Nigeria in 1min: Economic, Business and Financial Headlines - 110520


Monday, May 11, 2020 / 6:07 AM / By News Aggregator / Header Image Credit: IoD Nigeria


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COVID-19 Health Updates

  • On the 10th of May 2020, 248 new confirmed cases and 17 deaths were recorded in Nigeria
  • No new state has reported a case in the last 24 hours.
  • Till date, 4399 cases have been confirmed, 778 cases have been discharged and 143 deaths have been recorded in 34 states and the Federal Capital Territory
  • The 248 new cases are reported from 17 states- Lagos(81), Jigawa(35), Borno(26), Kano(26), Bauchi(20),FCT(13), Edo(12), Sokoto(10), Zamfara(7), Kwara(4), Kebbi(4), Gombe(2), Taraba(2), Ogun(2), Ekiti (2), Osun(1), Bayelsa(1) Read More

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Groups Advocate for Reforms in the Downstream Sector of the Oil and Gas Industry - Following the recent outbreak of the novel Coronavirus pandemic and the resultant twin shocks on the global economy and the impact on crude oil prices at the international market, a virtual meeting was held on April 22, 2020 to enable civil society groups appraise the effects of recent events and the implications on the Nigerian petroleum industry. Source Press Release Read More 

Broad, Fast Action to Save Lives and Help Countries Rebuild - The COVID-19 pandemic is uncharted territory for every country in the world. It has unleashed both a global health emergency and an unprecedented economic crisis of historic magnitude. Even as the coronavirus continues to spread, the World Bank estimates that, between 2019 and 2020, the global economy will shrink by $4.2 trillion dollars. Source Alex van Trotsenburg of World Bank Read More 

NOVA Monthly Economic Insight: Liquidity Pressure to Moderate Impact of Higher Borrowings - In our recently published report on the fiscal position, we concluded that the expected borrowing of $6.9 billion and the $150 million drawdown from NSIA will unlock about N2.5 trillion for the federation account to augment shortfalls from both oil revenue, lower customs and VAT revenue. Irrespective, we stated that the 2020 budget will still have a N2.6 trillion gap given our modelled budget deficit of N5.1 trillion. Source NOVA Merchant Bank Read More 

Total Household Expenditure on Food and Non-food Was Put At N40.21bn in 2019 - NBS - In determining living standards, income and consumption are the most popular approaches. Income refers to earnings from productive activities and current transfers. Measuring consumption over a week or month provides an indication of a household's consumption habits over a year because it has a smooth flow to it in order words it is steady. Source NBS Read More 

Oil Holds Gains Despite Massive Unemployment - OIR 080520 - Oil markets are on course to see their second consecutive weekly gain as the OPEC+ production cut comes into effect and a wave of shut-ins hit the shale patch. Source Oilprice Read More 

FIRS Issues Information Circulars on Provisions of Tax Laws Amended by the Finance Act, 2019 - Circulars supersede any previously issued circular, notice or publication by the FIRS, which is inconsistent with the Circulars to the extent of its inconsistency. Source KPMG Read More 

Nigerian Financial Institutions Remain Resilient To Economic Disruptions - The Deputy Governor, Financial System Stability, Central Bank of Nigeria, Mrs. Aishah Ahmad, FCIB, encouraged banks to maintain their commitment to sustainability in designing their business models to enable them to cope with disruptions and make a positive environmental and social impact in their quest to deliver value to their stakeholders. Source CIBN Read More

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Fitch Maintains Access Bank's 'A+(nga)' National Long-Term Rating on RWN - Fitch Ratings has maintained Access Bank Plc's 'A+(nga)' National Long-Term Rating and 'F1(nga) National Short-Term Rating on Rating Watch Negative (RWN). Source Fitch Ratings Read More 

Coronavirus Shock Likely to Reduce Some Banks' Capital, Increase Credit Vulnerabilities - The rapid global spread of the coronavirus has led to a deteriorating economic outlook, sharply lower oil prices and broad financial market upheaval, generating an unprecedented credit shock across many sectors worldwide. Source Moody's Investors Service Read More 

Pushed into Austerity by Virus and Oil Slump, Saudi Triples VAT Rate -  Saudi Arabia will triple its value added tax rate and suspend a cost of living allowance for state employees, the kingdom's finance minister said on Monday, seeking to shore up finances hit hard by low oil prices and a coronavirus-driven slowdown. Source Reuters Read More 

Integrated Payment System Saved N361bn Despite Opposition, says FG - The Office of the Accountant-General of the Federation on Sunday said the Integrated Payroll and Personnel Information System had saved over N361bn for the Federal Government despite opposition and sabotage from some quarters. Source Punch Read More 

CEOs Urge FG To Declare Emergency In Manufacturing Sector - Chief executive officers of manufacturing industries across the country have called on the Federal Government to declare a state of emergency in the nation's manufacturing sector due to its lacklustre performance in the first quarter. Source Punch Read More


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What To Expect From The Markets This Week - 110520 - In the recent citizens' dialogue session on "government fiscal policy decisions in response to the fall in oil prices and the COVID-19 pandemic, the minister for finance, budget, and national planning, Mrs Zainab Ahamed, acknowledged that Nigeria will nosedive into economic recession in 2020. Source Proshare Read More 

Central Bank Of Nigeria Weakens Naira At The OTC FX Futures Market To Battle Dollar Scarcity - The Naira gave up some of its recent gains at the I&E FX window today, losing 0.43% of its value to close at N386.38/$ with as the greenback remains in short supply in the market. The CBN spot rate and SMIS rates remained unchanged again to close the day at N361/$ and N380.69/$ respectively. Source Zedcrest Capital Read More 

Investment Case Frayed at the Edges - From our chart we see the steady deterioration in the sentiment of foreign portfolio investors (FPIs) towards listed Nigerian equities. In calendar years their net outflow widened from N66bn in 2018 to N104bn in 2019. Data from the NSE for the first quarter show an increase from N27bn in 2019 to N121bn this year.  Source FBNQuest Read More 

NSE Ranks Second in Bloomberg's Best Performing Indexes Over the Past Month - The Nigerian Stock Exchange has enjoyed significantly rallies in recent weeks, even amidst the global Coronavirus (COVID-19) pandemic. As The Exchange sustains remote trading, free flow of information and vibrant market activity, the index has accelerated +16.39% in the past month and ranks second in Bloomberg's best performing indexes within the period.  Source NSE Read More 

Investors Gain N753.59bn WoW as NSEASI Inches Up by 4.45% to Close the Week Positive - Equities market closed today on negative note, as NSEASI depreciated by -1.27% to close at 24,143.37 points as against +0.87% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -10.42%.  Source Proshare Markets Read More 

Corporate Earnings For The Week Ending 080520 - 11 in All - Six(6) out of the Eleven (11) firms declared growth in revenue. UNITYKAP records 52% growth in earnings to emerge as the firm with highest growth in earnings while PORTPAINT records 8% negative growth in earnings to emerge as the firm with the least growth rate. AIICO tops with the highest PAT figure while UAC-PROP declared the least with a loss. Source Proshare Research Read More 

Zenith Bank Is Maintaining Outperform Rating in Q1 2020 - We keep our Outperform rating on Zenith Bank (Zenith), but make a -7% downward adjustment to our price target to N44.6, implying a potential upside of 193% from current levels. In contrast to the cut to our price target, we have increased our 2020E EPS forecast by 4% because the bank's Q1 PAT came in c.5% ahead of our forecast because of a positive result of N12bn in other comprehensive income. Source CSL Research Read More 

Benefits of Leveraging on Crowdfunding for MSMEs - The NASD OTC Security Index (NSI) and Market Capitalisation closed the trading week on Friday, May 08 2020, with a negative movement in Market capitalisation and NSI against preceding Thursday, April 30 2020. Source NASD Read More 

Market Review and Round-Up of Corporate News Announced During The Week Ending 080520 - The equities market recorded mixed performance - the listed equities market recorded +4.45% gain WoW while the NASD OTC closed negative with -0.05% loss. Source Proshare Read More 

Coronavirus Causing Dramatic Differences in State Unemployment - Economic implications of the coronavirus pandemic have been deep and substantial across the US, and state-level unemployment claims data imply a wide range of effects across states that will drive economic and revenue trends. Source Fitch Ratings Read More 

Forex Repatriation: Emefiele Assures Investors of Investments Security - The Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has assured investors of the security of their investments in the country despite dwindling revenue from the sale of crude oil globally. Source CBN Read More


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IFC partners CIBN to Deliver Sustainable Banking Certification Programme - The International Finance Corporation (IFC), said it had firmed up arrangements with The Chartered Institute of Bankers of Nigeria (CIBN) on capacity building and Certification on Sustainable Banking in Nigeria Source CIBN Read More 

New Board for O'dua Investment Limited Inaugurated, Segun Aina Appointed Chairman - The South West Governors' Forum has inaugurated the Board of O'dua Investment Limited. This, among others, was the thrust of a virtual meeting held yesterday, Thursday, May 7, 2020 by the six Governors of Lagos, Ogun, Oyo, Osun, Ondo and Ekiti states; presided over by the Chairman, Arakunrin Oluwarotimi Odunayo Akeredolu, SAN, Governor of Ondo State. Source South West Governors' Forum Read More 

Mr. Mobolaji Balogun Retires as WAPCO Board Chairman; Appoints Adebode Adefioye As Replacement - Lafarge Africa Plc today announces that Mr. Mobolaji Balogun has notified the Board of Directors, of his intention to retire voluntarily as Chairman and step down as a member of the Board after the conclusion of the 2020 Annual General Meeting. Mr. Balogun served for over fifteen (15) years, having joined the Board in March 2005. He served for the first ten (10) years as a Non-Executive Director and was appointed Chairman in May 2015. Source NSE Read More 

Refineries Produced No Petrol In Eight Months - NNPC - No drop of petrol or kerosene was produced by any of the refineries under the management of the Nigerian National Petroleum Corporation for eight straight months. Latest figures released by the NNPC on refined white products (petrol and kerosene) from local refineries showed that from June 2019 till January 2020, the facilities refined none of the identified finished products. Source Punch Read More 

CBN Gives Medical Firms Conditions to Access N100bn Loans - To access the N100bn loans provided by the Central Bank of Nigeria for firms in the healthcare sector, a corporate entity must submit its application to a participating financial institution which could be either a Deposit Money Bank or a Development Finance Institution of its choice with a bankable business plan. Source Punch Read More 

ECA: Africa Loses $65.7bn Monthly to Lockdowns - The Economic Commission for Africa (ECA) has released a new report proposing to African nations various COVID-19 exit strategies following the imposition of lockdowns that helped suppress the spread of the COVID-19 in the region but with devastating economic consequences. Source THISDAY Read More 

NACCIMA Welcomes Planned Bailout for Aviation Sector - The Nigerian Association of Chambers of Commerce Industry Mines and Agriculture (NACCIMA) has commended the federal government's planned bailout of Nigerian airlines due to the impact of the COVID-19 pandemic. Source Thisday Read More 

White House Considers More Coronavirus Aid as Jobs Picture Worsens - Officials in President Donald Trump's administration, including Treasury Secretary Steven Mnuchin and White House economic adviser Larry Kudlow, said they were holding discussions with lawmakers on issues including potential aid to states whose finances have been devastated by the pandemic. Source Reuters Read More


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Aviation Sector Gasps for Stimulus in Worst Ever Crisis - In 2019, the Nigerian aviation sector was the fastest growing sector in Nigeria in real GDP terms, up 13.2% y/y to N83.5bn from N73.8bn in 2018. However, the outbreak of the coronavirus in Nigeria has threatened to derail the fast improving prospect of the industry. The aftermath policies of the Federal Government's bid to contain the spread of the coronavirus resulted in the shutdown of the Nigerian airspace since March 22. Source CSL Research Read More 

Sukuk Still A Viable Instrument for Investments Amidst COVID-19 Pandemic - Dr Mohammed Dabiri - Despite the global financial market and economic uncertainty fuelled by the novel coronavirus, the Sukuk bond instrument remains a viable investment that could create superior value for different classes of investors. Dr. Mohammed Dabiri, an Islamic Business and Finance lecturer at the Crescent University, Abeokuta, Ogun State, said this at an interview on WebTV's Islamic Finance Weekly program. Source WebTV Read More 

LASG Issues Eleventh Update on Coronavirus Situation in Lagos State As At May 09, 2020 - Dear Lagosians, on Monday May 4, 2020, we commenced a gradual and controlled easing of the 5week lockdown occasioned by the Coronavirus pandemic. Six days into this new phase, I am here to address you on our assessment of the experience so far. Source LASG Read More 

Over 1 Million People Benefit from Refugee Zakat Fund - UNHCR - The United Nations High Commissioner for Refugees (UNHCR) has urged Muslims and other faith-based organisations to support refugees struggling to cope with the repercussions of the global COVID-19 pandemic through the Refugee Zakat Fund. Source UNHCR  Read More 

The UNHCR's 2020 Islamic Philanthropy Report - During the first year of its inception, the Fund has assisted 1,025,014 beneficiaries in eight countries. This includes Syrian refugees in Jordan, Lebanon and Egypt, Rohingya refugees in Bangladesh and Malaysia, Malian refugees in Mauritania, and IDPs in Yemen and Iraq. Source UNHCR  Read More


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