Nigeria in 1min: Economic, Business and Financial Headlines - 191120


Thursday, November 19, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Instagram; seyi_amakinde

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COVID-19 Health Updates

  • 18th of November 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 65,693 cases (New: 236)
  • Discharged:  61,457
  • Deaths: : 1,163 (New: 0)

Source: NCDC Read More

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Oil Markets See Light At The End Of The Tunnel - OIR 171120 - News that a second vaccine was highly effective lifted global markets on Monday, adding optimism to the prospect that the end of the pandemic is within sight sometime next year. Oil prices rose again on Monday but were down in early trading on Tuesday. WTI was trading just above $41 and Brent at about $43.50 per barrel. Source Tom Kool of Oilprice Read More

Headline Inflation Climbed Higher in October, up by 14.23% - The National Bureau of Statistics (NBS) released Consumer Price Index (CPI) data earlier today with headline inflation increasing by 14.23% (year-on-year). This represent a 52bps higher than the rate recorded in September (13.71%) marking the 14 months consecutive increase in inflation level since August 2019. Source PFI Capital Read More

FX Shortages Stifle Downstream Oil Sector Deregulation - In September 2020, the Minister of State for Petroleum Resources, Timipre Sylva announced that  the government will now take a backseat in the regulation of the price of petrol, noting that market forces and crude oil price would continue to determine the cost of the product. Source CSL Research Read More

FG Saves N45bn Monthly Through TSA, Says Minister - Nigeria on Tuesday signed a Memorandum of Understanding with The Gambia to avail the foreign nation Nigeria's vast knowledge, experience and technical expertise on the implementation of the Treasury Single Account. Source Punch Read More

Despite COVID-19, FG, States, LGs Shared N2.054tn in Q3, Says NEITI - The Federation Account Allocation Committee disbursed a total of N2.05tn to the three tiers of government and other statutory recipients in the third quarter of the year, figures released on Tuesday by the Nigeria Extractive Industries Transparency Initiatives showed. Source Punch Read More

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SEC Proposes Amendment to Its Rule on Renewal of Registration by CMOs - The Securities and Exchange Commission (SEC) has proposed sundry amendments to its rules on Renewal of Registration and quarterly returns forms for unit trust scheme fund managers. Source Proshare Research Read More


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Investors Gain N300.55bn as NSEASI Inches Up by 1.68%, Thanks to Big CAPs - Equities market closed today on a positive note, as NSEASI appreciated by +1.68% to close at 34,818.01 basis points as against -1.53% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +29.71%. Source Proshare Markets Read More

NSE Holds 59th AGM - The members of The Nigerian Stock Exchange (NSE or The Exchange) voted overwhelmingly today at its 59th Annual General Meeting (AGM) - a meeting which is expected to be its last as a mutual entity - to support the listing of the Nigerian Exchange Group Plc (NGXG) on the Nigerian Exchange Limited (NGX) once the demutualization of the NSE is completed. Source NSE Read More

States Borrow N900bn from Capital Market - The Securities and Exchange Commission (SEC), has disclosed that state governments in Nigeria have borrowed not less than N900 billion from the capital market since 1978. Source Vanguard Read More

Wall Street Dives as Shutdown Worries Overshadow Vaccine Hopes - U.S. stocks closed steeply lower after a late-session sell-off on Wednesday as investors weighed surging COVID-19 infections and mounting shutdowns against encouraging vaccine developments. Source Reuters Read More


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AMCON Takes Over Jimoh Ibrahim's Prime Assets Over N69.4bn Debt - Following the order of Honourable Justice R.M. Aikawa of the Federal High Court, Lagos Division, the Asset Management Corporation of Nigeria (AMCON) has taken possession of twelve prime assets belonging to Barrister Jimoh Ibrahim, the chief promoter of Global Fleet Oil & Gas Limited and NICON Investment Limited in Lagos and Abuja over a staggering indebtedness of nearly N70billion. Source AMCON Read More

Nigeria's Oil Rigs Fall by 30% as Exploration Drops - The number of active oil rigs in Nigeria declined by 30 per cent in October, with stakeholders lamenting the reduction in exploration activities in the nation's oil and gas industry. Data obtained by our correspondent from the Organisation of Petroleum Exporting Countries showed that Nigeria's rig count fell to seven in October from 10 in September. Source Punch Read More

NACC Hopeful of Improved Ties Between Nigeria, United States - Although Nigeria's implementation strategy of the African Growth and Opportunity Act (AGOA) might have affected the benefits from the scheme, the Nigerian American Chamber of Commerce (NACC), is hopeful that bilateral and diplomatic ties between the two countries will improve in the coming years. Source The Guardian Nigeria Read More

Pfizer-BioNTech Vaccine Deliveries Could Start 'Before Christmas' - Pfizer Inc PFE.N and BioNTech 22UAy.DE could secure emergency U.S. and European authorization for their COVID-19 vaccine next month after final trial results showed it had a 95% success rate and no serious side effects, the drugmakers said on Wednesday. Source Reuters Read More 


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3.8bn People Using Mobile Internet at The End of 2019 - Connectivity has never been more important, and the world's reliance on the internet has never been greater. The COVID-19 pandemic has underscored the importance of the internet and the critical role of mobile, which is the primary way most people access the internet. Source GSMA Read More 


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