Nigeria in 1min: Economic, Business and Financial Headlines - 010920

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Tuesday, September 1, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @NigeriaGov

 

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COVID-19 Health Updates

  • 31st of August 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 54,008 cases (New: 143)
  • Discharged:  41,638
  • Deaths: : 1,013 (New: 0)

Source: NCDC Read More


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PROSHARE ECONOMY 

Finally, Some Decent Growth in Lending Volumes - Growth in private-sector credit extension accelerated to 24.4% y/y in July (see chart), its fastest rate since September 2012. This is well ahead of nominal GDP growth, which the authorities will welcome since Nigeria lags its peers by a margin for this metric. Source FBNQuest Research Read More

August PMI Shows Economic Activities Still in Contraction Amid Slow Recovery - PFI Capital - The Central Bank of Nigeria's Manufacturing Purchasing Managers' Index (PMI) for August stood at 48.5 index points, indicating contraction in the manufacturing sector for the fourth consecutive months while the PMI for the non-manufacturing sector stood at 44.7 points in August 2020, indicating contraction in non-manufacturing activities for the fifth consecutive months. Source PFI Capital Read More


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PROSHARE MARKETS 

Investors Gain N9.26bn as NSEASI Inches Up by 0.07% to Open the Week Positive - Equities market closed today on a positive note, as NSEASI appreciated by +0.07% to close at 25,327.13 basis points as against +0.02% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.64%. Source Proshare Markets Read More

CardinalStone's Debut Commercial Paper Issuance Records 148% Subscription - CardinalStone Partners Limited, one of Nigeria's leading multi-asset investment management firms, successfully completed its debut Commercial Paper issuance with a subscription of 148%. Source CardinalStone Read More 

Chapel Hill Denham Nigeria Real Estate Investment Trust Series I Offer of Up to N20.3bn Now Open - Chapel Hill Denham Advisory Limited is pleased to notify you of the investment opportunity in the Nigeria Real Estate Investment Trust ("NREIT" or "the Fund") Series I Offer of up to N20.25 billion. NREIT is a fully Shariah compliant fund (with Shariah certification) that has Lotus Financial Services Limited as Shariah Adviser. Source Chapel Hill Denham Read More

ACI Experienced a Negative Performance - AFEX Commodities Weekly Report 270820 - The AFEX Commodities Index composite experiences a slight decline by 2.89% for the week under review, this was a result of a negative performance of all the sub-indices during the week as compared to the previous week. Source Kainosedge Consulting for AFEX Commodities Exchange Read More

 

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PROSHARE BUSINESS 

NBCC Inducts New Members, Commits To Strengthening UK-Nigeria Bi-Lateral Trade - The Nigeria-British Chamber of Commerce recently inducted new members into its group as part of its strategy of broadening its membership base across the country. Source WebTV Read More

Section 839 of CAMA 2020; The Counter-Argument - It was fulfilling to see that the national discourse on CAMA 2020 was triggered by my legal opinion on section 839 of CAMA, which was published on 12th August, 2020. Source Kayode Adeniji, Esq Read More

 Metals Import Gulps $3.3bn Annually, Says Minister - Nigeria spends about $3.3bn every year on the importation of metals, the Minister of Mines and Steel Development, Olamilekan Adegbite, stated on Monday. Source Punch Read More

FG Raises Agric Credit Scheme Fund to N50bn - The Federal Government has raised the share capital of the Agricultural Credit Guarantee Scheme to N50bn from N3bn. The Central Bank of Nigeria disclosed this in a document on Monday entitled 'Agricultural Credit Guarantee Scheme Fund (Amendment) Act 2019.' Source Punch Read More

Africa's GDP Could Lose $173.1 Billion By Year-End, Projects AfDB - The African Development Bank (AfDB), has projected that Africa's Gross Domestic Product (GDP) could lose about $173.1 billion by year-end, and $236.7 billion in 2021, due to the impact of the on-going COVID-19 pandemic on the continent's economies. Source The Guardian Nigeria Read More

Banks' Credit to Private Sector Rises to N30.189tn - Banking sector's credit to the private sector rose by N757 billion or 2.57 per cent to N30.189 trillion as of July 2020, compared with the N29.432 trillion it was at the end of June. Source THISDAYLIVE Read More

Zoom Forecasts Sales Surge as Video Conferencing Becomes A Daily Routine - Zoom Video Communications Inc raised its annual revenue forecast by more than 30% after comfortably beating quarterly estimates on Monday as it converts more of its huge free user base to paid subscriptions. Source Reuters Read More

Nigeria Loses N300bn to Gas Flaring in 7 Months - Gas flaring in Nigeria's oil fields has taken a huge toll on the economy, as the country flared 225.1 billion standard cubic feet of gas, (bscf) between January and July 2020. Source Vanguard Read More


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PROSHARE FINANCE 

How Policyholders' Complaints Are Improving Service in Insurance - Did someone say "Every disappointment is a blessing in disguise"? How true this has become for the insurance industry in Nigeria where insurers are turning complaints from their customers (policyholders) into opportunities to uphold their image, tinker with their processes and fine tune their strategies. Source Ekerete Ola Gam-Ikon Read More


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