Headlines news for the day – First Ideas Limited

Headlines news for the day

Investors Gain N14.33bn as NSEASI Inches Up by 0.07%, Erases Previous Day Loss
Equities market closed today on a positive note, as NSEASI appreciated by +0.07% to close at 39,477.18 basis points as against -0.03% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -1.97%.
Market breadth closed positive as ETERNA led 27 Gainers as against 12 Losers topped by IKEJAHOTEL at the end of today’s session – an improved performance when compared with previous outlook.
Market turnover closes negative as volume moved down by -6.05% as against +0.77% uptick recorded in the previous session. SOVRENINS, WAPCO and HONYFLOUR were the most active to boost market turnover. MTNN and WAPCO topped market value list.
UNITYKAP leads the list of active stocks that recorded impressive volume spike at the end of today’s session.

South Africa remains second to Nigeria after $37bn boost from GDP revision
South Africa’s economy was worth $369 billion in 2020 after the statistics authorities changed the way Gross Domestic Product (GDP) is calculated, but the economy remains second to Nigeria’s which was worth $375 billion the same year. The revision added $37 billion.

Nigeria’s trade sector turns positive after 8 quarters of negative growth
The trade sector returned to positive growth in the second quarter (April-June) of 2021, ending eighth consecutive quarters of contraction, thereby escaping an economic depression.
With fuel subsidy, Nigeria’s economy challenged on multiple fronts – Akabueze
For Nigeria, retaining fuel subsidies amid tight fiscal conditions is ‘a case of collective foolishness’, as it not only hurts the economy, but benefits mainly the rich, according to Ben Akabueze, director general, Budget Office of the Federation..

President Buhari Announces N287bn PAT for NNPC and Publication of Audited Financials for Year 2020
In fulfillment of an earlier pledge by the Federal Government to publicly announce the financial position of the Nigerian National Petroleum Corporation, President Muhammadu Buhari has disclosed a Net Profit, first time in the 44-year history of the establishment.

According to the President, who doubles as Minister for Petroleum Resources, “I am pleased to announce the declaration of Profit after Tax of Two Hundred and Eighty Seven Billion Naira (N287 Billion) in Year 2020 by the Nigerian National Petroleum Corporation. This is sequel to the completion of the statutory Annual Audit exercise for Year 2020.

“The NNPC losses were reduced from N803 Billion in year 2018 to N1.7 Billion in year 2019 and the eventual declaration of Net Profit in Year 2020 for the first time in its 44-year history.

“This development is consistent with this administration’s commitment to ensuring prudent management of resources and maximization of value for the Nigerian people from their natural resources.

“I have further directed the Nigerian National Petroleum Corporation to timely publish the Audited Financial statements in line with the requirements of the law and as follow up to our commitment to ensuring transparency and accountability by public institutions.

“I congratulate the Board, Management and Staff of the Corporation and look forward to greater value creation for the Nigerian people.”

President Buhari Appoints Dr. Simon Harry as SG of the Federation, Dr. Yemi Kale Bows Out
President Muhammadu Buhari has approved the appointment of Dr. Simon B. Harry as the new Statistician-General of the Federation to head the National Bureau of Statistics (NBS).
Dr. Harry is to succeed the out-going Statistician-General, Dr. Yemi Kale, whose second term tenure of five years expired on 16th August, 2021.
Currently, Dr. Harry is the Director, Corporate Planning and Technical Coordination Department of NBS with almost three decades of statistical experience.

He joined the erstwhile Federal Office of Statistics as Statistician 11 in 1992 and rose to the position of a substantive Director of Statistics in 2019.

In the course of his civil service career, Dr. Harry has contributed to several reform initiatives including the reform of the then Federal Office of Statistics which transformed to the current.

National Bureau of Statistics, the reform of the Nigerian Statistical System which resulted to the creation and establishment of State Bureaus of Statistics at the sub-national level.

NBS Publishes COVID-19 Impact Monitoring Survey Report for April 2021
In April 2020, the National Bureau of Statistics (NBS), with support from the World Bank, launched the COVID-19 National Longitudinal Phone Survey (NLPS); a monthly survey of a nationally representative sample of 1,950 households to monitor the socio-economic impact of the pandemic and other shocks.
OPEC Secretary-General Says Africa Needs to Combat Energy Poverty As a Priority
H.E. Mohammed Barkindo, Secretary-General of the Organization of Petroleum Exporting Countries (OPEC) has urged African oil-producing countries to continue developing their energy sector activities and reassured that OPEC will continue to serve as a viable partner and “assist [them] in whatever way possible”.

NECA Seeks Enabling Environment for Job Creation
The Nigeria Employers’ Conservative Association has called on the government to create an enabling environment for businesses, as this would help increase job creation in the nation.
MTEF: FRC, FRSC Split on Non-Remittance of N5.1 Billion IGR
The Federal Road Safety Commission, FRSC, was Wednesday, piqued by a claim from the Fiscal Responsibility Commission (FRC), that the agency, was yet to remit the sum of N5.1 billion it generated from 2016-2019, into the federal government account.
NEITI Seeks Closer Ties with Foreign Affairs Ministry on Transparency
The Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), Dr Ogbonnaya Orji, has met with the Minister of Foreign Affairs Mr. Godfrey Onyeama on the need to incorporate the implementation of natural resource governance into Nigeria’s foreign policy.

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