Nigeria in 1min: Economic, Business and Financial Headlines - 160620


Tuesday, June 16, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: @NCDCgov


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COVID-19 Health Updates

  • On the 15th of June 2020, 573 new confirmed cases and 4 deaths were recorded in Nigeria
  • No new state has reported a case in the last 24 hours.
  • Till date, 16658 cases have been confirmed, 5349 cases have been discharged and 424 deaths have been recorded in 35 states and the Federal Capital Territory
  • The 573 new cases are reported from 20 states- Lagos(216), Rivers(103), Oyo(68), Edo(40), Kano(21), Gombe(20),FCT(17), Delta(13), Plateau(12), Bauchi(12), Niger(10),Kebbi(9) Ogun(8), Ondo(8), Abia(7), Nasarawa(5), Borno(1), Kwara(1), Benue(1), Anambra(1). Read More

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Another Trade Deficit of N8.3trn in Q1 2020 - The latest data from the NBS in its report on foreign trade in goods for Q1 2020 show the total value of trade as N8.3trn, representing a decrease of 18% on the preceding quarter. Compared with Q4, the total export value decreased by 14% q/q to N4.08trn, and the import value declined by 21% q/q to N4.22trn. Source FBNQuest Research Read More 

Performance Review of the Economic Recovery and Growth Plan - PFI Capital - The Economic Recovery and Growth Plan (ERGP) is a medium term planned for 2017 to 2020 developed to restore Nigeria's economic growth while leveraging the resilience and ingenuity of the Nigerian citizens. This plan was a reaction to the negative growth recorded by the country in 2016, as the current administration recognizes that the country was likely to remain on a path of steady decline if nothing was done to change the negative trajectory. Source Read More

Nigeria: Technical Assistance Report - Additional Spending Toward SDG's - In response to a request from the Office of the Senior Special Assistant to the President on Sustainable Development Goals (OSSAP-SDGs), a technical mission visited Abuja, Nigeria during January 29-February 11, 2020 to collaborate on an assessment of the spending associated with making substantial progress along the Sustainable Development Goals (SDGs). The mission comprised Mauricio Soto (head) and Mariano Moszoro (all FAD), and Julieth Pico (FAD expert). Source International Monetary Fund. Fiscal Affairs Dept. Read More

Nigeria Needs To Spend 18% GDP On Infrastructure - IMF - The International Monetary Fund has estimated additional spending of 18 percentage points of Gross Domestic Product by 2030 for Nigeria to achieve Sustainable Development Goals. It stated this in its report on, "Technical assistance report-additional spending toward Sustainable Development Goals," for May 2020, which was released on Monday. Source Punch Read More

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Heritage Bank-Dukia Gold to Boost Nigeria's 200mn Ounces of Gold Potential Reserves - FG - The Federal Government of Nigeria has commended Heritage Bank for being part of a valuable private sector collaboration with Dukia Gold & Precious Metals Refining Co. Ltd and other stakeholders, saying such partnerships stands to create new opportunities for Nigeria to grow its potential reserves of 200 million ounces of gold. Source WebTV Market Review Read More

Afrinvest Stock Recommendation for the Week 150620 - Last week, the equities market posted a bullish performance as the All-Share index gained 0.6% w/w to close at 25,182.67 points. As a result, market capitalisation appreciated N82.8bn to settle at N13.1tn while YTD loss improved to -6.2%. Source Afrinvest Research Read More 

Investors Remain Calm as Average Yield Closes Flat at 3.4% - The quiet posture in the Nigerian Treasury Bills ("NT-Bills") secondary market was sustained last week. This was on the back of the liquidity squeeze (N84.1bn as at Monday) from CRR debits the previous week, along with investors' anticipation for the Primary Market Auction ("PMA") that held on Wednesday. Consequently, average yield across the curve remained unmoved at 3.4% with minimal demand on the 16-Jul-20 bill (-1bp W-o-W). Source Afrinvest Research Read More 

May and Baker Records Net Profit Growth Of 109% In FY 2019 - May & Baker Nigeria Plc. grew her net profit by 109% in 2019 business year from N342.7 million in 2018 to N716.4 million in 2019. Following this sterling performance, the shareholders at their Annual General Meeting (AGM) held by proxy last week approved a total dividend of N431, 308,721.50 translating to 25 kobo for every 50 kobo share held of the company, a 25% increase against 20 kobo paid by the company for the 2018 business year. Source May & Baker Read More 

Mute Activities in Fixed Income Market - The system liquidity shrank last week due to the absence of inflow for the first 3 days in the week, hence the money market rate was at double digit before OMO Maturity of N92 billion came in on Thursday. Source Anchoria AM Research Read More

Brickstone Sponsors The Resilient Africa Week 2020, A Session Organized by The Africa Catalyst - The 2020 Resilient Africa Week (RAW) sponsored by Brickstone is set to hold from 23rd to 25th June 2020 with panel sessions and fire side chats. The objective of RAW is to bring together some of the best African speakers and industry thought leaders who will share their best advice, lessons learned and strategies in spotting African opportunities during a Crisis. Source Brickstone Read More

NSE Lists Dangote Cement Plc Bonds - The N100 Billion, 5 Years 12.50% Fixed Rate Series 1 Senior Unsecured Bonds due 2025 under the N300 Billion Debt Issuance Program of Dangote Cement Plc were today, Monday, 15 June 2020 listed on The Nigerian Stock Exchange. The Bonds were 100% subscribed. Source NSE Read More

Investors Lose N119.16bn as NSEASI Dips by -0.91% to Open the Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.91% to close at 24,954.32 points as against -0.13% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -7.03%.  Source Proshare Markets Read More 

AIICO Submits an Application for the Approval and Listing of a Rights Issue of 4.36bn - AIICO Insurance Plc has through its Joint Stockbrokers, Magnartis Finance and Investment Limited and Stanbic IBTC Stockbrokers Limited, submitted an application to The Nigerian Stock Exchange for the approval and listing of a Rights Issue of Four Billion, Three Hundred and Fifty Seven Million, Seven Hundred and Seventy Thousand, Nine Hundred and Fifty Four (4,357,770,954) ordinary shares of Fifty Kobo (N0.50) each at Eighty Kobo (N0.80) per share, on the basis of five (5) new ordinary shares for every thirteen (13) ordinary shares held. Source NSE Read More

Union Bank Releases 2019 Citizenship, Sustainability and Innovation (CSI) Report - Union Bank, one of Nigeria's foremost financial institutions, has announced the release of its 2019 Citizenship, Sustainability, and Innovation (CSI) report - an annual report outlining the Bank's social and environmental investments during the year in view. The report gives a detailed, year-long account of responsible business practices, innovation, and community impact. Source Union Bank Read More

Ebo Ayodeji To Speak on Developments In The Nigerian Debt Market - AYODEJI EBO is the Managing Director of Afrinvest Securities Limited, leading licensed broker dealer and subsidiary of Afrinvest (West Africa) Limited. Ayodeji was appointed Managing Director in 2017 on the back of his 12-year experience in Economic and Investment Research. Prior to his appointment, he led the Investment Research team for over 3 years and worked in the Investment Banking Division for 1 year. Source WebTV Read More

Guinness Nigeria Plc Series 1 and 2 Commercial Paper Is Coming soon - Stanbic IBTC Capital Limited  and Standard Chartered Capital and Advisory Nigeria Limited and are delighted to inform you of the upcoming series 1 and 2 commercial paper issuance (the "Offer") under Guinness Nigeria Plc's ("Guinness Nigeria", the "Company" or the "Issuer") N10 billion commercial programme issuance programme. Source Stanbic IBTC Read More

Nigeria's Collective Investment Funds Rise To N1.32tr - Total net asset of collective investment schemes and funds in Nigeria has risen to N1.322 trillion, according to latest records provided by Nigeria's apex capital market regulator, Securities and Exchange Commission (SEC). Source The Nation Read More

NYSE To Reopen Trading Floor To Some Market Makers On Wednesday - The New York Stock Exchange will allow a limited number of market makers to return to its trading floor on Wednesday, nearly three months after closing it due to the coronavirus pandemic. Source Reuters Read More

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Nigeria Loses $29bn Annually To Power Sector Failure - Lawan - The President of the Senate, Ahmad Lawan, said on Monday that Nigeria was losing an average of $29bn to power sector failure. Lawan stated this in Abuja while declaring open an investigative public hearing on the 'Power Sector Recovery Plan and the Impact of COVID-19 Pandemic.' Source Punch Read More

Federal Government Moves To Curtail Rejection Of Agro Exports - Piqued by the rising poor food safety practices and standards that led to huge economic losses evident in the myriad of rejects of some food exports at the international markets, the Nigerian National Accreditation Systems (NiNAS), said it is driving performance in the food supply chain to reduce the incidence. Source The Guardian Read More

Nigeria's Oil Export To Fall By 50% This Year - Fitch Ratings - Fitch Ratings, world's leading risk analysts, has said that Nigeria's oil export will record a 50 percent decline by end of this year due to the impact of the Coronavirus (COVID-19) pandemic on the economy. Source Vanguard Read More

Asian Shares Jump, Yields Rise As Fed Readies Corp Bond Buying - Asian shares and Wall Street futures rallied on Tuesday as the formal start of the Federal Reserve's corporate bond buying programme boosted global investor sentiment and calmed earlier worries about a second wave of coronavirus infections. Source Reuters Read More

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Shina Badaru To Speak on Digitization and Industrialization In Nigeria Tomorrow on WebTV - Shina Badaru is Founder/Chairman, Technology Times Media Limited, a media, events and business services organisation focused on showcasing Nigeria's growing contributions to the information and communication technology (ICT) industry. Source WebTV Read More

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Coronanomics (10) - Impact on the Travel and Tourism Sector - Travel and tourism are among the most affected sectors of the pandemic, with flights grounded, hotels closed, workers have either lost their jobs or on furlough, and travel restrictions put in place in virtually all countries around the world.  Just as projected by the International Air Transport Associations (IATA) in March 2020, coronavirus has seriously disrupted the industry which has caused major losses. Source Proshare Content Read More

FirstBank Presents Devices to Lagos State Towards Driving 1 Million Students to E-Learning - First Bank of Nigeria Limited, Nigeria's leading financial inclusion services provider on Thursday, 11 June 2020, presented 20,000 units of e-learning devices to the Lagos State government at the State House in Marina, Lagos. The devices are planned for distribution to school children. Source FirstBank Read More

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