Nigeria in 1min: Economic, Business and Financial Headlines - 020720


Thursday, July 2, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @NigeriaGov/@PPPRAtweets

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COVID-19 Health Updates

  • July 2nd 2020:  Nigeria COVID-19 Status in 35 states and the Federal Capital Territory
  • Confirmed: 25694 (New: 790)
  • Discharged: 10152
  • Deaths: 603: (New 13)
  • No new state has reported a case in the last 24 hours.

Source: NCDC Read More

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Coronanomics (26) - CBN's Vexing Trilemma - The single-sector bias of the Nigerian economy with its huge dependence on crude oil sales for 90% of its foreign exchange earnings and 70% of its fiscal revenues lays out a path to a perfect trilemma. Source Proshare Content Read More

PPPRA Releases Advised Price for PMS for the Month of July 2020; Raises Pump Price to N140 - After a review of the prevailing market fundamentals in the month of June and considering Marketers' realistic operating costs, as much as practicable, we wish to advise a new PMS pump price band of N140.80 -N143.80/Litre, for the month of July, 2020. Source PPPRA Read More

Nigeria H2 2020 Outlook: Up in the Air - In January 2020, we estimated that better trade terms between the US and China, improved clarity on the UK-EU economic ties, as well as an accommodative monetary policy stance by central banks across the world would bolster global growth in 2020. Against the run of play, the outbreak of the COVID-19 pandemic threw a curveball at our forecasts, as global attention was shifted to the public health crisis, at a huge economic cost. Source United Capital Research Read More

NNPC GMD, Oando GCE and Other Executives Attend AKK Gas Presidential Flag Off - Amidst the global pandemic, the President of the Federal Republic of Nigeria, His Excellency, President Muhammadu Buhari alongside other Government officials 'virtually' flagged off the landmark construction of the 614km Ajaokuta-Kaduna-Kano (AKK) gas pipeline project from the State House, Abuja, on Tuesday, June 30 to the delight of Nigerians. Source Oando Read More

PMI Reading No 87: Back in Positive Territory - Our manufacturing Purchasing Managers' Index (PMI), the first of its genre in Nigeria, surged from 43.3 to 53.9 in June. Our partner, NOI Polls, has compiled the data. The index can be found in advanced economies such as the ISM's in the US, larger EMs like China, India and Russia, and some other frontier markets. Source FBNQuest Research Read More

FG Targets N1tn Revenue Annually From Stamp Duties - The Federal Government is looking generate an annual revenue of N1tn from the collection of stamp duties. It disclosed this on Tuesday at the inauguration of the Inter-Ministerial Committee on Audit and Recovery of Back Years Stamp Duties in Abuja. Source Punch Read More

National Assembly Asks FG to Halt Recruitment of 774,000 Public Works Personnel - The National Assembly on Wednesday asked the Federal Government to halt the recruitment of 774,000 Public Works personnel until the recruitment modalities are spelt out and explained to the legislative arm. Source THISDAYLIVE Read More

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SEC Proposes New Rules on CIS and Sundry Amendments For Exposure - Proposed Rules on General Rules for Collective Investment Schemes (CIS). Proposed New Rules on Annual Supervision Fees for Collective Investment Schemes. Source SEC Nigeria Read More

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Investors Gain N60.42bn; NSEASI Inches up by 0.47% as Market Sentiment Turns Positive - Equities market closed today on a positive note, as NSEASI appreciated by +0.47% to close at 24,595.05 basis points as against -1.53% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -8.37%. Source Proshare Markets Read More

ETI holds its 32nd AGM and Shareholders Approve Resolutions - Ecobank Transnational Incorporated ("ETI"), the parent of the Ecobank Group, the leading pan-African bank with banking operations in 33 countries, concluded its 32nd Annual General Meeting (AGM) & Extraordinary General Meeting in Lagos, Nigeria, today. Source ETI Read More

NSE Reveals Results of Half Year 2020 Review of Market Indices - The Nigerian Stock Exchange (NSE), the premier sustainable exchange servicing Africa's largest economy, has announced the results of its Half-Year market index review for the following indices: the NSE 30 Index, NSE Lotus Islamic Index, NSE Pension Index, Corporate Governance Index... Source NSE Read More

Rates Fall Again As Local Demand Piles Up At NTB Auction - Yields on FGN Bonds still dropped today, despite a slowdown in market activities in a drab trading session. We saw more bids across the curve but wide spreads made trading a tad difficult. The 2035s saw some action by the close of the trading session trading around 10.05% while all other maturities coasted around the market opening level with their bid/offer staying wide apart. Source Zedcrest Capital Read More

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FG May Force DSTV to Charge Per View - The Federal Government has disclosed plans to force the Digital Satellite Television, owned by MultiChoice, a South Africa-based cable service provider, to provide pay-per-view options to Nigerian subscribers. The government also said it has amended Nigeria's broadcasting code to prevent DSTV from monopolising its channels and contents. Source Read Punch Read More

National Assembly, Discos ask FG to Subsidise Electricity Consumption - The National Assembly and electricity distribution companies have asked the Federal Government to subsidise eletricity consumption. The Discos had on Monday told the National Assembly leadership that the only condition to halt tariff hike was for the Federal Government to bear the difference between the current tariff and the proposed one. Source Punch Read More

NEPZA Boss Identifies Bottlenecks to Economic Zones' Devt - The acting Managing Director, Nigeria Export Processing Zones Authority (NEPZA), Mr. Bitrus Dawuk, has said periodic interference of other government agencies in free zone operations, overtly stringent or impromptu government fiscal and monetary policies as well as an outdated legal framework which had existed for over twenty years, all constitute barriers negating efforts in attracting and retaining investors in free trade zones across the country. Source THISDAYLIVE Read More

MAN: Border Closure Raised Manufacturers' Production Value by 41.8% - The marginally favourable performance recorded by the Nigerian manufacturing sector in the second half of the 2019 has been attributed largely to the border closure announced by the federal government last year. Source THISDAYLIVE Read More

Senate Summons Minister of Finance, CBN, EFCC, ICPC, Others - The Senate on Wednesday summoned the Minister of Finance, Budget and National Planning, Zainab Ahmed, to brief it on measures put in place to curb revenue leakages. through tax evasion and money laundering activities by international oil companies (IOCs), proceeds of corruption and other criminal activities involving illicit financial flows. Source  The Nation Read More

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Active Voice Subscription Grew By 2.48% in Q1 2020 - NBS - Telecoms data for Q1 2020 reflected that a total of 189,282,796 subscribers were active on voice as against 184,699,409 in Q4 2019 and 173,713,842 in Q1 2019. This represented 2.48% increase in voice subscriptions Quarter on Quarter and 8.96% Year on Year. Source NBS Read More

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NSE Reviews and Amends Pension Index - The Nigerian Stock Exchange (NSE) is pleased to announce that it has reviewed the eligibility criteria for the NSE Pension Index ("The Index") in line with changes in the regulatory and market requirements. The amended methodology and rebalancing will be effective on Wednesday July 1, 2020. Source NSE Read More

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Invest in Technology, Localise Supply Chain, Redefine Purpose, Airtel MD Advices SMEs  In adjusting to the new normal, business owners and operators of Small and Medium Scale businesses have been advised to invest massively in technology and find ways to source their raw materials or supplies locally, as this is expected to boost their activities and help them stay afloat especially in the wake of the Covid-19 pandemic. Source UBA Press Release Read More


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