: Governor, Central Bank of Nigeria v. 20 Others: An Examination of the Issues Arising - In an earlier article series1, we examined the extent and limitation of the powers of regulatory agencies and financial institutions to issue a directive freezing accounts of individuals that are subject to their regulatory oversight or individuals under their investigation. Source Abdulmajeed Abolaji, Aelex  Read More

Second Recession in 5 Years: Urgent Need for Robust Fiscal and Investment Policies - The GDP numbers released on Saturday (November 21) confirmed that Nigeria has officially fallen into a recession. The economy shrank by 3.62% in Q3'20, the second consecutive quarterly contraction. Though, it represents a slight improvement (2.48%) when compared to the negative growth of -6.1% in Q2. Source FDC Research Read More

 

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PROSHARE MARKETS

Investors Gain N223.86bn, NSEASI Firms Up by 1.25% Amid Improved Market Breadth - Equities market closed today on a positive note, as NSEASI appreciated by +1.25% to close at 34,769.00 basis points as against +0.64% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +29.53%. Source Proshare Markets Read More

Unity Bank 9M 2020 Results: A Spring in Profits, Despite Negative Shareholder Funds - Unity bank improved its corporate performance for 9months 2020, despite its shareholders' fund still being in the red. The deposit money bank's latest result shows improvements in both top and bottom-line positions, with the bank diversifying its loan book and getting involved in strategic businesses that may yield improved their production output in the course of the next few quarters. Source Adaeze Nwachukwu, Proshare Research Read More

Strutting The Earnings Runway: Ardova Records Impressive Q3 2020 Results - Ardova Plc (formerly Forte Oil Plc) Q3 2020 result showed an uptick in performance as the company grew both top and bottom-line earnings compared to its counterpart period in 2019. Source Bukunmi Adejobi, Proshare research Read More

Global Regulators Move to Strengthen Money Market Funds - The International Organisation of Securities Commission (IOSCO), the global body of securities regulators, has published diagnostic report and thematic review aimed at strengthening the resilience of money market funds (MMFs). Source The Nation Read More


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PROSHARE BUSINESS

Airlines to Lose $118.5bn in 2020, Says IATA - The International Air Transport Association has predicted heavier losses for the aviation industry in 2020 and 2021. According to a report titled 'Deep losses continue into 2021', IATA predicted a net loss of $118.5bn for 2020 (higher than the $84.3bn forecast in June). Source Punch Read More

Total Expresses Concerns over Low Investment in Nigeria's Oil Industry - Total Nigeria Plc has again expressed concerns over the continuous drop in investment in the Nigerian oil and gas industry despite the country's huge hydrocarbon deposits. Source THISDAYLIVE Read More

ABCON: $35.6b Foreign Reserves Enough to Defend Naira - The $35.6 billion foreign exchange reserves is enough to protect naira against attacks by currency speculators forcing the local currency to depreciate. President, Association of Bureaux De Change Operators of Nigeria (ABCON), Aminu Gwadabe, said there was need to send strong warning to currency speculators, pushing the naira to forceful depreciation through illegal transactions. Source The Nation Read More

Rising U.S. Weekly Jobless Claims, COVID-19 Cases Point to Slowing Economic Recovery - The number of Americans filing first-time claims for jobless benefits increased further last week, suggesting that an explosion in new COVID-19 infections and business restrictions were boosting layoffs and undermining the labor market recovery. Source Reuters Read More

 

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PROSHARE TECHNOLOGY   

Ecommerce, Key to Unlocking Merchant Revenue Growth During the Festive Season - Visa Report - If small businesses can provide easy access to information, frictionless payments, a simple returns policy, and personalized shopping options, they are likely to have an immediate advantage in the marketplace. This is according to Visa Consulting & Analytics (VCA) report titled Accelerating the shift to eCommerce, where 81% of customers indicated they are willing to pay more for a good customer experience. Source Visa Consulting & Analytics (VCA) Read More

 

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PROSHARE FINANCE

May and Baker Launches Malact to Combat Malaria - May & Baker Nigeria Plc, a local pharmaceutical company, has introduced a new anti-malarial drug to treat malaria in the country. The new drug, Malact, is a dihydroartemisinin-piperaquine combination-based formulation that claims to achieve fast relief from malaria and guarantee improved post-treatment protection. Source May & Baker Read More 

 

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PROSHARE MSME

Three Nigerian Start-ups Win AfDB AgriPitch Contest - Three Nigerian entrepreneurs have emerged winners in the African Development Bank's AgriPitch competition. They are Femi Aiki of Foodlocker, Ikenna Nzewi of Releaf and Oluwaseun Sangoleye of Baby Grubz. The competition, according to a statement by Aoudi Alkassoum from the Department of Communication and External Relations at AfDB, offered young entrepreneurs in Africa's agricultural sector the opportunity to pitch their agribusiness proposals to a panel of experts and investors. Source Punch Read More 

 

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