Nigeria in 1min: Economic, Commercial and Financial News


Monday 22 November 2021/6 a.m. / By News Aggregator / Header Image Credit: FA

COVID-19 Health Updates

  • November 20, 2021: Nigeria’s COVID-19 Status in 36 States and the Federal Capital Territory
  • Confirmed: 213,532 cases (New: 45)
  • Released: 206,486
  • Death: 2,973 (New: 0)

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PROSHARE ECONOMY

Inflation in Nigeria drops to 15.99%, biggest drop in seven months – Year-on-year food inflation moderated 1.23 percentage points, from 19.57% in September to 18.34% in October, suggesting that the price Nigerians pay for food in October 2021 is on average 18.34% higher than the price paid in the corresponding period last year. AbdulQudus Isiaka, Proshare Research Read more

Nigerian states’ ratings challenged by their own income generation – The fiscal rules framework of Nigerian states is evolving, due to their limited capacity for own revenue generation and the development of debt and liquidity management regulations and practices as part of the devolution of a wide range of responsibilities to states, Fitch Ratings said in a new framework report. Fitch Source Reviews Learn more

9M 2021 Oil and Gas Company Results: Riding a Post-COVID Reversal – Nigerian oil and gas companies saw modest growth in the first nine months of 2021. Latest results from some NGX-listed companies show increased profits and balance sheet growth despite the persistent COVID-19 pandemic and the uncertain outlook for fossil fuels. Source Tosin Ige, Proshare Research Read more

FG to begin disbursement of naira 655 billion bridging financing – Minister of Finance, Budget and National Planning, Zainab Ahmed, informed the National Economic Council on Thursday that bridging credit is currently being processed by the Central Bank of Nigeria. Source Punch Read more

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PROSHARE MARKETS

What to expect from the markets this week – 221121 – According to data from the National Bureau of Statistics, Nigeria recorded real GDP growth of 4.03% in the third quarter of the year after growing 5.01% in the second quarter of 2021. At the press conference preceding the report’s release, the Bureau identified the base effect of low GDP recorded in Q2 and Q3 2020 as the main contributors to GDP growth in Q3 2021. Source Proshare Content Read more

Okomu Oil Palm Company 9M 2021 Result: Spring Profits Leads to Increase in Equity – Okomu Oil Palm, best known for its agro-industry, operates two large companies: crude palm oil and the rubber market. Okomu Oil has become the first Nigerian palm oil company with a production capacity of 45,400 T of palm oil and 7,300 T of rubber. Jariyat Bakare, Proshare research intern Read more

Review of GTCO Q3 2021 Results: FY2021 Profits May Miss Forecast – GTCO’s pre-tax and after-tax profits in Q3 ’21 improved significantly in q / q due to double-digit reductions in loan loss provisions and operating expenses. However, the results were still poor. Source FBNQuest Research Read more

NASD OTC NSI declined -1.52% WoW to close at 745.65 basis points – The NASD OTC Securities Exchange index closed the week with a negative return from the NSI. The yield of the NSI fell 1.52% to end the week at 745.65 points against 757.16 on Friday, November 12, 2021. Source NASD Read more

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PROSHARE COMPANY

PenCom clarifies Leadway Pensure’s investment in First Bank Holdco, influence of Whittles Odukale – The Commission’s attention has been drawn to several media publications alleging a violation of its regulation on the investment of pension fund assets by Leadway Pensure Ltd, a registered pension fund administrator (PFA), in the shares of FBN Holdings Plc. Source National Pension Commission Read more

TCN begins the rehabilitation of old circuit breakers nationwide – The Transmission Company of Nigeria (TCN) said it has started the rehabilitation and replacement of old circuit breakers in the country’s transmission network. Guardian of the source Read more

Nigeria, others lose $ 5 billion a year on the cost of currency convertibility – African countries lose $ 5 billion a year due to the costs of currency convertibility, said Secretary General of the African Continental Free Trade Area (AfCFTA) Wamkele Mene. Guardian of the source Read more

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Poor transparency could hamper debt restructuring, warns World Bank – Limited transparency will delay the critical debt reconciliation and restructuring of the poorest countries, warned World Bank Group President David Malpass. Guardian of the source Read more

Foreign reserves recover and lose $ 410 million in 17 days – After rising to a record $ 5.05 billion last month, Nigeria’s external reserves have fallen by $ 410 million in the past 17 weeks, according to the latest data from the Central Bank of Nigeria. CBN data revealed that reserves fell to $ 41.50 billion on November 14 from $ 41.79 billion on November 1. Source Punch Read more

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PROSHARE TECHNOLOGY

Fintech Week 2021 DAY 5: CBDC and the future of money – The central bank’s digital currency and the future of money were the focus of discussion during the recent Nigerian Fintech week 2021 in Lagos. It was an opportunity for industry stakeholders to reflect on the way forward for the CBDC and to stimulate a vibrant digital economy. Source Ottoabasi Abasiekong for WebTV Read more

From 2021 to 2022: Prospects for cybersecurity – Several trends have dominated the African cybersecurity landscape in 2021. The continent remains a focal point for investments as connectivity and mobility continue to grow – with just 38% of the population connected, there are huge opportunities compared to developed markets. Source KnowBe4 Read more

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PROSHARE FINANCING

Jaiz Bank will open more branches and increase financial inclusion services in 2022 – Jaiz Bank will open more branches in 2022, expand financial inclusion services and increase investment in technology. The Executive Director, Business Development, North, Jaiz Bank, Dr Sirajo Salisu, made this point during a recent discussion on improving interest-free banking in Nigeria. Source Bukola Akinyele-Yisau for WebTV Read more

Advantages and disadvantages of investing in real estate compared to other asset classes in Nigeria – Investing is a hot topic. Gone are the days when the subject was limited to a certain age group or a certain social status. Now everyone seems to have a thing or two to say on the subject. Financial security is ultimately the reason why the hunt for investment opportunities is dizzying more than ever; and the information glut on the Internet, where you too are reading this, has been a laudable catalyst. Source Alpha Mead Read more

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