Nigeria in 1min: Economic, Business and Financial Headlines - 301020


Friday, October 30, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @followlasg


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COVID-19 Health Updates

  • 29th of October 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 62,521 cases (New: 150)
  • Discharged:  58,249
  • Deaths: : 1,141 (New: 2)

Source: NCDC Read More

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Oil Price drops Below $38bbl on Renewed Coronavirus Lockdowns - As of 3:43 pm (local Nigerian Time), Thursday, 29th October 2020, Brent crude oil slumped by 3.7% to its lowest price level since May 2020, as new lockdowns measures came into force across Europe and some parts of the United States of America (USA) to fight the second wave of the coronavirus pandemic. Source Funsho Idowu, Proshare research Read More

CBN Releases Framework for the Operation of the NIRSAL MfB Window of the N-YIF - The Nigerian Youth Employment Action Plan was developed by the Federal Ministry of Youth and Sports Development (FMYSD) as a built-in strategy to respond effectively to the youth employment challenge in Nigeria. Source CBN Read More

We Boosted Federation Account by N44.71bn - NCC - The Nigerian Communications Commission has told the House Committee on Telecommunications that it generated and remitted N344.71bn to the Consolidated Revenue Fund of the Federal Government in the last five years. Source Punch Read More

FG: Payment of New Electricity Tariffs Resumes Next Week - The federal government has approved the resumption of the collection of Service-Based electricity Tariffs (SBT) from next week, after sealing a deal with organised labour, THISDAY learnt yesterday. Source Thisday Read More

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Takeaways from VFD Group Plc Q3 2020 Investors' Conference Call - Economic lockdown in Q2 2020 to head-off the spread of the coronavirus had a significant impact on the profit of one of Nigeria's financial supermarkets, the VFD Group plc. The gradual resumption of economic activities prompted a quick rebound in VFD group plc's profitability as it recorded a noticeable growth in profit before tax. Source TheAnalyst Read More

Banks in H1 2020: Key Findings - Eight (8) banks amongst those listed on the Nigeria Stock Exchange (NSE) recorded an increase in pre-tax profit (PBT) while five (5) banks recorded a decline in PBT in H1 2020. Source Proshare Research Read More

BUACEMENT Declares N53.6bn PAT in Q3 2020 Results, (SP:N41.40k) - BUA Cement Plc released its Q3 2020 Unaudited results for the period ended September 30th, 2020. Revenue grew by 21% to N157bn from N129bn in the previous quarter. Profit before tax grew by 18.5% to N59bn. Source NSE Read More

MTN Nigeria Plc Q3'20 Unaudited Results - Cost Pressures Drive Margins Lower - MTN Nigeria Plc (MTNN: TP - N149.36; c.6.7% upside to market price) just announced a profit after tax of N49.4 billion (-0.7% YoY) in its published Q3'20 results. The flat Q3 numbers drove 9M'20 earnings to N144.2 billion (-3.3% YoY) and c.71.4% of our FY'20E forecast. Source CardinalStone Research Read More


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IOD 2020 Annual Directors Conference: Vice President Osinbajo To Grace First-Ever Virtual Event - The Institute of Directors Nigeria (IoD Nigeria), Nigeria's premier corporate governance advocacy institution, is set to hold the 2020 edition of its Annual Directors' Conference. Source IoD Nigeria Read More

NEITI, CSOs Canvass Transparency in Oil, Mining Contracts - The Nigerian Extractive Industries Transparency Initiative, the Centre for Transparency Advocacy and the Media Initiative for Transparency in Extractive Industries on Thursday faulted the level of transparency in oil and mining sectors contracts. Source Punch Read More

Power Generation Hits All-Time Peak of 5,459MW - TCN - The Transmission Company of Nigeria on Thursday announced that the nation's power industry attained another all-time national peak electricity generation of 5,459.5 megawatts. It said this quantum of electricity was efficiently transmitted through the nation's transmission grid at a frequency of 50.26Hz by 8.15pm on October 28. Source Punch Read More

Nigeria Imported N2.78tn Manufactured Goods in Three Months - NBS - Nigeria imported manufactured goods worth N2.78tn while the total export component was N254.2bn between April and June. According to figures obtained from the National Bureau of Statistics on foreign trade statistics for the second quarter, this amounted to a difference of N2.52tn in the period under review. Source Punch Read More

Export: FG Harps on Adoption of NXP by Shipping Firms, Operators - In a bid to ensure speedy attention to export cargo and smoothen export transaction, the federal government has admonished port terminal operators and shipping companies to adopt the Nigerian Export Proceeds (NXP) number. Source THISDAYLIVE Read More

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Tech Earnings Tsunami Buoys Alphabet, Sinks Apple - Alphabet GOOGL.O rallied, Apple AAPL.O sank and Twitter TWTR.N tumbled on Thursday after a mixed bag of quarterly reports from top-tier technology companies that investors have relied on this year to power a stock market rally through the coronavirus pandemic. Source Reuters Read More

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Protecting Investment from Riot: How to use Insurance - Bosede Anthony, an Entrepreneur with many years of active experience in perfumery had recently opened her factory worth N800m (about US$2m) in the outskirts of Lagos, the commercial capital of Nigeria and with capacity to employ over 100 persons within the first year of operations. Source Chinyere Onyia Read More

Abdullateef to Speak on The Role of Islamic Microfinance on Poverty Eradication in Nigeria - Abdullateef Abdulqadir Maikabara is an MSc graduate of Islamic banking and finance at the IIUM institute of Islamic Banking and Finance (IIiBF), International Islamic University Malaysia (IIUM). Source WebTV Read More


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