Nigeria in 1min: Economic, Business and Financial Headlines - 300320


Monday, March 30, 2020 / 06:30 AM / By News Aggregator / Header Image Credit: @NigeriaGov


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COVID-19 Health Updates

  • On the 29th of March 2020, Fourteen (14) new confirmed cases of COVID-19 recorded in Nigeria
  • Till date, One hundred and eleven (111) cases have been confirmed, three cases have been discharged and one death from COVID-19 recorded in Nigeria
  • Of the Fourteen(14) new cases reported on the 29th of March, Five(5) are in FCT and Nine (9) are in Lagos.
  • All new cases have mild to moderate symptoms and are currently receiving care.
  • A multi-sectoral national emergency operations centre (EOC), activated at level 3, continues to coordinate the national response activities. Source NCDC Read More

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Agriculture, An Obvious Alternative - The latest national accounts show that the agriculture sector grew by 2.4% y/y in 2019 compared with 2.3% recorded in the previous year. In Q4 2019, it expanded by 2.5% y/y. Source FBNQuest Research Read More 

Nigeria Long-Term Rating Lowered To 'B-' On Weakening External Position - S&P Global Ratings lowered its long-term foreign and local currency sovereign credit ratings on Nigeria to 'B-' from 'B'. At the same time, we affirmed our 'B' short-term sovereign credit ratings on Nigeria. We lowered our long-term Nigeria national scale rating to 'ngBBB' from 'ngA-' and affirmed the 'ngA-2' short-term Nigeria national scale rating. Source S&P Global Ratings Read More 

#Coronanomics: Global Creative Industry Receives $100m Funding From Netflix - The coronavirus pandemic has adversely affected the global economy and critical sectors like banking, financial services, aviation, tourism, manufacturing, healthcare, insurance, technology, sports and the creative industry. Source WebTV Read More 

Macroeconomic Review Q1 2020: Steering a Fragile Economy in the Face of Uncertainties - The combined effect of the oil price crash and the coronavirus pandemic has hit the already fragile Nigerian economy hard. Prior to the global pandemic Nigeria economy exhibited two trends : (i )a weak external position with declining external reserves from $45 billion to $ 38 billion in January 2020… Source FSDH Research Read More 

COVID-19: Joint Statement by the Chair of IMFC and the Managing Director of the IMF - International Monetary and Financial Committee Chair Lesetja Kganyago and International Monetary Fund Managing Director Kristalina Georgieva issued the following statement following today's conference call of the International Monetary and Financial Committee. Source Mondovisione  Read More 

African Development Bank Launches Record Breaking $3bn "Fight COVID-19" Social Bond - The African Development Bank (AAA) has raised an exceptional $3 billion in a three-year bond to help alleviate the economic and social impact the Covid-19 pandemic will have on livelihoods and Africa's economies. Source AfDB Read More 

Oil Tumbles Towards $20 As Glut Grows - OIR 270320 - The brief rebound in oil prices was never going to last in the current environment, and as the global crude glut nears historic highs, prices are heading towards $20. Source Oilprice Read More 

COVID-19: Presidency Debunks Payment of N30,000 Relief Package to Nigerians With Verified BVN - The Presidency Office on Digital Engagement (PODE) via its official twitter handle, @DigiCommsNG, has debunked the payment of the sum of N30,000 to all Nigerians with Verified BVN account. Source News Read More 

IMF Plans $1bn Fund Raising For Poor Countries - The International Monetary Fund says it has launched a fund-raising exercise that will enable the Catastrophe Containment and Relief Trust to provide about $1bn for the current COVID-19 pandemic. The Managing Director, IMF, Kristalina Georgieva, in a statement, called upon the Fund's economically stronger member countries to help replenish the CCRT, which had only $200m available for the world's poorest countries. Source Punch Read More

Workers May Lose $3.4 Trillion Income To COVID-19, Says ILO -  The International Labour Organisation (ILO) has disclosed that about 25 million people would become unemployed, while over $3.4 trillion income would be lost to the novel coronavirus globally. Source Guardian Read More

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SEC Clarifies on Prohibition Of Gifts At General Meetings - The Securities and Exchange Commission wishes to clarify the application of Rule 602 (4) of its Rules and Regulations. Rule 602(4) states that "public companies shall not distribute gifts to shareholders, observers and any other person at Annual General Meetings/Extra-Ordinary General Meetings" Source SEC Nigeria Read More 

SEC Notifies of Activities Of Unlawful Market Operators - The Securities and Exchange Commission wish to draw the attention of the investing public to the activities of unlawful/unlicensed market operators and promoters of other fraudulent schemes. Source SEC Nigeria Read More 

SEC Issues Exposure of Its Proposed Crowdfunding Rules - The Securities and Exchange Commission (SEC) has issued an exposure of its proposed new rules on crowdfunding to the rules and regulations of the Commission. Source SEC Nigeria Read More 


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What To Expect From The Markets This Week- 300320 - The magnitude of the economic devastation being wrought by the coronavirus pandemic was laid bare this week, as the US Labor Department reported an unprecedented surge in the number of people seeking unemployment benefits. Source Proshare Read More 

Investors Lose N174.82bn WoW as NSEASI Dips by -1.52% to Close the Week Negative - Equities market closed today on a positive note, as NSEASI appreciated by +0.48% to close at 21,861.78 points as against +0.13% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -18.55%. Source Proshare Markets Read More 

Portfolio Diversification Opportunity via The NASD OTC Securities Exchange - The NASD OTC Security Index (NSI) and Market Capitalisation closed the trading week on Friday, March 27 2020, with a positive movement in Market capitalisation and NSI against preceding Friday, March 20 2020. Source NASD Read More 

CAC Issues Guidelines on Holding of AGMs of Public Companies Using Proxies - In view of the COVID-19 pandemic, companies can hold their Annual General Meetings by taking advantage of S.230 CAMA on the use of proxies.  Source Corporate Affairs Commission Read More 

Market Review and Round-Up of Corporate News Announced During The Week Ending 270320 - The equities market recorded mixed performance - the listed equities market recorded -1.52% loss WoW while the NASD OTC also recorded gain of +0.44%. Source Proshare Markets Read More 

COVID-19: Why We Need to Stop Trading Now - In his speech announcing generalized confinement in France, Emmanuel Macron repeatedly called the present situation a war. The harsh restrictive measures implemented by the governments around the world could only be compared to past wartime episodes. Source Amir Rezaee Read More

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COVID-19: CSCS Goes Fully Digital, Activates Business Continuity Plan - As a critical financial market infrastructure (FMI), the Central Securities Clearing System (CSCS) Plc has reiterated its commitment to continued delivery of efficient service through the challenging coronavirus (COVID-19) pandemic, as it activates its business continuity plan and goes fully digital.  Source CSCS Nigeria Read More 

NCDC Issues Guidelines for Employers and Businesses in Nigeria - COVID-19 is caused by a virus that spreads through droplets released when an infected person coughs or sneezes. A person can become infected with this new coronavirus by being in close contact (within 2 metres) of a person infected with COVID-19. Source NCDC Read More 

COVID-19: NNPC, Oil Industry Donate N11bn to Combat Coronavirus in Nigeria - The Nigerian National Petroleum Corporation (NNPC), International Oil Companies (IOCs) as well as Independent Oil Companies in the Upstream and Downstream Sectors, have donated N11billion to the Nigeria Centre for Disease Control (NCDC) as part of its support to combat the Coronavirus pandemic in the Country. Source NNPC Read More 

The Infection Diseases (Emergency Prevention) Regulations 2020 - Lagos State - I am pleased to present to you the Infection Diseases (Emergency Prevention) Regulations 2020 issued by governor Sanwo-olu of Lagos State on Friday, 27th March, 2020 pursuant to the Quarantine Act of 1926 and the State Public Health Law. Source Inibehe Effiong Read More 

Economic Contagion of COVID-19 Spreading Fast, Says Abuja Chamber - Meanwhile, the Abuja Chamber of Commerce and Industry (ACCI) has raised the alarm that the economic contagion of COVID-19 is spreading as fast as the virus itself. It urged the government to quickly evolve fiscal and monetary palliatives and incentives to cushion the shock on businesses. Source Thisday Read More

RenCap Foresees Economic Recession for Nigeria - Renaissance Capital's Sub-Saharan Africa (SSA) Economist, Yvonne Mhango, has predicted that the Nigerian economy will slip back into recession this year, due to the impact of the significant slump in the price of crude oil as well as disruptions caused by the COVID-19 pandemic. Source Thisday Read More 

N100bn health sector intervention scheme operational till 2030 - CBN - Central Bank of Nigeria (CBN) said that the N100 billion credit support to the health sector created as part of measures to address the impact of the Coronavirus, COVID-19, pandemic on the Nigerian economy, will operate till 2030. Source Vanguard Read More 

Coronavirus Worries And Strife: Investors Fear Markets Not Out Of Woods Despite Big Rally - After a brutal meltdown, some investors have been wading back into U.S. stocks. But others are wary of another leg down as the coronavirus spreads and its economic impact is difficult to predict. Source Reuters Read More 

Governments, Central Banks Must Boost Efforts To Help Economies Cope With Crisis: BIS Chief - Governments and central banks need to step up efforts urgently to support their economies in the face of the coronavirus crisis, the head of the Bank for International Settlements said on Sunday. Source Reuters Read More

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Even the Worst Crisis Creates Opportunities - 6 Trends COVID-19 will Accelerate - While the rest of the economy is tanking from the crippling impact of coronavirus, business at the biggest technology companies is holding steady - even thriving. With people told to work from home and stay away from others. Source Kevin William David Read More 

Active Voice Subscription Grew By 3.08% in Q4 2019 - NBS - Telecoms data for Q4 2019 reflected that a total of 184,699,409 subscribers were active on voice as against 179,176,930 in Q3 2019 and 172,176,930 in Q4 2018. This represented 3.08% increase in voice subscriptions Quarter on Quarter and 6.87% Year on Year. Source NBS Read More


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COVID-19: President Buhari Announces Lockdown In Lagos, FCT and Ogun for 14days - President Muhammadu Buhari in the wake of the coronavirus pandemic that  has recorded 97 cases in Nigeria, in his nationwide address announced a lockdown in Lagos, FCT Abuja and Ogun states to curb the spread of the virus in the nation. Source Presidency Read More

#Coronanomics: ISDB Redoubles Efforts With $2bn Funding For OIC Members - The new package based on a philosophy of "Respond, Restore, Restart" is a comprehensive integrated response package to support member countries in combatting the pandemic. Source WebTV Read More 

Seeking Digital Health Companies Enabling Health Management in Nigeria - Request For Info - While 2019 was a big year for digital health globally, COVID-19 could well make 2020 the biggest yet. Source AngelList  Read More 

COVID-19: The Social Implication of a Pandemic - Like the rest of the world, Social Distancing is the order of the day in Nigeria as Covid-19 subsists. This has taken a toll on all of us, especially those used to outdoor engagements. Source Proshare Finance Read More 

COVID-19: WARIF Tackles Abuse of Women and Girls in Self Isolation - As the number of Covid-19 cases continues to increase across Nigeria and with stringent measures being put in place for individuals to quarantine and self-isolate, Women at Risk International Foundation (WARIF), an NGO focused on reducing the prevalence of gender-based violence in Nigeria, have become more concerned with the increase in the number for survivors who may be at risk with an abuser during quarantine. Source WARIF Read More 

How To Use Non-Interest Finance To Solve Housing Sector Problem In Nigeria - The Issuance of Retail Sukuks at both Sovereign and Sub-national will go a long way in spurring socio-economic development in Nigeria. Source WebTV Read More

Lagos Pays Retirees N1.8bn Accrued Pensions - The Lagos State Government says it has paid N1.8bn accrued pension rights for past  civil servants into the Retirement Savings Account of 418 retirees. The payment was made from the mainstream civil service, Local Governments, State Universal Basic Education and Teaching Service Commission for the month of March, 2020. Source Punch Read More

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