Nigeria in 1min: Economic, Business and Financial Headlines - 060320


Friday, March 6, 2020 / 06:30 AM / By News Aggregator / Header Image Credit: @dabiodunMFR


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Potential Impact of the Coronavirus Epidemic: What We Know and What We Can Do - We all recognize that the situation with the spread of the coronavirus is very serious and could well get worse. This affects us all. Let me start with what we know and what we don't yet know about the coronavirus and then how the global community can support those affected by this crisis in an effective and coordinated way. Source IMF Read More 

Coronavirus: FG to Review Budget as Oil Price Plunges - The Federal Government has announced plans to review the 2020 budget as oil revenue comes under severe pressure following the rampaging impact of the coronavirus on oil price.  Source CSL Research Read More 

The Rate of FPI Repatriation Surged in February 2020 Amidst Decline in Foreign Inflows - The outbreak of COVID-19 disrupted economic activities in China, with sources and recent PMI data suggesting material impact on growth. However, the escalation of the virus to countries other than China is already having a reverberating effect on the outlook for the global economy in Q1 and even the rest of the year. Source NOVA Merchant Bank Read More 

Banks' Foreign Assets Rise To N14.19tn - The bank stated in its economic report for the fourth quarter of 2019 that the "foreign assets (net) of the banking system grew by 2.0 per cent to N14.19tn at end-November 2019, in contrast to the 24.7 per cent and 2.2 per cent decline at the end of third quarter 2019 and fourth quarter of 2018 respectively." Source Punch Read More 

Nigeria's Debt Hits N33.078trn As Senate Approves Buhari's $22.7bn Loan - Nigeria's debt hits N33.078trn as Senate approves Buhari's $22.7bn loan Experts flay borrowing '96m Nigerians live in extreme poverty' Nigeria's debt profile has hit N33.078trn (108.1bn) following the Senate's approval of a $22.7 billion (N6.923trn) loan request by President Muhammadu Buhari. The approval pushed up the nation's total debt from $85.4bn (N26.047trn) accumulated as at... Source Dailytrust Read More 

African Finance Ministers, Central Bank Governors to Parley At Agric Confab - Ministers of Finance and Governors of Central Banks in Africa will converge on Transcorp Hotel, Abuja from Monday, March 9 to Tuesday 10, 2020, for a Senior Policy Seminar on agriculture, aimed at promulgating a policy on how the continent would leverage research for agricultural development. Source CBN Read More

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NSEASI Inches Up Marginally By 0.04% As Market Maintains Positive Posture - Equities market closed today on a positive note, as NSEASI appreciated by +0.04% to close at 26,426.20 points as against +0.61% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -1.55%. Source Proshare Markets Read More

AFEX and FMDQ Sign MoU to Promote Product Innovation for Nigeria's Capital Market - In a signing ceremony which held on March 4, 2020, at the AFEX Commodities Exchange Limited (AFEX) offices in Abuja, FMDQ Holdings PLC ("FMDQ Group" or "FMDQ") and AFEX formalised their partnership by executing a Memorandum of Understanding (MoU), solidifying their mutual interest in developing products to deepen the Nigerian capital market. Source FMDQ Group Read More 

MTN Nigeria Q4 2019 Results Review: Solid Earnings Growth Underpinned by Data - We maintain our Outperform rating on MTN Nigeria (MTNN) following its Q4 2019 results which were broadly in line with our expectations. Our 2020-21E EPS forecasts and price target of N201.0 are also unchanged.  Source FBNQuest Read More 

New Lafarge Africa CEO Khaled El-Dokani Visits NSE, Assures Market Of Optimum Performance - The Nigerian Stock Exchange (NSE) dealing members have been assured of improved performance by Lafarge Africa Plc. The commitment was made by the company's new MD/CEO, Mr. Khaled El-Dokani, as he visited the Exchange for the first time since his appointment. Source WebTV Read More 

STANBIC Declares N75.04bn PAT in 2019 Audited Result, Proposes N2.00K Div.,(SP:N32.50K) - Stanbic IBTC Holdings Plc, financial institutions  in Financial Services sector announced 5.1% Gross Earning growth in Q4 '19 Result. Source NSE Read More 

UBN Declares N19.9bn PAT in 2019 Audited Results Proposes N0.25k Final Div. (SP:N6.85K) - Union Bank of Nigeria Plc released its 2019 Audited results for the period ended December 31st, 2019. Source NSE Read More 

FYE 2019 Results: Coronation Records 14% Growth in Earnings, Declares PAT of N5.09bn - Coronation Merchant Bank Limited has announced its Audited Financial Results for the year ended 31 December 2019 and declares a PAT of N5.097 bn. Source  Coronation Merchant Bank Read More

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Nigeria, Others Agree To Cut 1.5 Million Barrels - Nigeria and other members of the Organisation of Petroleum Exporting Countries agreed on Thursday to cut oil production by additional 1.5 million barrels per day in the second quarter of 2020 to prop up prices. The agreement, which was reached at the 178th (Extraordinary) Meeting of the Conference of OPEC in Vienna, Austria, needs the backing of its 10 allies led by Russia. Source Punch Read More

Lawmakers Invite NNPC, Navy, IOCs Over N5tn Oil Theft Probe - The House of Representatives has invited all stakeholders in the petroleum sector to its investigative hearing on crude oil theft valued at over N5tn. The invited stakeholders include the Nigerian National Petroleum Corporation, the Nigerian Navy, International Oil Companies, host communities, among several others. Source Punch Read More 

National Assembly Backs NIMASA's Deep Blue Project - The bid to make maritime sector the mainstay of the Nigerian economy with the deployment of the Integrated Security and Waterways Protection Infrastructure, commonly called the Deep Blue Project by the Nigerian Maritime Administration and Safety Agency (NIMASA), has been endorsed by the National Assembly. Source Thisday Read More

NEPC Eyes $150bn with Zero Oil Plan - The Executive Director/Chief Executive Officer of the Nigeria Export Promotion Council (NEPC), Mr. Olusegun Awolowo, has revealed that, the zero oil plan is capable of improving Nigeria's foreign reserve by $150 billion over the next decade, if successfully executed. Source Thisday Read More

Trump Says U.S. Economy Could Take Hit From Coronavirus - President Donald Trump said on Thursday the U.S. economy might take a hit from the coronavirus outbreak but predicted the challenge would eventually pass and defended his handling of the crisis. Source Reuters Read More

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A Fluid Landscape for the PFAs - We note from Pencom's latest monthly report that the assets under management (AUM) of the regulated pension industry in Nigeria increased by 18.3% y/y in December to N10.22trn (US$27.9bn), and by 2.3% m/m. Source FBNQuest Read More

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