Nigeria in 1min: Economic, Business and Financial Headlines - 150620


Monday, June 15, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: THISDAYLIVE


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COVID-19 Health Updates

  • On the 14th of June 2020, 403 new confirmed cases and 13 deaths were recorded in Nigeria
  • No new state has reported a case in the last 24 hours.
  • Till date, 16085 cases have been confirmed, 5220 cases have been discharged and 420 deaths have been recorded in 35 states and the Federal Capital Territory
  • The 403 new cases are reported from 20 states- Gombe(73), Lagos(68), Kano(46), Edo(36), FCT(35), Nasarawa(31), Kaduna(17), Oyo(16), Abia(15), Delta(13), Borno(13), Plateau(8), Niger(7), Rivers(7), Enugu(6), Ogun(6), Kebbi(3), Ondo(1), Anambra(1), Imo(1). Read More

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Full Text of President Muhammadu Buhari's Speech on June 12, 2020 - Being an Address By His Excellency Muhammadu Buhari, President of The Federal Republic of Nigeria during The (2020 Democracy Day) at the State House, Abuja) on 12th June, 2020. Source Senate House Read More

Annual Inflation to Increase Again Towards 12.50% as Monthly Inflation Jumps to 15.73% - Based on our market survey and regression analysis, headline inflation for the month of May is projected to increase by 0.13% to 12.47%. However, monthly inflation, a more reflective measure of current prices, is likely to spike by 0.21% to 1.22% (annualized at 15.73%). Contrary to consensus expectations that prices will fall as output increases with a partial relaxation of the lockdown, commodity prices surprisingly surged. Source FDC Read More

The Oil Price Rally May Have Gone Too Far - Oil is set for the first weekly decline in over a month, dragged down by the broader selloff on Thursday. The jump in coronavirus cases in the U.S. sparked renewed concerns about the economic recovery. The Federal Reserve warned of long-term scars on the economy. At the same time, oil analysts have warned that the crude oil rally may have gone too far.  Source Tom Kool of Read More

Nigeria's Economic Sustainability Plan 2020 In Response to COVID-19 - Following the health and economic emergencies caused by the COVID-19 pandemic, His Excellency, President Muhammadu Buhari established the Economic Sustainability Committee (ESC) on March 30, 2020. Source ESC Read More

Suleyman Ndanusa To Speak on Nigeria's Revenue Diversification Tomorrow on WebTV - Suleyman Abdu Ndanusa is a Banker, a Lawyer, an Economist, a Certified National Accountant, Stockbroker and Chartered Secretary. He graduated from Ahmadu Bello University, Zaria with a Bsc (2nd Class Upper) degree in Economics in 1978 and obtained an MBA in 1982 from the same University. He obtained an LLB degree from University of Lagos in 2000 and was called to bar in 2003. Source WebTV Read More

China must prioritise innovation to avoid being 'strangled' by US in next five years, top researcher says - China should prioritise innovation and building a higher level economy in its next five-year plan to create new drivers of growth, lift the nation's core competitiveness, and, more importantly, avoid being "strangled by Washington", a top Chinese government economist has recommended. Source South China Morning Post Read More

FG Begins Preparation for ERGP Successor Devt Plans - The Minister of State for Budget and National Planning, Prince Clem Agba, has inaugurated the 'agriculture and water resources and cross cutting issues' Technical Working Groups (TWGs) for the development of the Medium Term National Development Plan (MTNDP 2021-2025 and 2026-2030) as well as the Nigeria Agenda 2050. Source THISDAYLIVE Read More

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Coronanomics (7) - Global Policy Responses Against the Negative Impact of COVID-19 - Various central banks have come up with different monetary policy measures on their economy against the negative impact of the coronavirus. The US Federal Reserve, Bank of England, Peoples Bank of China, Reserve Bank of Australia all cut their interest rate to boost liquidity in their respective economies. Source Proshare Content Read More

Coronanomics (8) - African Economies - An Emerging Market Fight Back - There has been a frog leap increase in the spread of COVID-19 in Africa. Major African economies have seen a large jump in the numbers of reported cases of the virus. South Africa, Egypt, Morocco, Algeria and Nigeria have the highest number of recorded cases of 27,403, 20,793, 7,697, 8,997 and 8,915 respectively. Source Proshare Content Read More 

Coronanomics (9) - China, US-Africa Bilateral Trade Data - Changing Partners - China-Africa bilateral trade has steadily been on the increase for the past 16 years. However, weak commodity prices since 2014 have greatly impacted the value of African exports to China, even while Chinese exports to Africa remains steady. Source Proshare Content Read More

What To Expect From The Markets This Week - 150620 - According to the Labor Department, U.S. consumer prices declined for a third straight month in May, as the coronavirus-induced recession continued to depress demand. The consumer price index fell 0.1% from the prior month after a 0.8% drop in April, which was the biggest since 2008. The gauge increased 0.1% y/y following a 0.3% y/y gain in April. Source Proshare Content Read More

NASD OTC Securities Exchange Admits the Securities of NEWREST ASL Nigeria Plc on Its Platform - NASD OTC Securities Exchange welcomes NEWREST ASL Nigeria Plc to its trading platform. NEWREST ASL was introduced by APT Securities Limited on the 11th of June 2020 via Security Admission. Shareholders of NEWREST ASL Nigeria PLC are therefore informed that their shares are admitted and eligible to trade on the NASD OTC Exchange. Source NASD Plc Read More

Indian Arm of Deloitte, KPMG, PwC, EY Defer Pay Hikes, Bonuses; Partners Take Pay Cuts - Tough times call for tough measures. The Indian arms of the four large auditing firms, Deloitte India, KPMG, EY and PwC are assessing the impact of COVID-19 and planning for how best to counter it by trimming employee costs. Deferment of increments, staggered pay out of bonuses and voluntary pay cuts are some of measures being taken. Source CNBC Read More

Charles Fakrogha To Speak On Developments In The Nigerian Capital Market (Equities) - CHARLES FAKROGHA is the Chief Dealer for City Code Investments and Trust Limited and a seasoned Chartered stockbroker and Member, Nigerian Institute of Training and Development. Source WebTV Read More

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Zainab Ahmed, Fashola To Speak At Turkey-Nigeria PPP Knowledge Webinar - Finance, Budget and National Planning Minister Mrs. Zainab Ahmed and her colleague and Minister for Works and Housing Mr. Babatunde Raji Fashola, SAN have been scheduled as speakers at the Turkey-Nigeria Public-Private Partnership Knowledge Webinar for Professionals. Source ICRC Read More

FGN to Hold Stakeholders Consultation Webinar on Highways PPP Program - In line with the economic recovery and sustainability drive of HE President Muhammadu Buhari, the HM of Works and Housing Babatunde Fashola SAN and the entire ministry intend to commence a major private sector participation program to boost investment in Nigeria's National highways under the regulatory guidance of the Infrastructure Concession Regulatory Commission. Source Federal Ministry of Works and Housing  Read More 

Dangote Boost Economic Diversification with Maiden Clinker Shipment - To reaffirm its status as the biggest cement producer in Africa, Dangote Cement has set the pace with the exportation of 27,800 metric tonnes of clinker to a neighbouring African country. Source Dangote Cement Read More

Prof. Benedict Oramah Re-appointed as Afreximbank President - Shareholders of African Export-Import Bank (Afreximbank) have voted and re-appointed Prof. Benedict Oramah as President of the Pan-African multilateral financial institution for a second 5-year term. Source Afreximbank Read More

Kyari: Efficiency, Production Cost Will Shape Oil Firms' Future - The Group Managing Director, Nigerian National Petroleum Corporation, Mr. Mele Kyari, in this interview with Gulf Intelligence's Halftime, spoke about developments in the international oil market, how oil and gas companies in Nigeria were able to navigate the challenge posed by the Covid-19 as well as factors that would define the future of the oil market going forward. Source THISDAYLIVE Read More 

Shippers' Council to Enforce SOP in Cargo Evacuation - The Nigerian Shippers Council (NSC) has announced that it will ensure that Standard Operating Procedure (SOP) in cargo evacuation at the nation's seaports is adhered to. The Executive Secretary/ Chief Executive of the NSC, Mr Hassan Bale made this known at the resumed evacuation of cargoes by rail in Lagos. Source THISDAYLIVE Read More 

Asian Stocks, Oil Fall As Second Wave Fears Grow - Asian shares stumbled on Monday and oil prices slipped as fears of a second wave of coronavirus infections in Beijing sent investors scurrying for safe-havens while underwhelming data from China further weighed on sentiment. Source Reuters Read More

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Identification Management: The Key to Digital and Financial Inclusion in Nigeria - Back in 2012, the Central Bank of Nigeria (CBN) published the National Financial Inclusion Strategy, setting the financial inclusion target to 80% by 2020, due to the inadequacies within the financial system, in 2019, the apex bank revised the target to 95% by 2024. Source CBN Read More

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UNHCR To Expand Zakat Fund To Support IDPs In Nigeria - The United Nations High Commission for Refugees, UNHCR has committed itself to work closely with Islamic Philanthropic initiatives to expand the "Zakat Fund" to support Internally Displaced Persons in Nigeria. This was the part of the views expressed by Amina Rai, the Regional Communications Officer,  Private Sector Partnerships Africa, UNHCR through a Video presentation on WebTV's 'Islamic Finance Weekly' programme. Source WebTV Read More 

Presidential Task Force Issues Revised Quarantine Protocol for Persons Arriving in Nigeria - Passengers arriving/returning to Nigeria must have tested NEGATIVE for COVID19 (pre-boarding PCR test in country of departure). PCR test MUST be within 2 weeks before departure and preferably not less than 5 days pre-boarding. Source Presidential Task Force on COVID-19 Read More

Investors Scramble for Third Sovereign Sukuk - DMO - The Debt Management Office (DMO) has announced the result of the third Sovereign Sukuk for which it offered N150 billion to investors. The Offer attracted a very high level of subscription from investors with total subscriptions of N669.124 billion, representing a subscription level of 446%. Source DMO Read More

Democratize Insurance, Empower Citizens With Information - Interesting times are here again as we manage, and subsequently consign, COVID-19 to the position we had put such several threats after overcoming them. It is a season when an avalanche of information continues to pour into our space and we are ha ving to decide what to take and what to forsake. At least, this aspect of our normal life will remain even as we adopt different approaches to use the available information in our best interest. Source Ekerete Ola Gam-Ikon Read More

FG Defaults In Pension Remittance For Six Years - The Pension Reform Act 2014 mandates all employers under the Contributory Pension Scheme to raise the contribution of their workers' pensions from 15 per cent of total monthly emoluments to 18 per cent. The law was amended to address complaints of workers who were retiring but getting ridiculously low monthly stipends because of low balances in their Retirement Savings Accounts. Source Punch Read More

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