Nigeria in 1min: Economic, Business and Financial Headlines - 060520


Wednesday, May 06, 2020 / 7:00 AM / By News Aggregator / Header Image Credit: MSMEStandards

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    COVID-19 Health Updates

    • On the 5th of May 2020, 148 new confirmed cases and 5 deaths were recorded in Nigeria
    • No new state has reported a case in the last 24 hours.
    • Till date, 2950 cases have been confirmed, 481 cases have been discharged and 98 deaths have been recorded in 34 states and the Federal Capital Territory
    • The 148 new cases are reported from 17 states- Lagos(43), Kano(32), Katsina(9), FCT(10), Zamfara(14), Taraba(7), Borno(7), Ogun(6), Oyo(5), Bauchi(3),Edo(3), Kaduna(3), Adamawa(2), Gombe(2), Plateau(1), Sokoto(1), Kebbi(1). Source NCDC Read More

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    Little Change in Concessional Loans to States - The aggregate external debt of state governments has increased modestly from US$4.12bn at end-2017 to US$4.23bn in 2018 and US$4.56bn in 2019. Because these obligations are guaranteed by the FGN, they are included in the figure for its total external debt of US$27.68bn. Source FBNQuest Research Read More 

    FIRS Issues Information Circular on the Implementation of VAT Changes in the Finance Act - The Finance Act (FA) 2019 introduced significant amendments to the Value Added Tax Act (VATA). The FIRS circular seeks to provide guidance on how the FIRS intends to implement the VAT amendments. Source PwC Nigeria Read More 

    Ahead of Tomorrow on WebTV: Discussions on COVID-19; Business and Economic Stability - AYULI JEMIDE is the Lead Partner at Detail Commercial Solicitors. A highly regarded Corporate & Commercial Lawyer who brings an unmatched eye to key aspects of the firm's service delivery. Ayuli was named the "Best Lawyer, Nigeria, 2013'' by World Finance. Chambers Global Guide commentary: Clients say "Ayuli Jemide has a vibrant and creative mind'' and ''He is an excellent negotiator''. IFLR1000 reported that clients say: "his expertise is remarkable." Source WebTV Read More 

    COVID-19: CIBN urges FG to Diversify Nigeria's Revenue From Over-Reliance on Crude Oil - The Chartered Institute of Bankers of Nigeria on Tuesday called on the Federal Government to diversify its revenue base, economy and review its policy to stir the country away from import dependence and increase non-oil revenue. Source CIBN Read More 

    COVID-19: Federal Government Exempts Medical Supplies from VAT and Import Duty - On Thursday, 30 April 2020, the Honourable Minister of Finance, Budget and National Planning, Mrs. Zainab Shamsuna Ahmed, issued a Circular ("the Circular) conveying the approval of His Excellency, President Muhammadu Buhari (GCFR), of the implementation of new fiscal policy measures aimed at facilitating the importation of essential medical supplies to combat the Coronavirus (COVID-19) pandemic in Nigeria. Source KPMG Nigeria Read More 

    The Worst May Be Over For Oil - OIR 050520 - Oil prices shot up on Tuesday on signs of rebounding demand and supply shut ins. President Donald Trump was notably excited by the news, tweeting the demand was returning. But it may not only be demand that is driving oil prices higher.  Source Tom Kool of Read More 

    Key Takeaways from Citizens Dialogue Session with Finance and Budget Ministry - The Ministry of Finance, Budget and National Planning and the Department for Internal Development (DFID) held a citizen's dialogue session (earlier today) on Nigeria's response to the fall in oil prices and the COVID-19 pandemic.  Source CardinalStone Research Read More 

    Connectedness of the Dutch Economy Leads to Lower GDP Growth Forecast - The GDP growth forecasts for the Netherlands issued by the IMF in its April 2020 World Economic Outlook (WEO) surprised many, not only for the large negative 2020 number itself, but for it being weaker than some other leading European economies. Source IMF Read More 

    Budget: FG Mulls $20 Oil Benchmark - The Federal Government on Tuesday revealed plans to cut the oil price benchmark for the 2020 budget to $20 per barrel. The development would make it the second time the Federal Government is slashing the oil benchmark ‎for the 2020 budget. Source Punch Read More

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    United Capital Plc's Series 1 and Series 2 bonds Issuance Programme Is Coming Soon - We are pleased to inform you of the imminent launch of United Capital PLC's ("United Capital" or "the Issuer") debut Series 1 and Series 2, NGN 20 billion 5-year and 7-year Fixed Rate Senior Unsecured Bonds, under its NGN 30 billion Debt Issuance Programme. Source Arthur Stevens Asset Mgt  Read More 

    Naira Strengthens As Expectations For Improved Supply Calms The Market - The FGN bond market opened the week on a lethargic note as we saw scanty trades at the head of the curve at market open. Yields opened lower compared to Friday's closing as the bid/offer spread stayed arbitrarily wide across the benchmark papers. Source Zedcrest Capital Read More 

    Investors Gain N374.94bn as NSEASI Inches up Further by 3.21%; Thanks to Big Caps - Equities market closed today on positive note, as NSEASI appreciated by +3.21% to close at 23,809.31 points as against +0.30% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -11.30%. Source Proshare Markets Read More 

    USD90bn of Central Bank Support Underscores Mutual Fund Systemic Risks - Fitch Ratings estimates that central banks around the world have provided facilities in excess of USD90 billion to support mutual funds amid the coronavirus pandemic. The scale of support shows regulators' sensitivity to the potential systemic risks that funds pose through potential spill-over effects to financial markets. Source Fitch Ratings Read More 

    MTN Nigeria Q1 2020 Results Review: Maintaining Outperform Rating - We have kept our Outperform rating on MTN Nigeria (MTNN), but cut our price target by -10% to N181.6, implying a potential upside of 56.6% from current levels. The downward revision to our price target is underpinned by i) average cuts of c.-7% to our 2020-22E EPS forecasts, and ii) a 150bp increase to the equity risk premium assumption in our DCF to 7.5%.  Source FBNQuest Research Read More 

    Oil and Gas Sector Records 1 Gainer to 7 Losers; Index Dipped By -19.83% YTD - The drop in the price of crude oil at the international market occasioned by the coronavirus-driven demand disruption, excess supply and historic volatility due to storage concerns is currently taking it toes on the oil companies around the globe. The Brent crude which trades at $27.96 as at 4:03pm (EDT) has so far -57.67% YTD from the price of $66 at the beginning of the year. Source Proshare Research Read More 

    Ahead of Tomorrow on WebTV: Discussions on COVID-19; Increasing Private Capital Investment - MICHAEL ABAYOMI OSHO is the Managing Director/CEO Asset & Equity Group. A seasoned Entrepreneur, Banker, Trainer and Strategy Consultant with over a decade of distinctive professional experience spanning Auditing, Leasing, Consulting, Banking, Investment Planning and Management. Source WebTV Read More


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    COVID-19 Relief: Credit Registry Offers Free Credit Reporting to Lenders - CreditRegistry, Nigeria's largest credit bureau, is offering lenders free usage of its premium credit reporting service to cushion the effects of the COVID-19 pandemic on businesses. Source Credit Registry Read More

    NLNG Plans Construction Contract For $10bn Train 7 Project - The Nigerian LNG Limited has said it is making significant progress in activities that will lead to the formal award of engineering, procurement and construction contracts for its Train 7 project. The NLNG announced in September 2019 that it had issued a Letter of Intent for the EPC contract to SCD JV Consortium, which is made up of Saipem of Italy, Japan's Chiyoda and Daewoo of South Korea. Source Punch Read More 

    $311m Abacha Loot Already Allocated - Presidency - The Presidency says the $311m stolen during the Abacha regime and returned to Nigeria from the United States and the Bailiwick of Jersey, on Monday, May 4, 2020, has already been allocated. This was contained in a statement released on Tuesday by Garba Shehu, spokesperson to the President, Major General Muhammadu Buhari (retd.).  Source Punch Read More 

    U.S. Stock Futures, Chinese Shares Slip Amid Sino-U.S. Tensions, Oil Falters - Shares struggled and the yen gained on Wednesday, with markets in China faltering on their return from a long holiday as investors fretted over Sino-U.S. tensions, while oil ended an extended winning streak on oversupply risks amid weak demand. Source Reuters Read More 

    Textile Workers Seek Support On Local Production Of Face Masks - In line with the Federal Government's Executive Order for the patronage of locally produced goods, the National Union of Textile Garment and Tailoring Workers of Nigeria (NUTGTWN), has called on the Presidential Taskforce on COVID-19 and state governments to purchase made-in-Nigeria fabric face masks, hand sanitizers and other protective equipment. Source Guardian Read More 

    Africa's Oil Producers Impacted By OPEC Production Cut - Africa's oil-producing nations have not been spared the impact of the global decision to reduce oil output. About 14 countries in sub-Saharan Africa produce oil, which accounts for most of their annual export income. Source Vanguard Read More

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    The Potential of Technology to Reduce Human Error - FBNQuest - Technology has a leading role to play. If such existed, we could all wear biometric bracelets that measured our body temperature and heart rate, and allowed our governments to store and analyze the data. Source FBNQuest Research Read More 

    COVID-19: Financial Implications and Solutions - Fintech Association is organizing a virtual session on May 8, 2020, by 2 PM on COVID-19: Financial Implications and Solutions". The session hopes to take a holistic look and give dimension to the economic and financial implications of COVID-19 pandemic on all economies as well as proffer radical and practical solutions to stemming an awkward situation. Source Fintech Association Read More 

    Coronavirus Proves US Broadband Infrastructure Is Essential - Broadband infrastructure is critical as high-speed internet is proving to be an essential service, similar to a utility, due to coronavirus-driven lockdowns, Fitch Ratings says. These projects are receiving more government attention and policy consideration given the level of business, education and entertainment activity that has shifted online because of the pandemic.  Source Fitch Ratings Read More 

    FintechNGR Strategises Post-COVID-19 Intervention, Engages Sectors of its membership - The President of Fintech Association of Nigeria, Dr. Segun Aina and the Management led by Dr. Babatunde Obrimah in a bid to support its members and the ecosystem to weather the storm of economic and business impacts of COVID-19 and prepare them for post COVID-19 challenges and opportunities, engaged in strategic discussions with the fifteen (15) sectors that make up its one hundred and twenty-six (126) member institutions. Source Fintech Association Read More  

    Senate Probes Status of 5G Network in Nigeria - This was sequel to the adoption of a motion sponsored by the Chairman of the Senate Committee on Science and Technology, Senator Uche Ekwenife, asking four of its standing committees to conduct a thorough investigation to determine the status of 5G network in the country. Source Thisday Read More 

    NITDA Licenses Digital Encode For Data Protection - A consulting and integration firm Digital Encode, has been licensed under the Data Protection Compliance Organisations (DPCO) by the National Information Technology Development Agency (NITDA). With this licence, the firm is recognised by NITDA to provide training, auditing, and consulting services throughout the country in line with the Nigeria Data Protection regulation (NDPR) principles. Source TheNation Read More 

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    Post COVID-19: Time For Nigeria To Restructure Its Fiscal Policy - Zeal Akaraiwe - Nigerian needs to restructure its fiscal policy, manufacturing sector, and health care facilities  to achieve sustainable and inclusive growth Post COVID-19,said Mr. Zeal Akaraiwe, Chief Executive Officer of Graeme Blaque, he spoke as a guest on WebTV's Market Review Programme which discussed, "COVID 19 Lockdown Easing: Health and The Economy". Source WebTV Read More


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