Nigeria in 1min: Economic, Business and Financial Headlines - 241121

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Wednesday, November 24, 2021 / 5:30 AM / By News Aggregator / Header Image Credit:Babajide Sanwo-Olu


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COVID-19 Health Updates

  • 23rd of November 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 213,677 cases (New: 52)
  • Discharged: 206,797
  • Deaths: 2,974 (New: 0)

Source: NCDC Read More

 

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PROSHARE ECONOMY

GDP Growth Slows to 4.03% in Q3 2021, as Financial Sector Recovers - The GDP growth data came in close to predictions by analysts who had forecasted Q3 GDP growth of between 3.5 and 4.0%, given that the shallow base which supported the second Q2 growth rate lingered in Q3 2021. The economy had recorded a -3.62% contraction in Q3 2020 amidst a COVID-19 lockdown, which stayed till Q4 2020. Source AbdulQudus Isiaka, Proshare Research Read More

Pre-MPC Note: To Maintain Status Quo? - The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) will conclude its final scheduled meeting for the year 2021 today (23/11/21). Since the last meeting in Sep-2021, domestic macroeconomic indices have shown considerable improvement. Source United Capital Read More

GCR Affirms Gombe State Govt's Programme 1 and 2 Series 1 Fixed Rate Bonds' Rating - GCR Ratings ("GCR") has affirmed the national scale long term Issue rating of BBB+(NG) assigned to the Programme 1 Series 1 and Programme 2 Series 1 Bonds (collectively referred to as the Bonds) Issued by Gombe State Government of Nigeria, with the Outlook accorded as Stable. Source GRC Ratings Read More


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GCR Upgrades Mixta Real Estate's Series 1 and 2 Tranche A Bonds - GCR Ratings ("GCR") has upgraded the national scale long term Issue ratings of Mixta Real Estate Plc's Series 1 and Series 2 Tranche A Bonds to AAA(NG)(EL), with the Outlook accorded as Stable. Source GRC Ratings Read More

As Expected, MPC Maintains Status Quo at the End of November 2021 MPC Meeting - The Monetary Policy Committee (MPC) of the Central Bank of Nigeria has concluded its two-day meeting in November 2021. Source Proshare Research Read More

GCR Downgrades Mixta Real Estate Plc's Ratings Due to Significant Financial Strain - GCR Ratings ("GCR") has downgraded Mixta Real Estate Plc's national scale long-term and short-term Issuer ratings to CCC-(NG) and C(NG) from BB+(NG) and B(NG) respectively, with the Outlook accorded as Evolving. Source GRC Ratings Read More

Biden's Bid to Lower Oil Prices Fails - OIR 231121 - The White House has finally walked the talk and announced the release of 50 million barrels from the US SPR, backed up by a series of agreements with key Asian crude importers who, in turn, would also release strategic inventories to tame outright crude prices. Source Toom Kool of Oilprice Read More 

FG to Generate N12.4bn from Lagos-Ibadan e-Ticketing Solution in 4 Years - The acting Director General, Infrastructure Construction Regulatory Commission (ICRC), Mr. Mike Ohiani, has stated that the federal government is expected to generate over N12.4 billion within the next four years courtesy of the introduction of e-ticketing solution on the Lagos-Ibadan standard train service. Source Thisday Read More

 

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PROSHARE REGULATOR

Examining the Relevance of Payment Service Banks to Nigeria's Financial Services Sector - Payment Service Banks ("PSBs") have, since their introduction into the financial space, remained a veritable vehicle for financial inclusion across countries. In , the Central Bank of Nigeria ("CBN") issued a Supervisory Framework for Payment Service Banks ("the Framework"), to supplement the existing Guidelines for the Licensing and Regulation of Payment Service Banks ("the Guidelines"), (issued in 2018 and revised in 2020). Source Davidson, Frances and Ifeoluwa of AELEX Read More

 

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PROSHARE MARKETS 

Investors Lose N596.41m as NGXASI Dips by -0.01% Amid Positive Market Breadth - Equities market closed on a negative note, as NGXASI depreciated by -0.01% to close at 43,255.14 basis points as against 0.14%  appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +7.41%. Source Proshare Markets Read More

Lagos State Government Series IV Bond Issuance of up to N125bn Now Open - Lagos State is a Category A State among the state governments in Nigeria. Lagos State is the most developed State in Nigeria and is exalted as the country's economic and commercial hub, accounting for more than 25% of Nigeria's GDP. Source Stanbic IBTC Capital Read More

FCMB Declares N15.7bn PAT in Q3 2021 Results, (SP:N3.05k) - FCMB Group Plc released its Q3 2021 Unaudited results for the period ended September 30th, 2021. Source

 

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PROSHARE BUSINESS

Global Trade Will Grow by 70% to USD30trn by 2030 - Future of Trade 2030: Trends and markets to watch new research by Standard Chartered projects that global exports will almost double from USD17.4tn to USD29.7tn over the next decade. The report reveals 13 markets that will drive much of this growth, identifies major corridors, and five trends shaping the future of global trade. Source Standard Chartered Read More

Buhari Suspends New NNPC Board Inauguration Indefinitely - The President, Major General Muhammadu Buhari (retd.), has suspended the inauguration of the newly constituted Board of the Nigerian National Petroleum Company. The event which was scheduled to hold on Wednesday has been postponed until further notice. Source Punch Read More

AfCFTA: FG To Grow States' Export Capacity To $1.2bn - The Federal Government, through the National Action Committee on African Continental Free Trade Agreement, said on Monday that the first of its strategic goals under the AfCFTA implementation plan is to grow the export capacity of every state to the tune of $1.2bn with a focus on products that have a competitive advantage. Source Punch Read More

'New Auto Policy Will Unleash Inflow of Investments into Nigeria' - The Director General, National Automotive Design and Development Council, (NADDC), Jelani Aliyu, has said that the National Automotive Industry Development Plan (NAIDP), otherwise called the Nigerian auto policy, would increase the flow of investments for the development of the automotive industry. Source Thisday Read More


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PROSHARE TECHNOLOGY  

eNaira'll work with other countries' digital currencies - CBN - The Central Bank of Nigeria has said that the implementation of the country's digital currency will be done in four phases and also lead to the interoperability of the eNaira with those of other central banks. Source Punch Read More 

 

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PROSHARE MSME

Access Bank Partners SME.NG to Roll Out EBI MarketPlace - SME.NG in partnership with Access bank Plc and other leading institutions, including the Bank of Industry (BOI), LAPO Microfinance Bank, Chapel Hill Denham,  and the Impact Investment Foundation  Nigeria are launching the Ebi Marketplace - a Nigerian innovation for female entrepreneurs. Source Access Bank Read More

 

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