Nigeria in 1min: Economic, Business and Financial Headlines - 280921

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Tuesday, September 28, 2021 / 5:55 AM / By News Aggregator / Header Image Credit: WebTV


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 COVID-19 Health Updates

  • 27th of September 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 204,752 cases (New: 255)
  • Discharged: 192,943
  • Deaths: 2,689 (New: 12)

Source: NCDC Read More

 

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PROSHARE ECONOMY

FSDH Oil and Gas Sector Report: PIA and the Nigeria Economy - A Case of Too Little Too Late? - This is the summary of the Oil & Gas Sector report with a focus on the PIA and its implications for the Nigerian economy. For ease of reader reference we highlight focus areas and provide our analyst views. Source FSDH Research Read More

A Market Determined FX Regime is Nigeria's Best Option - Muda Yusuf - A market-based rate regime is an approach Nigeria should adopt to manage its foreign exchange. Dr. Muda Yusuf, an economist and former Director-General of the Lagos Chamber of Commerce and Industry, made this point while giving his opinions on "FX Management & Nigeria's Economic Stability". Source Ottoabasi Abasiekong for WebTV Read More

Stakeholders at 2021 ASA Summit Express Optimism over a Vibrant Agric Ecosystem - Stakeholders at the 2021 edition of Agriculture Summit Africa, which focused on the theme "Building the New Agro-Order', expressed their optimism that Nigeria can provide leadership in the region with a vibrant Agric-ecosystem. Source Ayomide Oguntoye for WebTV Read More

Petrol Subsidy Hits N905.27bn, Oil Rises to $79.71 - The Nigerian National Petroleum Corporation spent a total of N905.27bn on petrol subsidy in eight months amid rising global oil prices, the latest data obtained from the corporation show. Source Punch Read More

Mambilla Power Project Construction Begins Before 2022 - Senate - The Senate on Monday declared that all the financial and legal hurdles hindering the smooth take-off of the Mambila Hydro Electric Power projects had been resolved. The red chamber said the contractors were expected to mobilise men and materials to site before the end of the year. Source Punch Read More


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PROSHARE MARKETS

Investors Lose N51.03bn as NSEASI Dips by -0.25% to Open the Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.25% to close at 38,864.33 basis points as against +0.23% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -3.49%.  Source Proshare Markets Read More

NAFEX Rate Depreciated by 0.13% WoW to N412.48 from N411.95 - In the FX Spot and Derivatives markets, the total turnover for the week-ended September 24, 2021, was $1,584.71 million, representing an increase of 5.77% ($86.52 million) from $1,498.20 million reported for the week-ended September 17, 2021. Source FMDQ Read More

 

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PROSHARE BUSINESS

FBNH 100 Days After CBN's Board Removal: The FUGAZE - FBN Holdings N50.59bn impairment charges ranked third among tier 1 banks, with ETI showing the highest impairment charge of N86.73bn. In contrast, GT Bank had the least impairment charge for losses in 2020. Source Proshare Research Read More

Ecobank Gives Entrepreneurs an Edge with "Business Account" - Ecobank has combined its account solutions to commercial banking customers to provide a single complete package at point of account opening to make account relationships easier for customers and intending customers. Source Ecobank Read More

Forex Crisis: Massive Job Losses Loom, Profits Shrink, Say MAN, Others - Stakeholders including the Manufacturers Association of Nigeria and the Association of Small Business Owners on Sunday lamented the worsening scarcity of forex in the country, saying they were already cutting costs as their profits were shrinking. Source Punch Read More

Shell to Sell $9.5bn Permian Asset to ConocoPhillips After Announcing Nigeria Onshore Exit - Royal Dutch Shell is set to sell its Permian Basin assets to ConocoPhillips for $9.5 billion in cash, an exit from the largest United States oilfield for the energy major, which is now shifting its focus to the clean energy transition. Source THISDAYLIVE Read More

Nigeria's Crude Oil Production Averages 1.62mb/d - NNPC - Nigeria's crude oil and condensate production averaged 1.62 million barrels per day in the first four months of this year, latest data from the Nigerian National Petroleum Corporation (NNPC) has shown. Source Vanguard Read More


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PROSHARE FINANCE

UBA Foundation's National Essay Competition (NEC) 2021 Ready to Receive Digital Applications - UBA Foundation, the corporate social responsibility arm of the United Bank for Africa (UBA) Plc, has announced the commencement of the 2021 edition of its annual National Essay Competition (NEC) in Nigeria with a call for entries. Source UBA Read More 


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