Nigeria in 1min: Economic, Business and Financial Headlines - 280920

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Monday, September 28, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: @NigeriaGov

 

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COVID-19 Health Updates

  • 27th of September 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 58,324 cases (New: 126)
  • Discharged:  49,794
  • Deaths: : 1,108 (New: 2)

Source: NCDC Read More


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PROSHARE ECONOMY 

NBS Publishes Nigeria's Rapid Data Mobilization Against COVID-19 - The speed with which the deadly coronavirus can spread has enabled it to transform from one isolated case to over 23 million cases worldwide in a matter of months (and rising). Source NBS Read More

Stakeholders Urge Sub-Nationals to Rethink Strategies for Fiscal Sustainability - As the global crude oil price volatility ensues and Nigeria like other nations grapple with the disruptive impact of COVID-19, states have been tasked with the responsibility of rethinking governance and strategies for attaining fiscal sustainability. Source BudgIT Read More 

We Hope to Reopen Land Borders Soon - Osinbajo - The President, Major General Muhammadu Buhari (retd), had in October 2019 ordered the closure of the borders to check the menace of smuggling goods and arms and ammunition into the country and protect local businesses. The closure was, however, greeted by mixed reactions from professional organisations, economists and individuals. Source Punch Read More

CBN September Survey Shows Firms Lacked Confidence in Economy - A survey by the Central Bank of Nigeria has shown that business organisations were pessimistic about the economy in September. The Statistics Department of the CBN disclosed this in its 'September 2020 Business Expectations Survey Report' on Thursday. Source Punch Read More

Fresh World Bank, AfDB, IDB Loans May Raise Nigeria's Debt to N31.7tn - fresh loan disbursements expected from the World Bank, African Development Bank and Islamic Development Bank may raise Nigeria's total public debt stock to N31.699tn in coming months. Source Punch Read More

Trump's Taxes Show Chronic Losses and Years of Income Tax Avaidance - Exclusive: The Times has obtained tax-return data for President Trump extending over more than two decades. It shows his finances under stress, beset by losses that he aggressively employs to avoid paying taxes and hundreds of millions in debt coming due. Source New York Times Read More


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PROSHARE MARKETS 

What to Expect From The Markets This Week - 280920 - Preliminary estimates by IHS Markit showed that service industry activities in the Eurozone contracted in September due to renewed restrictions amid rising COVID-19 infection cases. Source Proshare Content Read More

African Banks Hold Government Debt That Exceeds Their Equity - African banks, as reported, hold significant amounts of sovereign debt primarily to meet their liquidity requirements, but also because of their limited appetite for riskier private-sector loans. Since 1999, exposure to sovereign debt in advanced economies ranged between 6% and 9% of total assets... Source Proshare Research Read More

Investors Gain N390.32bn WoW as NSEASI Inches Up by 2.92% to Close the Week Positive - Equities market closed today on a positive note, as NSEASI appreciated by +1.28% to close at 26,319.34 basis points as against +0.79% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -1.95%. Source Proshare Markets Read More

Fear of Lower Output Looms as Excessive Rainfall Stalls Cocoa Harvest - Nigeria is likely to witness a sharp fall in its cocoa output in the 2020-21 harvest season due to excessive rainfall in the South Western states - predominantly in Ondo and Ogun. Source FDC Read More

Julius Berger Board Approves Diversification into Agro-processing - Julius Berger has a proven record of reliably delivering construction solutions to the highest standards for 50 (fifty) years. Julius Berger's success is founded on our leading technical expertise, innovation and partnership towards Nigeria's development. Source NSE Read More 

 

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China Ramps Up U.S. Crude Oil Imports As Elections Near - China has been buying a lot of U.S. crude oil lately, perhaps in a belated attempt to fulfill some of the energy import quotas agreed with Washington last year or perhaps in a bid to take advantage of supercheap U.S. crude. But the buying spree is about to end. Source Irina Slav of Oilprice.com Read More

Debts: Discos to Repay CBN N9.96bn in Four Months - Electricity distribution companies in the country are expected to repay in four months N9.96bn of the debts owed to the Central Bank of Nigeria. In September 2014, about a year after the privatisation of the power sector, the CBN introduced a N213bn intervention fund, called the Nigeria Electricity Market Stabilisation Facility. Source Punch Read More

Nigeria Moves to Secure AfCFTA Benefits - Four months to the take-off of the African Continental Free Trade Area (AfCFTA) Nigeria has ramped up activities to take full advantage of the continental trade integration initiative. Source The Nation Read More

World Bank Spent N90bn on Community Projects in 11 years - Official - The Community and Social Development Project (CSDP), an initiative of the Federal Government with support from the World Bank, spent N90 billion on community projects in 30 states from 2009 to date, an official has said. Source Vanguard Read More

China's Industrial Profits Grow for Fourth Straight Month - Profits at China's industrial firms grew for the fourth straight month in August, buoyed in part by a rebound in commodities prices and equipment manufacturing, the statistics bureau said on Sunday. Source Reuters Read More

Wall Street Week Ahead: Trump-Biden Debate Could Spark Stock Volatility - Some U.S. stocks could face more volatility next week as President Donald Trump and rival Joe Biden face off in their first debate ahead of a November election that betting services currently view as almost a coin flip. Source Reuters Read More

 

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PROSHARE FINANCE 

Nigerian Airports - Lessons from Singapore - Airports have become fully integrated in the economic and social strata of various countries. It plays an important part in air transport system and is very significant to increasing the quality of life of regional and local communities, directly participating in wealth creation. Source FDC Read More 

How Islamic Finance Could Support Nigeria's Goal of Achieving SDGs by 2030 - Prof Busari Akande - Islamic Finance has the potential to serve as a veritable platform for supporting Nigeria in its quest to achieve the Sustainable Development Goals (SDGs) by 2030. Professor Busari Akande… Source WebTV Read More

 

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