Nigeria in 1min: Economic, Business and Financial Headlines - 090620


Tuesday, June 9, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: @NCDCgov

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COVID-19 Health Updates

  • On the 8th of June 2020, 315 new confirmed cases and 7 deaths were recorded in Nigeria
  • No new state has reported a case in the last 24 hours.
  • Till date, 12801 cases have been confirmed, 4040 cases have been discharged and 361 deaths have been recorded in 35 states and the Federal Capital Territory
  • The 315 new cases are reported from 14 states- Lagos(128), FCT(34), Rivers(32), Edo(28), Oyo(22), Kaduna(20), Gombe(13), Ogun(8), Plateau(5), Delta(7), Kwara(7), Kano(5), Bauchi(4), Katsina(2). Read More

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Implications of Nigeria's Consumption Expenditure Pattern - The latest consumption expenditure data from the NBS shows that Nigerians spent N40.21 trillion on food and non-food items in 2019, of which expenditure on food consumption outside of home was highest (11.43% of total consumption expenditure) followed by expenses on transport (6.44% of total consumption expenditure) and consumption of starchy roots, tubers and plantain (6.28% of total consumption expenditure). Source PFI Capital Limited Read More 

Accessing the Needed Liquidity from State Owned Assets in the Face of Current Economic Realities - Beyond the widespread health and human impact of COVID-19, the pandemic has had staggering economic implications across governments, corporates and individuals.  Faced with this reality and coupled with a slump in crude oil prices, many countries around the world have responded with different measures some of which have taken a more individualization approach choosing to focus on their citizens and economy irrespective of the global effect of adopted measures. Source State Owned Enterprises Department of The Nigerian Stock Exchange (NSE) Read More 

FIRS' Public Notice on Regularisation of Tax Status of Dormant Companies - The Federal Inland Revenue Service (FIRS or "the Service") recently issued a Public Notice requesting all dormant companies to regularise all their outstanding returns with the Service by 30 June 2020.  This follows an initial notice issued in February 2020 by the Service on the same subject. Source KPMG Nigeria Read More 

OPECplus Extends Deeper Production Cut to July - During the weekend, OPEC and its allies reached a decision to extend their historic oil-production cut of 9.7mb/d initially scheduled for May and June only to July. It was also resolved that countries such as Nigeria, Kazakhstan and Iraq, which exceeded production quotas in May and June should compensate with extra cuts from July to September. This comes after OPEC+ noted that overall compliance with the May deal was 89%. Source CSL Research Read More 

Saudi Arabia Increases Its Oil Prices By Most In Two Decades - Saudi Arabia sharply raised its official selling prices for crude oil, removing almost completely the deep discounts it had in place to preserve its market share during the price war it waged on Russia in March. Source Irina Slav of Read More 

OPECplus Deal Fails To Give Prices Major Boost - OPEC+ agreed on Saturday to extend 9.7-million-bpd cuts in daily crude oil production through the end of July, lending oil prices some support, but far less than some may have expected. Source Irina Slav of Read More 

Shocks, and More Domestic Shocks from COVID-19 - FBNQuest - We are indebted to the National Bureau of Statistics (NBS) for its recent poll to assess the impact of COVID-19 on the population. The bureau's telephone coverage of the same 1,950 households it contacted in 2018/19 within its general household survey does not make pleasant reading. Source FBNQuest Research Read More

OPEC Cut: Nigeria's Oil Revenue To Drop By N140bn - The revenue accruable to the Federal Government from the sale of crude oil is estimated to drop by a cumulative sum of about N140bn in May and June this year following oil production cuts by the Organisation of Petroleum Exporting Countries and its allies. Source Punch Read More

CBN Urges Nigerians to Embrace Its N50bn Targeted Credit Facility; Waives Requirement - The Central Bank of Nigeria (CBN) has waived the requirement for the provision of guarantors by Households and SMEs applying for its N50bn COVID-19 Targeted Credit Facility. This was announced today via its official twitter handle. Source CBN Read More 

AfDB Unveils Strategy Roadmap to Safeguard Food Security Against Impacts of COVID-19 - The African Development Bank has unveiled a strategic roadmap of projects and programmes to assist African countries in tackling the nutrition and food security aspects of the COVID-19 crisis through a raft of immediate and longer-term measures. Source AfDB Read More

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Nigeria's Gross Official Reserves Recovered By US$3.07bn in May 2020 to US$36.60bn - Nigeria's gross official reserves recovered by US$3.07bn in May to US$36.60bn. This first monthly increase since May 2019 can be traced to the disbursement by the IMF of the US$3.4bn soft loan it granted Nigeria within its Rapid Financing Instrument (RFI). It follows the depletion of reserves over eleven months totaling US$11.60bn, driven by exits by foreign portfolio investors (FPIs). Source FBNQuest Research Read More 

BUACEMENT Declares N19.8bn PAT in Q1 2020 Results, (SP: N40.00k) - BUA Cement Plc, Building Materials company in Industrial Goods sector announced 25.1% Revenue growth in Q1'20 Result. Source NSE Read More 

Increase in Crude Oil Price Ignites More Interest in Nigerian Eurobond Market - The average money market rate rose significantly last week by 13.55% to settle at 16.15% from 2.60% in the previous week. This is attributable to the outflow from OMO auction worth N70.00 billion and CRR debits of N459.72 billion by the Central bank. Source Anchoria AM Research  Read More 

Bearish Sentiments Resurface as Sell Offs Push Average Yield to 3.4% WoW; CBN Debits Banks for CRR - The bullish trend in the Nigerian Treasury Bills ("NT-Bills") market was halted following weeks of sustained buying interest from investors seeking to lock in funds from matured investments amid the economic uncertainty posed by COVID-19 as well as limited alternative money market options. As a result, yields spiked 129bps W-o-W to settle at 3.4%. Source Afrinvest Research Read More 

Unilever Nigeria Q1 2020 Results Review: Growth Gradually Gathering Pace - Unilever Nigeria's (Unilever) PBT of N948m beat our pre-tax loss forecast of -N902, driven by a -34% positive surprise in opex. Beyond that, management during its Q1 call was upbeat about the company gradually recovering from the distribution crisis seen in H2 last year which led to historic losses. Source  FBNQuest Research Read More 

Investors Gain N121.89bn as NSEASI Inches Up by 0.93% to Open the Week Positive - Equities market closed today on a positive note, as NSEASI appreciated by +0.93% to close at 25,249.90 points as against -1.17% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.93%.  Source Proshare Markets Read More 

Treasury Bill Auction Holds On Wednesday June 10th, 2020 - A primary auction of Nigerian Treasury Bills will take place on Wednesday, June 10th, 2020. Source Arthur Stevens Asset Mgt Read More 

ACI Experiences an Uptick - AFEX Commodities Weekly Report 040620 - The AFEX Commodities Index inched higher by 10.49% at the close of trading last week to settle at a season-high of 197.56 points. The rally in the index was stimulated as a result of increased demand for maize in the commodity markets as the price of maize rose by 19.91% to close at N122,631.45/MT in the week under review. Source Kainosedge Consulting for AFEX Commodities Exchange Read More 

Saheed Kiaribe To Speak On May 2020 Nigerian Capital Market Report Tomorrow On WebTV - SAHEED KIARIBE, General Manager, Research Services of Proshare Nigeria Limited. Saheed holds a B.Sc degree in Political Science from Olabisi Onabanjo University Ago-Iwoye (2005), MBA Marketing Management from Ladoke Akintola University of Technology, Ogbomosho and also an associate member of the Institute of Capital Market Registrars (2010). Source WebTV Read More

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Bank NPLs (24) - Handling Bad, Delinquent and Recalcitrant Debtors via DiMR - Bad debts can be a corporate time-wasting distortion for lenders and more importantly they could represent avoidable loss of economic value. The poor behaviour of borrowers falls within a framework of measurable values which include expected loss (EL), probability of default (PD), exposure at default (ED) and loss given default (LGD). Source Debtors Africa Read More 

GTI Finance Academy to Host a Certified Virtual Training Program on IFRS 13 - GTI Finance Academy is set to hold a Certified Virtual Training Program on IFRS 13 from the 12th to 13th of June 2020 between 10am - 3pm. The Virtual training will serve as a comprehensive resource guide for reporting entities applying the key fair value measurements accounting standards under both US GAAP and IFRS Source GT Finance Academy Read More 

Muda Yusuf To Speak On Resetting Nigeria's Manufacturing Sector For Tomorrow On WebTV - MUDA YUSUF is the Director-General, Lagos Chamber of Commerce and Industry (LCCI). He holds degrees in Economics from the University of Ilorin and the University of Lagos. Passionate about private sector development and a strong private sector advocate, he has played active roles in public private partnerships on all levels of government. Source WebTV Read More 

China Could Force Donald Trump And The Fed To Destroy The U.S. Banking System - Donald Trump has reignited his long-running battle with China, something that's likely to heavily feature in his re-election campaign. Meanwhile, China is poised to launch a digital version of its yuan and could be about to create serious problems for the U.S. banking system-potentially forcing the U.S. to digitalize the dollar to compete. Source Forbes Read More

COVID-19: Domestic Tourism'll Drive Travel Sector Recovery - FG - The Federal Government has said domestic tourism will drive the recovery of the travel sector in Nigeria and in Africa as a whole. Minister of Information and Culture, Lai Mohammed, stated this at the 63rd Meeting of the World Tourism Organisation-Commission for Africa on Monday. Source Punch Read More

Gencos Oppose Reversing Privatisation, Allege N1tn Debt - Electricity generation companies on Sunday kicked against calls by the Senate for a reversal of the privatisation of the power sector. The Gencos also announced that the indebtedness of the power sector to electricity producers had risen to about N1tn since November 2013 when the industry was privatised. Source Punch Read More

NERC Gives Discos 2021 Deadline to Meter Consumers - The Nigerian Electricity Regulatory Commission (NERC) has given electricity distribution companies (Discos) December 2021 deadline to close the metering gap in the power sector. Source THISDAYLIVE Read More

FG Pledges Compliance with OPEC Output Cut - The federal government has expressed its readiness to abide by the resolutions reached by the Organisation of Petroleum Exporting Countries (OPEC) and non-member partners on Saturday to extend crude oil output cuts. Source THISDAYLIVE Read More

Exclusive: Oil Major BP to Cut 15% of Workforce - BP will cut about 15% of its workforce in response to the coronavirus crisis and as part of Chief Executive Bernard Looney's plan to shift the oil and gas major to renewable energy, it said on Monday. Source Reuters Read More

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Fintech Association of Nigeria (FintechNGR) Appoints Board of Trustees - Fintech Association of Nigeria was established in 2017 to foster an ecosystem that supports all stakeholders to achieve a thriving and growing Nigerian FinTech industry and to make Nigeria one of the world's leading markets for FinTech Innovation and Investment. The Association continue to implement its three (3) year strategic plan (2019 - 2021) aimed at strengthening its capacity to be of great relevance to all its stakeholders. Source FintechNGR  Read More

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NIS Commences Email-based Processing of Temporary Work Permit Applications - The Comptroller General of Immigration Service (CGIS), Mr. Muhammad Babandede, has directed the migration of applications for Temporary Work Permit (TWP) from manual to an email-based system, with effect from Monday, 8 June 2020. Source KPMG Nigeria Read More

Contributory Pension Assets Rose By N359bn In Four Months - Despite the challenges in the economy occasioned by the coronavirus pandemic, the total pension assets under the Contributory Pension Scheme rose by N359bn from N10.2tn as of the end of December 2019 to N10.57tn as of the end of April 2020, according to latest statistics from the National Pension Commission on Friday. Source Punch Read More

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