Nigeria in 1min: Economic, Business and Financial Headlines - 110820


Tuesday, August 11, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: @NigeriaGov


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COVID-19 Health Updates

  • 10th of August 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 46,867 cases (New: 290)
  • Discharged:  33,346
  • Deaths: 950: (New 5)

Source: NCDC Read More

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Nigeria's Average Oil Production Declined by 13.9% to 1.52 mbpd QoQ - There are now over 3 million known coronavirus cases in the U.S. as more states reported record number of new infections. Certain states are considering reintroducing some form of lockdown after massive 24-hour spikes. Source Comercio Partners Asset Mgt Read More 

Gross Official Reserves Declined by US$320m in July 2020 to US35.88bn - CBN data show that Nigeria's gross official reserves declined by US$320m in July to US$35.88bn. The FGN is in talks with the World Bank over a soft loan of US$1.5bn that would finance its response to Covid-19 and help to cover the 2020 budget deficit. Source FBNQuest Research Read More


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Investors Lose N7.45bn as NSEASI Dips by -0.06% to Open the Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.06% to close at 25,027.61 basis points as against +0.45% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -6.76%. Source Proshare Markets Read More 

ACI Reaches Season High - AFEX Commodities Weekly Report 060820 - The AFEX Commodities Index composite experienced an uptick in market activity to close at 264.06 points in the week under review. The index performance gained 5.18% W-o-W primarily due to the positive market performance in the maize and paddy rice sub-indices of the Exchange against the previous week performance. Source Kainosedge Consulting for AFEX Commodities Exchange Read More 

Anchoria Fixed Income Monitor: Gold Remains Attractive to Investors - Gold futures is still relatively bullish on growing global geopolitical uncertainty. The precious metal closed at $2,028 per ounce compared to $1,975.69 per ounce the previous week. Source Anchoria AM Research Read More 

Mild Bullish Sentiments Drag Yield by 4bps WoW - In line with our expectation, trading in the Nigerian Treasury Bills ("NT-Bills") secondary market was mildly bullish as slight demand from lost bids (c. N202.3bn) at the Primary Market Auction ("PMA") that held 2 weeks ago filtered into the market. Source Afrinvest Research Read More 

Agriculture for Food and Jobs; AFEX for Food Security - In the last week of July, AFEX was on ground in Katsina to launch the Agriculture for Food and Jobs Plan (AFJP) of the Federal Government targeted at mitigating the impact of the COVID-19 pandemic on local food production. Source Kainosedge Consulting for AFEX Commodities Exchange Read More

Local Demand Returns Into The Bond Market As Yields Continue To Compress - The FGN bond market kicked off a new week on a very drab note but picking slightly towards the end of the session. Much of today's activities focused on the auction bonds and some benchmark bonds; 2034s and 2049s papers in particular. Source Zedcrest Capital Read More

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The New Productivity Gamble - There has been an uptick in public concern over the nexus between executive and productivity, analysts have found it increasingly difficult to pair C-suite bonuses with executive value-addition. Source Proshare Research Read More

ICPSP Calls For a Change in Nigeria's Socio-Economic Structure - The Institute for Corporate and Public Sector Professionals (ICPSP) over the weekend called for a repositioning of Nigeria's socio-economic structure to address the rising tide of poverty and improve investments in Healthcare, Technology and Education. Source WebTV Read More 

AXA Mansard Insurance Divests from Its Pension subsidiary  After obtaining the Shareholder's approval at the Company's Extra Ordinary General Meeting held on the 13th of February 2020, the Company commenced the process of divestment by appointing Messer Rand Merchant Bank as the Financial Advisers while Aluko & Oyebode acted as the Legal Advisers on the transaction. Source NSE Read More

Buhari Signs Instrument for African Trade Insurance Agency - The Senior Special Assistant to the President on Media and Publicity, Garba Shheu, on Monday said the President, Major General Muhammadu Buhari (retd.), has signed the instrument of accession of the agreement for the establishment of the African Trade Insurance Agency. Source Punch Read More

Nigeria Exported $4.47bn Crude, FAAC Got N1.83tn - NNPC - The Nigerian National Petroleum Corporation on Sunday put the worth of crude oil and gas exported from Nigeria between May 2019 and May 2020 at $4.47bn. Source Punch Read More

What Scientists Must Do to Access CBN's Research Grant - The Central Bank of Nigeria (CBN), pledged to fund a scientific research programme geared towards developing a curative medical response to the COVID-19 pandemic. Source THISDAYLIVE Read More


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Insurance: Switching from Hard Sell to Soft Sell - A closer study of the behaviour of the leading insurers in Nigeria readily reveals good measure of emergent innovative actions and positive responses to the expectations of existing and potential customers. Source Ekerete Ola Gam-Ikon Read More


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FG to Restructure SME Loans, Says Osinbajo - The Vice President, Yemi Osinbajo, has said the Federal Government is working with the Central Bank of Nigeria to help borrowers to restructure their loans as part of efforts to ease the impact of COVID-19 pandemic. Source Punch Read More


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