Nigeria in 1min: Economic, Business and Financial Headlines - 070520


Thursday, May 07, 2020 / 06:35 AM / By News Aggregator / Header Image Credit: @NCDCgov

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    COVID-19 Health Updates

    • On the 6th of May 2020, 195 new confirmed cases and 5 deaths were recorded in Nigeria
    • No new state has reported a case in the last 24 hours.
    • Till date, 3145 cases have been confirmed, 534 cases have been discharged and 103 deaths have been recorded in 34 states and the Federal Capital Territory
    • The 195 new cases are reported from 13 states- Lagos(82), Kano(30), Zamfara(19), Sokoto( 18), Borno(10), FCT(9), Oyo(8),Kebbi (5), Gombe(5), Ogun(4), Katsina(3), Kaduna(1), Adamawa(1). Source NCDC Read More

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    Weak Global Demand Is Expected To Taper Grain Prices - Brent gained 4.71% to $28.48pb following a gradual recovery in global oil demand as lockdown measures ease in the US, China and Europe. However, oil prices are still below the $30pb budget benchmark and poses revenue challenges for Nigeria. Source FDC Ltd Read More 

    The Backdrop for the Revised Budget - The FGN is both reworking its 2020 budget in conjunction with the National Assembly and, the newswires reported yesterday, talking to external lenders about a possible debt rescheduling. At the outset of the reworking the FGN let it be known that it would assume an average crude price of US$30/b rather than the original US$57/b.  Source FBNQuest Research Read More 

    COVID-19 Pandemic and The Black Swan Metaphor - OpEd By Adefeko - "The Black Swan" is an idiosyncratic tittle of a best seller book written by Nassim Nicholas Talib, which was published thirteen years ago in 2007. In the book, he explained: "the Black Swan is about those unexpected events that end up controlling our lives, the world, the economy, history, everything. Before they happen, we consider them close to impossible; after they happen, we think that they were predictable and partake of a larger scheme. They are rare, but their impact is monstrous." Source Ade Adefeko and JP Olanrewaju  Read More 

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    Fiscal Policies for the Recovery from COVID-19 - Fiscal policies have provided large emergency lifelines to people and firms during the COVID-19 pandemic. They are also invaluable to increase a country's readiness to respond to a crisis and to help with the recovery and beyond. Source Vitor Gaspar, W. Raphael Lam and Mehdi Raissi, IMFBlog Read More 

    IMF Disburses $3.4b Loan To Nigeria - Barely 24 hours after receiving $311 million Abacha loot from the United States and the Island of Jersey, the Federal Government has been handed the $3.4 billion emergency fund it requested from the International Monetary Fund(IMF).SOurce TheNation Read More 

    Discos Owe NBET N76bn In Two Months - Power distribution companies in the country failed to pay a total of N76.19bn to the Nigerian Bulk Electricity Trading Plc for electricity sold to them in the first two months of this year. The government-owned NBET buys electricity in bulk from generation companies through Power Purchase Agreements and sells through vesting contracts to the Discos, which then supply it to the consumers. Source Punch Read More 

    Foreign Reserves Gain $449.5m In One Week - After 10 months of consistent decline, the country's foreign reserves returned to a growth path, gaining $449.5m in one week, figures from the Central Bank of Nigeria have revealed. According to the CBN, the reserves rose from $33.44bn in April ending to $33.89bn on May 5, 2020. Source Punch Read More

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    Investors Gain N174.09bn as NSEASI Firms up by 1.40%; Closes Above 24,000bpts - Equities market closed today on positive note, as NSEASI appreciated by +1.40% to close at 24,143.37 points as against +3.12% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -10.05%. Source Proshare Markets Read More 

    FCMB Q1 2020 Results Review Recognizes Pressure on Earnings from Near Term Headwinds - FCMB Group's (FCMB) Q1 2020 results came in ahead of our forecasts across all major headline items. The bank's PBT beat our forecast by c.30% because of positive surprises on both revenue lines. However, we have made modest upward revisions of c.6% on average to our 2020-22E EPS forecasts. Source FBNQuest Read More 

    Nigerian Breweries Underperforms in Q1 2020; Rating Maintained - We have cut our target price for Nigerian Breweries (NB) by -30% to N40.5 on the back of a 150bp increase in our equity risk premium assumption to 7.5% and downward adjustments to our earnings forecasts. NB's Q1 PBT missed our forecast of N10.7bn by -23%, largely due to -7.1% and 7.8% negative surprises in sales and opex. Source FBNQuest Research Read More 

    Nigerian Eurobonds Sustain Rally Momentum As Global Oil Prices Continue To Gain - The FGN bond market opened the day on a weaker note, as the more sellers emerged on most on the benchmark papers while bids remained shy for most of the session. We noted some local investors pick on some improved offers at the short- (2023s) and mid-end (2027s & 2028s) of the curve, as the bid/offer spreads tightened across traded maturities.  Source Zedcrest Capital Read More

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    Adapting Your Business to Thrive During Lockdown - For the moment, businesses around the world are confronted with unchartered waters. While the uncertainty of the financial future weighs heavy on the minds of startup and small business owners, no industry is excluded from the concerns. Unfortunately, many assume that the pandemic and general landscape for conducting business is tarnished too much. Source Pete McAllister Read More 

    Work from Home Survey Launches for Nigerian Professionals - HC Bonum, in partnership with Digital Jewels, AT3 Resources and DB Consulting, a consortium of leading consultants in the area of performance management, IT Governance, data analytics, strategic communications and Human Capacity Building have joined forces to unveil a Work-from-home survey for Nigerian professionals. Source HC Bonum Read More 

    NUPENG, PENGASSAN Caution Oil Companies Against Sacking Workers - The national leaderships of both the Nigeria Union of Petroleum and Natural Gas Workers and the Petroleum and Natural Gas Senior Staff Association of Nigeria have cautioned companies in the oil and gas industry against sacking workers. The unions said they had received series of reports from their members of attempts by some multinational and indigenous oil and gas companies to exploit the current COVID-19 situation to sack workers. Source Punch Read More 

    Inadequate Distribution Facility Hampers 17,945.3MW Electricity Generation - The lack of distribution infrastructure stalled the generation of 17,943.5 megawatts of electricity between April 24 and May 3, 2020, industry data obtained in Abuja on Tuesday have shown. Although the unavailability of gas remained the dominant daily constraint to power generation, it was observed that the lack of distribution infrastructure also prevented a large quantum of electricity generation during the 10-day review period. Source Punch Read More 

    Privatise Refineries, CSOs tell FG - A consortium of 15 civil society organisations on Tuesday asked the Federal Government to privatise Nigeria's refineries and commit to the sustainability of the no-subsidy regime by articulating it into a law. According to the CSOs, this would help the government as it struggles to manage the economy following the negative impact of the COVID-19 pandemic on crude oil price globally. Source Punch Read More 

    NNPC Slashes Ex- Depot Price of Petrol - The Nigerian National Petroleum Corporation (NNPC) Wednesday announced a reduction in the ex-depot price of petrol from N113.28k per litre to N108.00K per litre. The corporation said the new price cuts across all its products loading facilities as well as in its throughput operations. Source Thisday Read More 

    COVID-19 Pandemic pushes US, China into 'New Cold War' - Over the past week, the Trump administration has threatened to scrap an initial trade deal and increase tariffs on China, backed tough new export controls for Chinese firms buying American tech products, and continued to push theories claiming the coronavirus originated in a laboratory in the city of Wuhan. Source TheNation Read More

    S&P 500, Dow Drop As Financial Sector Declines Counter Tech Gains - The S&P 500 and the Dow fell on Wednesday as declines in financials and defensive groups countered gains in tech shares and as data showed U.S. private employers laid off 20 million workers in April, underscoring the economic fallout of the coronavirus outbreak. Source Reuters Read More 

    FG Extends Flight Ban By Four Weeks - The Nigerian Government has extended the ban imposed on local and international flights by four weeks. Boss Mustapha, secretary to the government of the federation, said the federal government decided to extend the flight ban by four weeks after due consultation. Source Guardian Read More

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    COVID-19: The Fourth Industrial Revolution and Nigeria - OLUBAYO ADEKANMBI is an award-winning business executive with track record of superior performance in conceptualising and implementing business/commercial/analytical strategy with commendable managerial ability to motivate his team for success. He has broad-based experience in multinational commercial strategy and advanced level analytics. He combines 19 years of cognate industry experience in Strategy, Marketing and Analytics from two largest economies in Africa (Nigeria &South Africa). Source WebTV Read More


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    When Easing Lockdowns, Governments Should Open Schools First - Covid-19 has shut the world's schools. Three in four children live in countries where all classrooms are closed. The disruption is unprecedented. Unless it ends soon, its effect on young minds could be devastating. Source Economist Read More


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