Nigeria in 1min: Economic, Business and Financial Headlines - 010520


Friday, May 01, 2020 / 06:30 AM / By News Aggregator /  Header Image Credit: @AfDB_Group

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    COVID-19 Health Updates

    • On the 30th of April 2020, 204 new confirmed cases and seven deaths were recorded in Nigeria
    • No new state has reported a case in the last 24 hours.
    • Till date, 1932 cases have been confirmed, 319 cases have been discharged and 58 deaths have been recorded in 34 states and the Federal Capital Territory
    • The 204 new cases are reported from eighteen states- Kano (80), Lagos (45), Gombe (12), Sokoto (9), Bauchi (9), Edo (7), Borno (7), Rivers (6), Ogun (6), FCT (4), Akwa Ibom (4), Bayelsa (4), Kaduna (3), Oyo (2), Delta (2), Nasarawa (2), Ondo (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

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    COVID-19: Nigeria's Request For Purchase Under The Rapid Financing Instrument of IMF - The COVID-19 pandemic is severely impacting economic activity. The sharp fall in international oil prices and reduced global demand for Nigeria's oil products are worsening the fiscal and external positions, as Nigeria's oil and gas exports (84 percent of total exports) are expected to fall by more than $26 and half billion. Source IMF Read More 

    GDP By Income and Expenditure Approach Q4 2019 - Household Final Consumption Declined by -2.40% - In the second quarter of 2019, Nigeria's real GDP at basic prices grew by 2.12% on a year on year basis. Growth accelerated further in the third and fourth quarters by 2.28% and 2.55%. The steady increase in quarterly growth resulted in an annual growth rate of 2.27% for 2019, compared to 1.91% in 2018 on a year on year basis. Source NBS Read More 

    Looking at Home for Policies and Solutions - The current health crisis has resulted in a global economic downturn, signalled by the GDP data for Q1 2020 from the US and China. At least for now, multilateralism has been replaced by governments designing new economic solutions and protecting their nationals. Source FBNQuest Research Read More 

    Nigerian Economic Update: A Throw of the Dice - According to the International Monetary Fund (IMF), Sub-Saharan Africa (SSA) is likely to face a GDP contraction of 1.6% YoY in 2020-the region's worst reading on record-as a result of the current health and economic crisis. Less diversified SSA oil economies, such as Nigeria, are also likely to face significant pressures. Source CardinalStone Research Read More 

    Guidelines and Recommendations: Reopening the Nigerian Economy - The decision on progression to a subsequent phase would be subject to evaluation by the State and Federal government along with guidance from the NCDC. Decisions would be made by evaluating data on active cases and the progress in the key sectors within the state. Following the 2-week period, a decision would be made whether to tighten the lockdown protocol, remain at the current phase or move on to the next phase. Source FG Read More 

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    COVID-19: FIRS Announces Waiver of Interest and Penalty on Outstanding Tax Liabilities -The FIRS today, Thursday, 30 April 2020, issued a Public Notice announcing its decision to waive interest and penalties on outstanding tax debts arising from desk reviews, tax audits and investigations. However, to be eligible for the relief, the affected taxpayers must settle their outstanding tax debts in full by 31 May 2020. Source KPMG Nigeria Read More 

    Nigeria Needs Data harmonization and Tax Reforms To Boost Economy - Taiwo Oyedele - Partner and West African Tax Leader, Price Waterhouse Coopers, Mr. Taiwo Oyedele as called for more coordination, Data harmonization and tax reforms to improve domestic economic output. Speaking on WebTV's Coronanomics Program, the tax expert identified the need for the Federal, State and Local Governments to simply tax processes and expand the fiscal opportunities by leveraging data and effective planning.  Source WebTV Read More 

    Osinbajo Panel Meets Buhari's Economic Advisory Council - The Economic Sustainability Committee, chaired by Vice-President Yemi Osinbajo, on Thursday, met with members of the Presidential Economic Advisory Council over a sustainability plan by the committee.The President, Major General Muhammadu Buhari (retd.), had, on April 2, inaugurated the committee with the aim of tackling the economic challenges and fallouts of the COVID-19 pandemic. Source Punch Read More 

    MTN, Others Plan $4.8bn Investment in Nigeria - Ten companies are planning to invest the sum of $4.8bn in various sectors of the Nigerian economy, the Nigerian Investment Promotion Commission has said. Highlights of the investment plans are contained in a report released by the NIPC. Source Punch Read More 

    We'll Focus on Macroeconomic Stability After COVID-19 - FG - The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has said the Federal Government will focus on stabilising the economy once the coronavirus pandemic is over. She said this on Thursday via the Twitter handle of the Ministry of Finance. Source Punch Read More 

    Nigeria's Oil, Gas Exports to Fall By $26.5bn - IMF - The International Monetary Fund has said Nigeria’s oil and gas exports are expected to fall by at least $26.5bn this year as a result of the coronavirus-induced sharp drop in prices and demand. The IMF, on Tuesday, approved the country's request for emergency financial assistance of $3.4bn on Tuesday. Source Punch Read More

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    Investors Gain N79.53bn as NSEASI Inches Up by 0.67%; Closes Above 23,000bpts - Equities market closed today on positive note, as NSEASI appreciated by +0.67% to close at 23,021.01 points as against +0.62% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -14.24%.  Source Proshare Markets Read More 

    IMF Loan to Support Dollar Liquidity in the Short Term - Earlier this week, the International Monetary Fund approved Nigeria's request for US$3.4 bn (N1.22trn) in emergency financial assistance under the Rapid Financing Instrument (RFI) to support the authorities' efforts in addressing the severe economic impact of the COVID-19 shock and the unprecedented downturn in oil prices.  Source CSL Research Read More 

    NSE Proposes Amendments to Its Listing Requirements - The Nigerian Stock Exchange (The Exchange) is proposing Amendments to the Listing Requirements, The Rulebook of The Exchange (Issuers' Rules). Source NSE Read More 

    Consumer Goods Sector Records 3 Gainers to 12 Losers YTD; VITAFOAM Leads With 0.13% YTD Return - Trading activities within the Consumer Goods sector recorded a slight uplift on the Nigerian bourse as the sector accounted for 2.15% of the market volume traded before the lockdown as against 4.48% of volume traded during the lockdown as at April 22nd, 2020. Source Proshare Research Read More 

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    Market Review and Round-Up of Corporate News Announced During The Week Ending 300420 - The equities market recorded mixed performance - the listed equities market recorded +1.87% loss WoW while the NASD OTC closed flat. The BDC Rate, the IEFX Rate and the NAFEX Rate depreciated while the CBN Rate closed flat. Source Proshare Research Read More 

    NASD OTC Market CAP Records No Movement; Remains At N514.74bn - In our newsletter last week, we commenced a series on crowdfunding - a viable capital raising alternative to enterprises seeking to raise capital. The write up provided a brief history on crowdfunding, how it works and the various types that may exist in various jurisdictions. Source NASD Plc Read More 

    Corporate Earnings For The Week Ending 300420 - 17 in All - Thirteen(13) out of the Seventeen (17) firms declared growth in revenue. VITAFOAM records 113% growth in earnings to emerge as the firm with highest growth in earnings while SEPLAT and CAPHOTEL records 13% negative growth in earnings to emerge as the firm with the least growth rate. MTNN tops with the highest PAT figure while SEPLAT declared the least with a loss. Source Proshare Research Read More

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    Ahead of Tomorrow on WebTV: Discussions on COVID-19; Focus on NIPC and Investment Promotion - YEWANDE SADIKU is the Executive Secretary/CEO, Nigerian Investment Promotion Commission (NIPC). A position she assumed in November 2016. Until October 2016, she was the Executive Director responsible for Stanbic IBTC Group's Corporate and Investment Banking business, ensuring the realisation of business opportunities in Nigeria's complex operating environment. Source WebTV Read More 

    $3.4bn Support: IMF To Conduct Due Diligence On CBN - Indications have emerged that the International Monetary Fund is to conduct a due diligence exercise on the Central Bank of Nigeria as part of a fresh 'safeguards assessment'. The new safeguards assessment is a fallout of the $3.4bn emergency financial assistance the IMF gave to the Federal Government to address the economic impact of the COVID-19 pandemic on the country. Source Punch Read More 

    Trump Threatens New Tariffs On China In Retaliation For Coronavirus - U.S. President Donald Trump said on Thursday his hard-fought trade deal with China was now of secondary importance to the coronavirus pandemic and he threatened new tariffs on Beijing, as his administration crafted retaliatory measures over the outbreak.  Source Reuters Read More

    Shell Cuts Dividend to Investors First Time In 80yrs - Royal Dutch Shell with strong presence in Nigeria's petroleum industry upstream sub-sector through its subsidiary Shell Petroleum Development Company (SPDC), has cut its dividend for the first time since World War II following the collapse in global oil demand due to the coronavirus pandemic. Source Dailytrust Read More

    CBN Extends Deadline for Microfinance Banks' Recapitalisation - In consideration of the impact of the COVID-19 pandemic on economic activities in the country, the Central Bank of Nigeria (CBN) has revised the deadline for compliance with the minimum capital requirement for microfinance banks. Source Thisday Read More

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    Ahead of Tomorrow on WebTV: Discussions on COVID-19; Implications for the Fintech Ecosystem - DR. BABATUNDE OBRIMAH is the Chief Operating Officer of FinTech Association of Nigeria (FinTechNGR). A fintech enthusiast who has nurtured a few startups and participated in a number of Fintech activities and initiatives. He is a multi-skilled individual with working experiences spanning the banking sector, non-bank financial services sector, financial consulting services/project management and public sector.  Source WebTV Read More 

    COVID-19: Impact and Opportunities for Financial Services Agents in Nigeria - COVID-19 has been a major global disrupter, with surging infections, city lockdowns, closure of businesses, travel restrictions and staff layoffs becoming staple features of the new global economy. Forbes report the impact in four basic ways. First, supply chain failures because of the impact of the pandemic on China. Source Henry Chukwu, EFINA Read More 

    China Starts Major Trial of State-Run Digital Currency - China will begin trialling payments in its new digital currency in four major cities from next week, according to domestic media. In recent months, China's central bank has stepped up its development of the e-RMB, which is set to be the first digital currency operated by a major economy. Source Helen Davidson of The Guardian Read More 

    e-Commerce Operators Decry Restrictions on Deliverables - According to them, at a time when global players in the e-Commerce sector have seen the peculiarities of their operations come to the fore in helping governments and people in other climes observe social distancing and stay in supply of essential items without leaving their homes, the Nigerian e-Commerce sector was instead buckling under the weight of heavy of government restrictions on deliverables. Source Thisday Read More 

    Apple Sales Inch Higher Despite Coronavirus But CEO Tim Cook Sees Uncertain Future - Apple Inc reported sales and profits that beat Wall Street expectations Thursday, with Chief Executive Officer Tim Cook saying China sales were "headed in the right direction" as that country reopens from the novel coronavirus. Source Reuters Read More 

    Amazon Sees Possible Second-Quarter Loss As It Forecasts $4 Billion In COVID-19-Related Costs - Inc (AMZN.O) on Thursday said it could post its first quarterly loss in five years even as revenue surges because it is spending at least $4 billion in response to the coronavirus pandemic, including plans to test its workforce for COVID-19. Source Reuters Read More


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    Crisis of Identity Management, COVID-19 And Insurance - Elsie is a Nigerian female and high flyer in her profession with various forms of identification, which had made her feel quite privileged until some weeks ago when we got talking about the developing impact of COVID-19 on our personal lives and careers. Source Ekerete Ola Gam-Ikon Read More

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