Nigeria in 1min: Economic, Business and Financial Headlines - 120320

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Thursday, March 12, 2020 / 06:40 AM / By News Aggregator / Header Image Credit: WebTV

 

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PROSHARE ECONOMY 

Back to Work on the 2020 Budget - Before and again following the rout in global markets on Monday, the federal finance ministry indicated that it would revisit the approved 2020 budget for the FGN. Unfortunately, due to the success of its rapid passage, a reworking is now essential with the crash in the crude price. Source FBNQuest Research Read More 

Bank of England Measures to Respond to The Economic Shock from COVID-19 - The Bank's three policy committees are today announcing a comprehensive and timely package of measures to help UK businesses and households bridge across the economic disruption that is likely to be associated with Covid-19 Source The Bank of England Read More 

Oil and Coronavirus Shocks Add Pressure for MEA Sovereigns - A sharp drop in oil prices adds to rating pressures for oil-exporting Middle East and Africa (MEA) sovereigns with vulnerable public and external finances, says Fitch Ratings.  Source Fitch Ratings Read More 

Monetary and Financial Stability During the Coronavirus Outbreak - The global spread of the coronavirus is a human tragedy unfolding across the world. Quantifying the economic impact is complex, giving rise to significant uncertainty about the economic outlook and the associated downside risks. Such an abrupt rise in uncertainty can put both economic growth and financial stability at risk. Source Tobias Adrian, IMFBlog Read More 

CBN Governor's Remarks at the "Going For Growth 2:0" Roundtable Session - I welcome all of you to this second consultative "Going for Growth" Roundtable Session. In June 2019, the CBN participated in the first roundtable session where I had the opportunity to share my thoughts on the economy, as well as receive inputs from key private sector stakeholders in Lagos, on ways in which we could promote greater economic growth for Nigeria. Source CBN Read More 

NNPC To Reduce Cost Of Crude Oil Production From $17 - The Nigerian National Petroleum Corporation (NNPC) has expressed its readiness to strategically put in place measures that would alleviate the cost of crude oil production in Nigeria to create market for Nigeria's crude and make Nigeria a choice destination for Foreign Direct Investment. Source Guardian Read More 

Reps Suspend Buhari's $22.79bn Loan Consideration Indefinitely - The House had listed the report by its Committee on Aids, Loans and Debt Management on the 2016-2018 Federal Government External Borrowing (Rolling) Plan as the last item for consideration on the order paper for Wednesday's proceeding. Source Punch Read More 

NNPC Boss Admits 50 Cargoes Of Unsold Oil, Prepares Nigerians For Tough Time Ahead - Mele Kyari, Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC) on Wednesday painted a gloomy picture of tougher times ahead for the Nigerian economy on the back of latest developments in the global oil market which have seen markets tumble amid fears of a potential global recession. Source Businessday Read More

Russia To OPEC - Deeper Oil Cuts Won't Work -This week's oil price rout had become inevitable and cutting output has ceased to make sense because it is unclear how deep the impact of the coronavirus on demand will be, Russia's deputy energy minister said in an interview with Reuters on Wednesday.  Source Reuters Read More

Oil Crash: Subsidy Evaporates, Fuel Price Drops To N114.53 Per Litre - This is according to data for PMS price for Tuesday, March 10, obtained from the Pricing Template for the commodity, released yesterday, by the Petroleum Products Pricing Regulatory Agency, PPPRA. Source Vanguard Read More


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PROSHARE MARKETS 

Coronanomics: Inside Nigeria's Stock Market Response - With the Coronavirus becoming an increasing menace to global economies equity markets from the beginning of the week have been dropping like dead flies. Most of the week's fall was attributed to the failure of the Organisation of Petroleum Exporting Countries (OPEC) to come to agreement with their non-OPEC (OPEC+) counterparts to a cutback in international oil supply by an additional 1.5m barrels per day. Source Proshare Read More 

Nestle Nigeria Q4 2019 Results Review: Subdued Growth Exp. Over the 2020-21E Period - Nestle Nigeria's (Nestle) earnings declined -11% y/y to N8.8bn, missing our estimate by around 42%. The primary driver for this variance was a negative surprise in operating expenses which came in 23% above our estimate. Source FBNQuest Read More 

Investors Lose N425.19bn As NSEASI Dips Further By -3.35%; Closes Below 24,000bpts - Equities market closed today on a negative note, as NSEASI depreciated by -3.35% to close at 23,572.75 points as against -4.91% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -12.18%. Source Proshare Markets Read More 

Access Bank Q4 2019 Results Review: Maintaining Outperform Rating - Access Bank's (Access) Q4 2019 PBT missed our forecast by 56% due to negative surprises in non-interest income and loan loss provisions. The negative surprise in non-interest income was underpinned by a net fx loss of -N83.9bn in 2019 (vs. -N23.8bn 2018) due to unwinding of derivative contracts most of which came through in Q4, and a decline in gains on fair valuation of equity investments. Source FBNQuest Read More 

Venture Capital Can Work Despite Economic Slowdowns - Dr. Ola Brown - As recent economic indicators demonstrate the possibility of another global economic recession, manufacturers have taken heed of imminent inventory build ups and sales decline as the global economy shifts gear from a projected growth rate of +2.5% in 2020 by the World Bank to a more modest expectation of +1.8% by Proshare Research. Source WebTV Read More 

 

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PROSHARE BUSINESS 

Oil Falls To $35 As Saudi Arabia Pumps More - After a slight recovery from the over 30 per cent decline recorded on Monday, the international oil benchmark, Brent crude, retreated on Wednesday as Saudi Arabia ordered its state-owned producer, Saudi Aramco, to raise the maximum production rate to record highs of 13 million barrels per day. Source Punch Read More

Finance Act Crippling NIPOST Operations, Says Adewusi - The Post Master General of the Federation, Dr Adebayo Adewusi, has said that the Finance Act which denied the Nigerian Postal Service its right to collect stamp duty had crippled the organisation financially. Source Punch Read More

COVID-19: Jumia Delists 390 Products over Price Manipulations - The Director General/Chief Executive, Federal Competition and Consumer Protection Commission (FCCPC), Mr. Babatunde Irukera, has disclosed that online retailer, JUMIA Nigeria, has delisted 390 products belonging to 168 sellers of hand sanitisers and face masks from its platform, following a warning issued by the council to vendors engaged in price gouging and arbitrary increases in prices of protective and hygiene products in the wake of the recent outbreak of Coronavirus. Source Thisday Read More

Oil Price Slump: Rating Agencies Warn of Possible Downgrades - The world's top rating agencies yesterday said the sharp drop in oil prices, if sustained, could cause a wave of sovereign downgrades as well as heavy multi-notch rating cuts to junk-rated oil and gas firms. Source Thisday Read More

Spending IGR At Source Stagnates National Growth, Says FIRS - The Federal Inland Revenue Service (FIRS) has urged Ministries, Departments and Agencies (MDAs) to stop spending revenues collected on behalf of the Federal Government on themselves, stressing that doing so is inimical to national development. Source Guardian Read More

U.S. Will Loan $50 Billion To Small Businesses, Defer Taxes To Fight Coronavirus, Trump Says -  The United States will give individuals, and small and mid-sized businesses a three-month tax holiday to try to fight the economic impact of the novel coronavirus, President Donald Trump said Wednesday night. Source Reuters Read More

 

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PROSHARE FINANCE 

COVID-19: The Wealth and Health of Nations - The COVID-19 outbreak's implications for the global economy are highly uncertain but potentially disastrous. To understand the risks, one should remember Adam Smith's insight about the true engine of wealth creation, the division of labour, which itself is dependent on the size and extent of markets. Source Willem H. Buiter Read More 

Pension Assets Rise By N1.58tn In One Year - The total pension assets under the Contributory Pension Scheme rose by N1.58tn between 2018 and 2019. Latest figures obtained from the National Pension Commission on Wednesday revealed that the total assets put at  N8.63tn at the end of 2018 rose to N10.21tn as of the end of 2019. Source Punch Read More

 

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