Nigeria in 1min: Economic, Business and Financial Headlines - 120520

Monday, May 11, 2020 / 5:14 AM / By News Aggregator / Header Image Credit: @NigeriaGov

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COVID-19 Health Updates

  • On the 11th of May 2020, 242 new confirmed cases and 10 deaths were recorded in Nigeria
  • No new state has reported a case in the last 24 hours.
  • Till date, 4641 cases have been confirmed, 902 cases have been discharged and 150 deaths have been recorded in 34 states and the Federal Capital Territory
  • The 242 new cases are reported from 14 states- Lagos(88), Kano(64), Katsina(49), Kaduna(13), Ogun(9), Gombe(6), Adamawa(4), FCT(3),Ondo(1),Oyo(1), Rivers(1), Zamfara (1), Borno (1), Bauchi(1). Read More

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Framework for the Management of COVID-19 Funds in Nigeria under the Treasury Single Account - The rapid spread of Coronavirus and the resulting high fatality rate due to absence of a vaccine and cure have created a global health emergency never seen in generations. COVID-19, the disease caused by Coronavirus, has been classified as a pandemic by the World Health Organization (WHO). Source OAGF Read More 

Macroeconomic Outlook Update: COVID-19, Global Oil Price and the Nigerian Economy - The outbreak of COVID-19 in China dampened China's economic outlook for the year 2020. Efforts to contain the spread of the virus has led to widespread movement restrictions and shutdown of industrial activities. The effect is evident in China's Manufacturing Purchasing Managers' Index (PMI), which slipped below the sectoral expansion benchmark of 50 points to 35.7 points in February 2020. Source NESG Read More 

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How Pandemics Leave the Poor Even Farther Behind - The COVID-19 crisis is now widely seen as the greatest economic calamity since the Great Depression. In January, the IMF expected global income to grow 3 percent; it is now forecast to fall 3 percent, much worse than during the Great Recession of 2008-09. Behind this dire statistic is an even grimmer possibility: if past pandemics are any guide, the toll on poorer and vulnerable segments of society will be several times worse. Source Davide Furceri, Prakash Loungani, Jonathan D. Ostry, IMFBlog Read More

NEITI: FG, States, LGs Shared N1.945tn FAAC Disbursements in Q1 of 2020 - The Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed that the Federation Accounts Allocation Committee (FAAC) disbursed N1.95 trillion to the federal, states, local government areas and other statutory agencies in the first quarter of 2020. Source THISDAYLIVE Read More

NESG Predicts 7.3% Decline in Nigeria's GDP in 2020 - Nigerian Economic Summit Group (NESG) has predicted that the Nigerian economy would contract by 7.3 per cent in 2020 if the average crude oil price slumps to $15 per barrel in 2020 and Nigeria's crude oil output averaged 1.3 million barrels per day (mbpd). Source THISDAYLIVE Read More

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SEC reopens Head Office, Promises to Protect Investors - The Securities and Exchange Commission says following the Federal Government's partial easing of the lockdown measures introduced to minimise the spread of COVID-19 across Nigeria, it has reopened its head office in Abuja. Punch Read More


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Gross Official Reserves Declined By US$1.64bn In April 2020 to US$33.52bn - Nigeria's gross official reserves declined by US$1.64bn in April to US$33.52bn. This was the eleventh monthly decline in succession. This cumulative fall of US$11.60bn is largely due to the exit of foreign portfolio investors (FPIs). A recovery of sorts is assured now that the IMF has disbursed US$3.40bn under its Rapid Financing Instrument (RFI) to tackle the impact of Covid-19. Source FBNQuest Research Read More 

Transforming Isolation, Testing and Caring of COVID-19 Patients Through Private Capital - We do not think that it would be sustainable to continue to rely philanthropic and tax payer's funds to scale Nigeria's ability to diagnose, isolate and care for COVID-19 cases. The context for this view is in part, guidance from the World Health Organisation (WHO), that, (a) COVID-19 indeed has a distinct capacity for explosive spread and has overwhelmed the most resilient health systems and that (b) countries need to scale their ability to rapidly identify, test and treat patients. Source Olubunmi Abayomi-Olukunle Read More

ACI Witnesses a Surge - AFEX Commodities Weekly Report 070520 - The AFEX Commodities Index (ACI) rallied by 10.21% in the week under review to close at 170.88 points due to gains of 2.82% and 9.62% in the Maize and Soybeans sub-indices Respectively. Source Kainosedge Consulting for AFEX Commodities Exchange Read More

Investors Loss N49.28bn as NSEASI Dips by -0.39% to Open the Week Negative - Equities market closed today on negative note, as NSEASI depreciated by -0.39% to close at 23,950.83 points as against -1.27% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -10.77%.  Source Proshare Markets Read More

 Average Yield Marginally Sheds 4bps WoW on Skeletal Flows to the NT-Bills Space Amid Weak Sentiments - Last week, the Nigerian Treasury Bills ("T-Bills") secondary market traded on a relatively quiet note as investors' sentiments remained fragile despite the mild uptick in system liquidity (N505.5bn long as at Friday). Consequently, average yield across tenors marginally declined by 4bps W-o-W to remain at c. 2.7% on Friday. Source Afrinvest Research  Read More

 Anchoria Fixed Income Monitor: FX Pressure Rebound as CBN Weakened Forward Rate - The average money market rate rose marginally last week by 5.38% to settle at 7.88% from 2.50% in the previous week. This is due to resumption of the FX intervention programme by the CBN. Source Anchoria AM Research  Read More

Nigeria's Foreign Portfolio Deficits Widen by 356% to N121.3b in Q1 - Nearly three-quarters of foreign portfolio transactions at the stock market in the first quarter were on the sell side as massive foreign portfolio outflows widened Nigeria's foreign portfolio investments (FPIs) deficits by 356 per cent to N121.33 billion in the first quarter of the year. Source The Nation Read More

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Saudi to Cut Oil Output By Another 1 Mn Barrels a Day - Saudi Arabia said Monday it had asked oil giant Aramco to cut its output by an additional one million barrels per day from June, to support prices that have crashed during the coronavirus crisis. Source The Guardian Read More 

Cost of funds to decline as N330bn boost interbank liquidity - Cost of funds in the interbank money market is expected to fall this week in response to inflow of N330 billion from maturing treasury bills (TBs). Cost of funds rose sharply last week following outflow of funds for retail foreign exchange auction and N100 billion commitment to the secondary market (Open Market Operation, OMO) TBs conducted by the Central Bank of Nigeria (CBN) in the previous week. Source Vanguard Read More 

U.S. Auto Industry Workers Return to Jobs Amid Concerns of Second Virus Wave - Factory workers began returning to assembly lines in Michigan on Monday, paving the way to reopen the U.S. auto sector but stoking fears of a second wave of coronavirus infections as strict lockdowns are eased across the country. Source Reuters Read More 

Trump 'Not Interested' in Reopening U.S.-China Trade Deal After Report of Beijing Discontent - U.S. President Donald Trump said on Monday he opposed renegotiating the U.S.-China "Phase 1" trade deal after a Chinese state-run newspaper reported some government advisers in Beijing were urging fresh talks and possibly invalidating the agreement. Source Reuters Read More

S&P 500 Closes Barely Higher as Investors Balance Pandemic With Recovery - The S&P 500 closed barely higher, eking out a nominal gain on Monday as investors weighed new spikes in coronavirus infections with expectations that an economy crippled by mandated shutdowns will soon be re-opened for business. Source Reuters Read More

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Ahead of Tomorrow on WebTV: Discussions on COVID-19; Deepening Financial Inclusion in Nigeria - HENRY CHUKWU is a seasoned professional with cross functional background in Digital Financial Services (DFS), Banking, Agent Networks, Microfinance, Project Management, Business Development and Operational Strategies. He holds a Master's degree in Operations Management from Assam Don Bosco University India; an abridged MBA in Strategic Business Management from Metropolitan School of Business & Management United Kingdom; a B.Sc. and other Executive Certificates. Source WebTV Read More

No 5G Technology in Nigeria Yet, FG Insists - The Federal Government Monday insisted it has yet to issue licence to any telecom operator to roll out 5G technology in Nigeria. The Minister of Communications and Digital Economy, Dr Isa Ali Ibrahim Pantami had earlier in April said 5G technology was not deployed in Nigeria yet. Source Daily Trust Read More


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Can Insurance Lead Nigeria's Economic Stabilization? - Sounds unthinkable, indeed preponderous and only worth considering due to the season we are in, when the strongest and smartest are, afterall, not as we thought. Right? These are times that the solution to the biggest problem the World has may be in the field of a war-torn or disease-infested African country. Who can tell? Source Ekerete Ola Gam-Ikon Read More

Ahead of Tomorrow on WebTV: Discussions on COVID-19; Deepening Investments in Education in Nigeria - TOPE TOOGUN is a development advisor and the CEO of Cognity Advisory. He is an adviser to governments at regional and national levels in Africa; on developing and implementing strategies for building market relevant skills in the economy, creating employment and promoting economic growth. He also advises corporations on aligning their business objectives to the SDGs and development agencies on programming focus to foster economic growth, improve educational outcomes and expand employment creation in Africa. Source WebTV Read More


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