Nigeria in 1min: Economic, Business and Financial Headlines - 310521


Monday, May 31, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: Ecographics

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COVID-19 Health Updates

  • 30th of May 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 166,315 cases (New: 30)
  • Discharged: 156,558
  • Deaths: : 2071 (New: 4)

Source: NCDC Read More

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Emefiele Inaugurates Rivers Cassava Processing Company - The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele has tasked Governors of the 36 States of Nigeria to make their States more viable by investing more in agriculture. Source CBN Read More

A Historic Week for Big Oil - OIR 280521 - It was a historic week for the oil industry, potentially marking a turning point, at least for the corporate strategies of the oil majors. More curbs on the supply side do add some bullish sentiment to the market, although the impacts on the fundamentals are not necessarily going to unfold in the near term. Source Tom Kool of Oilprice Read More

GDP is No Longer an Accurate Measure of Growth. So What Can Take Its Place? - Why, in the 21st century, are we still measuring our economic growth with the Gross Domestic Product (GDP) - a metric created in the early 20th century?. And how can we define a more comprehensive, multidimensional metric that adequately reflects the complexities of the world we live in and that can guide our post-pandemic recovery?. Source By Andrea Willige, World Economic Forum Read More

Fitch Affirms Wema Bank at 'B-'; Removes Rating Watch Negative; Outlook Stable - Fitch Ratings has affirmed Wema Bank PLC's Long-Term Issuer Default Rating (IDR) at 'B-' and removed it from Rating Watch Negative (RWN). The Outlook is Stable. The removal of the RWN on Wema's IDRs, Viability Rating (VR) and National Ratings reflects Fitch's expectation that, having recently received shareholder approval. Source Moody's Investors Service Read More

NESG Lauds FG for Signing Plant Variety Protection Bill into Law - The Nigerian Economic Summit Group (NESG) has commended the Federal Government for recently signing the Plant Variety Protection (PVP) Bill into law. It can be recalled that the Plant Variety Protection Bill was passed by the House of Representatives on the 17th of December 2020 and the Nigerian Senate on the 3rd of March 2021, following several months of deliberation. Source NESG Read Mor 

CITN Charts Path for Economic Recovery Post COVID-19 - The Chartered Institute of Taxation of Nigeria, CITN, has sought for renewed commitment to tax payment by Nigerians, as the country strive to regain its balance from COVID-19 shock. Source THISDAYLIVE Read More

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What To Expect From The Markets This Week - 310521 - Nigeria's Gross Domestic Product (GDP) grew by +0.51%(year-on-year) in real terms in the first quarter of 2021, marking two consecutive quarters of growth following the negative growth rates recorded in the second and third quarters of 2020. Source Proshare Content Read More

GlaxoSmithKline Declares N623.02m PAT, Approves N657.7m Dividend for FY 2020 - GlaxoSmithKline Consumer Nigeria Plc has declared a profit after tax of N623.01 million for the year ended December 2020 amidst the celebration of its 50 years of existence in Nigeria. The shareholders of the Company also approved a dividend of N657.7 million at 40k per share at the 50th Annual General Meeting of the Company held in Lagos. Source GlaxoSmithKline Consumer Nigeria Plc Read More 

SEC to Assist Mining Ministry in Commodities Exchange - The Security and Exchange Commission (SEC) has expressed its preparedness to assist the Ministry of Mines and Steel Development in resolving some of the challenges faced in the solid minerals sector through commodities exchanges. Source THISDAYLIVE Read More

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What is your View about the Future of Work? - Proshare has commenced the process of writing its CEO Remuneration Report 2021. As part of the method by which we intend to gain insight into how workers feel about the future of their work which would form part of the report, we humbly invite you to participate in the survey of 'the New View of Work' to be included in the report. Source Proshare Research Read More

DAI Appoints YBR to Oversee Strategic Direction for USAID-Funded YPE4AH Campaign - Creative solutions company, Yellow Brick Road (YBR), has been appointed by Development Alternative Inc. (DAI), to oversee the branding and communications campaign for the USAID funded Youth-powered Ecosystem to Advance Urban Adolescent Health (YPE4AH). Source DAI Read More

Nigeria Can and Must Climb Out of the Hole Made by Corruption - I was 13 years old in 1979, when Nigeria began to slip into a dark, frightening hole that seemed to have appeared overnight, and from which it has yet to emerge: corruption. Source Aigboje Aig-Imoukhede Read More

Kano: Dangote Increases Capacity, Assures Customers of More Supply - The Dangote Cement Plc. has deeply invested in enlightening consumers on the different applications and the best optimal use of the product in furtherance to the measures put in place for more supply of Cement to the market. Source Dangote Read More

FG begins Kaduna-Kano Rail Construction in July - Amaechi - The Federal Government will begin the construction of the Kaduna-Kano rail line in July, the Minister of Transportation, Rotimi Amaechi, said on Friday. Source Punch Read More

Total Gets Shareholders' Approval, Becomes TotalEnergies - Total announced a name change to TotalEnergies in compliance with the resolution made at its recent Ordinary and extraordinary shareholders' meeting. The company stated that the name change was in line with the current energy transition to cleaner sources. Source Punch Read More

Marginal Fields: DPR Ready to Present Award Letters to Winners - The Department of Petroleum Resources (DPR), Sunday, said it has concluded arrangements to issue award letters to successful investors in the 2020 marginal field bid round. Source Vanguard Read More

CBN N250b Gas Expansion Programme Can Settle Subsidy Crisis - Consumers, marketers - Marketers under the umbrella of the Independent Petroleum Marketers Association of Nigeria (IPMAN) have said the N250 billion Central Bank of Nigeria (CBN) Gas Expansion programme can settle the perennial crisis over the petrol subsidy. Source The Nation Read More

Fresh Concerns Greet Planned Privatization of TCN - Plans by the Federal Government to unbundle the Transmission Company of Nigeria (TCN) and eventually, sell the power firm may soon become reality as the Bureau of Public Enterprises (BPE) is expected to recommend the sale of the assets. Source Guardian Nigeria Read More

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How AI Will Change Nigerian Banking in 2021 - Banking is changing. Banks, and their customers, are riding a wave of innovation, reimagination, and reinvention thereby intensifying retail competition and how customers are serviced. Source  Teslim Shitta-Bey, Managing Editor, Proshare Read More

Why Bitcoin May Speed Up the Transition to Renewable Energy - Earlier this year, Tesla was one of the first major corporations to start accepting bitcoin as payment. Yet, after only a few months, Tesla CEO Elon Musk said on Twitter that the Company has suspended vehicle purchases using the cryptocurrency due to concerns over "rapidly increasing use of fossil fuels for bitcoin mining." Source PRNewswire by Read More

FITC Forum Explores Prospects for Customer Experience with Artificial Intelligence - The FITC on Wednesday, May 26th held a virtual summit on the theme, "Enhancing Customer Experience with Artificial Intelligence". According to global statistics, Artificial Intelligence (AI) has created a positive impact on customer experience. Source Ayomide Oguntoye for WebTV Read More


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Popoola Headlines Islamic Finance News Nigeria Roadshow 2021 - Nigerian Exchange (NGX) Limited in collaboration with REDMoney Group hosted the 3rd edition of the Islamic Finance News (IFN) Nigeria Roadshow 2021 on Wednesday, 26 May 2021 with the Chief Executive Officer, NGX, Mr. Temi Popoola, CFA as Keynote Speaker. Source NGX Read More

How Islamic Economics Encourages the Financing of Asset-Backed Transactions and Risk Sharing - Islamic Economics in principle encourages the financing of "Asset-Backed Transactions" and risk-sharing amongst participants in the non-interest financial market. Raheemat Alimi, Deputy Registrar, Nungu Business School made this point at a recent discussion on Islamic finance, prohibition of interest, and economic stability. Source Bukola Akinyele-Yisau for WebTV Read More

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