Nigeria in 1min: Economic, Business and Financial Headlines - 130121

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Wednesday, January 13, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @AfDB_Group


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COVID-19 Health Updates

  • 12th of January 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 102,601 cases (New: 1270)
  • Discharged:  81,574
  • Deaths: : 1373 (New: 12)

Source: NCDC Read More


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PROSHARE ECONOMY

Finance Act 2020: Key Changes and Implications - President Muhammed Buhari, on 31 December 2020, signed the Finance Act 2020 ("the Act") alongside the 2021 Appropriation Act into law. This reaffirms the Federal Government of Nigeria's commitment to enact fiscal policy annually, alongside the passage of the annual budget into law (i.e. enactment of Appropriation Act) and aligns with global best practice. Source Deloitte Read More 

The Strange Nigeria-Niger Railway Project - The discordant tunes over a proposed controversial railway line from Kano to Maradi in Niger Republic clearly exposed the lack of synergy in governance. It is amazing how officials of the same government that should speak with one voice are feeding members of the public with divergent information, thereby creating confusion. Source The Guardian Nigeria Read More

Oil and Gas: Taking a Peek at the Pump Well - In the interim as the international oil market tries to rebalance itself, Nigerian upstream companies may still have to struggle with sales and profit margins. The major challenges to be faced by upstream local oil majors would be the slowdown of global economic growth on the back of the Coronavirus pandemic in Q4 2020 which may likely see a reduction in supply to the end of Q2 2021. Source Proshare Research Read More


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PROSHARE MARKETS

Investors Gain N75.91bn as NSEASI Inches Up by 0.36% Amid Improved Market Turnover - Equities market closed today on a positive note, as NSEASI appreciated by +0.36% to close at 40,295.95 basis points as against +0.08% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +0.06%. Source Proshare Markets Read More

Fiscal Incentives and Enabling Regulations Would Improve the Nigerian Capital Market in 2021 - Fiscal Incentives by the Federal Government and enabling regulations by capital market regulator the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN) would improve activities in the Nigerian capital market in 2021. Source WebTV Read More 

 

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PROSHARE BUSINESS

The African Continental Free Trade Area: The Dawn of a New Era - After years of planning, campaigning and negotiating, the time has come for execution. Trading under the agreement establishing the African Continental Free Trade Area ("AfCFTA" or "the Agreement") has officially commenced. Source Deloitte Read More

FG Spent N6.46tn on Debt Servicing, Personnel in 2020 - Minister - The Federal Government spent a total of N6.46tn on debt servicing and workers in 2020, the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has said. She also disclosed that the government released a total of N1.8tn for capital projects within the year. She noted that out of this, up to N118.37bn was released for COVID-19 capital expenditure. Source Punch Read More

Egbin, Shiroro Power Plants' Output Hit Record High - Electricity generation from the nation's largest power station, Egbin, and one of the hydropower plants, Shiroro, surged to record highs on Tuesday. Total electricity generation in the country rose to 4,515MW as of 6am on Tuesday from 4,399.20MW on Monday, according to the Nigerian Electricity System Operator. Source Punch Read More

ABCON Lobby for Exchange Rates Unification - Association of Bureaux De Change Operators of Nigeria (ABCON) said that unification of exchange rates is necessary to maximise the economic benefits of increased remittances inflow into the economy. Source Vanguard Read More

Jabs Equal Jobs? Fed Sees Possible Economic Boom if Vaccine Gets on Track - One U.S. Federal Reserve official says there is now a "clearer focus" about the economy's path forward and a horizon for a fuller recovery. Another says the pandemic's "endgame" is here. A third predicts 2021 will prove "impressive." Source Reuters Read More


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PROSHARE FINANCE

Is Nigeria Ready for a Healthcare Investment Bank? - Nigeria is Africa's largest economy, with a growing population and large healthcare market. Inadequate health financing, high levels of poverty and weak healthcare infrastructure limit access to affordable, high-quality health services. The coronavirus pandemic has exposed the weaknesses of the country's health system. Source Abiodun Awosusi Read More

2020 Sukuk Supply Resilient with Momentum to Continue into 2021 - Global sukuk supply is expected to accelerate in 2021 following a resilient 2020 as issuers seek to refinance maturing debt and fund large budget needs, Fitch Ratings says. The easing of GCC investment restrictions following the normalisation of relations between Qatar and its neighbours will also contribute to higher volumes. Source Fitch Ratings Read More

McKinsey Foresees Bright Prospect for Nigeria, Others' Insurance Sector - McKinsey & Company, a global management consultancy services company, has described the insurance sector in Nigeria and some other countries in Africa as one of the world's hot regions for insurance penetration. Source THISDAYLIVE Read More


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