Nigeria in 1min: Economic, Business and Financial Headlines - 311220

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Thursday, December 31, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @dabiodunMFR

 

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COVID-19 Health Updates

  • 30th of December 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 86,576 cases (New: 1016)
  • Discharged:  73,322
  • Deaths: : 1,278 (New: 11)

Source: NCDC Read More


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PROSHARE ECONOMY

All Commodity Group Import Index Rose by 1.89% in Q3 2020 - NBS - The terms of trade (TOT) represent the ratio between a country's export prices and its import prices. The ratio is calculated by dividing the price of the exports by the price of the imports, usually in percentage terms. Source NBS Read More

3,066 Road Traffic Crashes Occurred in Q3 2020 - NBS - The Q3 2020 road transport data reflected that 3,066 road crashes occurred in Q3 2020. Speed violation is reported as the major cause of road crashes in Q3 2020 and it accounted for 57.26% of the total road crashes reported. Source NBS Read More

A Call for Food Security - The recent reopening of the country's borders is a big step towards reducing  the surge in the price of major items in the country but may be bad for local production if smuggling is not actively addressed. Source CSL Research Read More

External Reserves Rise, End December at $35.35bn - The country's external reserves rose by $380m from $34.98bn as of December 24 to $35.36bn as of the end of December 2020, according to figures obtained from the Central Bank of Nigeria on Wednesday. Source Punch Read More


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PROSHARE MARKETS

Investors Gain N213.37bn as NSEASI Inches Up by 1.03% Amid Improved Market Breadth - Equities market closed today on a positive note, as NSEASI appreciated by +1.03% to close at 39,512.31 basis points as against +0.80% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +47.20%. Source Proshare Markets Read More

Unity Bank, Positioning to Overcome a Recapitalisation Burden Quickly - Unity Bank Plc has had a challenging four years since 2017 with its profit and loss (P&L) account dripping red ink. However, in 2020 the bank appears to be on the mend as it has quarter-on-quarter (Q-o-Q) sustained profitability despite still posing negative shareholder funds. Source Proshare Research and Investigations Unit Read More

Diaspora Remittances in Nigeria: Examining The New CBN Policy - According to the CBN, the Circulars were issued in an effort to liberalise, simplify and improve the receipt and administration of diaspora remittances into Nigeria. It was also stated that the clarifications and amendments are aimed at stabilising and deepening the foreign exchange market. Source Ifeoluwa Ebiseni (Associate, AELEX) Read More

Foreign Stock Investors Withdrew N433.15bn in 11 Months - NSE - Foreign investors pulled out a total of N433.15bn from the nation's stock market from January to November this year, compared to N481.96bn in the same period of 2019, a new report by the Nigerian Stock Exchange on Wednesday has shown. Source Punch Read More


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PROSHARE BUSINESS

Underwriters Await NAICOM's Response on Recapitalisation Deadline - Insurance companies have written a letter to the National Insurance Commission to explain its stand on the first phase of the industry's recapitalisation expected to end on December 31. Source Punch Read More

NCDMB Targets 70% Local Content - The Executive Secretary, Nigerian Content Development and Monitoring Board, (NCDMB), Engr. Simbi Wabote has said the board is focused on raising local content in the oil and gas sector to 70 per cent by 2027 under its strategic 10 years road map. Source THISDAYLIVE Read More

EU, China Broker Investment Deal After Seven Years of Talks - The European Union and China have struck a political deal on a comprehensive investment agreement after seven years of talks, European Commission President Ursula von der Leyen announced on Wednesday. Source Vanguard Read More

U.S. Slaps Tariffs on French and German Wines, Aircraft Parts Amid EU Dispute - The U.S. government on Wednesday said it would raise tariffs on certain European Union products, including aircraft components and wines from France and Germany, the latest twist in a 16-year battle over aircraft subsidies between Washington and Brussels. Source Reuters Read More 

 

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PROSHARE FINANCE

Nigeria Needs a Coherent Action Plan to Drive a Competitive Educational System - Dayo Abinusawa - Nigeria needs a coherent action plan to drive a globally competitive educational system that develops the skills and capabilities of the youth. Dr. Dayo Abinusawa the Founder, Awa Business School said this in a recent discussion on socio-economic developments in Nigeria as it concerns "Human Capital Development". Source WebTV Read More


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