Nigeria in 1min: Economic, Business and Financial Headlines - 280820


Friday, August 28, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: @AfDB_Group


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COVID-19 Health Updates

  • 27th of August 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 53,317 cases (New: 296)
  • Discharged:  40,726
  • Deaths: : 1011 (New: 1)

Source: NCDC Read More

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No Tariff Raise for Poor and Vulnerable Nigerians, NERC Directs DisCos to Embark on Mass Metering - In response to media reports that there is an increase in tariffs for Nigerians, NERC wishes to clarify that tariff reviews going forward will only follow service-based principles. Source NERC Nigeria Read More

Manufacturing PMI Stands at 48.5% in August 2020 from 44.9% in July 2020 - The August 2020 PMI survey was conducted by the Statistics Department of the Central Bank of Nigeria during the period August 10-14, 2020. The respondents were purchasing and supply executives of manufacturing and non-manufacturing companies in the 36 states in Nigeria and the Federal Capital Territory (FCT). Source CBN Read More


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Investors Lose N13.48bn as NSEASI Dips by -0.10% Amid Improved Market Turnover - Equities market closed today on a negative note, as NSEASI depreciated by -0.10% to close at 25,330.10 basis points as against +0.15% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.73%. Source Proshare Markets Read More

NSE Lists 9.80% FGN JUL 2045 Bonds Issued in July 2020 - The July 2020 Issue of the Federal Government of Nigeria's (FGN) 9.80% JUL 2045 Bonds were listed on The Nigerian Stock Exchange today, Thursday, 27 August 2020. Source NSE Read More

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612,547kg of Drugs Seized in 2019 - NBS - Drug Seizure and Arrest Statistics 2019 revealed that 612,547.89kg quantity of narcotic drug was seized in 2019 as against 163,684.44kg seized in 2018 which represents an increase of 274.22% while 9,479 suspects were arrested in 2019 as against 9,779 in 2018 which represents a decrease of -3.07%. Source NBS Read More

Dr Akinwunmi Adesina Re-elected as AfDB President - Dr Akinwunmi Adesina has been re-elected as the President of the African Development Bank (AfDB) for another term. He was re-elected by the Board of Governors of AfDB at the ongoing virtual annual general meeting of the bank in Abidjan today. Source Proshare Research Read More

Lafarge Webinar Series: Stakeholders Call for Tech Leverage and Education to Achieve SDGs - Stakeholders at the second discourse of the 2020 Lafarge Sustainability Series called for increased collaboration amongst public and private sector operators while urging improvement in technology adoption and increased investment in education to achieve Sustainable Development Goals (SDGs) in Nigeria. Source WebTV Read More

Oando Hosts Webinar on Revolution Based Change to Achieve Inclusive Growth - Oando PLC is set to host the third edition of its webinar series themed 'The Inequality Virus: Revolution Based Change to Achieve Inclusive Growth'. The webinar is scheduled to hold on September 2, 2020 at 11 a.m. (WAT), with three distinguished panelists... Source Oando Plc Read More

World Bank Suspends Its Doing Business Report, Investigates Data Irregularities - Over the 17 years of its existence, the Doing Business report has been a valued tool for countries seeking to measure costs of doing business. Doing Business indicators and methodology are designed with no single country in mind, but rather to help to improve the overall business climate. Source World Bank Group Read More

Buhari, Others Hail Adesina On Reelection as AfDB President - The incumbent President of the African Development Bank Group, Dr. Akinwumi Adesina, has been re-elected to serve a second five-year term as president by the Board of Governors of the bank. Source Punch Read More

CBN to Resume Forex Sales to BDCs Sept 7 - The Central Bank of Nigeria has said it will resume the sale of foreign exchange to the Bureau De Change segment of the foreign exchange market on September 7. Source Punch Read More

FAAN Implements New Passenger Charge as Revenue Drops 95% - Federal Airports Authority of Nigeria (FAAN) is set to begin the implementation of the new Passenger Service Charge (PSC) for domestic and international flights, as part of overall measures to bolster revenue generation. Source THISDAYLIVE Read More

PIB to Prioritise Gas Use, Says Sylva - The Minister of State for Petroleum Resources, Chief Timipre Sylva, said the proposed Petroleum Industry Bill (PIB) would ensure that the nation's abundant natural gas resources are used to promote national development. Source The Nation Read More

Treasury Yields, Dollar Gain After Fed's Historic Policy Shift - Longer-dated Treasury yields and the dollar rose in Asia on Friday after the U.S. Federal Reserve shifted its policy framework to place more emphasis on boosting economic growth and less on worries about letting inflation run too high. Source Reuters Read More


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The Popularity of FGN Bonds with the PFAs, AUM Rose by 18.8% in June 2020 to N11.09trn - Assets under management (AUM) of the regulated pension industry in Nigeria rose by 18.8% y/y in June to N11.09trn (US$28.7bn), and by 2.7% m/m. The monthly reports from the regulator (PenCom) show an asset mix heavily skewed towards FGN debt securities, which represented 66.1% of the total. Source FBNQuest Research Read More


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