Nigeria in 1min: Economic, Business and Financial Headlines - 301120

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Monday, November 30, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: LinkedIn; Dr Anino Emuwa


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COVID-19 Health Updates

  • 26th of November 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 66,974 cases (New: 169)
  • Discharged:  62,585
  • Deaths: : 1,169 (New: 0)

Source: NCDC Read More


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PROSHARE ECONOMY

BudgIT Publishes 2020 Revised State of States Reports, Measure Epidemic Preparedness of States - Soaring debt burden, imprudent fiscal planning, and nearly a decade of misplaced expenditure priorities have beaten a clear path to fiscal crisis for a majority of Nigeria's 36 states. Source BudgIT Read More

Oil Markets Hopeful as OPECplus Meeting Looms - OIR 271120 - Oil prices have held on to recent gains despite Covid-19 headwinds. Investors are growing increasingly optimistic and looking beyond the immediate crisis. "It's a total change of vibe," Robert Yawger, director of the futures division at Mizuho Securities USA, told the WSJ. "Everything is much more positive now." Source Tom Kool of Oilprice Read More

CBN Governor Says Economy Could Emerge from Recession by Q1 2021 - It is indeed a pleasure to once again address the banking community at the 55th Annual Bankers Dinner, being organized by the Chartered Institute of Bankers of Nigeria (CIBN). Since I assumed office as the Governor of the Central Bank of Nigeria in June 2014, I have attended 6 consecutive annual dinners by the CIBN. Source CIBN Read More

2021 Proposed Budget Review: Galloping Spending, Weakening Revenues - The 2021 budget was presented in the context of a global pandemic that has not only claimed over 1.2m lives globally but has also such as MSME Survival Fund, Nigeria Youth Investment Fund, CBN support programme for specific sectors that were created to provide help to Nigerians. Source BudgIT Read More

 

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What To Expect From The Markets This Week- 301120 - Nigeria recorded its 2nd recession in five years in Q3 2020. The Nigerian economy dipped in the second quarter of 2020 as GDP declined by -6.10%, compared with a growth of +1.87% in Q1. Source Proshare Content Read More

FX Rates Remain Under Pressure As CBN Devalues Rates At Its Official Window - Volumes traded in the I&E FX market dropped by 52% D/D in a still relatively active trading session. The greenback changed crossed above the N400/$ mark for the first time since June this year as demand pressures continue to heat up the market. Source Zedcrest Capital Read More

 

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2021: Nigeria Needs To Insulate Economy From External Shocks - Emefiele - In the year 2021, Nigeria must insulate its economy from external shocks through effective diversification policies from crude oil dependency.  The Governor of the Central Bank of Nigeria Mr. Godwin Emefiele, CON made this point at the 55th edition of the annual bankers' awards dinner of the Chartered Institute of Bankers In Nigeria, CIBN in Lagos. Source WebTV Read More

Apapa Gridlock to Disappear Q1, 2021 - NSC - The Nigerian Shippers' Council on Friday said that the Council has set machineries in motion to put an end to the perennial Apapa gridlock before the end of first quarter of 2021. The Executive Secretary of the Council, Hassan Bello, said this on Friday when he played host to the National Advisory Committee set up by the presidency on African Continental Free Trade Area at the council's head office in Lagos. Source Punch Read More

Four States Plunged into Darkness as National Grid Collapses - Four states in the north west zone have been thrown into darkness following the collapse of the National grid. The Kaduna Electricity Distribution Company announced this on Sunday in a statement. Source THISDAYLIVE Read More

OPEC+ Yet to Find Compromise on Oil Policy for 2021, Say Sources - OPEC and allies led by Russia have yet to find a consensus on oil output policy for 2021, after an initial round of talks on Sunday and ahead of crucial meetings on Monday and Tuesday, four OPEC+ sources told Reuters. Source Reuters Read More


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How Can Banks Possibly Absorb All These Defaults? - Chinese defaults are back and looking messier. Creditors are losing hope, and the banks are getting worried. After a regional state-owned enterprise with a AAA credit rating, Yongcheng Coal & Electricity, failed last week to pay 1 billion yuan ($151 million) on a short-term bond, jitters rippled through the bond and money markets. Source Bloomberg Next China Read More

Qantas boss says passengers will need to be vaccinated for international flights - Australia's national carrier Qantas will require future international travelers to prove they have been vaccinated against Covid-19 before flying. The airline's CEO Alan Joyce said in an interview with CNN affiliate Nine News on Monday that the move would be a "necessity" when coronavirus vaccines are readily available. Source CNN Read More

 

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Exited N-Power Beneficiaries Can Apply for CBN empowerment - FG - The Federal Government on Friday announced the inauguration of a portal that would enable exited N-Power beneficiaries to apply for the Central Bank of Nigeria's empowerment options. N-Power is one of the social investment programmes of the Federal Government designed and implemented to support thousands of Nigerians with jobs. Source Punch Read More 

 

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