Nigeria in 1min: Economic, Business and Financial Headlines - 090920

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Wednesday, September 9, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @FinMinNigeria

 

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COVID-19 Health Updates

  • 8th of September 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 55,456 cases (New: 296)
  • Discharged:  43,334
  • Deaths: : 1,067 (New: 6)

Source: NCDC Read More


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PROSHARE ECONOMY 

NESG Issues 15-Point Statement on The State of Nigeria's Economy - In a release signed by the Chairman of the Board of NESG Mr Asue Ighodalo and the CEO Mr Laoye Jaiyeola, it assessed several policy steps and reforms carried out by the current administrations and also proffered solutions to some of the socio-economic challenges in the country. Source NESG Read More 

Oil Prices Crash on Weak Demand - OIR 080920 - Oil prices fell sharply on Tuesday, dragged down by a broader selloff in tech stocks but also from a darkening demand outlook. Brent dipped below $40 per barrel for the first time since June. Source Josh Owens of Oilprice Read More

President Buhari Speaks On New Prices For Petrol, Electricity - President Muhammadu Buhari Monday in Abuja assured Nigerians of the willingness and determination of the Federal Government to provide stable electricity to every home and industry, while considering the economic challenges before individuals, families and businesses... Source State House Read More

Some Encouraging Signs from VAT Receipts - Total local collections increased by 26.0% y/y to N173bn in Q1 2020, and so well ahead of nominal GDP growth of 12.0%. The rise in the standard rate of VAT to 7.50% from the start of February would have provided a boost, subject to the new exemptions granted by the FGN. Source FBNQuest Research Read More

FG, States, LG, Others Received N3.9trn from FAAC in Six Months - NEITI - The Nigeria Extractive Industries Transparency Initiative, NEITI, Tuesday, stated that the Federal Government, states, local government areas and other statutory recipients received N3.879 trillion from the Federation Accounts Allocation Committee, FAAC, in the first half of 2020. Source Vanguard Read More

 

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PROSHARE MARKETS

Investors Lose N42.84bn as NSEASI Dips Further by -0.33% Amid Negative Market Turnover - Equities market closed today on a negative note, as NSEASI depreciated by -0.33% to close at 25,497.32 basis points as against -0.09% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.01%. Source Proshare Markets Read More 

The Naira Consolidates Recent Gains As The CBN Resumes BDC Sales - The interbank I&E market opening the week on a quieter note, with traded volumes down only 49% ($45.22mio traded). The range of traded rates closed tighter today, with a high of N394.63 and a low of N384.00/$. The closing rate remained little changed at N386.00/$. Source Zedcrest Capital Read More 

GTBank Q2 2020 Results Review: Reiterating Outperform Rating - GTB's Q2 PBT declined by 12% y/y, due to the combination of a 261% y/y spike in loan loss provisions and a 28% y/y rise in opex. Above the provisions line, pre-provision profit was up by 7% y/y on the back of single-digit increases in both revenue lines. Source FBNQuest Research Read More

Stocks End Lower as Tech Swoon Persists, Tesla in Historic Drop - U.S. stocks closed lower for a third straight session on Tuesday as heavyweight technology names extended their sell-off to send the Nasdaq into correction territory, while Tesla suffered its biggest daily percentage drop after the stock was passed over for inclusion in the S&P 500. Source Reuters Read More


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PROSHARE BUSINESS

FAQs on How to Register A Patent In Nigeria - A patent is a right granted to an inventor, which allows the inventor exploit the full rights and benefits from their invention/work (including right to use, sell, produce, mass produce) to the exclusion of all other users for a period of about 20 years. Source DealHQ Read More

Oil Marketers Now Free to Fix Prices, Says PPPRA - The Federal Government is no more going to be releasing guiding price bands for the sale of petrol at filling stations; hence, oil marketers are now free to fix prices. Source Punch Read More

FG Debt Now N24.52tn, Recorded N561.71bn Deficit - CBN - The Federal Government's outstanding as of March 31 stood at the N24.52tn (excluding the states and the Federal Capital Territory Administration), the Central Bank of Nigeria has said. The apex bank also disclosed that the Federal Government recorded a revenue deficit of N561.71bn in May. Source Punch Read More

ECOWAS Halts Single Currency Launch, Adopts Gradual Approach - The Economic Community of West African States has postponed the planned launch of its single currency, the Eco. The body agreed to maintain a gradual approach for the launching of the currency. Source Punch Read More

DPR Issues Directives to Deepen Domestic Gas Usage - The Department of Petroleum Resources (DPR) has issued directives to deepen the utilisation of domestic Liquefied Petroleum Gas (LPG) commonly known as cooking gas, Compressed Natural Gas (CNG), Liquefied Natural Gas (LNG) and Autogas as alternative fuels for Nigerians. Source THISDAYLIVE Read More

Fed Govt Drums Up Support for Okonjo-Iweala - Nigeria has appealed for global support for its candidate as election for the World Trade Organisation (WTO) Director-General position began on Monday in Geneva. Source The Nation Read More


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PROSHARE FINANCE 

FGN Releases Guidelines for Visa Revalidation and Migrant Travels As The Nigerian Airspace Reopens - Following the resumption of international flights in Nigeria, the Nigeria Immigration Service (NIS) has issued the following guidelines for visa revalidation and migrant travels affected by the suspension of international flights and closure of airspace. Source Deloitte Read More


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