Nigeria in 1min: Economic, Business and Financial Headlines - 040520


Monday, May 04, 2020 / 06:30 AM / By News Aggregator / Header Image Credit: @jidesanwoolu

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    COVID-19 Health Updates

    • On the 3rd of May 2020, 170 new confirmed cases and 2 deaths were recorded in Nigeria
    • No new state has reported a case in the last 24 hours.
    • Till date, 2558 cases have been confirmed, 400 cases have been discharged and 87 deaths have been recorded in 34 states and the Federal Capital Territory
    • The 170 new cases are reported from 12 states- Lagos(39), Kano(29), Ogun(24), Bauchi(18), Kaduna(15), FCT (12), Sokoto(12), Katsina(8), Borno(7), Nasarawa(3), Adamawa(2), Oyo(1). Source NCDC Read More

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    The Case Against High Interest Rates in Time of Contagion - Bola Tinubu - The economic fallout from the coronavirus may present the best, most pressing case for revising the CBN's high interest rate policy. The undue rates penalise domestic investment and consumer borrowing. Source  Asiwaju Bola Ahmed Tinubu Read More 

    Fitch Revises 2 Nigerian Banks' National Ratings - Fitch Ratings has revised Guaranty Trust Bank Plc's (GTB) and Zenith Bank Plc's National Long-Term Ratings to 'AA(nga)' and 'AA-(nga)', respectively. We have also revised their National Short-Term Ratings to 'F1+(nga)' from 'F1(nga)'. Source Fitch Ratings Read More 

    The Coming Greater Depression of the 2020s - While there is never a good time for a pandemic, the COVID-19 crisis has arrived at a particularly bad moment for the global economy. The world has long been drifting into a perfect storm of financial, political, socioeconomic, and environmental risks, all of which are now growing even more acute. Source Nouriel ROUBINI, Project Syndicate  Read More 

    Scaling Up the COVID-19 Crisis Response Now Will Avoid Higher Costs Later - After a decade of uninterrupted growth, the global economy came to a sudden halt because of the COVID-19 pandemic.  The question now is not whether there will be a global recession but how deep it will be-and how quickly countries can overcome the health crisis and pave the way for economic recovery. Source World Bank Group Read More 

    CBN Extends Deadlines for Compliance With The Revised Minimum Capital Requirements for MFBs - The Central Bank of Nigeria in consideration of the impact of the Corona Virus (COVID-19) pandemic on economic activities has revised the deadlines for compliance with the minimum capital requirements for Microfinance Banks (MFBs) in Nigeria communicated vide its circular dated March 7, 2019 referenced FPRD/DIR/GEN/CIR/07/024. Source CBN Read More 

    A Rare Week of Optimism for Oil Markets - OIR 010520 - Oil markets are on course to see their first weekly gain in over a month as the OPEC+ production cut comes into effect and a wave of shut-ins hit the shale patch. Source Oilprice Read More 

    Afreximbank Announces $3m COVID-19 Response Grant for African Countries - The African Export-Import Bank (Afreximbank) has announced a $3-million grant to complement continental efforts to combat the COVID-19 pandemic. Source Afreximbank Read More 

    Nigeria's Post COVID-19 Economic Outlook - In last decade the world economy has seen a twin glut in which a commodity glut depressed commodity prices and export values while a liquidity glut boosted equity values and capital flows, creating a new reality in which net capital flows surpassed net trade flows. Source Dr. Ayo Teriba Read More 

    Coronavirus May Slow but Won't Derail Low-Carbon Transition - The coronavirus pandemic may slow the low-carbon transition, but its short-term fallout will not be a serious setback, Fitch Ratings says in a new report. We do not expect any change in the trajectory of the transition. Source Fitch Ratings Read More 

    Low Oil Prices, Record Volatility Will Hasten US Energy Defaults - Low oil prices, caused by coronavirus-driven demand destruction and excess supply, and historic volatility due to storage concerns could accelerate US energy sector defaults, says Fitch Ratings. Source Fitch Ratings Read More 

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    European Oil Majors Could Adapt to Low Prices - European integrated oil and gas majors could adapt to a low-price environment and preserve their credit profiles if they maintain asset-disposal programmes, introduce scrip dividends and suspend share buybacks until oil prices rebound strongly, Fitch Ratings says in a new report.  Source Fitch Ratings Read More 

    Coronanomics: Restarting Careers After The Lockdown: Balancing Between Health And Economy - Wesey - The MD/ CEO of Psyntech Nigeria Limited, Mr John Wesey, a management consultant,  believes that COVID-19 has changed the living of people globally and there would be no return to an old  normalcy after the ease of lockdown as the fear and anxiety of no Vaccine or cure for the virus would persist. Source WebTV Read More 

    CBN, Bankers' Committee Suspend Lay-offs in Banks - A special meeting of the Bankers' Committee was convened on May 2, 2020, to further review the implications of the COVID-19 pandemic on the Nigerian banking industry. Source CBN Read More 

    How Countries Can Expand Access to Digital Financial Services - Digital financial services, powered by fintech, have the potential to lower costs by maximizing economies of scale, to increase the speed, security and transparency of transactions and to allow for more tailored financial services that serve the poor. Source World Bank Read More 

    Oyo Launches Digitised Certificate of Occupancy - The Oyo State Government has launched a digitised Certificate of Occupancy issuance platform as part of its strategy for growing the Gross Domestic Product of the state. According to a statement issued by the Commissioner for Lands, Housing and Urban Development, Abiodun Abdu-Raheem, the processing and collection of Certificate of Occupancy has become faster, easier and affordable. Source Punch Read More 

    Slash Taxes, Adjust Repayments, CITN Advises FG - The Chartered Institute of Taxation of Nigeria has urged the Federal Government to cut taxes and restructure tax repayment as part of efforts to contain the effect of COVID-19 on organisations. It stated this in its recommendation to the government on 'Government's actions, tax implications and CITN's recommendations,' signed by the President/Chairman of Council, CITN, Olajumoke Simplice. Source Punch Read More 

    FG Raises MDAs Operating Surplus To N916.87bn - In a bid to secure alternative sources of funding, following the crash in crude oil price, the Federal Government has raised the target set for Ministries, Departments and Agencies through the payment of operating surplus from N849.97bn to N916.87bn. Source Punch Read More 

    FG Retains N125/Litre Petrol Price Despite Crude Oil Crash - The Federal Government has failed to review the N123.5 to N125/litre pump price of petrol for the month of May 2020 despite continued crash of crude oil price. The Petroleum Products Pricing Regulatory Agency had stated that the cost of petrol would be reviewed monthly in accordance with the fluctuation of crude oil price in the international market. Source Punch Read More

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    The April 2020 Nigerian Capital Market Service Report - Proshare - The NSEASI inches up by +8.08% as against -18.75% loss recorded in the month of March 2020 while the NASD USI closed northwards with +1.16% gain recorded at the end of the month under review as against -1.10% loss in March 2020. Source Proshare Read More 

    What To Expect From The Markets This Week - 040520 - This week in the U.S, GDP contracted by 1.2% y/y in Q1-20 following COVID-19 induced economic disruptions. When annualised, the number comes to 4.8% y/y, a notch below the consensus estimate of -4.0% y/y. Source Proshare Read More 

    Sell in May and Go Away? - Revisiting Market History and COVID-19 - First the good news: The S&P 500 just finished its best month since January 1987 with a gain of 12.7 percent in April. Now for the bad news: The bellwether index is still some 16 percent down from the all-time record high it touched on 19 February. Source Read More 

    SSA: COVID-19 Budgets - Interest Payments vs Healthcare Spending - Ghana's and Nigeria's interest payments are fivefold and threefold, respectively, their healthcare spending. Kenya's spending on interest payments is twice its healthcare spending. Source Renaissance Capital Read More 

    CBN Sells N100Bn At OMO Auction To Manage Excess System Liquidity - The FGN bond market closed the week on a rather hushed note, with very little transaction volumes consummated in the market, traders tried to wrap up activities and clear their books for the end of the month. Bid-offer spreads stayed wide at the head and belly of the curve indicating low liquidity on those maturities while spreads at the tail-end remained tightened. Source Zedcrest Capital Read More 

     China's Expensive Bet on Africa Has Failed - China's commercial activities in Africa, such as investments, infrastructure projects and bank lending, have long attracted scrutiny and criticism. Critics have accused Beijing of practicing a new form of economic colonialism to gain control of the continent's valuable natural resources by luring unsuspecting African nations into so-called debt traps. Source Nikkei Asia Review Read More

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    COVID-19: Some Considerations Relating to Corporate Governance - Running their business in the midst of a pandemic is an unprecedented challenge for business leaders worldwide. The restrictions imposed by many governments all over the world in handling the COVID-19 outbreak raise significant challenges as regards corporate governance. Source PwC Malta Read More 

    Pres. Buhari Appoints Sunday Thomas as Substantive Commissioner for Insurance - President Muhammadu Buhari has approved the appointment of Mr Sunday Thomas as the substantive Commissioner for Insurance/Chief Executive Officer, National Insurance Commission (NAICOM). Source The Guardian Read More 

    How the AfCFTA Will Improve Access to Essential Products and Bolster Africa's Resilience - Africa's extreme vulnerability to the disruption of international supply chains during the COVID-19 pandemic highlights the need to reduce the continent's dependence on non-African trading partners and unlock Africa's business potential.  Source Brookings Institution Read More 

    Eleven Banks Paid N8bn IT Levy In 2019 - Eleven Nigerian banks paid about N8.08bn Information Technology-related levies to the government in 2019, the audited financial reports of the banks have shown. Analyses of the financial reports indicated that this is a reduction of N381.12m over the N8.46bn IT levy the 11 banks paid to the government in the corresponding period in 2018. Source Punch Read More 

    Oil & Gas Firms Grapple with Huge Debt Burden as Prices Crash - As oil prices hit rock bottom at the international market, Demola Ojo takes a look indigenous operators' massive exposure to the financial sector and concludes that dire times lay ahead if urgent steps are not taken quickly to save the sector from imminent collapse. Source Thisday Read More 

    U.S. Processes Over $500 Billion In Small Business Loans To Stem Coronavirus Fallout - The United States has made over $500 billion in loans to small businesses hit hard by the coronavirus pandemic, and about $145 billion remains in the congressionally approved fund, the U.S. Small Business Administration and Treasury Department said Sunday. Source Reuters Read More 

    Apple Boosts Revenues, Profits Dip In Pandemic-Hit Quarter - Profit dipped to $11.2 billion on sales of $58.3 billion in the fiscal second quarter, compared to net income of $11.7 billion on revenue of $58 billion in the same period a year earlier. Source Guardian Read More 

    Oil Prices Lower On U.S.-China Trade Tension - Oil prices fell in early trade on Monday, paring last week's gains, on worries the global oil glut may persist as U.S.-China trade tension could hold back an economic recovery even as coronavirus pandemic lockdowns start to ease. Source Reuters Read More

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    COVID-19: How Islamic Finance Supports The Economy Through Waqf Crowd Funding - Dr. Aliyu Dahiru - Islamic Finance through Waqf Crowd Funding could support Nigeria's efforts at mitigating the adverse impact of the novel coronavirus on the economy. Source WebTV Read More

    Liquidity, Titling Are Key Areas To Address In Developing Nigeria's Real Estate Sector - The Founder and Chief Executive Officer of Eximia Realty Co Ltd, Mr. Hakeem Ogunniran has identified liquidity, titling and the adoption of technology as three key areas that can transform Nigeria's real estate sector. He said this as a guest on a WebTV Economy and Politics programme. Source WebTV Read More 

    NCDC Publishes Community Case Definitions For Coronavirus Disease -Due to community transmission in parts of the country, a new case definition has been published for COVID-19 in Nigeria. Source NCDC Read More

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