Nigeria in 1min: Economic, Business and Financial Headlines - 270821

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Friday, August 27, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: Facebook; Nigerian Exchange Group


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COVID-19 Health Updates

  • 26th of August 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 189,715 cases (New: 835)
  • Discharged: 169,626
  • Deaths: 2,298 (New: 10)

Source: NCDC Read More


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PROSHARE ECONOMY

Nigeria's Real GDP Grew by 5.01% YoY in Q2 2021 from 0.51% in Q1 2021 - Nigeria's Gross Domestic Product (GDP) grew by 5.01%(year-on-year) in real terms in the second quarter of 2021, marking three consecutive quarters of growth following the negative growth rates recorded in the second and third quarters of 2020. Source NBS Read More

Average Fare Paid by Commuters for Intercity Journey Increased by 0.81% MoM in July 2021 - NBS - The Transport fare Watch report for July 2021 covers the following categories namely bus journey within the city per drop constant route; bus journey intercity, state route, charge per person; airfare charge for specified routes single journey; journey by motorcycle (Okada) per drop; and waterway passenger transport. Source NBS Read More

President Buhari Announces N287bn PAT for NNPC and Publication of Audited Financials for Year 2020 - In fulfillment of an earlier pledge by the Federal Government to publicly announce the financial position of the Nigerian National Petroleum Corporation, President Muhammadu Buhari has disclosed a Net Profit, first time in the 44-year history of the establishment. Source State House Press Release Read More

 FG Spent 91% of Revenue on Debt Servicing in Six Months - The Federal government spent N2.02 trillion on debt servicing in the first six months of this year. This figure represents 90.5 per cent of the total revenue of N2.23tn generated by the federal government within the period. Source Punch Read More

NNPC Pegs 2022 Base Oil Price at $57/Barrel - The Nigerian National Petroleum Corporation on Wednesday provided a base crude oil price scenario in the medium term, stating that the commodity was pegged at $57/barrel for 2022. Source Punch Read More

39 million Africans May Fall into Poverty This Year, Says Adesina - President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, has warned that another 39 million people in the continent could fall into poverty at the end of this year. Source The Guardian NG Read More

FRSC Failed to Remit N5.1bn Into Federation Account in Four Years, Says Fiscal Commission - The Fiscal Responsibility Commission (FRC) says the Federal Road Safety Corps (FRSC) failed to remit N5.1 billion into the federation account. The unremitted fund is said to be part of the revenue generated by the agency between 2016 and 2019. Source TheCable Read More

 

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PROSHARE MARKETS

Investors Gain N14.33bn as NSEASI Inches Up by 0.07%, Erases Previous Day Loss - Equities market closed today on a positive note, as NSEASI appreciated by +0.07% to close at 39,477.18 basis points as against -0.03% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -1.97%. Source Proshare Markets Read More

 

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PROSHARE BUSINESS

Zenith Bank Launches Intelligent Chatbot, Ziva - Nigeria's leading financial institution, Zenith Bank Plc, has introduced an Artificial Intelligence (AI) powered Chatbot on WhatsApp named ZIVA (Zenith Intelligent Virtual Assistant), which enables customers to perform financial transactions and enjoy real-time customer service from their mobile phones. Source Zenith Bank Read More

President Buhari Appoints Dr. Simon Harry as SG of the Federation, Dr. Yemi Kale Bows Out - President Muhammadu Buhari has approved the appointment of Dr. Simon B. Harry as the new Statistician-General of the Federation to head the National Bureau of Statistics (NBS). Source by Federal Ministry of Finance, Budget and National Planning Read More

NLNG Restates Commitment to Fulfilling LNG Supply Contracts with Buyers - The Nigerian Liquefied Natural Gas (NLNG) Limited has reiterated its commitment to fulfilling all LNG supply contracts it has entered into with its buyers across the world. Source THISDAYLIVE Read More

Sylva Decries Nigeria's Low Per Capita Gas Consumption Despite 206tscf Reserves - Minister of state for Petroleum Resources, Timipre Sylvia has decried Nigeria's per capita consumption of gas which is the lowest in the Sub-Saharan African region despite boasting of a 206 trillion standard cubic feet of gas reserves and topping major countries in terms of gas reserves. Source LeadershipNG Read More 

 

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PROSHARE TECHNOLOGY   

Facebook to Launch Digital Wallet This Year - Official - Facebook is ready to launch a digital wallet that would let users store cryptocurrencies, a senior company executive said in a US media interview Wednesday. David Marcus, head of Facebook's crypto unit, told The Information news site that company leaders "feel pretty committed" to launch the digital wallet called Novi this year. Source Punch Read More

Telecoms: Nigeria's Data Usage Rises by 202% in Three Years - Data usage in Nigeria surged by 202.08 per cent in three years, according to data from the Nigerian Communications Commission. According to the subscriber/network data reports of 2018, 2019, and 2020, data usage rose from 68,154.12 terabytes in 2018 to 125,149.86TB in 2019 and 205,880.4TB in 2020. Source Punch Read More 

 

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PROSHARE FINANCE

Sokoto State Set to Commence Construction of Sokoto State University College of Medical Sciences - The Abdul Samad Rabiu Africa Initiative (ASR Africa) - brainchild of Industrialist, philanthropist and founder of BUA Group, Abdul Samad Rabiu, today presented a N2.5billion Tertiary Health Infrastructure grant to the Sokoto State Government for the construction of the College of Medical Sciences at the Sokoto State University. Source BUA Group Read More

 

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PROSHARE MSME

5 Business Risks MSMEs face and How to Mitigate them - Running a business in a developing country like Nigeria is fraught with quite a number of inherent risks. This is as a result of the numerous challenges business owners have to face daily from coping with regulatory uncertainties to economic instability, currency fluctuations, amongst others. Source FCMB Business Zone Read More

 

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