Nigeria in 1min: Economic, Business and Financial Headlines - 310821

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Tuesday, August 31, 2021 / 5:54 AM / By News Aggregator / Header Image Credit: Twitter; @NOIweala


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COVID-19 Health Updates

  • 30th of August 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 191,805 cases (New: 460)
  • Discharged: 178,492
  • Deaths: 2,455 (New: 1)

Source: NCDC Read More

 

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PROSHARE ECONOMY

FirstBank Sponsors Duke of Shomolu Production as Awo and Aremu Hits the Stage - First Bank of Nigeria Limited has announced its sponsorship of 'A Deep Dive into History', a theatre production from the Duke of Shomolu (DOS) Production House, spearheaded by Joseph Edgar. Source FirstBank Read More

Nigeria Needs an Elite Consensus - Tope Fasua - Despite growth of 5.01% in Q2, 2021, Nigeria needs an "Elite Consensus" that can articulate policies that would translate to double-digit and inclusive economic growth. Source Ottoabasi Abasiekong for WebTV Read More

GDP Q2 2021: Real Growth Performance Masked by Base Effects - The chart below highlights some of the best performing sectors of the economy as disclosed in the latest national accounts for Q2 '21. As we have done previously, we exclude those that represent less than 1% of constant price GDP and remind our readers that the data series is not seasonally adjusted. Source FBNQuest Research Read More

Ecobank Nigeria MD Canvasses Financial Institutions, Private Investors Synergy to Bridge Infrastructure Gap - Managing Director, Ecobank Nigeria, Patrick Akinwuntan has advocated a synergy between financial institutions and private investors to address the infrastructure deficit in the country. Source Ecobank Nigeria Read More

$2bn Petrochemical Plant'll Produce 77 Grades of Plastic Products - Dangote - Dangote Industries Limited has said its $2bn petrochemical plant in Lagos is designed to produce 77 different high-performance grades of polypropylene in the country. Source Punch Read More

Lagos Expresses Confidence in Model City Plan - The Lagos State Government has backed the preparation of a Model City Plan for Lagos Island which it says will propel the redevelopment of the former capital territory. Source Punch Read More 

 

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PROSHARE MARKETS

Investors Lose N82.83bn as NSEASI Dips by -0.40% to Open the Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.40% to close at 39,326.67 basis points as against +0.02% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -2.34%. Source Proshare Markets Read More

Naira Depreciated at the Parallel Market by -0.54% WoW to N518.60 from N515.80 - In the FX Spot and Derivatives markets, the total turnover for the week-ended August 27, 2021, was $949.91 million, representing an increase of 76.08% ($410.44 million) from $539.47 million reported for the week-ended August 20, 2021. Source FMDQ Read More

Zenith Bank Profit Before Tax Grows by 3% to N117bn in H1 2021 - In a clear demonstration of its resilience, Zenith Bank Plc has announced its audited results for the half-year ended 30 June 2021, recording positive growth across key financial metrics despite a challenging macroeconomic environment exacerbated by the COVID 19 pandemic. Source Zenith Bank Read More

The Bears Take Centre-Stage as Average Yield Expands 27bps WoW to 4.95% - The Nigerian Treasury Bills ("NT-Bills") secondary market traded on a bearish note throughout last week, as market participants exited positions across the curve given the subdued liquidity levels (sinking to N201.1bn negative on Tuesday) and ahead of Wednesday's Primary Market Auction ("PMA"). Source Afinvest Research Read More

 

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PROSHARE BUSINESS

FG Implements Cooking Gas Imports Tax, Price Jumps by 100% - The Federal Government has implemented a 7.5 per cent tax on imported Liquefied Petroleum Gas, popularly called cooking gas, as the cost of the commodity leap by over 100 per cent within a period of eight months. Source Punch Read More

Trade Ministry Seeks Amendment to PIA, Eyes N1bn Revenue - There are indications that the the Federal Ministry of Industry, Trade and Investment has put machinery in motion to push for the amendment of the newly passed Petroleum Industry Act (PIA) to address certain conflict with the mandate of the Weights and Measures Department particularly in the area of pre-shipment inspection activities at the crude oil terminals. Source THISDAYLIVE Read More

FAO: Global Food Security Threatened by High Use of Antimicrobial Drugs - The Food and Agricultural Organisation (FAO) has admonished global leaders on the need to urgently reduce significantly, the use of antimicrobial drugs in global food systems. Source THISDAYLIVE Read More

NPA Spends Over N500b on Channel Management - The Nigerian Port Authority (NPA) has spent about $1billion in dredging and maintaining the Lagos, Rivers, Calabar, Onne and Warri ports channel depth and navigational aids, The Nation learnt. Of the amount, over $400million, it was gathered, was spent by NPA through the Lagos Channel Management (LCM), a joint venture company. Source The Nation Read More

 

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PROSHARE TECHNOLOGY   

CBN Selects Bitt Inc Digital Currency as Technical Partner for Digital Currency Project - The Central Bank of Nigeria (CBN) has engaged  Bitt Inc., a global Fintech company, as the Technical Partner for its digital currency, named eNaira, which is due to be unveiled later in the year. Source Vanguard Read More 


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