Nigeria in 1min: Economic, Business and Financial Headlines - 100420

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Friday, April 10, 2020 / 06:30 AM / By News Aggregator / Header Image Credit: @NigeriaGov


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    COVID-19 Health Updates

    • On the 9th of April 2020, 14 new confirmed cases of COVID-19 were recorded in Nigeria
    • Till date, 288 cases have been confirmed, 51 cases have been discharged and seven deaths have been recorded in Nigeria
    • The 14 new cases are reported from two states- Lagos (13), Delta (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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    PROSHARE ECONOMY 

    CoronanomicsWatch: LGAs Have A Key Role In Containing COVID-19 In Nigeria - John Wesey - As Nigeria continues to strategize and work out modalities to contain the spread of the novel coronavirus, the Local Governments have been described as the critical tier of government, that can implement the social interventions for the mass population of the country. Source WebTV Read More 

    Gross Official Reserves Declined by US$1.14bn in March 2020 to US$35.16bn - Gross official reserves declined by US$1.14bn in March to US$35.16bn. This was the tenth successive monthly decline. The cumulative fall of US$9.96bn is largely due to the exit of foreign portfolio investors (FPIs). Source Read More 

    Fiscal Position: Still Critical but Temporary Panacea in Sight - In our recent assessment of the revised budget benchmark oil price and cut to expenditure by the Minister of Finance (Published 27 March, see report: Fiscal Position Getting Critical), we concluded that for the FG to finance a large chunk of the deficit and implement required stimulus, a massive bailout funds from both IMF and the World Bank will be required.  Source NOVA Merchant Bank Read More 

    NOVA Monthly Economic Insights: Current Account Deficit on the Run as Pressure Mounts - The current account balance recorded a combined deficit of $17 billion in 2019 compared with $3.9 billion surplus in 2018. Specifically, the deficit of $7.0 billion in Q4 19 more than exceeded our estimate of $2.7 billion following the appearance of the first trade deficit in thirteen quarters of $1.5 billion (estimate of $861 million surplus) and a wider than expected services deficit of $9.26 billion (estimate of $6.53 billion). Source NOVA Merchant Bank Read More 

    State Governments: Another Cycle of Non-Payment of Salaries to Begin Soon - There were news reports yesterday that the President had approved the suspension of the payment of interest on debts owed by state governments. According to the Minister of Finance, Budget and National Planning, Zainab Ahmed, this was part of measures to reduce the debt burden on state governments. Source CSL Research Read More 

    Wimbledon to Receive $141 million From Insurance Policy Subsequent To Cancellation - Wimbledon reportedly paid $2 million a year for pandemic insurance for the last 17 years (Total: $34 Million). For this year's cancellation as a result of the Coronavirus, Wimbledon will reportedly receive $141 million from the policy Source Andrew Reid of Yahoo Sports Read More 


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    Clearing the Air on The National Social Investment Programme - Maryam Uwais - My attention has been drawn to the online report of The Nation newspaper of 7th April 2020, with the above caption. Indeed, several other online publications carried similar stories, alleging that the National Social Investment Programmes (NSIPs), as supervised under the Office of the Vice President, were a 'scam'. Source Maryam Uwais Read More 

    Nigeria is Ready for OPEC Talks - Sylva - The Government of Nigeria wishes to assure the Nigerian and international communities that it is watching developments in the oil and gas industry with keen interest. Specifically, Nigeria is very mindful and appreciative of the role of Saudi Arabia and other members of the OPEC family. Source Timipre Marlin Sylva Read More 

    Why There Is A Need for VUCA-lized Leadership To Address The COVID-19 Pandemic - As the COVID-19 crises  continues to ravage global economies, leadership has become an increasingly  critical function in both the public and private sectors. The importance of leadership in managing the current global health crisis was brought to the  fore on WebTV's Coronanomics Watch where strategic management consultant, Mr. John Wesey, shared his views on the concept of VUCA-lized leadership and important role it will play during current pandemic. Source WebTV Read More 

    COVID-19: 170 Countries'll Experience Negative Income Growth - IMF - About 170 countries will experience negative per capita income growth as a result of the COVID-19 pandemic causing global economic challenges, the International Monetary Fund has said. Source Punch Read More 

    World Bank Forecasts Recession For Sub-Saharan Africa In 2020 - The World Bank has forecasted that sub-Saharan Africa will be pushed into recession in 2020 with Gross Domestic Product (GDP) contracting by up to 5.1 percent due to the ravaging COVID-19 outbreak. Source Vanguard Read More 

    Health, Education, Niger-Delta To Suffer N321bn Budget Cut - The slash in the Federal Government's budget by about N321bn would mostly affect projects to be implemented in the Niger-Delta, North-East, basic education, healthcare and other sectors of the economy. The executive arm of government had on Wednesday sent a revised budget proposal to the National Assembly following a drop in crude oil prices which was caused by the impact of the coronavirus pandemic. Source Punch Read More


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    PROSHARE MARKETS

    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

    Investors Gain N150.82bn WoW as NSEASI Inches Up by 1.37% to Close the Week Positive - Equities market closed today on a positive note, as NSEASI appreciated by 1.47% to close at 21,384.03 points as against 0.71% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -20.33%.  Source Proshare Markets Read More 

    Primero BRT Securitization SPV Plc Lists Bonds on NSE - The N16,500,000,000 Series 1; 17% Fixed Rate Bonds due 2026 under the N100,000,000,000 Medium Term Bond Program of Primero BRT Securitization SPV Plc, bonds, NSE were today, Thursday, 9 April 2020 listed on The Nigerian Stock Exchange. The Bonds were 100% subscribed. Source NSE Read More 

    Mapping the COVID-19 Global Recession - OpEd - Until there is a better sense of when and how the COVID-19 public-health crisis will be resolved, economists cannot even begin to predict the end of the recession that is now underway. Still, there is every reason to anticipate that this downturn will be far deeper and longer than that of 2008. Source Prof. Kenneth Rogoff  Read More 

    Flour Mills of Nigeria Plc Lists Bonds on NSE - The N12,499,600.000.00 3-Years 10% Series 3 (Tranche A) Fixed Rate Senior Unsecured Bond due 2023; and the N7,500,400,000 5-Year 11.10% Series 3 (Tranche B) Fixed Rate Senior Unsecured Bond due 2025, issued by Flour Mills of Nigeria Plc under the N70,000,000,000 Bond Issuance Programme were today, Thursday, 9 April 2020 listed on The Nigerian Stock Exchange. The Bonds (Series 3: Tranche A and Series 3: Tranche B) were 100% subscribed. Source NSE Read More 

    Dangote Cement Plc FY'20 - Hammered but Not Out - The Nigerian cement sector may be set for a difficult FY'20 on account of the coronavirus pandemic. We also expect the sector's full recovery to take at least 2 years, in line with the macro guidance of African finance ministers. These expectations result in a 12-month Target Price of N191.56 (vs. N200.00 previously) for industry giant, Dangote Cement Plc (DANGCEM).  Source CardinalStone Research Read More 

    Corporate Earnings For The Week Ending 100420 - 4 in All - Three (3) out of the Four (4) firms declared growth in revenue. INFINITY records 38% growth in earnings to emerge as the firm with highest growth in earnings while WAPCO records 2% negative growth in earnings to emerge as the firm with the least growth rate. FBNH tops with the highest PAT figure while LIVESTOCK declared the least. Source Proshare Research Read More 

    NASD OTC Market CAP Increased By 0.80% WoW to Close At N512.89bn - The NASD OTC Security Index (NSI) and Market Capitalisation closed the trading week on Friday, April 09 2020, with a positive movement in Market capitalisation and NSI against preceding Friday, April 03 2020. The NSI and Market capitalisation closed the week at 698.22 points and N512.89 billion respectively. Source NASD Plc Read More 

    Market Review and Round-Up of Corporate News Announced During The Week Ending 090420 - The equities market recorded positive performance - the listed equities market recorded +1.37% gain WoW while the NASD OTC moved up by +0.80%. Source Proshare Markets Read More


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    PROSHARE BUSINESS  

    AfDB Approves Debt Deferment for Private Sector Clients - The Board of the African Development Bank (AfDB) thursday announced deferment of debt repayment for its private sector clients. It also reiterated its approval of $10 billion for COVID-19 Response Facility for African countries. Source Thisday Read More 

    COVID-19: American Multinationals Support Nigeria - American Business Council, together with its members are implementing various measures aimed at supporting the Nigerian government in its campaign against the COVID-19 pandemic. Source Thisday Read More 

    FG To Maintain Narrow Fuel Price Band As OPEC+ Deepens Cuts -  With concerns raised about the ability of petroleum marketers to adjust their pump price under the month pricing template, the Nigerian National Petroleum Corporation (NNPC) has said government would maintain a narrow price band to afford operators to adjust in the transition period. Source Guardian Read More 


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    COVID-19: ABCON Calls For Informal Sector Oriented Policy - Association of Bureaux De Change Operators of Nigeria (ABCON) has called on the Federal Government to design informal sector oriented economic policy that will help informal workers overcome the severe impact of the COVID-19 pandemic. Source Vanguard Read More 

    Fed, BoE Push Deeper Into Uncharted Territory In Face Of Coronavirus Slump - The U.S. Federal Reserve and the Bank of England ramped up their emergency responses to the world's escalating coronavirus recession on Thursday as they pushed deeper into territory once considered fraught with risk for central bankers. Source Reuters Read More 

    Fed Rolls Out $2.3 Trillion To Backstop 'Main Street,' Local Governments - The U.S. Federal Reserve on Thursday announced a broad, $2.3 trillion effort to bolster local governments and small and mid-sized businesses, the latest in an expanding suite of programs meant to keep the U.S. economy intact as the country battles the coronavirus pandemic. Source Reuters Read More


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    PROSHARE FINANCE 

    WHO and Partners Call for Urgent Investment in Nurses - Nurses are the backbone of any health system. Today, many nurses find themselves on the frontline in the battle against Covid-19,' said Dr Tedros Adhanom Ghebreyesus, WHO Director General. 'This report is a stark reminder of the unique role they play, and a wakeup call to ensure they get the support they need to keep the world healthy. Source WHO Geneva Read More

     

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