Nigeria in 1min: Economic, Business and Financial Headlines - 071020

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Wednesday, October 7, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @nbccng

 

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COVID-19 Health Updates

  • 6th of October 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 59,583 cases (New: 118)
  • Discharged:  51,308
  • Deaths: : 1,113 (New: 0)

Source: NCDC Read More


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PROSHARE ECONOMY 

The Need for New Revenue Sources - Being the text of a letter written by Dr Olisa Agbakoba, SAN to His Excellency Muhammadu Buhari, GCFR, President of the Federal Republic of Nigeria. Source Dr. Olisa  Agbakoba, SAN Read More 

CBN Projects External Reserves May Fall to US$29.9bn by December 2020 - Based on excerpts from the CBN's recently published Monetary Credit, Foreign Trade and Exchange Guidelines for Fiscal Years 2020-2021, the CBN has expressed concerns on outlook for the country's external reserve and exchange rate. Source CSL Research Read More 

States Generated N612.87bn as IGR in H1 2020 - NBS - The National Bureau of Statistics Published Internally Generated Revenue at State level for Half Year 2020. The 36 states and FCT IGR figure hits N612.87bn in H1 2020 compared to N693.91bn recorded in 2019. This indicates a negative growth of -11.7% year on year. Source NBS Read More

Nigeria's Debt Fast Becoming Unsustainable, May Reach N34tn - LCCI - The Lagos Chamber of Commerce and Industry has said the growing level of Nigeria's debt is fast becoming unsustainable in the light of dwindling oil prices and production and might hit N34tn by year-end. Source Punch Read More 

IMF Forecasts 'Less Dire' Global GDP Contraction in 2020 - As the world slowly recovers from the Covid-19 pandemic, the International Monetary Fund (IMF) has projected a "less dire" global Gross Domestic Product (GDP) contraction in 2020, as against the severe global GDP contraction for the year it had predicted in June. Source THISDAYLIVE Read More

Everything You Think About the Geopolitics of Climate Change Is Wrong - Signs that the energy transition is picking up speed abound. One of the world's largest oil companies, BP, recently projected oil demand may be close to peaking. The governor of California just signed an executive order to ban the sale of new gasoline-fueled cars by 2035. Source Foreign Policy Read More

Angry Investors Issue 5-Day Ultimatum to Thrive Agric As Overdue Payment Hits N50m - A group of over 100 investors owed by Abuja-based digital agro-investment firm, Thrive Agric, has asked the platform to pay nearly N50 million owed in overdue investments or face legal action. In a group statement sent to BusinessDay, the investors said they were compelled to seek legal redress given that the management of Thrive Agric. Source Businessday Read More


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PROSHARE MARKETS 

Unity Bank AGM; Figuring Out Survival Pre-Pandemic - Unity Bank's financial results for 2019 exceeded analysts' expectations as the bank's profit numbers turned around from a loss of N7.69bn in FYE 2018 to a profit of N3.38bn in FYE 2019 representing a +148.21 growth Y-o-Y financial year. Source The Analyst Read More 

Investors Gain N708.18bn as NSEASI Inches Up Further by 4.92% Amid Improved Market Breadth - Equities market closed today on a positive note, as NSEASI appreciated by +4.92% to close at 28,909.37 basis points as against +2.11% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +7.70%. Source Proshare Markets Read More

NSE Celebrates World Investor Week 2020 - The Nigerian Stock Exchange (NSE or The Exchange) will join International Organization of Securities Commission (IOSCO) to celebrate World Investor Week (WIW) 2020 from Monday, 5 October 2020 - Friday, 9 October 2020. Source NSE Read More

Nigeria to Start Central Clearing of Derivatives from Next Year - The Nigerian Stock Exchange will start clearing and settlement of exchange-traded derivative products in the second quarter of next year as it seeks to deepen the financial market of Africa's biggest crude producer. Source Bloomberg Read More


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PROSHARE BUSINESS 

Firstbank Reinforces Its Financial Inclusion Drive Through FirstAdvance Naira Loans - First Bank of Nigeria Limited, Nigeria's leading financial inclusion services provider, recently announced that loans in over the sum of 17 billion naira have been disbursed to individuals, across the country. Source FirstBank Read More

Buhari Signs Air Service Agreement with USA, Others - The President, Major General Muhammadu Buhari (retd.), has signed the instruments of ratification of the Bilateral Air Service Agreement between Nigeria and the United States of America, India, Morocco and Rwanda. Source Punch Read More

WTO Revises Global Trade Projection, foresees 9.2% Drop - Despite the fact that global trade has shown signs of bouncing back from a deep, COVID-19 induced slump, the World Trade Organization (WTO) has cautioned that any recovery could be disrupted by the ongoing pandemic effects. Source THISDDAYLIVE Read More

Asian Stocks Inch Up, Defy U.S. Stimulus Gloom - Asian stock markets edged higher on Wednesday, brushing off Wall Street's weaker finish, which came after U.S. President Donald Trump abruptly broke off economic stimulus negotiations with lawmakers. Source Reuters Read More

NNPC, Stakeholders Express Concerns Over E&P Future - Nigerian National Petroleum Corporation (NNPC), and stakeholders in the upstream sector have expressed concerns over the impact of the Covid-19 on oil and gas exploration and production in the country, as major oil companies continue to reduce investment in the sub-sector. Source The Guardian Nigeria Read More

 

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PROSHARE MSME

45% of MSME Fund Targets Women Enterprises - BoI - The Bank of Industry has said 45 per cent of the Micro Small and Medium Enterprise and Artisans Survival Fund would be disbursed to support women-owned businesses in the country. The Managing Director, BoI, Kayode Pitan, explained that the five per cent of the fund had also reserved for people with special needs as they would be supported with N30,000 over the next three months. Source Punch Read More

 

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