Nigeria in 1min: Economic, Business and Financial Headlines - 281220

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Monday, December 28, 2020 / 6:00 AM / By News Aggregator / Header Image Credit:  EcoGraphics


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COVID-19 Health Updates

  • 27th of December 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 84414 cases (New: 838)
  • Discharged:  71034
  • Deaths: : 1,254 (New: 7)

Source: NCDC Read More


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PROSHARE ECONOMY

The Oil Market, 2020 Black Swan, and A Third Virus Wave - It has been a rollercoaster year for the oil market in 2020 as unprecedented events came to the fore with devastating effects on the global economy. Oil as a major source of revenue for some countries and an essential commodity took a big hit from the emergence of the Black Swan, leaving most economies in a precarious situation. Source Proshare Read More

China's Energy Dependence to Grow Despite Major Oil Discoveries - Energy independence is an important precondition for any country which allows for relatively unbound foreign and economic policies. China's growing reliance on imports concerning fossil fuels is a major headache for Beijing. Source Vanand Meliksetian of Oilprice.com Read More

Rich Countries Try Radical Economic Policies to Counter COVID-19 - The government intervention is not a government takeover," the American president argued. "Its purpose is not to weaken the free market. It is to preserve the free market." The imf pointed to the "unprecedented policy actions undertaken by central banks and governments worldwide. Source The Economist Read More

China's Central Bank Orders Jack Ma's Ant Group To Overhaul Business -  Beijing has ordered Ant Group to overhaul lucrative parts of its business after accusing the Chinese payments company of "turning a blind eye" to regulatory issues in the latest official broadside at Jack Ma's online empire. Source FT Read More


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PROSHARE MARKETS

What To Expect From The Markets This Week - 281220 - The N13.5trn 2021 appropriation bill was passed by Nigeria's national assembly. The main highlights of the passed appropriation bill show that the amount earmarked for statutory transfers is N496.53bn, debt service N3.32trn, recurrent expenditure N5.64trn, and capital expenditure N4.13trn. Source Proshare Read More

The Bears Reigned Unhinged in the Bond Market, Supported by Relentless Supply from local Investors - The Bonds Market ended the week on a bearish note, as we saw better offers across the curve with the bid/offer spread widening aggressively. The mid and long-end bonds continued to garner the most traction weakening D/D by an average of 40bps and 70bps, respectively, as we saw small trades print for the 2050s paper at 8.50%. Source Zedcrest Capital Read More

CITITRUST Holdings Plans N12.5bn Capital Raise by Q1, 2021 - CITITRUST Holdings Plc said it is targeting a debt capital injection of N12.5 billion for business expansion before the end of Q1 2021. Source CITITRUST Holdings Plc Read More

A Swift Breeze of Calm as Brexit Deal is Reached - A deal between the United Kingdom and the European Union have been reached after several months of negotiations. The major sticking points before the deal was reached were issues surrounding fishing rights, governance, and a level playing field. Source Proshare Read More

 

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PROSHARE BUSINESS

Nigeria's Duty-Free Export To US Shrinks To $351.73m - Nigeria's export to the United States under a duty-free policy declined in the first nine months of 2020, recording $351.73m from January to September. Source Punch Read More

Mikano Motors To Roll Out Gas, Electric Vehicles - Mikano Motors, a subsidiary of Mikano International Limited, has completed plans to roll out autogas vehicles and electric cars in Nigeria. However, the company wants the Nigerian government to create the enabling environment and legal backing. Source Punch Read More

FG to Reconstitute New Task Team on Apapa Gridlock - Following allegations of corruption and ineptitude by truckers, the federal government has announced that a new Task Team would be reconstituted to manage traffic on the port access road. Source Thisday Read More

With Just Days to Go, Britain Urges Business To Prepare For End Of Brexit Transition - Britain on Monday urged businesses to prepare for Brexit, just days before a transition period designed to smooth the UK's departure from the European Union comes to an end. Source Reuters Read More

China to Leapfrog U.S. as World's Biggest Economy by 2028: Think Tank - China will overtake the United States to become the world's biggest economy in 2028, five years earlier than previously estimated due to the contrasting recoveries of the two countries from the COVID-19 pandemic, a think tank said. Source Reuters Read More

 

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PROSHARE MSME  

Lagos MSMEs Lost N2.7bn During COVID-19 Lockdown -LCCI - The Lagos Chamber of Commerce and Industry says losses of Micro, Small and Medium Enterprises (MSMEs) in Lagos is about N2.7 billion, due to the recent Coronavirus lockdown. Source Punch Read More

 

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PROSHARE FINANCE

The Case for Leveraging Islamic Finance As A Tool For Economic Development - The Muslim population makes up almost 50% of the Nigerian population, Islamic finance, and banking in the country has great potential to thrive if deployed effectively. The Islamic finance industry has recorded steady growth since its inception in the 1970s. Source WebTV Read More


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