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Nigeria in 1min: Economic, Business and Financial Headlines - 070820

All One Min News	1994 VIEWS
All One Min News
1994 VIEWS

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Friday, August 7, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: WebTVNG

COVID-19 Health Updates

6th of August 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
Confirmed: 45,244 cases (New: 354)
Discharged: 32,430
Deaths: 930: (New 3)

Source: NCDC Read More

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PROSHARE ECONOMY

An Overdue Pick-up in Lending Volumes - Private-sector credit extension grew by 17.9% y/y in June (see chart), and therefore ahead of nominal GDP growth. Since the private-sector credit/GDP ratio remains below 20%, compared for example with over 75% in South Africa, the monetary authorities will be looking for such growth over many years. Source FBNQuest Research Read More

A Higher Profile for the DFIs under COVID-19 - Development Finance Institutions (DFIs) do not get the best press. When the markets are in good shape, they tend to be taken for granted and their efforts are reported in the shadow of hedge funds and Wall Street investment banks. Source FBNQuest Read More

DMO Clarifies China's Loans to Nigeria; Economic Viability and Revenue Issues Left Out - As at March 31, 2020, the Total Borrowing by Nigeria from China was USD3.121 billion. This amount represents only 3.94% of Nigeria's Total Public Debt of USD79.303 billion as at March 31, 2020. Source The DMO Read More

You're Damned If You Do, Damned If... - LBS Executive Breakfast Session - August 2020 - The World Bank's decision to postpone its board meeting that was scheduled to hold today till October is a likely sign of the multilateral agency's growing impatience with Nigerian policy ambivalence on exchange rate unification and the adoption of cost reflective tariffs. Source FDC Read More

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Investors Gain N25.19bn as NSEASI Inches Up Further by 0.19% Amid Negative Market Turnover - Equities market closed today on a positive note, as NSEASI appreciated by +0.19% to close at 24,930.34 basis points as against +0.16% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -7.12%. Source Proshare Markets Read More

DMO Announces the Resumption of FGN Savings Bond Offer in August 2020 - The Debt Management Office (DMO) wishes to announce the resumption of its Offer of the Federal Government of Nigeria Savings Bond (FGN Savings Bond) effective August 2020. The DMO was constrained to suspend the Monthly Offers of the FGN Savings Bond in April 2020 due to the restrictions on activities and movement as part of measures adopted by the Government to curtail the spread of COVID-19. Source DMO Read More

MTN Nigeria Q2 2020 Results Review: Solid Upside Potential Despite Cut to Earnings - MTNN's Q2 2020 earnings missed our forecasts primarily because of a negative surprise on the revenue line. The weakness was underpinned by a decline in demand for voice services - particularly in the mass market segment during the lockdown. Source FBNQuest Research Read More

The Bears Took a Pause, Dampening Yields Slightly in the Fixed Income Space - The FGN bond market opened too wide but better bided across the curve. The auction papers say most of the market joy especially on the 2026s which started at 7.90/6.50 at the early hours but closed with most of its trades settling around 7% levels. Source Zedcrest Capital Read More

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PROSHARE BUSINESS

Of Shareholders, Compensation, and Dividends - This section gives more context on the relationship between the CEO's remuneration and shareholder value creation. There have been various studies conducted to examine the possible relationship between the CEO's remuneration and shareholder value creation. Source Proshare Research Read More

Nigerians Spent N2.37tn On Petrol in 13 Months - NNPC - In 13 months, Nigerians spent N2.37tn on petrol imported into the country by the Nigerian National Petroleum Corporation, data released by the corporation have shown. Source Punch Read More

Oil Price Nears $46, Highest in Five Months - The international oil benchmark, Brent crude, rose on Wednesday to its highest since early March after a large decline in the United States' crude inventories and supported by a weak dollar. Source Punch Read More

MTN seeks to sell $243mn stake in Jumia Technologies - There are indications that MTN Group Ltd. is planning to sell part or all of its $243 million interest in Jumia Technologies AG as it looks to pay down debt and enter new markets. Source Vanguard Read More

Total Loans to Businesses Hit N18.9 Trillion in One Year - Total gross credit for various transactions in Nigeria rose by N3.33 trillion from N15.56 trillion at end-May 2019 to N18.90 trillion at end-June 2020. These credits were largely recorded in manufacturing, consumer credit, general commerce, and information and communication and agriculture, which are productive sectors of the economy. Source Guardian Nigeria Read More

Trump reimposes tariffs on raw Canadian aluminum, Canada promises retaliation - President Donald Trump on Thursday moved to reimpose 10% tariffs on some Canadian aluminum products to protect U.S. industry from a "surge" in imports, angering Ottawa and some U.S. business groups. Source Reuters Read More

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