Nigeria in 1min: Economic, Business and Financial Headlines - 161020


Friday, October 16, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @paystack

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COVID-19 Health Updates

  • 15th of October 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 60,982 cases (New: 148)
  • Discharged:  52,194
  • Deaths: : 1,116 (New: 0)

Source: NCDC Read More

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Headline Inflation Increases By 13.71% YoY In September 2020, 0.49% Higher Than August 2020 Rate - The consumer price index, (CPI) which measures inflation increased by 13.71 percent (year-on-year) in September 2020. This is 0.49 percent points higher than the rate recorded in August 2020 (13.22) percent. Source NBS Read More

Average Prices of PMS, AGO, HHK and Cooking Gas - September 2020 - Average price paid by consumers for premium motor spirit (petrol) increased by 10.67% year-on-year and month-on-month by 8.26% to N161.06 in September 2020 from N148.78 in August 2020. Source NBS Read More

The #EndSARS Protests and the Problem of Police Reform in Nigeria - Youths across the country, mobilized through various social media platforms have taken to the streets in the past few days to protest against the activities of the Special Anti-Robbery Squad (SARS), which has long been accused of unlawful arrests, torture and extrajudicial killings. Source CSL Research Read More

#EndSars Protest Movement A Watershed Moment in the Quest for Genuine Change in Nigeria - The ongoing #EndSars protest taking place in Nigeria is a watershed moment in the quest for genuine change. To recap, in 1992, the Nigerian government set up the Special Anti-Robbery Squad (SARS) as a branch of the Nigerian Police with the remit of tackling armed robbery, kidnapping and other firearms crime. Source Ahmed Olayinka Sule, CFA Read More

Senate President Says Early Passage Improved Implementation of 2020 Budget - President of the Senate, Dr Ahmad Lawan, has said that the early consideration and passage of the 2020 budget, that returned the nation's budget cycle to January-December, has increased its implementation. Source The Guardian Nigeria Read More


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Maize Shortfall: Nigeria Searches for Alternatives - The recent shortfall in maize production in Nigeria has pushed policymakers to search for viable alternatives. Most of the grains produced locally are consumed in various commercial sectors. Source Funsho Idowu Read More

Banks in H1 2020: Breaking into Industry Numbers - Nigeria has a peculiar and distinct domestic economy.  Unlike other economies were banks recorded a significant decline in profit in H1 2020, a sum of the profits of thirteen banks listed on the Nigerian Stock Exchange revealed that there was an increase in gross earnings by +5.18% and a mild decline in profit before tax by -1.47%. Source Proshare Research Read More

NSEASI Remained Flat Amid Improved Market Turnover, YTD Return Stands at 5.60% - Equities market closed today on a flat note, as NSEASI closed flat at 28,344.04 basis points as against 0.00% flat position recorded previously. Its Year-to-Date (YTD) returns currently stands at +5.60%. Source Proshare Markets Read More

Onyema, Sadiku to Headline the 2nd Edition Of the United Capital Pan-African E-Conference - Coming on the heels of the successful conclusion of the maiden edition of its Pan-African E-Conference, Investment and Financial services conglomerate, United Capital Plc, is set to host the 2nd edition of its conference on Friday, October 23, 2020, titled 'Unravelling Investment Opportunities in Africa: The Role of Regulation & Technology'. Source United Capital Read More


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Proshare Nigeria, 633 Others Listed Among Data Protection Compliant Organizations in Nigeria - The data protection compliant organizations in Nigeria shows that the 634 organizations listed cut across the public and private sectors as Proshare Nigeria Limited, Nigeria's No. 1 Information Hub also making the list. Source Proshare Research Read More

NNPC Releases Second Audited Financial Report - The Nigerian National Petroleum Corporation (NNPC) says it has released its 2019 audited financial statement, about five months after publishing the corporation's 2018 report, which was the first in its 43 years of existence. Source THISDAYLIVE Read More

COVID-19: IMFC Endorses Extension of Debt Service Relief For 6 Months - In its commitment to curtail the effect of coronavirus, COVID-19 pandemic on the less developed economies, International Monetary and Financial Committee, IMFC of International Monetary Fund, IMF has expressed its support for a debt service relief for another six months under the Catastrophe Containment and Relief Trust (CCRT). Source Vanguard Read More

Asian Shares Perk Up on China Gains, Virus Woes Linger - Asian stocks edged higher on Friday, buoyed by gains in China, but the mood was cautious due to a resurgence of coronavirus infections in Europe and the United States. Source Reuters Read More

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Regulation of Cryptocurrency and Digital Assets in Nigeria: New Beginnings - The Security and Exchange Commission of Nigeria (the "SEC" or the "Commission") on 14 September 2020, released their Statement on Digital Assets and their Classification and Treatment (the "Statement") pursuant to the powers conferred on it by the Investment and Securities Act 20071 ("ISA"). Source Oluwapelumi Omoniyi, Aelex  Read More

Stripe Acquires Nigeria's Paystack for More than $200 Million - Stripe acquires Nigeria's Paystack for more than $200 Million. When Stripe invested in Paystack a few years ago, many noted that it was certainly a way to understand the market. I did speak and exchanged emails with the co-founder of Stripe, John Collison, during that time. Now, Stripe has understood well enough, and now wants to buy-out the whole company, creating multi-millionaires in Nigeria overnight. Source Tekedia Read More


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Saeeda Ahmed To Speak on SDGs, Women Empowerment and Islamic Economy - Mrs. Saeeda Ahmed is a thought leader and socioeconomic entrepreneur successfully spanning over 20 years of solution driven projects which benefit the economy, society and industry. She is the Founding Director, Education Partnerships UK Ltd. Saeeda is the UNGSII Ambassador and Advisor on Implementation of the 17 Sustainable Development Goals. She is the Director, Business Development (UK) Aladdin Source WebTV Read More

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