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Nigeria in 1min: Economic, Business and Financial Headlines - 200123

Jan 20, 2023   •   by   •   Source: Proshare   •   eye-icon 353 views


African Development Bank Launches Inaugural Africa’s Macro-Economic Performance and Outlook Report - Africa’s Macroeconomic Performance and Outlook is the African Development Bank Group’s new biannual publication- to be released in the first and third quarters of each year. Source AfDB Read More

Unemployment Rate May Hit 37% Amid Rising Poverty, NESG Warns - The Nigerian Economic Summit Group (NESG) has projected that the unemployment rate is likely to increase to 37 per cent, while poverty headcount will increase to 45 per cent due to weak performance in the job-elastic sectors. Source Guardian Read More

NACCIMA Fears Worsening Inflation - The Director-General of the Nigerian Association of Chambers of Commerce, Industry, Mining and Agriculture, Sola Obadimu, has said that Nigeria’s current inflation rate poses a serious risk to the survival of businesses across the country. Source Punch Read More



Investors Gain N5.94bn as NGXASI Appreciates by 0.02%; Overnight Rate Closes Flat at 9.50%; BDC Rate Depreciates to N757 - The NGX All-Share Index advanced by 0.02% to close at 52,626.42 basis points as against a -0.16% loss recorded previously to close at 52,615.51 basis points at the end of the last trading session. In Naira terms, the NGX Market CAP records a N5.94bn gain. YTD, the NGXASI Stands at +2.68%. Source Proshare Research Read More


Deeper Ties on Yellen's Mind as U.S Begins Year of African Engagement - U.S. Treasury Secretary Janet Yellen will kick off a year of visits by top U.S. officials to Africa on Friday aiming to firm up U.S.-Africa ties after decades in which China has dominated investment across the continent. Source Reuters Read More

Mining Agency: FG Generated N14.59bn As Revenue from Licences In Five Years - The federal government, through the Nigeria Mining Cadastre Office, says it generated N14.59 billion in five years (2018 to 2022). Source TheCable Read More



Robust Growth in Active Mobile Subscribers; Grows by 2.0% MoM in November 2022 - Our chart below, drawn from the Nigerian Communications Commission (NCC) data, shows that active mobile lines and internet connection grew modestly by 2.0% m/m and 0.1% m/m to 219.0 million and 152.9 million respectively as at end-November 2022. Source FBNQuest Research Read More

Nigeria’s Central Bank Issues PSSP Licence to Infrastructure Fintech Startup Fincra - Six months after issuing fintech startup Fincra an approval-in-principle, Nigeria’s central bank has awarded the startup a PSSP licence, enabling it to operate as a payment solutions service provider within the country. Source Tech Cabal Read More

Amazon to Lay Off Staff in U.S., Canada and Costa Rica by End of Day - Inc (AMZN.O) will cut some jobs in the United States, Canada and Costa Rica by the end of Wednesday as part of its plan to lay off 18,000 employees, the e-commerce giant said in a memo to staff seen by Reuters. Source Reuters Read More



Insurance is the Only Business with In-Built Social Responsibility - By its principles and practices, insurance considers the characteristics of a good society, and as a business, it takes on the responsibility of ensuring that we are all safe and secure at all times. Source Ekerete Ola Gam-Ikon Read More

ATMs: CBN to Sanction Banks Dispensing Old Notes - The Director of the Legal Services Department of the Central Bank of Nigeria, Mr. Kofo Salam-Alada, has said the agency will go tough on banks that continue to fill their ATM machines with old naira notes as the deadline to phase out the notes nears. Source Punch Read More


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