Nigeria in 1min: Economic, Business and Financial Headlines - 080420


Wednesday, April 8, 2020 / 06:20 AM / By News Aggregator / Header Image Credit: @jidesanwoolu

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    COVID-19 Health Updates

    • On the 7th of April 2020, 16 new confirmed cases of COVID-19 were recorded in Nigeria
    • Till date, 254 cases have been confirmed, 44 cases have been discharged and six deaths have been recorded in Nigeria
    • The 16 new cases are reported from five states- Lagos (10), FCT (2), Oyo (2), Delta (1) and Kastina (1)
    • A multi-sectoral national emergency operations centre (EOC), activated at Level 3, continues to coordinate the national response activities. Source NCDC Read More

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    FG Adds to Armory for COVID-19 Showdown - The Federal Government (FG), through the Minister of Finance, Budget, & National Planning, formally announced a set of fiscal stimuli aimed at easing the medical-cum-economic burden of COVID-19 and the impact of oil price decline.  Source CardinalStone Research Read More 

    Various Rating Actions On Nigerian Banks By S and P Following Sovereign Downgrade; Outlooks Stable - S&P Global Ratings today lowered its long-term global scale issuer credit ratings to 'B-' from 'B' on Access Bank PLC (Access Bank), Ecobank Nigeria Ltd. (Ecobank Nigeria), Guaranty Trust Bank PLC (GTBank), Stanbic IBTC Bank PLC (Stanbic IBTC), United Bank for Africa Plc (UBA), and Zenith Bank PLC (Zenith).  Source S & P Global Ratings Read More 

    Three Ratings Agencies, Now One Message - Fitch yesterday downgraded Nigeria's sovereign credit rating (long-term, foreign currency) by one notch from B+ to B, and maintained the negative outlook. This brings Fitch into line with S&P and is surely warranted as Nigeria faces the crashing oil price and the coronavirus pandemic with limited, and shrinking external buffers. Source FBNQuest Research Read More 

    Pick and Mix in Nigeria's Response to the COVID-19 Virus - FBNQuest - The coronavirus knows no boundaries so governments across the world are struggling to protect their populations and their economies as best they can. In advanced economies the focus has been monetary and fiscal, along with measures of social control.  Source FBNQuest Research Read More 

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    Coronanomics: Nigeria Needs Economic Pragmatism and Robust Institutions - Dr. Temitope Oshikoya - Nigeria needs to achieve economic pragmatism with the support robust institutions to achieve economic stability amidst the COVID-19 pandemic that has recorded over 230 cases in the country. Dr. Temitope Oshikoya an economist and CEO of Nextnomics Advisory disclosed this on the WebTV Coronanomics Watch program. Source WebTV Read More 

    Have Oil Bulls Got It Wrong? - OIR 070420 - OPEC+ is mulling a three-month production cut agreement, according to TASS. Oil prices have climbed substantially since last week on hopes of an agreement. There is still a great deal of uncertainty, but OPEC+ has signalled a willingness to cut if the U.S. does too.  Source Tom Kool of Read More 

    IMF Board To Meet On Nigeria's $3.4bn Loan Request - The International Monetary Fund on Tuesday said its executive board would soon meet over a fresh $3.4bn loan request from Nigeria. The Federal Government had applied to the IMF for a rapid credit loan as part of measures to cushion the effects of COVID-19 in Nigeria. Source Punch Read More 

    FG Social Investment Initiative Excludes Poor Nigerians -National Assembly - The leadership of the National Assembly has faulted the Federal Government's Social Investment Programmes and how they are being implemented, noting that the conditions set by officials most times excluded poor Nigerians for which the initiative is intended. Source Punch Read More 

    W'Bank Supports Nigeria's Public Health Sector With $82m - The World Bank says that it has made $82m available to strengthen Nigeria's public health response to the COVID-19 pandemic. The $82m was made available through the World Bank's Regional Disease Surveillance Systems Enhancement Project. Source Punch Read More

    1,739 Foreign Nationals Evacuated From Lagos In Two Weeks - FAAN - The Regional Manager, South West Airports, FAAN, Mrs Victoria Shin-Aba, made this known following the evacuation of 200 Americans from the Murtala Muhammed International Airport, Lagos on Tuesday by a Delta Airlines flight which came into the country from Accra, Ghana. Source Punch Read More 

    COVID-19: World Food Prices Plummet in March - World Food Prices declined in March according to a statement released by the Food and Agriculture Organisation (FAO) arm of the United Nation. The drop in price was driven mostly by demand-side contractions linked to the effects of the COVID-19 pandemic and the drop in global oil prices, as governments rolled out measures to respond to the crisis. Source Thisday Read More 

    OPEC+ Mulls Three-Month Output Cut As Oil Hits $33 - Countries belonging to the OPEC+ group are discussing the idea to implement oil production cuts for at least three months from May to July, Russian news agency TASS reported on Tuesday, citing two sources at OPEC. Source Guardian Read More 

    Fed Govt To Cut FIRS' N8.5tr Target - The Federal Government is revising the non-oil revenue projections, including various tax and customs receipts. This means the N8.5trillion target set for the Federal Inland Revenue Service (FIRS) will be slashed at the end of the review. Source TheNation Read More

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    AFEX Partners Proshare on a Webinar on the Impact of COVID-19 on Nigeria's Food Systems - As the incidence of Covid-19 continues to climb commanding the focus of the world, a key fundamental remains essential to keep in sight in our daily tallying of the effects of the pandemic on individuals, households and the economy, which is the question of whether Nigeria can feed itself in the short to long term. Source AFEX Read More

    OMO Rates Continue To Plummet Amidst Excess System Liquidity - The Bond Market stayed on course with the theme for most the week, a quiet session despite evident client demand. Bids improved across the benchmark bond curve with little volumes traded.  We noted client interest extend beyond the 10-year benchmark as some volumes were picked on the 2036 and 2037 maturities. Yields compressed further by an average of c.6bps across the benchmark bond curve. Source Zedcrest Capital Read More 

    Investors Gain N133.31bn as NSEASI Inches Up by 1.24% Amid Improved Market Breadth - Equities market closed today on a positive note, as NSEASI appreciated by 1.24% to close at 20,925.19 points as against 2.02% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -22.04%.  Source Proshare Markets Read More

    United Capital Plc Raises N5.3bn in Commercial Paper Issuance - United Capital Plc, a leading Pan-African financial and investment services Group has confirmed that it has successfully raised N5.3 billion in a Series 1 and 2 Commercial Paper ("CP") issuance, under its N20 Billion Programme registered with the FMDQ Securities Exchange. Source United Capital Read More

    Nigerian Breweries PLC Issue of up to N30bn Series 7 and Series 8 Commercial Paper Now Open - The Nigerian Breweries PLC Issue of up to NGN30 Billion Series 7 and Series 8 Commercial Paper ("Nigerian Breweries") from the company's NGN100 billion Commercial Paper Programme is now open and scheduled to close on Tuesday, 14 April 2020 with funding to occur on Wednesday 15 April 2020. Source Stanbic IBTC Stockbrokers Read More 

    FBN Holdings Plc FY'19 Audited Results - Earnings Climb on Lower Cost of Risk - FBN Holdings Plc (FBN: TP: 8.69 - BUY) reported a 26.6% YoY growth in earnings in its audited FY'19 result. The growth in earnings was bolstered by lower impairment charges (-41.5% YoY) and higher non-interest income (+20.5% YoY). Source CardinalStone Research Read More 

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    Panel To Monitor COVID-19 Fund Usage, Says FG - The Federal Government will soon constitute a special committee to monitor the disbursement of donations made by individuals, corporate organisations and public sector players towards addressing the coronavirus pandemic. The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, confirmed the development during an interview with journalists in Abuja on Tuesday. Source Punch Read More

    Power: Russian Firm Wants Nigeria, Others to Adopt Modular Nuclear Reactors - Russia's state-run nuclear energy corporation, Rosatom, has proposed that Nigeria and other African countries adopt the use of Small Modular nuclear Reactors (SMR) to address the perennial power shortage that they face. Source Thisday Read More

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    Rosabon Offers Q2 Treasury Note at 16.5 Per Cent - Rosabon Financial Services has offered for subscription, its second quarter Treasury Note at 16.5 per cent to better help customers save during this COVID-19 period. The Rosabon Treasury Note (RTN), which is a bulk fund placement offering that allows individuals to gain high returns on disposable funds, is available for both new and existing customers who are saving towards a financial goal. Source Rosabon Read More


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    LSETF Announces Moratorium on Loans to Beneficiaries -  The Lagos State Employment Trust Fund (LSETF) has announced a moratorium on loan repayment for the beneficiaries of all its Loan and Hub Financing Programmes designed for micro, small and medium scale enterprises (MSMEs) and technology start-ups in the state. Source Thisday Read More 


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