Nigeria in 1min: Economic, Business and Financial Headlines - 280122


Friday, January 28, 2022 / 6:00 AM / By News Aggregator / Header Image Credit: Central Bank of Nigeria


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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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An Uptick in FAAC Distribution in January 2022 - The Federation Account Allocation Committee (FAAC) distributed to the three tiers of government amounted to NGN700bn (c.USD1.69bn) in January (from December revenue). This represents a 3.5% (NGN24bn) increase over the previous month's payout. Source FBNQuest Research Read More

NNPC to Deduct N127bn from FAAC, Plans $5bn AfrieximBank Loan - The Group Managing Director of the Nigerian National Petroleum Company Limited, Mele Kyari, on Thursday announced that the NNPC was working with AfrieximBank to raise $5bn financing for the oil firm. Source Punch Read More

Governors, Labour Kick as NNPC Presents N3tr Subsidy Bill to FEC - The controversies surrounding continued payment of fuel subsidy may not have ended as the Nigerian National Petroleum Corporation (NNPC) Limited, yesterday, presented a bill of N3 trillion for deliberations at the Federal Executive Council (FEC) meeting chaired by President Muhammadu Buhari. Source Guardian Nigeria Read More

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SEC Insists on No Extension to Deadline on 2022 Renewal Registration by CMOs - Following the reminder by the Securities and Exchange Commission (SEC) to all Capital Market Operators (CMOs) to renew their registration for 2022 and the firmness of SEC not to extend the deadline of the registration beyond January 31st, 2022. Source Proshare Research Read More


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Investors Lose N280.62bn as NGXASI Dips by -1.12%; Thanks to Big CAP - Equities market closed on a negative note, as NGXASI depreciated by -1.12% to close at 46,009.23 basis points as against  +1.29% appreciation recorded previously. Its Year-to-Date (YTD) return currently stands at +7.71%. Source Proshare Markets Read More


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Crises Mitigation: Three Areas Business Leaders Must Pay Attention to in 2022 - Business leaders across the world are familiar with one thing: risk. Organisations are typically established to provide solutions to an observable or anticipated need either for a niche audience or for the mass market with significant potential to scale. Source OpEd by Tolulope Olorundero Read More 

FG Unveils NIPOST's Debit Card, Banking Platform, Courier Vehicles - The Nigerian Postal Service debit card and the agency banking platform will deepen financial inclusion and boost Nigeria's digital economy, while the 27 courier service vehicles will make NIPOST and its partner, Speedaf Express, to compete favourably in the industry, according to the minister. Source Punch Read More

AfDB to Launch Nigeria's Agro-Industrial Processing Zones in February - African Development Bank (AfDB) says plans are underway for the rapid roll-out of the first phase of special agro-industrial processing zones (SAPZ) in Nigeria'. Source TheCable Read More

Marginal Fields: NUPRC Moves to Resolve Outstanding Issues, Meets with Awardees - The Nigerian Upstream Petroleum Regulatory Commission (NURPC) yesterday moved to resolve all outstanding issues delaying the conclusion of the 2020 marginal oilfields bid process, which was conducted last year. Source THISDAYLIVE Read More

FG Eyes N1.5bn from Legal Metrology Services in 2022, Targets Banking, Power, Telecom Sectors - The Minister of Industry, Trade and Investment, Mr. Niyi Adebayo has said that the federal government hopes to generate about N1.5 billion in 2022 from the activities of the Weights and Measures Department of the ministry. Source THISDAYLIVE Read More

Fed Kicks Off Most Aggressive Global Tightening in Decades - Federal Reserve Chairman Jerome Powell fired the starting gun for potentially the biggest and fastest tightening of global monetary policy in years. Source Bloomberg Read More

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Nigeria's Telecom Sector: Flying High Over Cloudy Skies - The telecoms sector remained the bright spot in a weak economy in 2021 (Q3 2021 GDP: 10.87%). The growth in the telecommunications sector was supported by the advent of the global pandemic which led to the increased use of digital channels for daily routine activities ranging from telecommuting, entertainment and social engagements. Source CSL Research Read More 

IMF Advises BOJ to Keep Stimulus Rolling Amid Global Tightening - The Director-General of NITDA, Mal. Kashifu Inuwa Abdullahi has charged Nigerian Technology Start-Ups not to be swayed by their 2021 achievement but to aim at winning the global market. Source Vanguard Read More

Dozens of U.S. States say Apple Stifles Competition; Back 'Fortnite' Maker - Apple Inc (AAPL.O) is stifling competition through its mobile app store, attorneys general for 34 U.S. states and the District of Columbia said on Thursday, as they appealed against a ruling that let the iPhone maker continue some restrictive practices. Source Reuters Read More

WhatsApp has Until End of Feb to Clarify Privacy Policy Change, EU says - Facebook unit WhatsApp has been given until the end of February to explain changes to its privacy policy and whether this complies with EU consumer protection laws after complaints from consumer groups, the European Commission said on Thursday. Source Economic Times Read More

Google to invest up to $1 bln in India's Bharti Airtel - Alphabet Inc's Google (GOOGL.O) will invest up to $1 billion in Bharti Airtel (BRTI.NS) in a move that could help bolster the Indian telecom operator's digital offerings, the companies said on Friday. Source Reuters Read More

It's Hard to Tell When the Crypto Bubble Will Burst, or If There Is One - Crypto prices are highly volatile, as this week's sell-off showed. But die-hard enthusiasts believe prices will keep soaring in a world where traditional notions of value don't apply. Source New York Times Read More

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