Nigeria in 1min: Economic, Business and Financial Headlines - 030420

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Friday, April 3, 2020 / 7:00 AM / By News Aggregator / Header Image Credit: Proshare


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    COVID-19 Health Updates

    • On the 2nd of April 2020, ten(10) new confirmed cases of COVID-19 recorded in Nigeria
    • Till date, one hundred and eighty-four(184) cases have been confirmed, twenty(20) cases have been discharged and two deaths from COVID-19 recorded in Nigeria.
    • Of the ten (10) new cases reported on the 2nd of April, seven (7) in Lagos and three(3) are in FCT.
    • 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 

    IMF Declares a Recession, Project Recovery in 2021 - The governing body of the IMF-the International Monetary and Financial Committee (IMFC), representing our 189 member countries- met today to discuss the unprecedented challenge posed to the world by COVID-19.  Source IMF Read More 

    President Kagame Gives Food, Free Electricity to Every Rwandan Household During Lockdown - The Rwandan Government has on Saturday, March 28, inaugurated a support initiative to vulnerable families who have been affected by the lockdown aimed to curb the spread of COVID-19. Source Standard Daily Times Read More 

    Foreign Reserves Shed $3.02bn In Three Months - The country's foreign reserves have continued its downward trend dropping by $3.02bn from $38.53bn on January 2, 2020 to $35.51bn as of March 27, 2020, latest statistics from the Central Bank of Nigeria have revealed. According to the figures, the reserves dropped from $39.8bn on November 11, 2019 to $39.24bn on December 13, 2019. This is after the fall by $1.26bn from $41.76bn on October 2 to $40.5bn as of the end of October. Source Punch Read More 

    FIRS Generates N1.123trn Revenue In Q1 2019 - The Federal Inland Revenue Service (FIRS) said on Thursday it collected N1.123 trillion revenue in the First Quarter of this year. The FIRS stated this in a statement issued by its Director of Communications and Liaison Department, Mr. Abdullahi Ismaila, in Abuja. Source Vanguard Read More

    Despite Pandemic, Buhari Insists on Project Implementation, Salaries' Payment - President Muhammadu Buhari wednesday instructed members of the Presidential Committee on the Impact of COVID-19 on the Economy to ensure that the pandemic does not obstruct the implementation of critical infrastructure projects as well as payment of workers' salaries. Source Thisday Read More

    FG Exempts Fertiliser Transport From Lockdown - The Presidential Task Force on COVID-19 has made exemption for the movement of fertilisers within the 14-day lockdown in Lagos, Ogun and Federal Capital Territory. It also recommended a 300-bed-space limit for isolation centres in states and local government areas. Source Punch Read More

    Govs Urge CBN to Suspend States' Debt Deductions - The governors, after a teleconference held on Wednesday under the auspices of the Nigeria Governors' Forum (NGF), urged President Muhammadu Buhari to direct the suspension of the deductions of debts owed by the states till the end of the COVID-19 pandemic. Source Thisday Read More


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    PROSHARE MARKETS

    Investors Gain N10.77bn; NSEASI Inches Up by 0.10% Amid Negative Market Breadth - Equities market closed today on a positive note, as NSEASI appreciated by 0.10% to close at 21,121.20 points as against 0.94% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -21.31%.  Source Proshare Markets Read More 

    FCMB to Conduct Annual General Meeting By Proxy - We refer to the publication of our Audited Financial Statements and the Notice of Annual General Meeting (AGM) scheduled to hold on Tuesday, April 28, 2020 at 11.00 am. Your Company notes the outbreak of the COVID-19 pandemic in the country and the partial lockdown of some states as announced by the Federal Government and some State Governments, towards securing their borders and preventing the further spread of the Coronavirus, which would be intensified by public gatherings. Source NSE Read More


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    PROSHARE BUSINESS 

    Proshare Donates to CACOVID, Launches CoronaWATCH to track the COVID-19 Effect on Markets - Since the outbreak of the novel Coronavirus (COVID-19), activities around the world have taken a different turn; from markets recording continuous decline to Central Banks resulting to the provision of stimulus packages and quantitative easing all in a bid to salvage the economy; go. Source Proshare Read More

    PTF-COVID-19 Issues Implementation Guidance For Lockdown Policy - As part of the measures in place to enforce social distancing and limit the spread of the SARS-CoV-2, the Federal Government of Nigeria has decided that schools, organizations and businesses in FCT, Lagos and Ogun States will close effective from 30 March 2020 at 23:00h for an initial period of 2 weeks. Source PTF-COVID-19, OSGF Read More 

    Policy and Regulatory Measures against the Coronavirus Pandemic in Nigeria - The Coronavirus Disease (COVID-19) continues to significantly impact people's health, businesses and the global economy. From country shutdowns, disruption of supply chains, crash in stocks, drop in commodity prices, loss of daily income, the negative economic effects are numerous. Now a global pandemic,  corporates, regulators and governments across the world are responding to the scourge. Source Banwo & Ighodalo Read More 


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    COVID-19: FMN Reiterates Its Commitment to Feeding the Nation; Donates Food Product - Flour Mills of Nigeria Plc (referred to as "Flour Mills" or "FMN"), Nigeria's leading integrated food business and agro-allied Group, owners of the iconic food brand, Golden Penny has announced its commitment to lend a helping hand to several states across the country. FMN is donating essential food products to alleviate the challenges faced by Nigerians in the wake of the Coronavirus outbreak and the impact of the partial lockdown instituted to curb the spread of the virus. Source FMN Read More

    IATA: Nigerian Airlines Lose 3.5m Passengers, $760m Revenue to COVID-19 - International Air Transport Association (IATA) has said Nigerian airlines have airlifted 3.5 million fewer passengers resulting in a $760 million revenue loss since the onset of the disruptions caused by COVID-19 pandemic. Source Thisday Read More 

    Oil, Shares Slip On Doubts Over Saudi-Russia Deal - Oil prices retreated on Friday after massive gains, while stocks in Asia edged down, as doubts grew over an oil price deal between Saudi Arabia and Russia that U.S. President Donald Trump said he had brokered. Source Reuters Read More 

    Fed Balance Sheet Increases to Record $5.86 Trillion - The Federal Reserve's balance sheet increased to a record $5.86 trillion this week and the central bank reported greater use of some of its newly launched liquidity facilities, all part of its efforts to keep markets functioning smoothly amid heightened volatility related to the coronavirus pandemic. Source Reuters Read More


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    PROSHARE TECHNOLOGY   

    #Coronanomics: How Tech Businesses Can Sustain Productivity - In a recent discussion with WebTV Mr. Zakariyah Jaji, a tech enthusiast, gave his opinions on the global coronavirus pandemic, its opportunities and threats, as they relate to the global new normal for national economies. Source WebTV Read More


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    PROSHARE FINANCE

    Zakat Distribution As A Stabilizer During COVID-19 Pandemic - Dr. Aliyu Dahiru Muhammad, Deputy Director, Training & Linkages, International Institute of Islamic Banking and Finance, Bayero University Kano discussed with WebTV on ways citizens could help one another during this novel coronavirus (COVID-19) crises. Source WebTV Read More 

    ISDB Sets Up $500m Transform Innovation Fund To Combat COVID-19 - In view of the need to strengthen the health system framework to combat the COVID-19 pandemic, the Islamic Development Bank (IsDB) has set up a $500m innovation fund. Described as the "Transform Fund" it is designed to develop innovative solutions to global health challenges like the Coronavirus (COVID-19). Source WebTV Read More

     

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