Nigeria in 1min: Economic, Business and Financial Headlines - 230120


Thursday, January 23, 2020 / 07:00 AM / By News Aggregator / Header Image Credit: @jidesanwoolu


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Diversification From Oil Will Be Enhanced By Investment Flows - The Nigerian government has participated enthusiastically in the U.K/Africa investment summit. It is likely to attract substantial investment flows, which will help boost productivity and output in the medium term. Source FDC Ltd Read More 

Average Price of 1kg of Tomato Decrease YoY by -2.80% To N263.90 In December 2019 - Selected food price watch data for December 2019 reflected that the average price of 1 dozen of Agric eggs medium size decreased year-on-year by -1.96% and month-on month by -1.32% to N457.80 in December 2019 from N463.91 in November 2019 while the average price of piece of Agric eggs medium size (price of one) decreased year-on-year by -4.37% and month-on-month by -1.13% to N40.72 in December 2019 from N41.18 in November 2019. Source NBS Read More 

FAAC Distribution Short of States' Needs - The gross monthly payout by the Federation Account Allocation Committee (FAAC) to the three tiers of government amounted to N716bn (US$1.98bn) in January (from December revenue). Source FBNQuest Read More 

Refineries Posted N123.3bn Loss in 10 Months - NNPC - The country's refineries under the management of the Nigerian National Petroleum Corporation made a cumulative loss of N123.25bn from January to October 2019, latest figures released on Wednesday showed. An analysis of data in the October 2019 oil and gas report of the NNPC showed that all three entities recorded losses during the period under review. Source Punch Read More 

Set Up 36 Agro-Allied Industries, Buhari Directs Ministry - The President, Major-General Muhammadu Buhari (retd.), has directed the Ministry of Industry, Trade and Investment to establish agro-allied industries in each state of the federation. The Minister of State for Industry, Trade and Investment, Mariam Katagum, confirmed the development during a meeting with a delegation from the Amana Farmers and Grains Suppliers Association of Nigeria. Source Punch Read More 


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NCM2020 (3) - General Improvement In Global Stock Markets Amid Economic Headwinds - There was a general improvement in the global stock markets amidst various economic headwinds such as the trade tensions between US and China, BREXIT uncertainty, slow-down in automobile industry, global slowdown in economic growth,  geopolitical tensions in the middle-east etc. Source Proshare Read More  

NSEASI Dips Marginally By -0.02% As Sell Pressure Persists - Equities market closed today on a negative note, as NSEASI depreciated by -0.02% to close at 29,458.21 points as against -0.83% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +9.75%. Source Proshare Markets Read More

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Senate Seeks Powers For Auditor General To Tackle Corruption - The Senate has vowed to pass the Federal Audit Bill on resumption to address the lacuna in audit law and tackle corruption. The Vice Chairman, Senate Public Accounts Committee, Senator Ibrahim Hadejia, made the vow in an interview with journalists in Abuja on Wednesday. Source Punch Read More 

Fast-track Power Sector Probe, SERAP Tells AGF, EFCC, ICPC - Socio-Economic Rights and Accountability Project (SERAP) has urged the Minister of Justice, Mr. Abubakar Malami (SAN) and anti-graft agencies to fast-track prosecution of all cases of corruption in the electricity sector. Source Thisday Read More 

After China Trade Deal, Europe And UK Next On Trump's To-Do List - U.S. President Donald Trump vowed to rip up international trade deals and rebalance America's global trade relationships. Three years into his presidency, he has done just that, using a slew of tariffs, threats, and bilateral talks to shake up relations with nearly every major U.S. trading partner. Source Reuters Read More


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Nigeria Ends 2019 With 10.7m New Telephone Lines, 37.8% Broadband Penetration - Some 10.7 million lines were added to Nigeria's telephone network in 2019. This made the country to finish the year with 184.7 million active telephone subscriptions. This resulted in 96.8 per cent teledensity penetration. Source Guardian Read More 


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