Nigeria in 1min: Economic, Business and Financial Headlines - 050620


Friday, June 5, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: @NigeriaGov


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COVID-19 Health Updates

  • On the 4th of June 2020, 350 new confirmed cases and 8 deaths were recorded in Nigeria
  • No new state has reported a case in the last 24 hours.
  • Till date, 11516 cases have been confirmed, 3535 cases have been discharged and 323 deaths have been recorded in 35 states and the Federal Capital Territory
  • The 350 new cases are reported from 20 states- Lagos (102), Ogun (34), FCT (29), Borno (26), Kaduna (23), Rivers (21), Kwara (16), Ebonyi (17), Katsina (14), Edo (10), Delta (10), Kano (10), Bauchi (10), Bayelsa (9), Imo (8), Plateau (4), Ondo (3), Nasarawa (2), Gombe (1), Oyo (1). Read More

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Lockdown Fatigue and Anxiety: A Potent Mix for Social Unrest - LBS EBS - June 2020 - "When will this economic paralysis come to an end? I am in pain", "I will rather die from Coronavirus than die of hunger" seems to be the cry of pain after a frustrating 9 weeks of economic horror - Alero Jimoh. Lockdown fatigue and anxiety are a potent mix for social unrest. The key question therefore is "What is the alternative?" Source FDC Read More 

Atunyote Akpobome 'ALIBABA' to Speak On Investments In Nigeria's Creative Industry On WebTV Tomorrow - Atunyota Alleluya Akpobome known with the stage name "Ali Baba" has been a professional standup comedian for the past 30 years and has received several awards and recognitions for his outstanding performance. Ali Baba is a pacesetter who through his resilience, dexterity and innovative approach transformed Stand Up comedy into a vibrant industry in Nigeria. Source WebTV Read More 

11,072 Road Traffic Crashes Occurred in 2019 - NBS - The Full Year 2019 road transport data reflected that 11,072 road crashes occurred in 2019. Speed violation is reported as the major cause of road crashes in 2019 and it accounted for 48% of the total road crashes reported, Wrongful overtaking followed closely as it accounted for 9% of the total road crashes recorded while Poor Weather recorded the least of the total road crashes reported. Source NBS Read More 

Safeguarding Africa's Food Security in the Age of COVID-19 - Food security in sub-Saharan Africa is under threat. The ability of many Africans to access sufficient, safe and nutritious food to meet their dietary needs has been disrupted by successive natural disasters and epidemics. Cyclones Idai and Kenneth, locust outbreaks in eastern Africa, and droughts in southern and eastern Africa are some examples. Source Pritha Mitra and Seung Mo Choi, IMFBlog Read More 

The Conundrum in the Retail Pricing of PMS - The decision of the Petroleum Products Pricing Regulatory Agency (PPPRA) to reduce the pump price of Premium Motor Spirit (PMS), also known as petrol, to N121.50 per litre from N123.50 per litre has been met with stiff resistance from oil marketing companies (OMCs). Source CSL Research Read More 

Inflationary Pressure, Weakening Pockets - Today we turn our attention to inflation. The headline rate has recorded steady upticks since September 2019. The highest increase was seen in October with 36bps while February, March and April 2020 registered increases of 7bps, 6bps and 8bps respectively. Food inflation remains the primary driver of acceleration for the headline rate. Source FBNQuest Research Read More

FG Plans $1.2bn 'Green Imperative' Agricultural Programme - The Federal Government is set to implement a programme called Green Imperative, which it said would revolutionise agriculture in Nigeria. The Minister of Information and Culture, Alhaji Lai Mohammed, disclosed this in Abuja on Thursday at a joint press conference he addressed with the Minister of Agriculture and Rural Development, Sabo Nanono. Source Punch Read More 

Lagos-Ibadan Expressway, 2nd Niger Bridge Ready 2022 - FG - The Lagos-Ibadan Expressway, the Second Niger Bridge, and the Abuja-Kaduna Expressway, among others, are to be completed in the first quarter of 2022, the Federal Government has said. It said the roads were grouped as essential infrastructure and projected to be delivered in less than two years. Source Punch Read More

President Buhari Nominates Dr Ngozi Okonjo-Iweala as DG of World Trade Organization - The Embassy of the Federal Republic of Nigeria and Permanent Mission to the African Union (AU) and United Nations Economic Commission for Africa (UNECA) presents its compliments to all Embassies and Permanent Missions in Addis Ababa, and has the honor to inform that the Federal Government of Nigeria has withdrawn the candidacy of Ambassador Yonov Frederick AGAH for election to the position of Director-General of the World Trade Organization (WTO). Source Embassy of Nigeria Read More

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Lafarge Africa Plc Records 92% Growth In PAT For FY 2019, Pays Shareholders 100k Dividend - Lafarge Africa Plc, a major player in Nigeria's cement market and construction industry, held its 61st Annual General Meeting, which was coordinated by the Chairman of the Board Mr. Mobolaji Balogun. The AGM afforded the management the opportunity to discuss Lafarge Africas 2019 financial performance and outline strategies of the company beyond the year 2020. Source WebTV Read More

Lafarge Africa FY'19 and Q1'20 Results Review: Pre-tax Earnings Improves as Finance Cost Drops - Lafarge Africa Plc recorded an improved revenue figure of N63.6bn in Q1 2020 from N58bn in Q1 2019. This represents a growth of 9.8% YoY.  The growth in earnings was driven by increase in the sales of Cement which was up by 11% while revenue from the firm's Aggregate and Concrete products dipped by 21%. Source Proshare Research Read More

Investors Lose N50.03bn as NSEASI Dips by -0.38%; Erases Previous Day Gain - Equities market closed today on a negative note, as NSEASI depreciated by -0.38% to close at 25,312.05 points as against +0.10% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.70%. Source Proshare Markets Read More


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Bank NPLs (20) - A New Cottage Industry Emerges - Debt Factors and Loan Purchase Firms - The poor repayment culture of large debtors who tend to prove more recalcitrant than their smaller counterparts has given birth to a burgeoning debt factoring and loan repurchase business. To be sure, analysts have argued that private debt factors and loan purchasers are the natural successors to the AMCON after the completion of its sunset period scheduled for June 2020. Source Debtors Africa Read More

Buhari Nominates Okonjo-Iweala to Head WTO - The President, Major Gen. Muhammadu Buhari (Retd.), has approved the nomination of a former Coordinating Minister for the Economy, Ngozi Okonjo-Iweala, for the position of director-general of the World Trade Organisation. Source Punch Read More 

Firms Expect Further Naira Depreciation, Dollar Sells For N440 - Business organisations in the country expect the naira to depreciate further in the next few months, a report by the Central Bank of Nigeria has said. The dollar on Thursday sold for N440 in the parallel market, as Bureau de Change operators were still awaiting CBN's resumption of foreign exchange sale to them. Source Punch Read More 

South-West States Clamour For Agric Investment After COVID-19 - Government officials and stakeholders in the agriculture value chain in the southwest region of the country are clamoring for increased investment in agriculture to boost the economy post-Covid-19. They advised investors to take advantage of the renewed focus of the government in the non-oil sector to create wealth and build sustainable businesses. Source Punch Read More 

FG Bars Debtors From Bidding For Oil Fields - Companies, including their promoters, indebted to the Federal Government will not be allowed to participate in the newly launched bid round for marginal oilfields, the Department of Petroleum Resources has said. Source Punch Read More

New MSMEs Policy Targets 41m Jobs as FG Rewards Due Diligence - The new national policy on micro- small and medium enterprises (MSMEs) currently being put in place by the Small and Medium Enterprises Development Agency (SMEDAN) and other stakeholders in the sector is expected to create a minimum of 41 million jobs within the next three years. Source THISDAYLIVE Read More

Asian Stocks Set For Best Weekly Gain In Nine Years, ECB Stimulus Boosts Euro; U.S. Jobs Eyed - Asian stocks erased early losses on Friday and were poised for their biggest weekly rise since 2011 while the euro hovered near a 1-1/2 month high as Europe's central bank surprised with more stimulus, fuelling hopes for a global rebound. Source Reuters Read More

Trump Gives U.S. Agencies Power To Fast-Track Big Infrastructure Projects - U.S. President Donald Trump on Thursday signed an executive order that gives federal agencies emergency powers to fast-track major energy and other infrastructure projects by overriding environmental permitting requirements. Source Reuters Read More

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Dr. Debo Odulana to Speak On Health Tech and Research On WebTV Tomorrow - Dr Adebowale Odulana is a Healthcare Management Consultant and Founder/CEO at Doctoora e-Health Limited and Doctoora consulting where he leads the performance improvement service stream.Debo is an alumnus of University of Sharjah, United Arab Emirates, where he earned his MBBS degree. He also holds a postgraduate degree in Health Management from Imperial College Business School. Source WebTV Read More

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