Nigeria in 1min: Economic, Business and Financial Headlines - 090420


Thursday, April 9, 2020 / 06:45 AM / By News Aggregator/ Header Image Credit: @oyostategovt

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    COVID-19 Health Updates

    • On the 8th of April 2020, 22 new confirmed cases of COVID-19 were recorded in Nigeria
    • Till date, 276 cases have been confirmed, 44 cases have been discharged and six deaths have been recorded in Nigeria
    • The 22 new cases are reported from five states- Lagos (15), FCT (4), Bauchi (2) and Edo (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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    Oil Price: A Dead Cat Bounce in the Making? - Amidst weakening global demand for crude and uncertainty over the commitment among OPEC+ producers to extend production cuts, the International Energy Agency (IEA) in its latest forecast expects Brent oil price to average US$33 this year. Source CSL Research Read More 

    Further Multi-Notch Sovereign Downgrades Are Probable in 2020 - The rapid deterioration in the global sovereign rating outlook due to the coronavirus outbreak and sharp fall in oil prices makes additional multi-notch downgrades likely over the rest of this year, Fitch Ratings says. Source Fitch Ratings Read More 

    Fitch Ratings Cuts Oil Price Assumptions on Coronavirus Hit, Oversupply - Fitch Ratings has further reduced its oil price assumptions for 2020 and 2021 as the rapid spread of the coronavirus weakens the short-term global economic outlook and oil demand, resulting in very large oversupply. Source Fitch Ratings Read More 

    Statement by IMF Managing Director Kristalina Georgieva on Nigeria - Nigeria's economy is being threatened by the twin shocks of the COVID-19 pandemic and the associated sharp fall in international oil prices.  President Buhari's administration is taking a number of measures aimed at containing the spread of the virus and its impact, including by swiftly releasing contingency funds to Nigeria's Centre for Disease Control and working on an economic stimulus package that will help provide relief for households and businesses impacted by the downturn. Source IMF Read More 

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    Oando, Aiteo, Seplat and Others Collaborate To Fight COVID-19 - Amidst the massive challenge of reining in the health and economic consequences of the novel coronavirus (COVID-19) pandemic and the struggle of global governments to raise resources to combat the problem, a growing number of private sector actors have decided to step into the fray by providing financial and material support to public sector efforts. Source Oando Read More 

    African Development Bank Group Unveils $10bn Response Facility to Curb COVID-19 - The African Development Bank Group on Wednesday announced the creation of the COVID-19 Response Facility to assist regional member countries in fighting the pandemic. The Facility is the latest measure taken by the Bank to respond to the pandemic and will be the institution's primary channel for its efforts to address the crisis. It provides up to $10 billion to governments and the private sector. Source AfDB Read More 

    COVID-19 in Nigeria: Economic Perspectives and Mitigating the Risks - Despite witnessing wars, natural disasters and the Great Recession, this generation is witnessing a unique global health pandemic that has challenged even the most pessimistic of doomsday naysayers. The apocalyptic scenes across the world of desolate streets due to lockdowns seem to evoke Hollywood movie scripts than a true-life scenario.  Source Agusto & Co Ltd Read More

    FG Slashes Budget, Sends To National Assembly For Review - The Federal Government has revised downward the revenue projection for the 2020 budget by N3.3tn from the initial approved amount of N8.41tn to N5.08tn. The revised revenue projection is contained in a proposal sent to the National Assembly by the executive. Source Punch Read More

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    Liquidity Continues To Positively Impact Yields Across The Fixed Income Markets - Yields of FGN Bonds continued to drop in today's session as the rally persisted for another consecutive trading session. Demand remained skewed to the short-end of the benchmark bond curve, with the 2023s and 2024s the day's top gainers shedding 38bps and 60bps respectively.  Source Zedcrest Capital Read More 

    Investors Gain N77.17bn as NSEASI Inches Up Further by 0.71%; Closes Above 21,000bpts - Equities market closed today on a positive note, as NSEASI appreciated by 0.71% to close at 21,073.26 points as against 1.24% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -21.49%.  Source Proshare Markets Read More

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    Container Vessels May Lose $23 Billion To Coronavirus - Container carriers are on the verge of losing about $23 billion owing to the sharp drop in demand due to coronavirus pandemic. Shipping consultancy, Sea-Intelligence in its latest report predicts that in the worst-case scenario, about $23 billion would be lost to the virus. Source Guardian Read More 

    FG To Shut Down Oil Refineries For Upgrade - NNPC GMD - The federal government is set to shut down all its oil refineries in its effort to secure funding and a model to upgrade them, the Group Managing Director of Nigerian National Petroleum Corporation (NNPC) said yesterday. Source Vanguard Read More 

    After Pandemic, Fed Policymakers See Slow U.S. Recovery - The U.S. economy is set for a deep slide in coming months with the coronavirus forcing businesses to shut and putting millions out of work, but Federal Reserve policymakers are also warning of a slugging recovery once the pandemic subsides. Source Reuters Read More

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    Telecom Operators Not Laying 5G Cables, Says NCC - The Executive Vice- Chairman, Nigerian Communications Commission, Prof Umar Danbatta, says telecom operators are not laying 5G fibre optic cables in Lagos and other parts as claimed in videos, audio and text messages circulating on the social media. Source Punch Read More


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    Katsina State Govt Lifts Ban on Friday Prayers; To Be Conducted Under Stipulated Health Guidelines - The Governor of Katsina State has lifted the suspension placed on Friday Prayer. This was contained in a press release from the state government. This follows a meeting held between the State Government, Religious Leaders, Traditional Rulers and Security Agents to review the measures taken by the Government to prevent the spread of Coronavirus (COVID-19) in the State. Source News Read More


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