Nigeria in 1min: Economic, Business and Financial Headlines - 100720

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Friday, July 10, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @ProfOsinbajo

 

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COVID-19 Health Updates

  • July 9th 2020:  Nigeria COVID-19 Status in 35 states and the Federal Capital Territory
  • Confirmed: 30748 (New: 499)
  • Discharged:  12546
  • Deaths: 689: (New 5)
  • No new state has reported a case in the last 24 hours.

Source: NCDC Read More


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PROSHARE ECONOMY 

Employment: Looking Beyond Interventionist Programmes - Recently, the National Assembly, disclosed that it had suspended the Federal Government's planned recruitment of 774,000 Nigerians under the Special Public Works programme. According to the spokesperson for the Senate, Dr Ajibola Basiru, the federal parliament took the decision pending proper briefing of the National Assembly by the Minister of labour and productivity on the modalities for the implementation of programme. Source CSL Research Read More 

Continuing Deficit on the Current Account - Nigeria's current-account deficit narrowed in Q1 2020 from -5.4% of GDP the previous quarter to -4.3%. The trade deficit narrowed in tandem from -1.2% to -0.4% of GDP. Oil and gas exports of US$11.2bn were the lowest since Q2 2017 but the decline in merchandise imports was still more dramatic, reflecting the lockdown in January in China, the principal source of imports, and the same event in Nigeria itself in March. Source FBNQuest Research Read More 

Restoring Sustainable Flows of Capital and Robust Financing for Development - Dear Minister Le Maire, dear Minister Aljadaan-I am very grateful that you are bringing us together, and thank you for your thoughtful remarks. We all recognize that the human costs of this crisis are immeasurable, but we can measure the economic fallout. Source Kristalina Gerogieva of IMF Read More

What Will It Take to Achieve COVID-19 Containment and Economic Revival? - The coronavirus pandemic is the most urgent global crisis of our time, exposing structural weaknesses and exacerbating inequality. As countries grapple with the impact of COVID-19, policy makers are seeking effective, balanced solutions to address both public health and economic recovery challenges. Source Mari Elka Pangestu of World Bank  Read More

Moody's Announces Completion of a Periodic Review of Ratings of First Bank of Nigeria - First Bank of Nigeria Limited's (First Bank) B2 long-term local currency deposit rating is one notch above its b3 baseline credit assessment (BCA). Source Moody's Investor Service Read More

Moody's Announces Completion of a Periodic Review of Ratings of Zenith Bank Plc - Zenith Bank Plc's (Zenith) B2 long-term local currency deposit rating is in line with the bank's b2 baseline credit assessment (BCA). Source Moody's Investor Service Read More 

Moody's Announces Completion of a Periodic Review of Ratings of Guaranty Trust Bank Plc - Guaranty Trust Bank Plc's (Guaranty Trust) B2 long-term local currency deposit rating is in line with the bank's b2 baseline credit assessment (BCA). Source Moody's Investor Service Read More

Moody's Announces Completion of a Periodic Review of Ratings of UBA Plc - United Bank for Africa Plc's (UBA) B2 long-term local currency deposit rating is at the same level with the bank's b2 baseline credit assessment (BCA). Source Moody's Investor Service Read More

Moody's Announces Completion of a Periodic Review of Ratings of Nigeria - Source The credit profile of Nigeria (issuer rating B2) reflects "ba2" economic strength, supported by the country's substantial oil and gas endowment and long-term growth prospects, though constrained by very low GDP per capita; "caa3" institutions and governance strength, with very weak institutional capacity, high levels of corruption, and very poor policy effectiveness... Moody's Investor Service Read More

 

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PROSHARE MARKETS 

Investors Lose N786.76m as NSEASI Dips Marginally by -0.01% - Equities market closed today on a negative note, as NSEASI depreciated by +0.01% to close at 24,276.56 basis points as against +0.75% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -9.56%.  Source Proshare Markets Read More 

Money Market Rates Remain Stressed As Local Banks Queue Up For Liquidity From The CBN - The FGN bonds space continued its tales of halves, bullish at the head while the belly and the tail remained bearish. We saw yield compressed by an average of c.46bps at the short-end of the curve D/D as the 2023s remained the highest winner amongst these papers mostly bided at 4.10% levels with few offers available to match. Source Zedcrest Capital Read More

Sigh of Relief as CRR Refund and SWAP Maturities Inflows Boost Interbank System Liquidity - The FGN bond market continued on a very sluggish note although with increased trading activities compared to yesterday. Market interest shifted from shorter-dated maturities to the long-end of the curve, especially on the 2034s and 2049s papers which saw most of the market actions, settling around 10.10% and 10.88% for most of the market trades. Source Zedcrest Capital Read More

  

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PROSHARE BUSINESS

No Going Back on Petrol Subsidy Removal - FG - The Minister of State for Petroleum Resources, Timipre Sylva, said on Thursday that the Federal Government had reached a conclusion that it could no longer bear the burden of petrol subsidy. Sylva said this in a statement published on the ministry's Instagram page, with the title 'Deregulation: The facts and the reasons behind the policy'. Source Punch Read More

NNPC Increases Gas Supply to Power Sector By 19% - The Nigerian National Petroleum Corporation (NNPC), Thursday, announced an increase of 19.14 per cent in the average daily natural gas supply to power plants in April 2020, which translated to 788 millon standard cubic feet of gas per day (mmscfd), an equivalent to power generation of 2,873 megwatts (MW). Source Vanguard Read More

FG Kick-Starts 2021 Budgetary Process - The federal government has commenced preparation of its 2021 budget, as   the Ministry of Finance, Budget and National Planning has received anticipated personnel costs   for next year, from various Ministries, Departments and Agencies, MDAs. Source Vanguard Read More

NSC Targets Full Digitalisation of Nigerian Ports by 2021 - The Nigerian Shippers' Council (NSC) has announced that it is perfecting plans to ensure that cargo clearing processes and all other port transactions are carried out online by first quarter (Q1) of 2021. Source THISDAYLIVE Read More

Eight Countries Jostle for WTO Top Job - Former Finance Minister Dr. Okonjo-Iweala and seven other candidates are contesting for the World Trade Organisation (WTO) top job. Other candidates are from Egypt, South Korea, Mexico, Moldova, Kenya, Mexico and Saudi Arabia that will vie for the top job at the WTO, seeking to convince its 164 members they can steer the body through intensifying global trade tensions and rising protectionism. Source The Nation Read More

Dollar, Safe-Haven Currencies Buoyed by U.S. Coronavirus Anxiety - The dollar and other safe-haven currencies were well bid on Friday after a surge in new coronavirus cases in the United States further undermined the case for a quick economic recovery. Source Reuters Read More

Asian Stocks Fall on Virus Worry, China Stock Rally Pauses - Asian shares and U.S. stock futures fell on Friday as record-breaking new coronavirus cases in several U.S. states stoked concerns that new lockdowns could derail an economic recovery, while investors looked forward to earnings season. Source Reuters Read More 

 

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