Nigeria in 1min: Economic, Business and Financial Headlines - 310321

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Wednesday, March 31, 2021 / 5:25 AM / By News Aggregator / Header Image Credit: Tijjiani Borodo


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COVID-19 Health Updates 

  • 30th of March 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 162,762 cases (New: 121)
  • Discharged:  151,532
  • Deaths: : 2056 (New: 7)

Source: NCDC Read More


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PROSHARE ECONOMY

The CBN and Interest Rates - Last week the fixed income markets received two important indicators as to the likely direction of market interest rates. One was the fact that a few members of the Central Bank of Nigeria's (CBN) Monetary Policy Committee voted to raise the Monetary Policy Rate, even though a majority voted to keep it at 11.50%. Source Coronation Research Read More

Nigeria Fiscal Guide 2021 - The publication provides an overview of the applicable taxes, regulations and available investment incentives to companies and individuals in Nigeria; as well as a snapshot of the country's macro-economic position as at March 2021. Source Wole Obayomi Read More

Reps Summon FIRS Boss, Query Tax Waiver for P&G - The House of Representatives' Committee on Public Accounts has invited the Chairman of Federal Inland Revenue Service, Mr Muhammad Mami, over a tax clearance certificates issued to Procter and Gamble, a firm based in the United States and operating in Nigeria, without payment of tax to the Federal Government. Source Punch Read More


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PROSHARE MARKETS

Investors Lose N118.38bn as NSEASI Dips by -0.57% Amid Negative Market Turnover - Equities market closed today on a negative note, as NSEASI depreciated by -0.57% to close at 39,267.11 basis points as against +0.71% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -2.49%. Source Proshare Markets Read More

Lafarge Africa Plc FY2020 Result: Bottom line Rises as Pandemic Gets Plastered - Lafarge Africa's FY2020 result showed resilience despite COVID-19-induced business headwinds. The rise in top line revenue in 2020 was on the back of a fall in operating expenses. Source Adaeze Nwachukwu Proshare Research Read More

SEPLAT Issues $650m 5-Year Bond, Largest Nigerian Oil and Gas Offering in History - Seplat Petroleum Development Company Plc ("Seplat" or the "Company"), a leading Nigerian independent energy Company listed on both the Nigerian Stock Exchange (NSE) and the London Stock Exchange (LSE), has priced its offering of $650 million in aggregate principal amount of senior notes due 2026 (the "Notes"). Source Seplat Petroleum Devt Company Plc Read More

AFEX Indexes Performed Marginally Against the Previous Week as @ 260321 - The AFEX Commodities Index {ACI} increased marginally by 0.77% (W-o-W) to close at 403.92 basis points. This is attributable to the increase of the prices of soybean. paddy rice and sorghum despite the decline in maize prices for the reporting week. Source Kainosedge Consulting for AFEX Commodities Exchange Read More

Why Nigeria should Lower the Entry Barrier for the Private Equity Market - Lowering the barrier to entry of the private equity market in Nigeria would lead to more investments into the economy and the closing of more deals in the country. Mr. Joseph Agunbiade the Founder of Univelcity stressed this in a conversation on the "Q1,2021 Review of Private Equity Market Activities In Nigeria". Source Ottoabasi Abasiekong for WebTV  Read More 

 

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PROSHARE BUSINESS

A Journey in Leadership: A Book About the Exemplary Times in the Career of Tijiani Borodo - Alhaji Tijjani M. Borodo, Principal Partner, Tijjani M. Borodo & Associates Legal Practioners and the immediate past Company Secretary of FBN Holdings Plc, Nigeria's leading financial services group, is set to launch a seminal autobiography, A Journey in Leadership, on Wednesday, 31 March 2021. Source Firstbank Read More

NBC Renews Commitment to Sustainable Water Stewardship in Nigeria - As part of efforts geared towards enhancing water resources rehabilitation and management, the Nigeria Bottling Company has renewed its commitment to sustainable stewardship across its eight manufacturing plants in the country. Source NBS Read More

Govt Says Infrastructure Deficit May Hamper AfCFTA Implementation - The Federal Government has hinted that infrastructure deficit may hamper implementation of the African Continental Free Trade Area Agreement. The government said lack of both infrastructure and information were posing serious threats to the implementation and success of AfCTA. Source Punch Read More

NNPC, Others Sign Agreements for Methanol, Gas Projects - The Nigerian National Petroleum Corporation, the Nigerian Content Development and Monitoring Board, Brass Fertilizer and Petrochemical Company Limited and DSV Engineering have signed two key agreements for the construction of a methanol plant and a gas processing plant in Odeama, Brass, Bayelsa State. Source Punch Read More

FCTA Earmarks N5bn for Establishment of SAPZ - The Federal Capital Territory Administration has provided N5 billion in the 2021 budget as counterpart fund for the immediate take-off of the Special Agro-industrial Processing Zone (SAPZ) in livestock production. Source THISDAYLIVE Read More

Total Plc Sets Zero Carbon Emissions by 2050 - The world is seeking a cleaner environment by reducing greenhouse gas emissions, the Oil and Gas Industry must respond with a cleaner, efficient, affordable and sustainable energy mix, AMBROSE NNAJI examines how Total Plc responds to the issue. Source The Nation Read More

OPEC+ to Reconvene to Navigate Crude Market Volatility - The OPEC+ grouping of oil producers will hold its third ministerial summit of the year via videoconference Thursday to discuss output cuts in the face of fresh price volatility. Source The Guardian Nigeria Read More

U.S. Consumer Confidence Hits One-Year High; House Prices Soar - U.S. consumer confidence raced in March to its highest level since the start of the COVID-19 pandemic, supporting views that economic growth will accelerate in the coming months, driven by more fiscal stimulus and an improving public health situation. Source Reuters Read More


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PROSHARE TECHNOLOGY 

Six Operational and Time-Critical Takeaways from Nigeria's Open Banking Regulations - The Central Bank of Nigeria recently published the Regulatory Framework for Open Banking in Nigeria. Here are 6 (six) compliance/operational and time-critical takeaways from CBN's new Open Banking Regulations, for Nigerian Fintechs and Financial Institutions. Source Olubunmi Abayomi-Olukunle Read More

 

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PROSHARE FINANCE

Total Health Trust Supports Children with Special Needs - Total Health Trust (THT), Nigeria's leading Health Maintenance Organization (HMO) visited Ojuwoye Community Inclusive Primary School in the Mushin local government area of Lagos State as part of its Corporate Social Responsibility (CSR) activities and community outreach projects. Source Total Health Trust Read More

Why Insurance is Still Confusing to Many Nigerians - Only 1.9 percent of our adult population had one form of insurance policy as at 2018 (National Financial Inclusion Strategy Report), Insurance penetration to our Gross Domestic Product (GDP) was 0.3 percent in 2019 (National Bureau of Statistics). Source OpEd By Ekerete Ola Gam-Ikon Read More

 

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PROSHARE MSME

FITC Conference: The Value of Building Optimum Employee Experiences - Organizations have been tasked with the responsibilities of exploring initiatives that can enhance the future of work, the remote working experience, and also take into consideration building an optimum employee experience. Source Ayomide Oguntoye Read More

FG Approves New Policy Framework for MSMEs - The Minister of State, Federal Ministry of Industry, Trade and Investment, Mrs. Maryam Yalwaji Katagum, has said the Federal Executive Council (FEC) has finally approved the revised National Policy on Micro, Small and Medium Enterprises (MSMES) which provides the framework to resolve the challenges faced by the sub-sector. Source THISDAYLIVE Read More


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