Nigeria in 1min: Economic, Business and Financial Headlines - 291121

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Monday, November 29, 2021 / 5:20 AM / By News Aggregator / Header Image Credit: @cibnigeria

 


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COVID-19 Health Updates

  • 27th of November 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 213,883 cases (New: 58)
  • Discharged: 207,184
  • Deaths: 2,975 (New: 0)

Source: NCDC Read More

 

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PROSHARE ECONOMY

FG Raises Power Tariff, Begins Free Meters Purchase - The FGN is expecting to revise electricity tariffs upwards by December as it steps up its mass metering initiative. The objective is to bring the market closer towards cost-reflective tariffs which is crucial to the industry's sustainability and attracting investment flows. Source FDC Ltd Read More

Oil Prices Crash as COVID Does What Biden Couldn't - OIR 261121 - Oil prices experienced one of their worst trading days in recent memory on Friday, plunging across the board by over 10% on fears that a new COVID-19 variant discovered in Southern Africa might dampen economic growth and trigger another demand slump. Source  Micheal Kern of Oilprice.com Read More

Q4 2021 GDP Outlook: Will Positive Momentum be Maintained? - It has been four consecutive quarters of positive growth since the economy last contracted in Q3'20 (-3.62%) in the wake of the adverse impact of the COVID pandemic. In line with expectations, the economy expanded in Q3'21 - by 4.03%, even though it slowed marginally by 0.98% from 5.01% in Q2'21. Source FDC Ltd Read More

Fuel Subsidies - Gone at Long Last? - The federal government, has set for itself a deadline of June 2022 to phase out fuel subsidies. It is even likely to be done earlier in the year as the government appears keen to double down on reforms ahead of the elections in 2023.  Source FDC Ltd Read More

Nigeria's Exchange Rate Strategy Discourages Investors, Increases Inflation - W'Bank - The bank disclosed this in the November edition of its Nigeria Development Update. While highlighting the role of the Central Bank of Nigeria in exchange rate stability, the World Bank said there had been intense pressure on the naira, with the CBN constantly raising the nominal official exchange rate. Source Punch Read More

FG May Extend 2021 Budget Implementation To Next Year - The Federal Government may extend the implementation of capital projects components in the 2021 Appropriation Act till next year following the inability of many ministries and agencies to conclude their procurement process until the last quarter of this year. Source Punch Read More


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PROSHARE MARKETS 

What To Expect From The Markets This Week - 291121 - The CBN governor announced after the 282nd MPC meeting that the committee has decided to hold all policy parameters. He also noted that the committee took note of the normalisation policy which is beginning to be adopted by some developed and emerging economies. Source Proshare Read More

Busting the Wheat Import Mind Games - Wheat in Nigeria has become weaponized. Nigeria produces one percent (63,000 metric tonnes) of the 5 to 6m MT of the product, a staple for Nigerians breakfast table. The shortfall has put strains on the country's foreign reserves as Nigeria parts with US$2bn annually in the importation of pastry input. Source Funsho Idowu, Proshare Research Read More

NGX Group Q3 2021 Unaudited Results; Modest Profit Growth, Dampened Investor Enthusiasm - The freshly demutualized Nigerian  Exchange Group Plc (NGX) released its Q3 results for 2021 with a slight glimmer of future solid earnings as post-tax profits rose from N1.37bn in Q3 2020 to N1.51bn in Q3 2021, a rise of +10.55%. Analysts note that the surge was not earth stumping, but it gave a sense of the underlying earnings potential of the group. Source Bukunmi Adejobi, Proshare Research Read More

NASD OTC NSI Decreased by -0.10% WoW to Close at 744.90 Basis Points - NASD OTC Securities Exchange Index closed the week on a Negative return on NSI. The NSI return decreased by 0.10% to close the week at 744.9 points against 745.65 on Friday November 22, 2021.  Source NASD OTC Read More

The Growth Board of the Nigerian Exchange: A Potential Exit Strategy for Nigerian Startups - One of the recent developments that took place in the capital market and has been of particular interest to Small and Medium Enterprises (SME's) and startups is the introduction of the Growth Board of the Nigerian Exchange ("NGX"). Source Davidson and Oluwapelumi of AELEX  Read More

Inflation is a Greater Policy Test for Emerging-Market Sovereigns - Higher inflation is generally credit negative for sovereigns, but presents particular risks for emerging markets (EMs), as they often face higher and more volatile inflation than developed markets (DMs), and are exposed to greater currency instability, says Fitch Ratings. Source Fitch Ratings Read More

Take Advantage Of Capital Market Master Plan, Finance Minister Charges Investors - Capital market investors have been urged to take advantage of initiatives introduced in the capital market master plan to deepen knowledge in market fundamentals. Source Guardian Read More


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PROSHARE BUSINESS

FG Sets March 2022 Target For Ajaokuta Audit - Barring any unforeseen development, the planned technical audit of Ajaokuta Steel Company would be completed in the first quarter of 2022. The Minister of Mines and Steel Development, Arch. Olamilekan Adegbite, disclosed this during a webinar organised by the Lagos Business School (LBS). Source Dailytrust Read More

Zenith Bank, Polaris Bank, Others Publish 1,042 FX Defaulters in 3 Months - In compliance with the Central Bank of Nigeria (CBN) foreign exchange policy, Zenith Bank Plc, Sterling Bank Plc, and eight other banks have published a total of 1,042 foreign exchange defaulters in the last three months when it enforced. Source Thisday Read More


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PROSHARE TECHNOLOGY  

Italy's Antitrust Regulator Fines Google, Apple Over Data Use - Italy's antitrust regulator has fined Alphabet's Google (GOOGL.O) and iPhone maker Apple (AAPL.O) 10 million euros ($11.2 million) each for "aggressive practices" linked to the commercial use of user data. Source Reuters Read More


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PROSHARE FINANCE

 

IFRS 17: NAICOM Sets January 2023 Deadline For Insurance Firms - The Commissioner, National Insurance Commission, Mr Sunday Thomas, has said NAICOM will enforce full compliance with the International Financial Reporting Standards 17 on January 1, 2023. Thomas spoke while delivering his speech at the Insurance Director's Conference in Lagos. Source Punch Read More

 

 

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