Nigeria in 1min: Economic, Business and Financial Headlines - 080620


Monday, June 8, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: @NCDCgov


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COVID-19 Health Updates

  • On the 7th of June 2020, 260 new confirmed cases and 12 deaths were recorded in Nigeria
  • No new state has reported a case in the last 24 hours.
  • Till date, 12486 cases have been confirmed, 3959 cases have been discharged and 354 deaths have been recorded in 35 states and the Federal Capital Territory
  • The 260 new cases are reported from 19 states- Abia(67), FCT(40), Lagos(38), Ogun(19), Gombe(16), Edo(14), Imo(9), Kwara(8), Katsina(8), Nasarawa(8), Borno(8), Kaduna(6), Bauchi(5), Ekiti(4), Niger(2), Ondo(2), Plateau(2), Kano(2),Sokoto(2). Read More

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Coronanomics (1) - Understanding the Realities of an Impending Recession - This report represents a deep dive into the emerging realities of a new world economic order that strips away pretence about the growingly outdated concept of globalization. The COVID-19 pandemic has shown that an integrated and tightly knit world could create lasting and catastrophic problems and that nations may increasingly need to secure domestic supply chains by strong backward domestic integration. Source Proshare Content Read More 

Coronanomics (2) - Easing Out of a Crisis - As far as viral pandemics go one seems to occur every hundred years. In 1720 the world saw a massive plague that wiped out more than 100,000 French men, women and children (the great plague of Marseille). In 1889, another viral pandemic occurred called the great Flu pandemic in Europe killing over a million people. In 1918, the Spanish Flu became one of the modern world's most potent pandemics infecting about 500m people from the South Seas to the North Pole. Source Proshare Content Read More 

AfDB Approves New Five-Year Strategy for Nigeria Amidst COVID-19 Concerns - The Board of Directors of the African Development Bank has approved Nigeria's Country Strategy Paper (CSP) 2020-2024, which builds on the successes and challenges of the 2013-2019 edition, and incorporates emerging developmental realities and opportunities shaping Nigeria's political and economic landscape, including in the post-COVID-19 period. Source AfDB Read More 

Q2 2020 Economic Outlook: Two External Shocks to Rock the Boat - The recession this year will be smaller than in advanced and many peer economies because of the limits to Nigeria's integration within the global economy. For the same reason its U-shaped recovery in 2021 is likely to disappoint. Household demand remains squeezed. Source FBNQuest Research Read More 

PPPRA Removes Existing PMS Price Cap; Commences Market Based Pricing Regime - In exercise of the Powers conferred on it by Sections 7 and 24 of the Petroleum Products Pricing Regulatory Agency (Establishment) Act, No. 8 of 2003, and all other powers enabling it in that behalf, the Petroleum Products Pricing Regulatory Agency ("The Agency"), with the approval of the President hereby make the following Regulations... Source PPPRA Read More 

NBS Publishes COVID-19 Impact Monitoring Survey Report for May 2020 - Nigeria was among the first countries in Sub-Saharan Africa to identify cases of COVID-19. The Government has since implemented strict measures to contain the spread of the virus. Additionally, global oil prices plummeted by a dramatic 60% following the spread of the pandemic and since the oil sector accounts for the bulk of government revenue, this is expected to substantially weaken the Nigerian economy. Source NBS Read More 

NOVA Monthly Economic Insight: Foreign Borrowings Offer Temporary Reprieve - After eleven months of consecutive depletion, the gross external reserves increased by $3.07 billion (April depletion $1.64 billion) in the month of May to adjusted level of $35.32 billion following the inflow of IMF facility and other official receipts. The accretion was further supported by absence of CBN sales at the IEW and minimal intervention sales across other segments. Source NOVA Merchant Bank Read More 

CBN Releases Guidelines on Healthcare Research and Development Grant - The Central Bank of Nigeria (CBN), as part of its policy response to the COVID-19 pandemic, introduces the Healthcare Sector Research and Development Intervention Scheme (HSRDIS) to help strengthen the public healthcare system with innovative financing of research and development (R&D) in new and improved drugs, vaccines and diagnostics of infectious diseases in Nigeria. Source CBN Read More 

BPP Publishes Details of N1.4trillion COVID-19 Emergency Procurement details for 3 MDAs - The Bureau of Public Procurement (BPP) has published details of COVID-19 Emergency Procurement details for three MDAs. Source Coronanomics Research Team Read More 

Oil Prices Surge As OPEC+ Nears Deal - OIR 050620 - Oil prices jumped yet again on positive news from OPEC+ as well as a far better than expected jobs report. Brent surged by more than $2 per barrel while WTI approached the $40 mark. Source Tom Kool of Read More

Teslim Shitta-bey To Speak On Coronanomics Report Tomorrow On WebTV - TESLIM SHITTA-BEY is the Managing Editor, Proshare Nigeria Limited. He holds a Bachelor's degree in Economics and Statistics (University of Benin) and a post graduate certificate in Financial Journalism. He has, in the last three decades, accumulated a rich and varied experience as stock market/Investment analyst, Commercial and Investment banker and as a financial journalist. He has had over 20 years of experience in Investment Banking. Source WebTV Read More

Oil's OPEC+ Boost Eases With Compliance Concerns Lingering - Oil climbed in London following a sixth weekly increase after OPEC and its allies agreed to extend production curbs, although skepticism the cartel would be able to ensure full compliance tempered the gains. Source Bloomberg Read More

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What To Expect From The Markets This Week - 070620 - Following the gradual ease of lockdown instituted across China, manufacturing activities rebounded in May, after contracting in the prior month. Specifically, manufacturing PMI rose to the expansionary territory of 50.7 index points in May, from 49.4 points in April. Source Proshare Content Read More 

NSE CEO and CEOs of Global Securities Exchanges to Discuss Capital Markets in Pandemic - The Nigerian Stock Exchange ("NSE" or "The Exchange") is set to host a special webinar on the impact of COVID-19 on the global capital market and the resilience of securities exchanges in supporting economies, on Wednesday, June 10, 2020. Source NSE Read More 

Investors Lose N118.42bn WoW as NSEASI Dips by -1.00% to Close the Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -1.17% to close at 25,016.30 points as against -0.38% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -6.80%.  Source Proshare Markets Read More

Agusto and Co. Affirms Coronation Merchant Bank's Rating at Aplus with Stable Outlook - Coronation Merchant Bank remains one of the top-rated merchant Banks in Nigeria as shown by the recently released Rating Report by Agusto&Co, a foremost rating agency in Nigeria. Source Coronation Merchant Bank's Read More 

Flight Out of NTBs by the PFAs - We learn from Pencom's latest report that the assets under management (AUM) of the regulated pension industry in Nigeria increased by 16.0% y/y in April to N10.58trn (US$27.3bn), and by 2.4% m/m. The share of equities in AUM peaked at 16% in 2007, ie before the blowout on the NSE. It now stands below 5%. The equities market took further batterings in 2018 and 2019. Source FBNQuest Research Read More 

CBN drops OMO rate by another 130bps in the latest OMO auction - The Bond Market traded on a tepid note, with a bullish bias in today's session. Interests remained skewed towards the long end of the curve, especially the 2035s which traded c.40bps above its peers at 11.40%. However, trading activities didn't seem to move yields aggressively which compressed slightly by an average of c.1bps. Source Zedcrest Capital Read More 

Market Review and Round-Up of Corporate News Announced During The Week Ending 050620 - The equities market recorded mixed performance - the listed equities market, NSEASI, recorded -1.00% loss WoW while the NASD OTC also closed positive with +0.13% gain. The BDC and NAFEX Rates appreciated, the NAFEX Rate depreciated while the CBN Rate closed flat. Source Proshare Markets Read More 

Corporate Earnings For The Week Ending 050620 - 4 in All - One(1) out of the Four (4) firms declared growth in revenue. PRESTIGE records 7% growth in earnings to emerge as the firm with highest growth in earnings while JAPAULOIL records 23% negative growth in earnings to emerge as the firm with the least growth rate. JAPAULOIL tops with the highest PAT figure while TRANSEXPR declared the least with a loss. Source Proshare Research Read More 

NASD Welcomes RMB Nigeria Stockbrokers Limited - We are pleased to inform our esteemed stakeholders of the recent introduction of RMB Nigeria Stockbrokers Limited unto the NASD Over-The-Counter [OTC] Securities Exchange. RMB was inducted on June 2, 2020 unto our platform to act as a Broker/Dealer. Source NASD Plc Read More

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Bank NPLs (22) - Benchmarking Best Practice and International Debtors List - Improved signalling identification- The improvement in recognition of likely debt challenges has helped to reduce toxic debt assets. The improvement has come from a reduction in information asymmetry between borrowers and lenders. Source Debtors Africa Read More 

Bank NPLs (23) - The Case for a New Approach - The old lending paradigm has rested on traditional approaches to the loan process. The process has involved the creation of debt the management of debt and the resolution of debt (either by due loan repayment or by any other legal method of loan recovery). The model has been standard fare for decades if not centuries. Source Debtors Africa Read More 

Access and Ecobank Nominated for African Bank and Banker of the Year Awards 2020 - The organizers of the African Bankers Awards have officially announced the nominees for this year's awards and given an update on the African Banker Awards ceremony. Three of the five banks nominated for the African Bank of the Year awards category are from Nigeria. Access Bank, Ecobank, and Guaranty Trust Bank Plc were nominated for this award category. Source Proshare Research Read More

Nigeria To Cut Crude Production For Exceeding OPEC Quota - Nigeria has said it is ready to make additional oil output cuts from July to September to compensate for producing more than its quota in May and June, when the Organisation of Petroleum Exporting Countries and its allies implemented a massive production cut deal. Source Punch Read More 

AfDB's Total Commitment To Nigeria Hits $5bn - The African Development Bank has said its active portfolio in Nigeria comprised 61 operations, with a total commitment of about $5bn as of December, up from $4.5bn in March 2019. The AfDB disclosed this on Friday while announcing the approval of Nigeria's Country Strategy Paper 2020-2024 by its board of directors. Source Punch Read More 

Airlines Set To Cut Passenger Load On Govt Order - Operators of domestic airlines in Nigeria are set to begin operations from June 21, which is the date announced by the Federal Government for the commencement of commercial flight operations domestically. Source Punch Read More

GenCos Loss N122.79b In Five Months To Capacity Challenges - Nothing less than N122.79 billion has been lost by Nigeria's power generation companies (GenCos) between January to May this year. Pioneer Executive Secretary of the Association of Power Generation Companies, Dr. Joy Ogaji, said while available capacity generation stood at 8,286.62 megawatts in May, average generation was 4,146.79 MW while stranded generation remained at 4,140 MW. Source The Guardian Read More 

Stranded Electricity Hits 4,159mw as GenCos seek TCN Snbundling - Electricity Generation Companies (GenCos ) have said although they have increased their generation capacity to 8,145Mega Watts (Mw) in 2020, they only produce 3,987mw for Nigeria. Owing to constraints in the national grid capacity,  4,159mw has been left stranded. Source The Nation Read More 

Emirates, Etihad Extend Temporary Salary Cuts To September - Gulf carriers Emirates and Etihad Airways are extending the period of reduced pay for their staff until September as they try to preserve cash during the global coronavirus pandemic. Source Reuters Read More 

Volkswagen Considering More Cost Cuts To Cope With Downturn - Volkswagen <VOWG_p.DE > is considering more cost cuts to help cope with the economic impact of the coronavirus pandemic, a spokesman for the German automaker said on Saturday. Source Reuters Read More


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We're Ready For Broadband Deployment Across Nigeria - NCC - The Nigeria Communications Commission says all challenges that hindered the deployment of broadband infrastructure have been addressed and the roll out of telecoms infrastructure across the country will soon begin. Source Punch Read More 


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Islamic Finance Instruments Can Ensure Economic Sustainability In Nigeria - Dr. Abdullahi Shuaib - Short to Long term Islamic Finance Instruments can play a critical role in supporting the proposed economic sustainability plan of the Nigerian Government. The CEO of Jaiz Charity Organization Dr. Abdullahi Shuaib disclosed this in a recent webinar lecture that discussed the role of Islamic finance in achieving economic development. Source WebTV Read More 

Ekerete Ola Gam Ikon To Speak On NAICOM Recapitalization Extension Till 2021 Tomorrow on WebTV - EKERETE OLA GAM-IKON is an Administrator, Business Thinker and Customer Advocate. Currently involved in knowledge sharing and consultancy services on Strategy, Management and Insurance, Ekerete is a 1988 graduate of Economics from the University of Calabar, Full Member of Nigerian Institute of Management (Chartered) since 2003, Certified Process Professional (2010) and Associate of Risk Managers Society of Nigeria (2019). Source WebTV Read More


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