Nigeria in 1min: Economic, Business and Financial Headlines - 110320


Wednesday, March 11, 2020 / 06:40 AM / By News Aggregator / Header Image Credit: @NigeriaGov


Click Here To Read Latest News Updates



The Oil Price War Has Only Just Begun - OIR 100320 - After a historic rout, oil prices rebounded on Tuesday, but still traded in the mid-$30s. Saudi Arabia announced a major escalation in the price war. But hopes of economic stimulus, along with immediate announcements of cuts in the shale patch, helped stop the slide in oil prices, at least temporarily. Source Oilprice Read More

Total Value of Capital Imported in Q4 2019 Stood At $3,802.38m - NBS - The total value of capital importation into Nigeria stood at $3,802.38 million in the fourth quarter of 2019. This represents a decline of 32.42% when compared to the 3rd Quarter of 2019, and a 77.67% increase when compared to the 4th quarter of 2018. Source NBS Read More

Inflation to Spike Again to 12.30% - We are projecting a 0.17% increase in the Year-on-year inflation to 12.30% for February. This will be the 6th consecutive monthly increase and a 22-month high. While inflation has maintained an upward trajectory, the rate of increase in the index has declined, indicating that the base year effect is waning. Source FDC Read More 

CBN Holds Roundtable On Going for Growth 2.0 on March 11 2020 - The Power Sector Reform program has not delivered on its objectives and implementation has stalled because of suboptimal commercial models and misaligned incentives for key players.   This group will develop financing initiatives to bridge the massive power infrastructure gap - looking also at issues related to gas supply.  Source CBN Read More 

Massive Supply Overhang to Keep Crude Prices Subdued - Brent, a benchmark for Nigeria's crude, slumped more than 20% to $35/bbl (down 47% year to date) on Sunday, its lowest price since early 2016. The plunge in oil market was an aftermath of the breakdown in supply cut negotiations at the OPEC+ meeting last week, which subsequently triggered the split of OPEC+ alliance (notably Saudi Arabia and Russia).  Source Vetiva Research Read More 

President Buhari Seeks Changes To Finance Bill, To Reflect Policy Incentives For Agriculture - President Muhammadu Buhari has written to the Senate seeking amendments to the Finance Act recently passed by the National Assembly. His message was conveyed in a letter read out by the Senate President, Ahmad Lawan, at the start of plenary on Tuesday. Source Premium Times Read More 

Oil Price Dips Further By 19.66% - More trouble continues to loom for the Federal Government's budget 2020, over global crash in crude oil price, which saw the price of nation's, Bonny light tumbling further from $46 per barrel, to $37.22 a 19.66 percent decline. Source Vanguard Read More 

Fitch Ratings Signals Downgrade Of Nigeria's Sovereign Rating - Fitch Ratings, Tuesday, said it may downgrade Nigeria's sovereign rating to 'Negative' from 'B+' if ongoing efforts to defend the naira eats heavily into the nation's external reserves in the face of a sustained decline in crude oil price. Source Vanguard Read More


Click Here to Read More News on Economy


 Proshare Nigeria Pvt. Ltd.



Investors Lose N656.04bn As NSEASI Dips Further By -4.91%; Sell Pressure Persists - Equities market closed today on a negative note, as NSEASI depreciated by -4.91% to close at 24,388.66 points as against -2.41% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -9.14%. Source Proshare Read More 

Stanbic IBTC Q4 2019 Results Review: Sell-off Overdone Taking a Long Term View - Despite visible macroeconomic headwinds for 2020E largely due to external factors, Stanbic IBTC's (Stanbic) management has guided to a 2020E ROAE of 25-30%. Management sees strong AUM growth of 15-20% y/y, stable NIMs of between 4-5% relative to 2019 and strong loan growth of 15-20%.  Source FBNQuest Read More 

GTBank Q4 2019 Results Review: >25% ROAE in View Despite Modest EPS Growth - GT Bank's (GTB) Q4 2019 PBT came in ahead of our forecast due to positive surprises in pre-provision profits and loan loss impairments. Consequently, we have increased our 2020-21E earnings forecasts by c.10% on average. Our new price target of N58.4 is also c.15% higher.  Source FBNQuest Read More 

Consolidated Hallmark Insurance Plc Proposed Rights Issue Is Now Open - Planet Capital Limited - the sponsoring stockbroker to the proposed Rights Issue by Consolidated Hallmark Insurance Plc (the Company), on Friday, 6 March 2020 informed The Nigerian Stock Exchange that the Rights Issue will be opened for subscription… Source NSE Read More 

NSE Lists FGN Savings Bond Issued in February 2020 - The Federal Government (FGN) Savings Bond February 2020 Issue were listed on The Nigerian Stock Exchange on 10 March 2020. Source NSE Read More


Click Here to Read More News on Markets


Proshare Nigeria Pvt. Ltd.



Senate Passes the CAMA Bill 2020 - The Senate today, Tuesday, 10 March 2020, passed the Companies and Allied Matters Act (Repeal and Re-enactment) Bill, 2020 ("the CAMA Bill"). The CAMA Bill seeks to establish an efficient means of regulating businesses, minimize the compliance burden of small and medium enterprises, enhance transparency and shareholder engagement and promote a friendly business climate in Nigeria.  Source KPMG Nigeria Read More

NERC Bars Meter Relocation by Electricity Consumers -  Customers of the 11 electricity distribution companies (Discos) who self-finance the installation of meters in their premises under the new Meter Assets Providers (MAP) regulation would not be able to transfer their meters when relocating, the Nigerian Electricity Regulatory Commission (NERC) has disclosed. Source Thisday Read More

Saudi Arabia, Russia raise stakes in oil production standoff - Saudi Arabia said on Tuesday it would boost its oil supplies to a record high in April, raising the stakes in a standoff with Russia and effectively rebuffing Moscow's suggestion for new talks. Source Reuters Read More


Click Here To Read More News on Business


Proshare Nigeria Pvt. Ltd.


Telecoms Sector Contributes N6tn To GDP Quarterly - NCC - Nigeria's telecommunications sector contributes over N6tn to the country's Gross Domestic Product in each quarter of every year, the Executive Vice Chairman of the Nigerian Communications Commission, Prof. Umar Dambatta, has said. Source Punch Read More 

Click Here to Read More News on Technology


 Proshare Nigeria Pvt. Ltd.


Challenges Facing The Global Green Sukuk - The Green Sukuk is a strategic market in the Non-Interest Finance Space designed to provide funding for sustainable projects in the globe. Saturna Capital in its analysis believes Green  Sukuk expands the dual investment mandate of green bonds by including a third element: faith-based alignment.  Source WebTV Read More 


Click Here to Read More News on Finance


Proshare Nigeria Pvt. Ltd.


How Nigeria's Largest Telco Is Empowering Startups In The Country - Operating a self-owned business in Nigeria is not for the faint-hearted, which is why entrepreneurship may easily be viewed with much trepidation in this part of the world. However, there is increasing attention on entrepreneurship and its potency in providing employment for the teeming population of unemployed youths. Source MTN Nigeria Read More 


Click Here to Read More News on MSME


 Proshare Nigeria Pvt. Ltd.


Click Here To Watch More Videos

Related News

1. What To Expect From The Markets This Week - 090320

2. Nigeria in 1min: Economic, Business and Financial Headlines - 090320

3. Nigeria in 1min: Economic, Business and Financial Headlines - 100320

Related News