Nigeria in 1min: Economic, Business and Financial Headlines - 230321


Monday, March 23, 2021 / 6:00 AM / By News Aggregator / Header Image Credit:Twitter; @dabiodunMFR

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COVID-19 Health Updates 

  • 23rd of March 2021: Nigeria COVID19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 161,868 cases (New: 131)
  • Discharged:  147,125
  • Deaths: : 2030 (New: 0)

Source: NCDC Read More

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FAAC Disburses N619.34bn in January 2021 - NBS - The Federation Account Allocation Committee (FAAC) disbursed the sum of N619.34bn to the three tiers of government in December 2020 from the revenue generated in January 2021. Source NBS Read More

Nigeria Needs Pragmatic Economic Policies to Address A Troubling Misery Index - Nigeria must take bold steps through pragmatic economic policies to address its troubling misery index. Dr. Biodun Adedipe a seasoned economist and Chief Consultant, BAA Consult stressed this in a recent conversation on "Policy Steps to Tackle Nigeria's Rising Unemployment Rate". Source Ottoabasi Abasiekong for WebTV Read More

Nigeria's Inflation Squeeze; An Unfolding Tale of Monetary Trauma - Trauma is becoming part of Nigeria's day-to-day existence and in no greater place is this rearing up than in the sustained rise in the country's domestic inflation rate. Nigeria's upward aggregate price trajectory has left consumers worried, investors scared and farmers confused as food prices escalate without a commensurate rise in farmgate incomes. Source NBS Read More

Fitch Rates Seplat's Upcoming Notes 'B-(EXP)' - Fitch Ratings has assigned Seplat Petroleum Development Company Plc's (Seplat; B-/Positive) upcoming senior notes an expected senior unsecured rating of 'B-(EXP)'. The Recovery Rating is 'RR4'.  Source Fitch Ratings Read More

FG to End Electricity Subsidies by December 2021 - The federal government intends to end the current subsidy being paid on electricity by the end of the year, Special Adviser to President Muhammadu Buhari on Infrastructure, Mr. Ahmad Zakari, has said. Source THISDAYLIVE Read More

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GT Bank FY2020 Audited Result: Slim Earnings Growth Clash with Rising Impairments - GT Bank has been an organic growth animal, unlike some of its Tier 1 banking rivals the bank has grown its assets and earnings under the strength of its own wings rather than by the acquisition of other banks. Source Adaeze Nwachukwu, Proshare Research Read More

Investors Gain N178.14bn as NSEASI Inches up by 0.89% to Open the Week Positive - Equities market closed today on a positive note, as NSEASI appreciated by +0.89% to close at 38,722.87 basis points as against -1.37% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -3.84%. Source Proshare Markets Read More

Afrinvest Stock Recommendation for the Week 220321 - The domestic equities market recorded losses on 3 of the 5 trading sessions last week as investors took profit in bellwether stocks. Accordingly, the NSE All-Share Index fell 0.7% w/w to settle at 38,382.39 points. Similarly, YTD loss worsened to -4.7% while market capitalisation declined N139.2bn w/w to close at N20.1tn. Source Afrinvest Research Read More

AFEX Indexes Experienced a Positive Performance for the Week as @ 190321 - The AFEX Commodities Index {ACI} increased by 2.11% (W-o-W) to close at 400.85 basis points. This is attributable to the increase of the prices of maize and soybean despite the decline in paddy rice and sorghum prices for the reporting week. Source Kainosedge Consulting for AFEX Commodities Exchange Read More


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NBCC Forum: Stakeholders Review Private Equity and Economic Gains For Nigeria - Mr. Kayode Falowo, President of the NBCC in his welcome address noted that in a global private equity market review 2020, the total Asset Under Management (AUM) as of 2019 was estimated to be US$3.9trn with North America, Europe, and Asia accounting for 49%, 18.3% and 28.4% of the market respectively;  while the rest of the world represented 4.2% of the market. Source Ayomide Oguntoye Read More

Living on the Covid Side of Life: The New Normal and The Rise of Gig Economic Platforms in Africa - Would you like to be a taxi driver? You know, using your vehicle to transport people around town and get paid? Many people would say no, preferring to work in full-time employment where career progression is possible. Source Adedeji Olowe and Oluwatoyin Ashipa, trium Read More

NNPC Streamlines Measures to Achieve $10/bl Production Cost Target - The Nigerian National Petroleum Corporation (NNPC) has taken a step further to achieve the $10 per barrel oil production cost benchmark with the development of the five-levelled Upstream Cost Efficiency Transformation Framework. Source THISDAYLIVE Read More

Duport Modular Refinery Ready for Inauguration Q4 2021 - The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Mr. Simbi Wabote, has said the 2,500 barrels per day modular refinery under construction at Egbokor, Edo State by Duport Midstream Company Limited in partnership with the NCDMB will be ready for inauguration in the last quarter of 2021. Source THISDAYLIVE Read More

AfCTA: Nigeria Plans $50bn intra-Africa Exports - The National Action Committee on African Continental Free Trade Area Agreement has disclosed plans to achieve economically viable communities in Nigeria by growing its intra-Africa export trade volume to $50bn by 2035. Source Punch Read More

RIMAN Urges Banks to Manage Liquidity Risks Digitally - The Risk Management Association of Nigeria has urged risk management practitioners to adopt digital means to instantly assess their liquidity and other emerging risks within their banks to protect their banks assets. Source Punch Read More

Only 47 Money Transfer Operators are Licensed - CBN - The Central Bank of Nigeria has released the list of 47 International Money Transfer Operators that are licensed to operate in the country. It disclosed this on its website in a document titled 'List of approved International Money Transfer Operators as at February 28, 2021'. Source Punch Read More

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NQR Payment Solution Will Encourage Contactless Payments And Further Drive CBN Cashless Policy - Managing Director, Ecobank Nigeria, Patrick Akinwuntan has said the introduction of the Nigeria Quick Response (NQR) code payment solution by the Nigeria Inter-Bank Settlement System (NIBSS) is strategic and timely as it will encourage contactless payments while also aligning to the Central Bank of Nigeria (CBN)'s goal to drive a cashless economy. Source Ecobank Read More

FirstBank CEO Lists Technology, Capacity as Key for Post-COVID-19 Growth - Dr. Adesola Adeduntan, Chief Executive Officer, First Bank of Nigeria Limited said technology, innovation, and enhanced capabilities have become necessary to achieve significant business growth in the post-COVID-19. Source First Bank Read More 


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Tony Elumelu Foundation Releases 2020 Annual Letter - Tony Elumelu Foundation (TEF), Africa's leading philanthropy committed to empowering African entrepreneurs, has released its 2020 Annual Letter titled "The Power Of Entrepreneurship Amidst Uncertainty". Source TEF Read More


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