Nigeria in 1min: Economic, Business and Financial Headlines - 270122


Thursday, January 27, 2022 / 6:00 AM / By News Aggregator / Header Image Credit: Seyi Makinde


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 COVID-19 Health Updates

  • 26th of January 2022: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 252,753 cases (New: 75) 
  • Discharged: 228,137
  • Deaths: 3,134 (New: 1)


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The Last Mile: Reforms Towards Significant Improvement in National Economic Outcomes - Nigeria is rapidly consolidating its recovery from the pandemic-induced recession, but the pre-COVID-19 narrative of poor inclusiveness and macroeconomic instability still persists. Source NESG Read More

Stock Market Crash Temporarily Cools the Oil Rally - OIR 250122 - Following the blistering rise in crude prices over the past weeks, Monday's trading saw a much more balanced picture as the faltering performance of the equity market (world equities are set for their biggest post-pandemic monthly drop since March 2020). Source Tom Kool of Oilprice Read More

Govs, NLC Doubt Fuel Consumption, NNPC Demands N3tn for Subsidy - The Nigeria Governors' Forum and the Nigeria Labour Congress on Wednesday took a swipe at the Nigerian National Petroleum Corporation over what they described as the mismanagement of the fuel subsidy regime. Source Punch Read More

Prepare for Unstable Loan Markets, IMF Tells Nigeria, Others - The International Monetary Fund has advised Nigeria and other developing economies with large foreign currency borrowings and external financing need to prepare for turbulence in financial markets. Source Punch Read More

Oil Hits $90 A Barrel for First Time In More Than Seven Years Amid Tensions In Ukraine And Yemen - Oil hit $90 a barrel for the first time in more than seven years as mounting tensions in Europe and the Middle East raised supply concerns. Source This is Money Read More

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Investors Gain N318.19bn; NGXASI Closes Above 46,000 Basis Points as Bargain Hunting Improves - Equities market closed on a positive note, as NGXASI appreciated by +1.29% to close at 46,529.99 basis points as against +0.02% appreciation recorded previously. Its Year-to-Date (YTD) return currently stands at +8.93%. Source Proshare Markets Read More 

U.S. Futures, Stocks Sink on Hawkish Fed Outlook: Markets Wrap - U.S. equity futures and Asian stocks slid Thursday as Federal Reserve Chair Jerome Powell's signal of a March interest-rate liftoff and the possibility of unexpectedly aggressive tightening whipsawed markets. Source Bloomberg Read More

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Why Businesses Should Design Millennial-Friendly Products and Services - Millennials are believed not to be fantastic money managers, but this opinion is weak. Indeed, recent studies have found that millennials are better at tracking their spending and sticking to budgets. Source Josephine Eriyo Read More

Power Tariff Shortfall Hits N2.4tn in Six Years - FG Report - Power consumers did not pay a total of N2.4tn for the quantum of electricity they consumed between 2015 and 2020, the Federal Government has stated in its latest report on Nigeria's Power Sector Recovery Programme and Policy Interventions. Source Punch Read More

'AfCFTA Success Dependent on Govt Investment, OPS Participation' - The Federal Government, in collaboration with Pan-African Manufacturers Association (PAMA), has announced plans to boost intra-Africa trade currently at 13 per cent, noting that with African Continental Free Trade Agreement (AfCFTA) in full force, African governments must invest heavily in large-scale innovations and technology that would drive economic success and trade on the continent. Source Guardian Nigeria Read More

Petrol Subsidy to Bite Harder as Oil Price Rises to $90 Per Barrel - Oil prices rose on Wednesday to $90 a barrel for the first time since October 2014. Over the past months, oil prices have continued to surge as countries relaxed lockdowns and dropped travel restrictions. Source TheCable Read More

Kenya Holds Key Interest Rate as Inflation Seen Within Target - Kenya's central bank left its benchmark interest rate unchanged for a 12th consecutive meeting, continuing to support the economy as it sees inflation expectations anchored within its target range. Source Bloomberg Read More

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Apple to Rival Square by Turning iPhones Into Payment Terminals - Apple Inc. is planning a new service that will let small businesses accept payments directly on their iPhones without any extra hardware, according to people with knowledge of the matter. Source Bloomberg Read More

Crypto Money Laundering Rises 30% in 2021 - Chainalysis - Cybercriminals laundered $8.6 billion in cryptocurrencies last year, up 30% from 2020, according to a report from blockchain analysis firm Chainalysis released on Wednesday. Source Reuters Read More

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How Nigeria's Non-Interest Finance Market Can Grow in 2022 - Despite global economic uncertainties, the Islamic Finance industry will continue to attract new players in 2022 and beyond, creating more value and supporting economic stability. Source Bukola Akinyele-Yisau for WebTV Read More

Senate Approves N215.8bn 2022 Budget for FIRS - Senate has approved the sum of N215.8 billion naira as budget for the Federal Inland Revenue Service (FIRS) for the 2022 fiscal year. The approval followed the consideration of a report by the Committee on Finance during plenary. The chairman of the Committee, Senator Solomon Olamilekan Adeola (Lagos West), in his presentation. Source LeadershipNG Read More

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