Nigeria in 1min: Economic, Business and Financial Headlines - 030720


Friday, July 3, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Nairaland


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COVID-19 Health Updates

  • July 2nd 2020:  Nigeria COVID-19 Status in 35 states and the Federal Capital Territory
  • Confirmed: 27110 (New: 626)
  • Discharged: 10801 
  • Deaths: 616: (New 13)
  • No new state has reported a case in the last 24 hours.

Source: NCDC Read More

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Coronanomics (27) - Impact of Government Policy and Restrictions on Households - The federal government in an attempt to prevent the further spread of the virus in the country restricted movement in major cities like Lagos state, Ogun state and the Federal Capital Territory. The restrictions/lockdowns in some parts of the nation caused a shutdown in economic activities which hurt businesses, government activities and most notably households. Source Proshare Content Read More

Fragile Macro Conditions to Hinder Loan Creation - Fitch ratings agency in a recent report on the Nigerian banking sector expressed that the present economic downturn will weigh heavily on the ability of Nigerian banks to grow their loan books. The agency projected that loan growth will decline from 14% year-on-year in 2019 to 2.5% in 2020, before improving slightly to 4.3% in 2021. Source CSL Research Read More 

Temporary Breach of the FRA Projected - The 2020 budget approved by the National Assembly on 11 June has a deficit equivalent to US$13.8bn. This includes government-owned enterprises (GOEs) and project-tied loans from multilateral/bilateral partners. New borrowing of US$11.6bn is the main funding source, divided between domestic (US$6.1bn) and external (US$5.5bn). Source FBNQuest Research Read More 

Economic Slowdown - Quick Response But No Quick Fix - LBS Executive Breakfast Session - July 2020 - The good news is that fears of an exchange rate erosion of the Naira may be grossly exaggerated and investors 'have nothing to fear but fear itself' (Franklin Roosevelt). In this edition, our slides on the economics of the exchange rate adjustment explain why the naira will not crash as widely feared by investors. Source FDC Read More

Stamping of Electronic Documentations Under the Stamp Duties ACT as Amended by the Finance ACT - On  April 29, 2020, the Federal Inland Revenue Service ("FIRS") published a circular titled  Clarification on the Provisions of the Stamp Duties Act (the "Information Circular") in order to provide implementation guidance to taxpayers on various provisions of the Stamp Duties Act  ("SDA") as amended by the Finance Act, 2019 (the "Finance Act"). Source Banwo-Ighodalo Read More

Malachy Ugwumadu To Speak on H2, 2020 Nigerian Socio-Political Environment - Malachy Ugwummadu is a notable Nigerian Civil Rights Lawyer, Human Rights Activist and Social Commentator on National Issues. He was the immediate Past President of the Committee for Defence of Human Rights, CDHR and also served as the former General Secretary of the same organization. Source WebTV Read More

Saudi Arabia Eyes Total Dominance In Oil And Gas - Saudi Arabia's Energy Minister Prince Abdulaziz claimed last week that the Kingdom will be the world's biggest hydrocarbon producer "even" in 2050. Source Julianne Geiger of Read More

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Investors Lose N115.07bn; NSEASI Dips by -0.90% ; Erases Previous Day Gain - Equities market closed today on a negative note, as NSEASI depreciated by -0.90% to close at 24,374.40 basis points as against +0.47% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -9.19%. Source Proshare Markets Read More

GUINNESS Notifies of Material Circumstances with Impact on Its FY2020 Results - The adverse impact of the sharp contraction in economic activities and the knock-on effect of the COVID-19 lockdown took a toll on the on-trade segment of the business across all our markets. Production and revenues have thus been negatively affected. Source NSE Read More

Equity Market to Sustain Pullback in July; FSDH Top Stock Picks - After a record-breaking month in March, which saw the equity market rally significantly as the All Share Index (ASI) gained 9.8%, June has been relatively soft in market movements but with a bearish bias. Month to date, the ASI is down 1.7%. Source FSDH Research Read More

Wale Olusi To Speak On H2, 2020 Outlook for The Nigerian Capital Market - Wale is currently the Head of Research. He coordinates macro and market research for the United Capital group. His role cuts across preparing broad strategic economic reports, covering key macro variables, monetary and fiscal policies, currency, sector and company updates. Source WebTV Read More

CBN Keeps A Tight Hold On System Liquidity In OMO Auction - The Bonds Market continued to trade with a bullish bias, with most of the action at the head and the belly of the curve. We noticed pockets on the demand particularly on the 2023s, 2027s, and 2029s papers, with the 2023s paper the biggest gainer from opening around 5.35% level and dropping almost c.55bps by the end of the day.  Source Zedcrest Capital Read More

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OPay to Pause ORide, OCar and OExpress Business Units Due to Harsh Business Conditions - We can confirm that some of our business units including the ride-hailing services, ORide, OCar as well as our logistics service OExpress will be put on pause. This is largely due to the harsh business conditions which have affected many Nigerian companies, including ours, during this COVID-19 pandemic, the lockdown, and government ban. Source OPay Read More

CADBURY Announces the Resignation of Mr. Peterside As Board Chairman - This is to notify the Nigerian Stock Exchange ("The NSE") that the Chairman of the Board of Directors of Cadbury Nigeria Plc - Mr. Atedo Peterside, CON - resigned from the Board effective 30th June 2020 to concentrate on other interests. Source NSE Read More

EU Opens Borders to 15 Countries, Excludes Nigeria, Others - The Council of the European Union has opened its borders to 15 countries, excluding Nigeria. According to information gathered from the EU website, Nigeria is still not a part of the countries from where visitors are allowed into Europe. Source Punch Read More

U.S. Job Growth Roars Back, But COVID-19 Resurgence Threatens Recovery - The U.S. economy created jobs at a record clip in June as more restaurants and bars reopened, but 31.5 million Americans were collecting unemployment checks in the middle of the month, and a resurgence in COVID-19 cases suggested the labor market could suffer a setback in July. Source Reuters Read More

Senate Summons Ahmed, Emefiele, Others Over Expatriate Tax Evasion - The Senate on Wednesday summoned the Minister of Finance, Budget and National Planning, Zainab Ahmed, and the Governor of the Central Bank of Nigeria, Godwin Emefiele, to brief it on measures to curb tax evasion by expatriates. Source Punch Read More

Power Firms Want Acquisition Debts, CBN Loans Restructured - More than six and a half years after the nation's power distribution and generation companies were privatised, the core investors in the Discos are looking to restructure the loans advanced to them by banks for the acquisition of the assets. Source Punch Read More

OPEC Oil Production Hits 20-Year Low Amid Cuts - The Organisation of Petroleum Exporting Countries saw its oil output hit the lowest in two decades in June as Saudi Arabia and other Gulf Arab members made larger cuts, a survey by Reuters found. The group compliance in a supply reduction pact rose above 100 per cent despite incomplete adherence by Iraq and Nigeria. Source Punch Read More

Moody's: Nigerian Banks to Face Pressure with Reduced Dollar Deposit - Banks in Nigeria are facing foreign currency shortages because of low oil prices, volatile foreign inflows and lower remittances amid the pandemic, threatening to renew foreign currency liquidity pressures that blighted them during a previous oil crisis in 2016-2017, Moody's Investors Service stated in a report. Source THISDAYLIVE Read More

'Improvement in IGR Will Drive Socio-economic Indices' - The Governor of Ekiti State, Dr. Kayode Fayemi has said an improvement in Internally Generated Revenue (IGR), blocking tax leakages, creating new tax sources and improved efficiency in tax collection, would lead to improvement in socio-economic. Source THISDAYLIVE Read More

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Olanrewaju Sharafa To Speak on Islamic Accounting, Finance and Education : A Global Perspective - Mr Olanrewaju Sharafa is an Education Manager recognised for expertise in corporate governance. He is a Chartered Accountant, Chartered corporate governance, and a Fellow member of the Institute of Islamic Finance Professionals of Nigeria. Source WebTV Read More

Propertymart Intensifies Effort to Provide Affordable Housing, Allocates Plots at Fairmont - Leading real estate company, Propertymart Real Estate Investment Limited, has intensified its effort to provide affordable housing to Nigerians with the allocation of plots of land to subscribers at Scheme Two of its Fairmont Hilltop Estate, Alagbado, Lagos. Source Sponsored Post Read More

Nigerian PFAs Conundrum; Robust Liquidity, Limited Asset Classes - Pension Fund Administration (PFAs) and Nigerian Institutional Investors have had to combat sustained pressure on generating above inflation returns, on their clients' RSAs, in the face of growing liquidity and reducing investment opportunities. Source FSDH Research Read More

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