BUSINESS ROUNDUP: Airtel to lose $14m to naira devaluation; Nigeria attracts $195m healthcare investment; Other stories

Hello, and welcome to Business Roundup this week. Here, we bring you highlights of events that happened during the week -from the capital market to the mainstream business activities, while not forgetting the tech/economy build up.

Here are the Headlines:

• Naira may emerge weaker, as CBN moves to unify exchange rates
• Airtel Africa to lose $14m to naira devaluation
• Nigeria’s mutual funds industry assets increased to N1.6tr in 2020
• Nigeria attracts $195m healthcare investment in five years

Summary:

On Friday, following news that the Central Bank of Nigeria (CBN) had adopted a flexible exchange rate as reference for government transactions, the official and the official market reacted, as Naira weakened further.

Ripples Nigeria had reported that the CBN deleted from its website the band of N379 to a dollar used as basis for budget preparation and other official transactions since last year. Read more

The total assets under the management of Nigeria’s Mutual Fund Industry increased to N1.6 trillion last year.

In a report titled: “Comparing Apples and Oranges Why Harmonised Reporting Is the Next Step Forward,” Coronation Asset Management Mutual Funds said this was a 50 percent increase over the total assets garnered in the industry in 2019. Read more

Nigeria’s healthcare sector in the last five years attracted the highest healthcare Private Equity and Venture Capital investment deals in Africa.

This is according to data obtained from Africa Private Equity and Venture Capital Association (AVCA) April report on PE and VC deals. Read more

As Nigerian businesses continue to readjust to the realities of post-COVID-19 pandemic, and government makes policies to support the adversely impacted economy, Airtel Africa’s earnings will be affected.

The company’s revenue and earnings before interest, taxes, depreciation and amortization will both be caught between government and the Central Bank of Nigeria’s policy change. Read more

Read also: BUSINESS ROUNDUP: Naira falls against U.S dollars; Insurance companies pay N4bn following #EndSARS protests; Other stories

On NSE ROUNDUP: Nigeria’s stock markets investors gain N50bn as bourse resumes from Eid break

Investors in the Nigerian stock market gained over N50 billion after returning from the two days Eid holiday on Monday.

The gain coincided with the increase in the equity capitalization from N20.52 trillion to N20.57 trillion at the end of trading on Friday.

The All Share Index also rose by 0.25 percent to move from 39,382.96 recorded on Tuesday to 39,481.89 today. Read more

On the tech scene, Citizens have been warned to take caution with online activities as cyber criminals now deploy messaging app to spy on, and possibly hack devices of unsuspecting persons.

Also, during the week, Nigerian startup CDcare launched an online marketplace that allows users buy appliances and pay in monthly or weekly instalments at zero interest. Read full review

Remarks

Thanks for joining the roundup this week. See you next week for another serving. Don’t forget, for the latest news and updates from around the globe, keep reading Ripples Nigeria.

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