Nigeria in 1min: Economic, Business and Financial Headlines - 180620


Thursday, June 18, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Trendsmap


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COVID-19 Health Updates

  • On the 17th of June 2020, 587 new confirmed cases and 14 deaths were recorded in Nigeria
  • No new state has reported a case in the last 24 hours.
  • Till date, 17735 cases have been confirmed, 5967 cases have been discharged and 469 deaths have been recorded in 35 states and the Federal Capital Territory
  • The 587 new cases are reported from 18 states- Lagos (155), Edo (75), FCT (67), Rivers (65), Oyo (56), Delta (50), Bayelsa (25), Plateau (18), Kaduna (18), Enugu (17), Borno (12), Ogun (12), Ondo (7), Kwara (4), Kano (2), Gombe (2), Sokoto (1), Kebbi (1). Source NCDC Read More

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Headline Inflation Increases By 12.40% YoY In May 2020; 0.06% Higher Than April 2020 Rate - The consumer price index, (CPI) which measures inflation increased by 12.40 percent (year-on-year) in May 2020. This is 0.06 percent points higher than the rate recorded in April 2020 (12.34) percent. Source NBS Read More

Headline Inflation Inched Up By 0.06% As Monthly Inflation Spikes - In line with expectations and general analysts' consensus, headline inflation increased for the 9th consecutive month to 12.40% in the month of May from 12.34% in April. Even though the uptick in inflation came as no surprise to analysts, the rate of increase of 0.06% was lower than anticipated. The upper end of expectations was for an increase of 3.7%. Source FDC Read More

Average Prices of PMS, AGO, HHK and Cooking Gas - May 2020 - Average price paid by consumers for premium motor spirit (petrol) decreased by -10.59% year-on-year and month-on-month by -0.89% to N129.67 in May 2020 from N130.84 in April 2020. States with the highest average price of premium motor spirit (petrol) were Borno (N138.10), Taraba (N138.00) and Jigawa (N137.89). Source NBS Read More

Coronanomics (12) - The Nigerian Economy in Relief - The emergence of the novel coronavirus (COVID-19) has worsened Nigeria's fiscal sustainability. The economy has been plagued by high unemployment, rising inflation rates and low real GDP growth. Source Proshare Content Read More

Adedayo Amzat To Speak On 2020 Budget Deficit and Monetary Policy Tomorrow On WebTV - Adedayo Saheed Amzat is a consummate business leader in the financial services industry and a forerunner in the development of the securities market in Nigeria. He is the Chief Executive Officer of foremost new-age financial solutions powerhouse - Zedcrest Capital Group - which he founded in 2013. Source WebTV Read More

FG, States LGs Share N547.31bn - The Federation Accounts Allocation Committee on Wednesday at its virtual meeting shared to the three tiers of government a total sum of N547.31bn as federation allocation for the month of May. FAAC's virtual meeting was chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Mahmoud Isa-Dutse, according to a statement issued by the ministry in Abuja on Wednesday night. Source Punch Read More

Audit Queries: Reps Summon CBN, FIRS, NNPC Bosses, Others - The House of Representatives has summoned the Governor of the Central Bank of Nigeria, Godwin Emefiele, the Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari; and the Comptroller-General of Nigeria Customs Service, Hameed Ali, over audit queries issued by the Office of the Auditor-General of the Federation but which they failed to respond to. Source Punch Read More

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DANGCEM and BUA Lay Claims to Obu-Okpella Mines; Both Issue Statements - The managements of Dangote Group and BUA Group yesterday, issued statements over claims to the ownership of Obu-Okpella Mining Site in Edo State. Both releases can be accessed below. Source Press Releases by Dangote Group and BUA Group Read More

Investors Gain N21.88bn; NSEASI Inches Up by 0.17%; Erases Previous Day Loss - Equities market closed today on a positive note, as NSEASI appreciated by +0.17% to close at 24,930.88 points as against -0.09% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -6.96%. Source Proshare Markets Read More

Higher US Grain Output To Keep Prices Low - Brent has lost 6.55% to $39.53pb after reaching a 3-month high of $42.30pb on June 5th. The prices are higher than the $26.63pb average in April but Nigeria still faces the problem of cutting back its oil production to comply with the OPEC quota. Analysts fear that a second wave of infections could lead to another global lockdown. This could slow oil demand and limit the gains from the oil supply cuts by OPEC+. Source FDC Read More

Many Different African Debt Narratives - The indebtedness of African governments has, not surprisingly, been rising since the application of official debt relief in the late 1990s and early 2000s. In isolated cases such as Mozambique, Zambia and Ghana, the debt burden (as a percentage of GDP) is now higher than it was pre-relief. Source FBNQuest Research Read More

Nigeria's Naira Slides on Official Market on Plan to Align Exchange Rates - Nigeria's naira opened 6.2% lower against the U.S. dollar on the official market on Wednesday as traders quoted the currency close to the over-the-counter spot market rate on indications the government would move to conserve dwindling reserves. Source Chijioke Ohuocha of Reuters Read More

Facing The Crisis: The Role of Tax in Dealing With COVID-19 - A joint blog first published on the PCT website by Vitor Gaspar, Director, Fiscal Affairs Department, IMF; Navid Hanif, Director, Financing for Development Office, UN; Ceyla Pazarbasioglu, Vice President, Equitable Growth, Finance and Institutions, WBG; and Pascal Saint-Amans, Director, Centre for Tax Policy and Administration, OECD. Source IMF Read More

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Lagos Pledges N5bn Bailout For SMEs - The Governor of Lagos State, Babajide Sanwo-Olu, has said that the state is introducing measures to absorb the shocking effects of the COVID-19 pandemic on Micro, Small and Medium Enterprises in the state. These measures, which include an additional N5bn palliative, will ensure business sustainability and stimulate economic growth, Sanwo-Olu said. Source Punch Read More 

Fuel Consumption, Smuggling Gulp 54 Million Litres Per Day - NNPC - Nigerians and neighbouring countries that benefit from smuggling consume 54 million litres of petrol, the Nigerian National Petroleum Corporation has said. The Group Managing Director of the NNPC, Mele Kyari, said this at an interactive hearing on 'Exiting petroleum subsidy: Ensuring self-sufficiency in domestic refining of petroleum products.” Source Punch Read More 

Oil Prices Fall On Demand Concerns As Coronavirus Cases Rise - Oil prices fell around 2% on Thursday as a spike in new coronavirus cases in China and the United States renewed fears that people would stay home, stalling a recovery in fuel demand even as lockdowns ease. Source Reuters Read More

FAAN, 19 Others Submit Aviation Restart Plans - About 20 operators in the aviation sector, including the Federal Airports Authority of Nigeria, have submitted their operational restart plans to the Nigerian Civil Aviation Authority as the country prepares to reopen its airspace to commercial flights beginning from June 21, 2020. Source Punch Read More

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Internet Penetration Rises to 138.7 Million - The total number of internet subscriptions recorded across mobile, fixed wired and Voice over Internet Protocol (VoIP) as at April 2020, reached 138.7 million. This is however, as broadband penetration, which drives internet access and connectivity, dropped from 39.90 per cent in March 2020 to 39.58 per cent in April 2020, according to the latest statistics released by the Nigerian Communications Commission (NCC), the telecoms industry regulator. Source THISDAYLIVE Read More

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Visa launches new 'Where You Shop Matters' initiative to support Small Businesses in Nigeria - Visa, the world's leader in digital payments, has launched its new "Where You Shop Matters' initiative that aims to champion and enable entrepreneurs in Nigeria, while encouraging consumers to support small businesses. Alongside a new SMB resource hub, Visa has published the COVID-19 CEMEA Impact Tracker highlighting the recent effect the novel coronavirus pandemic has had on commerce for consumers and small merchants in Nigeria. Source Visa Read More


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