Nigeria in 1min: Economic, Business and Financial Headlines - 300920

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Wednesday, September 30, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @jidesanwoolu

 

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COVID-19 Health Updates

  • 29th of September 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 58,647 cases (New: 187)
  • Discharged:  49,937
  • Deaths: : 1,111 (New: 0)

Source: NCDC Read More


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PROSHARE ECONOMY 

Carving a Pathway to Fiscal Sustainability in a Time of Pandemic - Being the Keynote Address delivered by Mr. Teslim Shitta-Bey, Chief Economist & Managing Editor of Proshare on behalf of Mr. Olufemi Awoyemi, Founder/Chairman of Proshare at the BudgIT 2020 State of States Presentation which held on Thursday, September 23, 2020, at Radisson Blu Hotel, Isaac John, Ikeja, Lagos State, Nigeria. Source Proshare Research Read More 

How Organized Labour Deceived Nigerians, Again! - Abati - I was very skeptical when the current leadership of Organized Labour in Nigeria objected to the decision of the Federal Government to withdraw fuel subsidy and hand over the pump price of petrol to the forces of demand and supply, also known as market forces. Source Reuben Abati Read More 

CBN Launches Framework for Advancing Women's Financial Inclusion In Nigeria - This Framework is the outcome of the gender subcommittee's work and follow-up work by the Central Bank of Nigeria (CBN) and Enhancing Financial Innovation and Access (EFInA). Source CBN Read More

 

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PROSHARE MARKETS 

Investors Gain N54.42bn, NSEASI Inches Up by 0.39% as Market Sentiment Remains Positive - Equities market closed today on a positive note, as NSEASI appreciated by +0.39% to close at 26,611.96 basis points as against +0.72% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -0.86%. Source Proshare Markets Read More

A Tidal Wave That Passed The NSE By - The NSEASI has advanced for the past seven sessions, and the ytd sell-off has narrowed to just -1.2% ytd. Turnover has picked up off a very low base, to a little more than US$10m equivalent in the last five sessions. Source FBNQuest Research Read More

STERLNBANK Obtains CBN's Approval to Restructure as a Holding Company - The Chief Executive Officer of Sterling Bank Plc, Mr. Abubakar Suleiman is pleased to announce that the Bank has obtained the Central Bank's approval in principle to enable it restructure as a Holding Company. Source NSE Read More

Friesland Campina WAMCO Acquires Nutricima's Dairy Business - Dairy giant FrieslandCampina WAMCO has acquired the dairy business of Nutricima, makers of Olympic, Coast and Nunu, a range of powdered, evaporated and ready to drink milk products. Source Chikodi Okereocha of The Nation Newspaper Read More

 

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PROSHARE BUSINESS 

Nigerian-British Chamber of Commerce (NBCC) Welcomes a New Director-General - The Nigerian-British Chamber of Commerce is pleased to announce that Mr. Gbenga Adebija will be joining the Chamber as the new Director-General effective Friday, October 2, 2020. Source NBCC Read More

JPMorgan Admits Spoofing by 15 Traders, Two Desks in Record Deal - JPMorgan Chase & Co. admitted wrongdoing and agreed to pay more than $920 million to resolve U.S. authorities' claims of market manipulation involving two of the bank's trading desks, the largest sanction ever tied to the illegal practice known as spoofing. Source Bloomberg Read More

Buhari Wants Itakpe-Warri Rail Line Linked to Ports - The President, Major General Muhammadu Buhari (retd.), on Tuesday virtually inaugurated the 326-kilometre Itakpe-Ajaokuta-Warri rail line for commercial operation and directed the Ministry of Transportation to ensure that all the nation's ports were linked to the rail line. Source Punch Read More

We're Focusing on Domestic Gas Growth - NNPC - The Nigerian National Petroleum Corporation is focusing on growing Nigeria's domestic gas utilisation for balanced economic growth. Group Managing Director, NNPC, Mele Kyari, said this on Tuesday at the BusinessDay Energy Series Summit which held virtually with theme, "Nigeria at 60: Harnessing Nigeria's Energy for the Future." Source Punch Read More

NERC Issues Order Suspending Tariff Hike for 14 Days - The Nigerian Electricity Regulatory Commission on Tuesday night issued an order suspending the September 1, 2020 hike in electricity tariffs for 14 days. Labour unions and the Federal Government had reached a truce on Sunday night to reverse the hike in electricity tariffs for 14 days, a development that prompted the halt of a nationwide strike by labour. Source Punch Read More

First U.S. Presidential Debate Fails to Move Investors - U.S. stock futures fluctuated slightly but markets and investors were largely stoic as an acrimonious first debate between U.S. presidential candidates ended on Tuesday. Source Reuters Read More


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PROSHARE TECHNOLOGY 

Nigeria Faces Significant and Growing Gender Gap in Financial Inclusion - This gender gap is larger than in most other countries, and whilst financial inclusion is increasing for both men and women, the gender gap is widening.1 In contrast, comparator countries in Africa such as Kenya, South Africa, Tanzania, and Uganda all exhibit a decreasing gender gap. Source Read More CBN Read More

 

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PROSHARE FINANCE

Nigeria's Plans to Accelerate Investments in Production of Health Products - Nigeria launched an Economic Sustainability Plan (ESP) in June 2020 as a one-year bridge plan beyond the Economic Growth and Recovery Plan (ERGP 2017 - 2020). With funding mainly from domestic sources, the plan aims to limit the health and socio-economic impacts of the coronavirus pandemic. Source OpEd by Abiodun Awosusi  Read More 

 

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