Nigeria in 1min: Economic, Business and Financial Headlines - 010420

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Wednesday, April 1, 2020 / 06:20 AM / By News Aggregator


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COVID-19 Health Updates

  • On the 31sth of March 2020, eight (8) new confirmed cases of COVID-19 recorded in Nigeria
  • Till date, One hundred and thirty-nine (139) cases have been confirmed, nine cases have been discharged and two deaths from COVID-19 recorded in Nigeria
  • Of the eight(8) new cases reported on the 31st of March, three(3) are in Osun , three(3) are in FCT, one (1) in Lagos and one(1) in Ogun State.
  • 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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PROSHARE ECONOMY 

Nigeria's Current Account Deficit Widened from -2.2% to -5.4% in Q4 2019 - Nigeria's current-account deficit widened in Q4 from -2.2% of GDP the previous quarter to -5.4%, the worst ratio of the decade. The deterioration was the result of a rare deficit on trade, the first since Q3 2016, as well as the largest ever net outflow on services in US dollar terms. Source FBNQuest Read More 

IGAD Heads of State and Government Declaration on the Coronavirus (COVID-19) Pandemic - We, the Heads of State and Government of the Inter-Governmental Authority on Development (IGAD), convening via video-conference at the Extraordinary Summit on coronavirus diseases (COVID-19) pandemic on 31st March 2020 Source IGAD Read More 

Increased Consumer Demand For Grains During The Global Lockdown To Push Up Prices - Oil prices plummeted again falling temporarily below $20pb before a partial recovery to $22pb.  This fall in price is an existential threat to the viability of shale oil and could lead to a likely cut in U.S. oil production this year. Source FDC Read More 

Global Oil Production Is Set To Collapse - OIR 310320 - WTI opened slightly up but, at $20 per barrel, remains stuck at 18-year lows. There are few reasons to be optimistic, as most analysts see demand destruction growing by the day. Source Oilprice Read More 

The U.S. Is About To Lose Its Place As The World's Largest Oil Producer - The United States may lose its top spot among oil producers globally this year, according to economists. With oil prices continuing their slide and Saudi Arabia reiterating its plans to flood the market with oil, U.S. producers are idling rigs and cutting spending plans. Source Oilprice Read More 

FG Reduces Petrol Price To N123.5 Per Litre - The Federal Government on Tuesday night reduced the price of petrol from N125/litre to N123.5/litre. Current petrol price indicates a reduction of N1.5 on every litre of petrol purchased nationwide. Source Punch Read More 

Lagos, Ogun, FCT May Lose N1.6tn To Lockdown - At least N1.62tn is expected to be lost in terms of monetary output by businesses and firms as a result of the two-week restriction of movement imposed on Lagos, Ogun and the Federal Capital Territory by the Federal Government. The amount was arrived at based on an analysis of the nominal Gross Domestic Product of Lagos, Ogun and the FCT. Source Punch Read More 

FIRS Launches e-Filing Portal for Transfer Pricing - The Federal Inland Revenue Service recently launched an electronic transfer pricing (TP) filing portal christened E-TP PLAT 2.0. Source KPMG Nigeria Read More

LIRS Extends Deadline For Filing Of Tax Returns - The Lagos State Internal Revenue Service (LIRS) has extended the deadline for filing of Annual Returns for Individual taxpayers including self-employed persons for two (2) months from April 1 to May 31, 2020. Source TheNation Read More


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PROSHARE MARKETS  

Market Maintains Negative Posture as Investors Lose N15.80bn; NSEASI Dips by 0.14% - Equities market closed today on a negative note, as NSEASI depreciated by 0.14% to close at 21,300.47 points as against 2.43% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at 20.65%.  Source Proshare Markets Read More 

Axxela Funding 1 Plc - Up to N10bn Series 1 Bonds Is Now Open - We wish to inform you that Axxela Funding 1 PLC Series 1, up to NGN10 billion Seven-Year Fixed Rate Senior Secured Bonds (under the NGN50 billion Bond Issuance Programme) is NOW OPEN. Axxela Funding 1 PLC (the "Issuer" or the "SPV") is the special purpose, funding vehicle incorporated by Axxela Limited ("Axxela", the "Sponsor" or the "Company") to access the domestic debt capital markets. The Book Build is expected to close on Tuesday, April 14, 2020. Source Arthur Stevens Asset Mgt Read More 

UNILEVER Declares N7.4bn Loss in 2019 Audited Results (SP:N10.50k) - Unilever Nigeria Plc released its 2019 Audited results for the period ended December 31st, 2019. Revenue declined by -34.9% to N60.5bn from N92.9bn in the previous quarter. Source NSE Read More 

FCMB Declares N17.3bn PAT in 2019 Audited Results, Proposes N0.14k Final Dividend;(SP:N1.50k) - First City Monument Bank Plc, Banking company in Financial Services  sector announced 2.3% Gross Earnings growth in Q4'19 Result Source NSE Read More 

Net CRR Refund Eases Liquidity Crunch, Drives Demand for OMO Bills - Activity in the Bonds Market picked up in the second trading session of the week, as market participants settled down into remote trading following the shutdown of the country's two major states. Source Zedcrest Capital Read More

 

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PROSHARE BUSINESS 

CBN Announces Temporary Suspension of Cheque Clearing in the Nigerian Clearing System - In view of recent developments and in furtherance to the Bank's effort to ensure hitch-free clearing and settlement activities, the Central Bank of Nigeria hereby suspend, until further notice, the clearing of cheques instruments in the Nigerian Clearing System starting from March 31, 2020. Source CBN Read More 

Hotels and Recent Tax Amendments - Legal Alert - The Hospitality Industry, particularly the Hotels, have prior to the outbreak of the Corona Virus, which virus is also known as the COVID-19 virus pandemic, grew exponentially, in line with the growth at the time in global Gross Domestic Product ("GDP") and millennial growth. Source Oserogho & Associates Read More 

COVID 19: Firstbank Donates 1Billion Naira, Reiterates its Commitment to the Safety of all Nigerians - FirstBank has announced its donation of the sum of N1bn towards the joint effort by the Nigerian Private Sector Coalition Against COVID-19 (CACOVID) to rapidly expand the health facilities; especially Testing, Isolation, treatment and the provision of Intensive Care Unit (ICU) facilities pivotal to controlling the spread and importantly, treating individuals diagnosed with COVID- 19. Source Firstbank Read More 

UNICEF, ILO Advocate Greater Support For Working Families - The United Nations Children's Fund and the International Labour Organisation have said there is a need to support working families in the wake of the outbreak of the deadly coronavirus. They argued that the vulnerable, especially the children and women needed support in the face school closures, job losses and  non-availability  of childcare facilities among the low-income families. Source Punch Read More

IATA Says Airlines Will Post $39bn Loss In Q2 - The International Air Transport Association says airlines may burn through $61bn of their cash reserves during the second quarter ending 30 June, 2020 while posting a quarterly net loss of $39bn. The association said on Tuesday that the new analysis was based on the impact assessment it released last week, under a scenario in which severe travel restrictions last for three months. Source Punch Read More 

COVID-19: Nigeria Risks Food Crisis, Agric Bureau Warns - The Agriculture Bureau Association of Nigeria (ABAN) has called for a stakeholders' consultative forum to rationalise initiatives to keep the country's food chain running amidst the current challenges posed by the outbreak and spread of the coronavirus (Covid-19) pandemic. Source Thisday Read More 

Risk Currencies Ease, Yen Firms As Investors Brace For Global Downturn - Risk currencies looked fragile and the yen firmed on Wednesday, the first day of a quarter that looks set to see the worst economic contractions for decades in many countries as they scramble to tackle the coronavirus epidemic. Source Reuters Read More 

Trump Signs Off On Deferring Tariffs For Most-Favored Nations For Three Months -  President Donald Trump has signed off on a plan to defer U.S. tariffs for most-favored nations for three months, according to a source familiar with the decision. Source Reuters Read More

175,911 PoS Transactions Fail As Lockdown Begins - According to the live PoS report of the Nigeria Inter-Bank Settlement Plc on Tuesday, by 8pm, the total volume of PoS transactions in the country was 1,152,646, with an average processing time of 2.93 seconds. Source Punch Read More


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 PROSHARE TECHNOLOGY   

Nigeria's NBC Calls On Pay-TV Operators To Decrypt Local Channels - The National Broadcasting Commission (NBC) has called on all pay-TV subscription broadcasters in Nigeria such as DStv, GOTv, DSTV, FreeTv and Startimes, among others, to immediately decrypt all the local channels on their bouquets to allow all citizens access to their services in Nigeria without hindrances so that they can receive daily reports and updates on the coronavirus pandemic. Source Read More 

 

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PROSHARE FINANCE 

The Psychology of COVID-19 - Nigeria announced its first COVID-19 case on February 27 - an Italian who came into the country on February 24 and displayed symptoms of the disease while visiting Lafarge Cement Company in Ewekoro, Ogun State. He has since been treated and discharged. Since then Nigeria has recorded a total of 111 cases, as at the time of this writing, with two reported deaths. Source Reuben Abati Read More 

COVID-19: Medical Facilities to be Provided in 6 Geo-Political Zones of Nigeria - The world is currently battling a global health crisis as COVID-19 spreads rapidly through many countries. Currently, cases of the virus have been reported among individuals across Nigeria and there is a high risk of the virus spreading through much of the population, if we do not come together to fight this battle.  Source CBN Read More


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