Nigeria in 1min: Economic, Business and Financial Headlines - 100620


Wednesday, June 10, 2020 / 06:00 AM / By News Aggregator / Header Image Credit: Twitter; @fccpcnigeria


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COVID-19 Health Updates

  • On the 9th of June 2020, 663 new confirmed cases and 4 deaths were recorded in Nigeria.
  • No new state has reported a case in the last 24 hours.
  • Till date, 13464 cases have been confirmed, 4206 cases have been discharged and 365 deaths have been recorded in 35 states and the Federal Capital Territory
  • The 663 new cases are reported from 26 states- Lagos (170), Ogun (108), Bauchi (69), Ebonyi (49), Edo (33), Rivers (30), FCT (26), Jigawa (26), Delta (20), Anambra (17), Gombe (16), Kano (16), Imo (15), Abia (14), Borno (11), Oyo (11), Plateau (8), Kebbi (6), Kaduna (6), Ondo (4), Niger (2), Katsina (2), Osun (1), Ekiti (1), Kwara (1), Nasarawa (1). Source NCDC Read More

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Coronanomics (3) - The Global Economy Spinning on a Wishing Wheel - There have been increasing concerns among investors over a possible drop in investment returns in 2020 as a variety of industries find earnings disappear as supply chains break down partially or completely. Top economies like China, the USA, the Eurozone, Japan and South Korea have been hit hard by the COVID-19 pandemic which has triggered problems of fiscal balance (rising public debt), unplanned monetary expansion, economic shut-ins and falling foreign exchange incomes as international trade shrinks. Source Proshare Content Read More 

Acute Weakness in Private Credit and GDP Ratio - When we allow for the prevailing subdued household demand and declining GDP per head, we may feel that double-digit growth in private-sector credit extension is a reasonable achievement. Indeed, the figure in March rose to 17.9% y/y and thus comfortably above the rate of nominal GDP growth: the monetary authorities will be looking for similar growth over many months, however, since private-sector credit/GDP remains below 20% of GDP. Source FBNQuest Research Read More 

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The Deregulation Farce; What's The Way Forward? - Last week, the Petroleum Products Pricing Regulatory Agency (PPPRA) released a circular titled "Market Based Pricing Regime for Premium Motor Spirit". In this circular, the agency stated the existing price cap per litre of PMS has been officially removed and a market-based pricing regime for PMS will take effect. Source CSL Research Read More

Nigeria's Merchandise Trade Slowed in Q1 2020 Due to Declines in Both Imports and Exports - Total trade declined 17.94% in Q1,2020 compared to the value recorded in Q4,2019 but increased marginally by 0.80% year on year. The value of total imports decreased by 21.08% in Q1, 2020 compared to the value recorded in Q4,2019 but was 13.99% higher when compared with Q1, 2019. Source NBS Read More 

FIRS Launches New TCC Application Portal - The Federal Inland Revenue Service (FIRS) has launched a new tax clearance certificate (TCC) application portal ("the new portal"), following the decommissioning of the current TCC application website ("the old portal").  Consequently, taxpayers have been advised to update their information with the FIRS to enable a smooth transition to the new portal and ease of processing TCC applications from next year. Source KPMG Nigeria Read More

Adapting to Climate Change in Sub-Saharan Africa - The intrinsic links between climate change and the COVID-19 pandemic have elevated global calls for policymakers to take immediate action on both fronts. Fiscal stimulus supporting recovery from the pandemic can be designed to simultaneously address climate change. Source IMF Read More

Dr. Biodun Adedipe To Speak On Nigeria's Economic Stability Tomorrow On WebTV - Dr. Biodun Adedipe is an Economist with over 32 years post-graduate experience and the CEO of BAA Consult Limited. He has worked as a lecturer and researcher at University of Lagos, consulted at various occasions for the World Bank and has served as an analyst and commentator on Government budgets and economic policies in the last 26 years thereabout. Source WebTV Read More

CBi Innovations Limited deploys SAP Technology to Connect Farmers to Agri-value Chain - Africa's most populous country and largest economy faces rising food insecurity as a combination of a mostly informal agriculture sector and growing population puts pressure on the country's food resources. According to the World Bank's development indicators, food insecurity increased from 6% of the Nigerian population in 2007 to 13.4% in 2017. Source SAP Read More

Why Oil Prices Didn't Rally After The OPECplus Extension - OPEC+ agreed to extend the production cuts for another month, but with the extension mostly baked into market expectations, it has done little for oil prices at the start of the week. Meanwhile, the U.S. officially entered an economic recession in February. Source Irina Slav of Read More

Nigeria Records Highest Daily Spike of 663 COVID-19 Cases - Nigeria has recorded 663 new cases of COVID-19, representing the highest so far confirmed in a single day in the country. This figure raises the tally to 13, 464. Source THISDAYLIVE Read More 

World Leaders Won't Gather At UN For First Time In 75 Years - The president of the U.N. General Assembly said Monday that world leaders will not be coming to New York for their annual gathering in late September for the first time in the 75-year history of the United Nations because of the COVID-19 pandemic. Source AP News Read More

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Low Liquidity Dents Market Appetite for Fixed Income Securities - A rather shallow open to the new week with very few trades crossing through the bonds space partly triggered by liquidity squeeze in the interbank market. Yields were fairly stable on most of the benchmark maturities although we saw downward adjustment in market bid for some selected bonds, however very few transactions were consummated regardless of this adjustment. In all Yields compressed at an average of c.4bps across the benchmark curve. Source Zedcrest Capital Read More 

Haruna Jalo-Waziri To Speak on CSCS Plc Activities Tomorrow On WebTV - Haruna Jalo-Waziri is the Managing Director and Chief Executive Officer of Central Securities Clearing System Plc (CSCS), a position he assumed in November 2017. He has overall responsibility for delivering on the company's vision and mission. Since taking over at the helm, he has driven a number of strategic initiatives, leading to notable efficiency gains and repositioning the company for sustainable growth. Source WebTV Read More 

Investors Gain N44.44bn as NSEASI Inches Up by 0.34% Amid Negative Market Breadth - Equities market closed today on a positive note, as NSEASI appreciated by +0.34% to close at 25,335.15 points as against +0.93% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.61%. Source Proshare Markets Read More

In The Age Of Coronavirus, Activist Shareholders Are Going After Company Bosses - Activist shareholders have increasingly focused on ousting top bosses since the coronavirus pandemic took hold of the global economy, according to a new report from investment bank Lazard. Source CNBC Read More

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Bank NPLs (25) - The Customer's Options in a New Debt Order - As the opportunity for debtor delinquency narrows, debtors that find themselves in difficult situations as a result of either external or internal factors unanticipated at the time of applying for the credit could adopt a few strategies that may likely lead to mutually beneficial outcomes for both borrower and lender, some options that could be adopted... Source Debtors Africa Read More

Nigeria, Israel To Sign Methanol Fuel Production Agreement - Nigeria and Israel are to sign a bilateral agreement in the area of methanol fuel production technology. A statement by the Federal Ministry of Science and Technology in Abuja on Monday said the preliminary agreement was struck when the Israeli Ambassador to Nigeria, Shimon Shoshan, paid a courtesy visit to the FMST. Source Punch Read More 

Currency In Circulation Rises To N2.35tn - Despite lockdown introduced to contain the spread of COVID-19 in the country, huge cash transactions in the economy had continued to rise as currency in circulation rose to N2.35tn in May. Statistics obtained from the Central Bank of Nigeria on Monday showed that the figure, which stood at N2.29tn as of the end of March, rose to N2.3tn as of the end of April. Source Punch Read More 

FG Targets 70% Nigerian Content in Oil Industry by 2027 - The federal government has set a target to achieve 70 per cent Nigerian content in the oil and gas industry in the next seven years, the Minister of State, Petroleum Resources, Mr Timipre Sylva, said Tuesday. Source THISDAYLIVE Read More 

Producers Hopeful Of $50 Oil Price, Business Sustainability From Cuts - Although OPEC+ agreed at the weekend to extend 9.7million barrels cuts in daily crude oil production through the end of July, lending oil prices some support, operators in the exploration industry are hopeful that the cuts would be sustained to aid production and business sustainability. Source The Guardian Read More 

Operator lauds govt on A'Ibom Deep seaport - Chairman/Chief Executive Officer (CEO), CLEDD Nigeria Limited, a maritime sector logistics operator, Chief Charles Ukoette, has commended the Federal and Akwa Ibom State governments for driving the Ibom Deep Water Port (IDWP). This followed the Federal Government's approval last Tuesday for the procurement phase of the project. Source The Nation Read More 

U.S. Layoffs Ease In April; Hiring Slumps To Record Low - Layoffs in the United States fell in April, but remained the second highest on record, while hiring hit an all-time low, suggesting the labor market could take years to recover from the COVID-19 crisis despite a surprise rebound in employment in May. Source Reuters Read More 

COVID-19: Global Economy To Shrink By 5.2%, World Bank Predicts - The World Bank has said the Coronavirus pandemic will see the global economy shrink by 5.2 per cent this year, triggering the deepest recession since the Second World War, with millions of people expected to fall below the poverty line. Source Leadership Read More

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NAICOM Should Give Top Priority to Claims And Insurance Promotion In Nigeria - Ekerete Ola Gam-Ikon - The National Insurance Commission has been tasked with the responsibility of giving top priority to claims payment and data management noted Mr. Ekerete Ola Gam-Ikon who was a guest on WebTV's Economy and Politics programme that discussed "NAICOM Insurance Recapitalization Extension: Implications For The  Industry". Source WebTV Read More

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