Nigeria in 1min: Economic, Business and Financial Headlines - 110920

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Friday, September 11, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @NigeriaGov

 

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COVID-19 Health Updates

  • 10th of September 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 55,829 cases (New: 197)
  • Discharged:  43,810
  • Deaths: : 1,075 (New: 5)

Source: NCDC Read More

 

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PROSHARE ECONOMY

Again, Buhari Asks CBN to Halt Forex for Fertiliser, Food Items - President Muhammadu Buhari has directed the Central Bank of Nigeria (CBN) not to provide forex for the importation of food items or fertilizer. The president was speaking on Thursday at a meeting of the National Food Security Council at the State House in Abuja. Source Oluseyi Awojulugbe of TheCable Read More

FG Revenue Falls 32% to N625.9bn in May - Driven by the drop in crude oil prices, federally collected revenue fell by 32 percent to N625.9 billion in May 2020 from N915.28 billion collected in April. Source Vanguard Read More

 

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PROSHARE MARKETS 

Investors Gain N50.12bn as NSEASI Inches Up by 0.38% Amid Negative Market Turnover - Equities market closed today on a positive note, as NSEASI appreciated by +0.38% to close at 25,520.97 basis points as against -0.28% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -4.92%. Source Proshare Markets Read More

Nigerian Treasury Bills Rates Drop By 20bps As Primary Auction Is Oversubscribed - Bullish sentiments persisted in the FGN Bonds market in today's trading session as bids continued to improve across the bond curve. Demand was skewed to the belly of the curve, with the most active papers 2026s and 2028s trading at 6.60% and 8.00% levels respectively. Source Zedcrest Capital Read More

Zenith Bank Q2 2020 Results Review: Compelling Valuation at Current Levels - Zenith's Q2 PAT grew by 61% y/y to c.N63bn on the back of a strong result of N9.7bn in OCI (vs N595m Q2 2019). In contrast to the strong growth in PAT, PBT was up by low single digits (+2% y/y). Source FBNQuest Research Read More

Nigeria's Public Debt Stock Stood At N31.01trn As of June 2020 - The Debt Management Office (DMO), has released information on the Public Debt Stock as at June 30, 2020. The data shows that in Naira Terms, the Total Public Debt Stock which comprises the Debt Stock of the Federal Government, the 36 State Governments and the Federal Capital Territory stood at N31.009 Trillion or USD85.897 Billion. Source DMO Read More

 

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PROSHARE BUSINESS 

Progress in the P and ID Case - It is easy to forget - because the case rumbles on in foreign courtrooms - the danger posed to the Federal Government of Nigeria (FGN) by the award against it of US$6.6bn in favour of the engineering firm Process & Industrial Developments (P&ID). Source Coronation Research Read More

Discos to Pay for Rejecting Electricity - NERC - The Nigerian Electricity Regulatory Commission has said the power distribution companies will be liable to capacity charge for failure to take their entire load allocation caused by constraints in their networks. Source Punch Read More

FG Raises Panel for N10bn Transport Palliative Allocation - The Federal Government has constituted a committee to draw up guidelines for the disbursement of the N10bn palliative fund for road transport operators and workers. Source Punch Read More

Bankers' Committee Introduces Fraud Awareness Initiative - The Central Bank of Nigeria (CBN) and the Bankers' Committee have launched a cyber-security and fraud awareness campaign, called 'Moni Sense,' to educate members of the public on the benefits of protecting their bank and other related transaction details. Source THISDAYLIVE Read More

Nigeria's Cocoa Production Falls as Ghana, Cote d'Ivoire Enjoy Boom - Production of cocoa as cash crop has dropped due to inadequate financing, among other factors. This is despite that cocoa is the nation's leading cash crop in terms of export and second highest foreign exchange earner as indicated by the National Bureau of Statistics' (NBS) Top Products by Imports and Exports Q1, 2020. Source The Guardian Nigeria Read More


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PROSHARE TECHNOLOGY 

BLOCKDeFi Virtual Conference and Exhibition 2020 - Dr. Obiageli Ezekwesili, Senior Economic Advisor, Africa Economic Development Policy Initiative (AEDPI), is to keynote the upcoming BLOCKDeFi2020 Virtual Blockchain Conference scheduled to hold from the 12-13 September 2020 on the 2D Airmeet platform.  Source Blockchain Nigeria User Group Read More

 

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PROSHARE MSME 

FG Flags off The Implementation of N75bn MSME Survival Fund - The Federal Government, is set to commence nationwide implementation of two MSMEs initiatives namely; the MSMEs Survival Fund with the Payrolt support track as the first scheme to rollout (60Billion Naira) and the Guaranteed Offtake Scheme (15Billion Naira). Source MSME Survival Fund Read More 

MSME Standards: Stakeholders Call on FG to Gazette CAMA ACT 2020 Speedily - Stakeholders have called on the Federal Government to Gazette the CAMA Act 2020 speedily, to improve the ease of doing business in Nigeria. This was a major point that resonated across discussions highlighted by panellists at a recent virtual training organized by the Convention on Business Integrity (CBi) under its MSME Standards project.  Source WebTV Read More

FG Inaugurates N75bn SMEs COVID-19 Stimulus Schemes - The Federal Government on Thursday flagged off two schemes to financially support about 1.7 million micro, small and medium enterprises across the country with N75bn. Source Punch Read More


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