Nigeria in 1min: Economic, Business and Financial Headlines - 040920

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Friday, September 4, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @SpeakerGbaja

 

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COVID-19 Health Updates

  • 3rd of September 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 54,588 cases (New: 124)
  • Discharged:  42,627
  • Deaths: : 1,048 (New: 21)

Source: NCDC Read More


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PROSHARE ECONOMY 

The Socio-Economic Impact of COVID-19 in Kano, Lagos, Rivers, and FCT Abuja - The second quarter (Q2) 2020 Labor Force Survey (LFS) - collected by the Nigerian National Bureau of Statistics (NBS) between the 17th June and 8th July 2020 - provides crucial information on households' response to COVID-19 in the key states of Kano, Lagos, Rivers, and FCT Abuja, which can be benchmarked against pre-crisis data from the 2018/19 Nigerian Living Standards Survey (NLSS). Source NBS Read More 

Development and Implementation of a Manufacturing Asset Optimization Programme - A White Paper - Africa has experienced an unprecedented demand for raw materials products and processed goods this has led to manufacturing plants, production facilities and many ancillary infrastructure assets been pushed to limits well beyond their initial design specifications. Source BrickStone Africa Read More

Trade Deficit Underscores Depth of Nigeria's FX Issues - Trade balance plunges to historic lows; corroborates depth of FX crisis in Q2 Data from the NBS revealed that the economy experienced its worst trade deficit (N1.8 trillion) in over a decade in the second quarter, partly underscoring the depth of Nigeria's recent currency crisis. Source CardinalStone Research Read More

 

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PROSHARE MARKETS 

Investors Gain N26.62bn, NSEASI Inches Up Further by 0.20% as Market Turnover Closes Positive - Equities market closed today on a positive note, as NSEASI appreciated by +0.20% to close at 25,511.02 basis points as against +0.18% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -4.96%. Source Proshare Markets Read More

ZENITHBANK Declares N103.8bn PAT in H1 2020 Audited Results; Proposes 30K Interim Div, (SP:N16.95k) - Zenith Bank Plc released its Q2 2020 Unaudited results for the period ended June 30th, 2020. Gross Earnings grew by 4.4% to N346bn from N332bn in the previous quarter. Profit before tax grew by 2.2% to N114bn. Source NSE Read More

Local Demand Crawls Back in The Fixed Income Market as CBN Continues To 'Test' FX Demand - Activity in the FGN Bonds market picked up some steam in today's session, as bids improved on select bonds at the short- and long-ends of the curve. The most actively traded papers on the day were the 2049s and 2050s which continued the rally from yesterday's session, as yields dropped by an average of 15bps D/D. Source Zedcrest Capital Read More


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PROSHARE BUSINESS 

AMCON: Is There Scope for Improvement in Debt Recovery? - The Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Lawan Kuru, has called on the National Assembly to support the corporations' efforts in recovering debt estimated at over N5trn from obligors. Source CSL Research Read More 

2020 PSRG-Richardson HSSE Forum to Hold on September 16th 2020 - PSRG-RICHARDSON is a global provider of integrated HSSE, Operations Improvement, Management Consulting and Training Services designed to help companies improve Safety and Security, Productivity, Reliability, and enhance overall business performance. Source Richardson Oil and Gas  Read More 

CIBN 13th Annual Bankers Conference To Focus On Facilitating A Sustainable Future - The Chartered Institute of Bankers of Nigeria (CIBN) in collaboration with Central Bank of Nigeria (CBN), will be hosting the 13th Annual Bankers Conference, billed to hold simultaneously in Abuja and Lagos on September 15 and 16, 2020. Source CIBN Read More

ABCON supports CBN on Stable Exchange Rate - The President, Association of Bureaux De Change Operators of Nigeria, Alhaji Aminu Gwadabe, has said BDC operators will continue to support the Central Bank of Nigeria in achieving a stable exchange rate in the country. Source Punch Read More

CBN Announces Increase in ACGSF Share Capital to N50b - The Central Bank of Nigeria (CBN), has announced that the Agricultural Credit Guarantee Scheme Fund (ACGSF) Amendment Act assented to by President Muhammadu Buhari on June 24, 2019, has increased the share capital of the fund to N50 billion from N3 billion. Source The Guardian Nigeria Read More

DBN Advocates Sustainable Banking for Nigerian MFBs - The social, environmental, and economic consequences of rapid population growth, consumption of natural resources, and resultant climate depletion have led to increased global attention on social impact and contribution of business to their environment and society. Source THISDAYLIVE Read More

Shippers' Council to Meet CBN over Elimination of Third Parties' Form M - The Nigerian Shippers Council (NSC) may meet the Central Bank of Nigeria (CBN) over its new circular on Form 'M' in which the regulator directed banks to end the era of opening Form 'M' in which payment is made through third party, agent or buying company. Source THISDAYLIVE Read More

Forex: CBN Sold $500m, Speculators Set to Count Losses - Central Bank of Nigeria CBN sold about $500 million to foreign investors on the spot and forward market to gauge the level of foreign exchange demand in the market. Source The Nation Read More

Fed Policymakers Signal Comfort with Higher Inflation - In the week since the Federal Reserve made a landmark shift in its approach to monetary policy, details are emerging on what it could look like in practice, with two Fed policymakers on Thursday saying they'd be comfortable with leaving interest rates near zero even if inflation rises to levels not seen on a sustained basis in some 30 years. Source Reuters Read More


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PROSHARE TECHNOLOGY   

Online Trading Ranking Report 2020: The Market - A Hawk's View - The market refers to the various trading spaces where equity, debt, exchange-traded funds and foreign exchange assets are bought and sold to clear available supply at discovered prices; the asset classes sell in organized digital settings. Source Proshare Research Read More

 

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PROSHARE MSME

Why Nigeria's Regulatory Environment Is Vital for MSME Development - Muda Yusuf - An Investor-friendly Regulatory environment is vital for the growth and development of micro, small and medium enterprises (MSMEs) in Nigeria. According to Yusuf, Nigeria has 41m MSMEs who are major drivers of the economy, and have been adversely affected by the COVID-19 Pandemic. Source WebTV Read More


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