Nigeria in 1min: Economic, Business and Financial Headlines - 270420


Monday, April 27, 2020 / 06:20 AM / By News Aggregator / Header Image Credit: Proshare

Proshare Nigeria Pvt. Ltd.

    COVID-19 Health Updates

    • On the 26th of April 2020, 91 new confirmed cases and five new deaths were recorded in Nigeria
    • Four new states (Ebonyi, Bayelsa, Kebbi and Taraba) have reported confirmed cases in the last 24 hours.
    • Till date, 1273 cases have been confirmed, 239 cases have been discharged and 40 deaths have been recorded in 32 states and the Federal Capital Territory
    • The 91 new cases are reported from sixteen states- Lagos (43), Sokoto (8), Taraba (6), Kaduna(5), Gombe (5), Ondo (3), FCT (3), Edo (3), Oyo (3), Rivers (3), Bauchi (3), Osun (2), Akwa Ibom (1), Bayelsa (1), Ebonyi (1), Kebbi (1).
    • A multi-sectoral national emergency operations centre (EOC), activated at Level 3, continues to coordinate the national response activities. Source NCDC Read More

    Proshare Nigeria Pvt. Ltd.

    Click Here To Read Latest News Updates



    Can Africa Afford COVID-19 Lockdowns? - Chukwuma Soludo - This piece summarizes my contribution to an African debate. From Johannesburg to Lagos, Cairo to Dakar, Kinshasa to Kigali, Nairobi to Accra, etc the debate on how Africa should respond to the global coronavirus (Covid-19) pandemic is raging.  Source Chukwuma Charles Soludo, CFR Read More  

    Nigeria's Economy After Oil: How Should We Prepare? - Crude oil is one of the principal sources of energy to the World. In 2018, its market share was 34%, other principal sources of energy were Coal and Natural gas with market shares of 27% and 24% respectively. Source Bode Agusto Read More 

    A Shock Like No Other: Coronavirus Rattles Commodity Markets - The coronavirus (COVID-19) pandemic has impacted both demand for and supply of commodities: direct effects from shutdowns and disruptions to supply chains, indirect effects as economic growth stalls. Effects have already been dramatic, particularly for commodities related to transportation. Source World Bank Group Read More 

    Supply Cut From Australia To Keep Wheat Prices Up - Oil markets have staged a mild recovery after the rout of a few days ago. It is now clear that the oil market imbalance will continue for a few more quarters. Nigeria like other recipients of Diaspora remittances are expecting to be badly hit by an expected sharp fall in remittances ($100bn) due to the layoff of workers in advanced economies of the world. Source FDC Ltd Read More 

    Impact of Privatization on Nigeria's Economy - At her earlier stage of development, Nigeria was characterized by a strong government presence which resulted in the establishment of about 600 public enterprises solely owned by the government.  Source NSE Read More 

    A Very Brief Oil Price Rebound - OIR 240420 - While oil prices have rebounded from the record lows they hit last week, the rebound is likely to only be temporary as more bearish news piles up. Source Oilprice Read More 

    IMF to Meet on Nigeria's $3.4bn Emergency Loan Request on Tuesday - The International Monetary Fund (IMF) is expected to recommend the approval of $3.4 billion in emergency funding for Nigeria as part of measures to cushion the impact of COVID-19 on the nation's economy. Source ChannelsTV Read More

    Only Jobless Contributors Can Withdraw From Pension Savings - PenCom - The National Pension Commission says only workers who lose their jobs during the coronavirus pandemic will be able to get a quarter of the savings in their Retirement Savings Accounts to cushion the hardship after four months. The spokesperson for the commission, Mr Peter Aghahowa said this during an interview with our correspondent. He said there might be likely increase in job losses due to the effects of the pandemic. Source Punch Read More 

    Proshare Nigeria Pvt. Ltd.

    Power Distributors Owe NBET N37bn In One Month - Power distribution companies in the country failed to pay a total of N37.22bn to the Nigeria Bulk Electricity Trading Plc for electricity sold to them in January this year. The government-owned NBET buys electricity in bulk from generation companies through Power Purchase Agreements and sells through vesting contracts to the Discos, which then supply it to the consumers. Source Punch Read More 

    Budget: FG To Retain $30 Benchmark Despite Oil Price Fall - The Federal Government is not considering tinkering with the $30 per barrel oil price benchmark for the 2020 budget despite the drop in crude oil price, investigations have revealed. Crude oil prices had dropped from about $46.64 per barrel in February to less than $20 per barrel. Source Punch Read More 

    Rwandair Cuts Salaries By 8-65% Due To Coronavirus -Internal Memo - Rwanda's RwandAir will cut the salaries of its lowest paid employees by 8% and by 65% for its top earners as it seeks to survive the coronavirus crisis, an internal memo seen by Reuters on Sunday showed. Source Reuters Read More 

    Oil Slides Back Near $16 on Glut While Producers Start Cuts - Oil fell to trade near $16 a barrel as swelling global crude stockpiles made it more difficult for leading producers to balance the market by curbing output. Source Bloomberg Read More

    NIBBS Reports 9.1m Dormant BVNs in Banks - The Nigeria Inter-Bank Settlement System Plc (NIBSS) has reported that 9.1 million Bank Verification Numbers (BVN) are inactive in various banks nationwide as at December 31, 2019. A report just published by the NIBSS indicated that out of the 40.4 million total BVN enrolments, only 31.3 million BVNs remained in all banks as the end of last year. Source Dailytrust Read More

    FG Takes 84% Of N850bn Credit to The Economy in February - Credit to the economy rose by N850 billion in February with lending to government accounting for 84 percent valued at N720 billion. This was the highlight of the Depository Corporation Survey for February released by the Central Bank of Nigeria (CBN) last week. Source Vanguard Read More

    Click Here to Read More News on Economy


     Proshare Nigeria Pvt. Ltd.


    What To Expect From The Markets This Week - 270420 - This week, the National Bureau of Statistics released inflation data for March 2020, which showed that for the seventh consecutive month headline CPI notched another yearly increase - 7bps to 12.26% y/y for March. Source Proshare Read More 

    Stocks Trading At 52-Week High and Low As At 230420 - Trading activities within the Nigerian Equities Market has continued to be bearish so far in the year as the NSEASI has recorded -16.29% YTD loss as at April 23rd, 2020. Source Proshare Read More 

    Access Bank Plc Q1 2020 Unaudited Results - FX Losses and Operating Expenses Taper Earnings Growth - Access Bank Plc reported largely flat after tax earnings (-0.6% YoY to N40.9 billion) in its unaudited Q1'20 result. Notably, the bank's growth in operating income (+40.1% YoY) was offset by significant increases in operating expenses (+63.7% YoY) and loan loss provisions (+154.8% YoY). Source CardinalStone Research Read More 

    System Liquidity Touches A Trillion, Prompting An OMO Auction By The CBN - Yields in the Bond Market opened the trade session lower, off the back a bullish FGN Bond auction. Demand was evident across the benchmark curve, mostly notably at the head (2023s) and belly (2027s) of the curve. The auction bonds (2035s and 2050s) also saw some action in the session, with trades happening around the auction stop rates. Yields consequently dropped by c.57bps on the average across the benchmark curve. Source Zedcrest Capital Read More 

    A Much Better Auction for the DMO - The DMO can look back to a successful outcome of Wednesday's FGN bond auction. It offered N60bn, raised N156bn (US$410m) on a competitive basis and attracted a total bid of N276bn. Further, marginal rates declined for all three instruments, and by 100bps for the five-year benchmark (Apr '23s). Source FBNQuest Research Read More 

    ETI Declares N24.7bn PAT in Q1 2020 Results,(SP:N4.50k) - Ecobank Transnational Incorporated released its Q1 2020 Unaudited results for the period ended March 31st, 2020. Gross Earnings declined by -2.3% to N195bn from N199bn in the previous quarter. Source NSE Read More 

    Investors Lose N167.92bn WoW as NSEASI Dips by -1.41% to Close the Week Negative - Equities market closed today on positive note, as NSEASI appreciated by +0.57% to close at 22,599.38 points as against -1.36% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -15.81%.  Source Proshare Markets Read More 

    ETI Q1 2020 Unaudited Results - Lower Loan Recoveries Mask Gains in Nigeria - Ecobank Transnational Incorporated (ETI) recorded a 19.0% YoY decrease in earnings to $66.0 million in its unaudited Q1'20 result. The decline in earnings largely reflected a 67.0% fall in loan recoveries in the review period. Similarly, lower loan recoveries impacted net impairment losses on financial assets, which rose by 48.0% YoY. Source CardinalStone Research Read More 

    Corporate Earnings For The Week Ending 240420 - 13 in All - Nine(9) out of the Thirteen (13) firms declared growth in revenue. WEMABANK records 33% growth in earnings to emerge as the firm with highest growth in earnings while UNILEVER records 31% negative growth in earnings to emerge as the firm with the least growth rate.  Source Proshare Research Read More 

    Q1 2020: In Spite Of Business Upsets, UBA Records Impressive N32.7bn Profit - Pan African financial institution, United Bank for Africa Group (UBA) Plc has released its unaudited results for the first quarter ended March 31st, 2020, showing double-digit improvement across all its major income lines.  Source Read More 

    Market Review and Round-Up of Corporate News Announced During The Week Ending 240420 - The equities market recorded mixed performance - the listed equities market recorded -1.41% loss WoW while the NASD OTC moved up by +0.36% Source Proshare Markets Read More 

    Week-To-Date Update: Coronavirus across Africa - According to the latest data from the Africa Centre for Disease and Prevention, the total number of confirmed COVID-19 cases in Africa grew by 30.8% WTD to 25,937. Also, the total number of deaths as a result of the virus advanced by 21.8% WTD to 1,242 while total recoveries rose faster by 41.5% WTD to 6,534. Source United Capital Research Read More 

    Crowdfunding: A Viable Capital Raise Solution for Enterprises - The NASD OTC Security Index (NSI) and Market Capitalisation closed the trading week on Friday, April 24 2020, with a positive movement in Market capitalisation and NSI against preceding Friday, April 17 2020. Source NASD Read More 

    Central Bank Sterilizes N1.30Trillion Of Bank Deposits To Combat Excess System Liquidity - It was a calm session to close the week in the Bonds Market, as the news IMF's recommendation of a possible $3.4Billion emergency funding loan to Nigeria dominated the focus of market participants. Source Zedcrest Capital Read More

    We've Taken Steps to Mitigate COVID-19 Impact on Capital Market - SEC DG - It's not looking very good but we have put measures in place to ensure the market don't shut down. Presently trade is going on in the various exchanges that make up our market. The Nigerian Stock Exchange is continuing with trading, the Financial Dealers Market Exchange and all the Exchanges are actually continuing and everything is going well. Source Punch Read More

    Click Here to Read More News on Markets

     Proshare Nigeria Pvt. Ltd.



    Webinar: On Track to Recovery - Lessons from China's Retail Sector - Dubai Chambers, its our international office in China is organizing a webinar on the post #COVID19 recovery situation in #China and the lessons Dubai retailers can learn from this. Join at 10am to hear from experts in this field. Source  Dubai Chamber Read More  

    German Labour Minister Wants To Put Right To Home Working In Law - German Labour Minister Hubertus Heil is working on legislation to give employees the right to work from home even when the coronavirus crisis is over, he told a newspaper on Sunday. Source Reuters Read More

    Oil Falls As Crude In U.S. Storage Nears All-Time High - Oil prices fell on Monday on signs that worldwide oil storage is filling rapidly, raising concerns that production cuts will not be fast enough to catch up with the collapse in demand from the coronavirus pandemic. Source Reuters Read More 

    Virus Lockdown Raises Tensions In France's Poorest Areas: 'The Social Crisis Is Growing With Confinement' - Joining more than 1,000 others, Djemba Diatite stood for hours in line to feed her growing family, grateful for handouts of fruits, vegetables and soap. It was her first time accepting charity, but she had no choice. The coronavirus pandemic has turned her world upside down. Source CNBC Read More 

    Next Wave Of U.S. States Set To Reopen As Coronavirus Could Push Jobless Rate To 16% - Another wave of states prepared to ease coronavirus restrictions on U.S. commerce this week, despite health experts warning there is still too little diagnostic testing, while the White House forecast a staggering jump in the nation's monthly jobless rate. Source Reuters Read More

    Transactions on CBN's I & E Window Hit $171bn - The cumulative transactions on the Investors and Exporters' (I&E) foreign exchange window of the Central Bank of Nigeria (CBN) have risen to $171.45 billion since the bank created the market three years ago. Source Thisday Read More

    Click Here To Read More News on Business

    Proshare Nigeria Pvt. Ltd.


    The Importance of Ijara Sukuk To Support Healthcare, Agriculture and Clean Energy - Head of organization & Structuring Infracredit, Mr Daniel Mueller, speaking on market Gaps and Opportunities in the fixed income Islamic finance market points out that Ijara Sukuk could provide the much-needed capital to finance the infrastructure deficit in Nigeria. He was sharing his views at a recent Non-interest finance forum held in Lagos. Source WebTV Read More 

    NCDC Issues Advisory for Ramadan - The holy month of Ramadan is marked by the observance of fasting from sun rise to sun set, increased religious and social gatherings where Muslim communities unite to break their fast together (iftar), and increased attendance at mosques for congregational prayers and listening to sermons (tafsir). Source NCDC Read More 

    LASG Issues Update on the Coronavirus Situation in Lagos State As At April 25, 2020 - But I must start on a very special note, by wishing all our Muslim brothers and sisters Ramadan Kareem. Source LASG Read More 

    Ogun State Embarks on Mass Testing; Releases Schedule of Venues and Dates - Ogun State Government has released a schedule of venues and dates for the free testing of suspected patients of COVID-19 in all communities across the 20 LGAs in the State. Source Ogun State Government Read More 

    COVID-19 Tightens Noose Around 40 Million Livelihoods - In a worst-case scenario, Lagos has estimated 39,000 citizens catching the COVID-19 bug, and 90 percent of them recovering—if they have no pre-existing downers. In that case, the odds are against about 20 million people living in the commercial hub of Africa and epicenter of the pandemic in Nigeria. The nation currently bristles with over 200 million people. Source TheNation Read More

    Click Here to Read More News on Finance

    Proshare Nigeria Pvt. Ltd.

    Proshare Nigeria Pvt. Ltd.


    Proshare Nigeria Pvt. Ltd.

    Click Here To Watch More Videos 

    Related News

    1. What To Expect From The Markets This Week - 270420

    Proshare Nigeria Pvt. Ltd.

    Related News