Nigeria in 1min: Economic, Business and Financial Headlines - 220221


Monday, February 22, 2021 / 05:40 AM / By News Aggregator / Header Image Credit: BBC


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COVID-19 Health Updates 

  • 21st of February 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 152,074 cases (New: 645)
  • Discharged:  128,619
  • Deaths: : 1,839 (New: 8)

Source: NCDC Read More

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Brent Crude Oil Price Falls Back Below $64 - OIR 190221 - The Texas electricity crisis is easing, but the outages, damage, and human toll were historic. As of Friday morning, Texas grid operator ERCOT said that it would be emerging from "emergency conditions" later in the day. After a crazy week, WTI fell just a bit but held onto gains close to $60, a price not seen since January 2020. Source Tom Kool of Oilprice Read More 

Nigeria Defies Recession, Blows up Analysts Expectations - Nigeria's gross domestic product (GDP) numbers recently released by the national bureau of statistics (NBS) blew analysts morbid growth expectations out of the water. It even made mincemeat of Proshare's forecast for full year 2020 growth of -2.1% to end 2020 at slightly above zero percent with Q4 growth coming in at -1.92% (down from -3.62% in Q3 2020). Source Adesola Borokinni, Proshare Research Read More

Outlook 2021: How Sectors of the Economy Fared in 2020 - Finance and Insurance Sector - The financial services sector recorded an improvement in its quarterly growth rate, despite the challenging macroeconomic environment caused by the COVID-19 pandemic and ENDSARS protest which caused lockdowns and restrictions in major cities of the nation. Source Proshare Research Read More

Outlook 2021: How Sectors of the Economy Fared in 2020 - Transportation Sector - The negative impact of the COVID-19 pandemic on the transportation sector cannot be overemphasized seeing that the transportation sector is an integral part of an economy. The transportation sector plays an important role in the social and environmental aspect of the economy. Source Proshare Research Read More 

Outlook 2021: A Gaze into Market Performance - Fixed Income and Currency Markets - The total turnover of the fixed income and FX market was choppy from the beginning of the year as global economic shortfalls had a severe impact on the market.  The total turnover of the market started to decline in April 2020. Source Proshare Research Read More

Nigeria's External Reserves Falls Below South Africa, Ghana Others - The strength of Nigeria's external reserves may have further weakened as it plunged to $35.633 billion despite strong run of oil price, with the country shedding $565 million. Source TheNation Read More

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What To Expect From The Markets This Week - 220221 - The Nigerian economy recorded a positive GDP growth rate of +0.11% (year-on-year) in Q4 2020 after two consecutive quarters of negative growth. Its 2020 full-year GDP growth rate stood at -1.92% which implies an exit from recession. Source Proshare Content Read More

BUA Cement FY2020 Unaudited Results: Significant Growth In Earnings and Debt Size Amidst A Pandemic - The full-year (FY) 2020 unaudited results of Nigeria's second-largest cement company reveals improvement across all profit metrices, although, cost of sales increased during the period, it did not blow a cloud over the company's broad outlook. Analysts attribute growth in earnings of BUA Cement Plc to effective cost management measures and the use of technologically advanced plants. Source Adaeze Nwachukwu, Proshare Research Read More

NCM 2020: NASD USI Closed Green in 8 Out of 12 Months in 2020 - The NASD OTC Market recorded a depressed performance in Q1 2020 with a -0.69% loss recorded. Market sentiment turned positive in subsequent quarters as the NASD USI inched up by +3.29% in Q2 2020 and further up by +2.55% in Q3 2020. Source Proshare Research Read More

NCM 2020: Top Ten Moments in the Nigerian Capital Market in 2020 - The Nigerian Stock Exchange (NSE) announced the official launch of X-PO, an online platform for the subscription of public offerings (POs) on Friday, December 18, 2020, following the "No Objection" letter received from the Securities and Exchange Commission (SEC). Source Proshare Research Read More

NCM 2020: Yields in the Fixed Income Market Took a Downward Trajectory in 2020 - Yields in the fixed income market in 2020 took a downward trajectory, they were on an all-time low, this was majorly driven by a flight to safety by investors as a result of the pandemic-induced economy which created uncertainties and volatility. Source Proshare Research Read More

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Unlock New Skill in Managerial Diversity and Cultural Communication - If you are a natural leader or want to improve your management skills, Thistle Praxis consulting is inviting you to register for a course focused on the Fundamentals of Cross-Cultural Communication. Source ThistlePraxis Consulting  Read More

Foreign Experts To Audit Ajaokuta Steel Soon - FG - The Federal Government is in the process of bringing in foreign experts to comprehensively audit the multi-billion naira Ajaokuta Steel Company Limited, as the foreigners are expected in the country soon. Source Punch Read More 

JV Oil Assets Gulped N173.38bn In Two Months - NNPC - The Nigerian National Petroleum Corporation spent a total of N173.38bn on oil and gas assets being developed through joint ventures with private firms in October and November 2020, its latest monthly report showed. Source Punch Read More 

DPR Woos Investors For Modular Refineries - The Department of Petroleum Resources has said it is willing to license more modular refineries to come on stream, saying it would put an end to the problem of product scarcity in the country. Source Punch Read More 

Canadian Banks Set For Earnings Decline But Investors Optimistic About Recovery - Canadian banks are set to post their fourth straight year-on-year quarterly profit drop when they report results next week, the longest decline streak since the financial crisis, on margin compression and declining commercial lending, but flattening loan loss provisions signal a turning point, investors said. Source Reuters Read More 

Sudan Central Bank Devalues the Currency to Revive Economy - The move was demanded by international lenders but threatens to pile on more hardship in a country whose inflation rate topped 300% in January. The currency liberalization is a key component of the economic reforms planned by Sudan's military and civilian rulers, who began transitioning the African nation to democracy after decades of authoritarian rule. Source Bloomberg Read More


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FITC to host Technology Summit on Security Strategies on February 26, 2021 - The Financial Institutions Training Centre (FITC) is set to host a Technology Summit on Friday, February 26th, 2021 from 11:00am (WAT), with the theme "2021 Hacking Prediction & Prevention: Security Strategies to Enable the Remote Workforce". Source FITC Read More


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Rapid Urbanization and Urban Development: Implications for Housing in Lagos State - Urbanization has been a key force of economic development throughout Nigeria and the world. Rural-urban migration provides access to employment and business opportunities, good healthcare, education, communication, transportation, and security. Source FDC Ltd Read More


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