Nigeria in 1min: Economic, Business and Financial Headlines - 130520

Wednesday, May 13, 2020 / 5:46 AM / By News Aggregator / Header Image Credit: Twitter; @NCDCgov

COVID-19 Health Updates

• On the 12th of May 2020, 146 new confirmed cases and 6 deaths were recorded in Nigeria
• No new state has reported a case in the last 24 hours.
• Till date, 4787 cases have been confirmed, 959 cases have been discharged and 158 deaths have been recorded in 34 states and the Federal Capital Territory
• The 146 new cases are reported from 20 states- Lagos(57), Kano(27), Kwara(10), Edo(9), Bauchi(8), Yobe(7), Kebbi(4), Oyo(4), Katsina(3), Niger(3), Plateau(2), Borno(2), Benue(2), Sokoto(2), Gombe(1), Enugu(1), Ebonyi(1), Ogun(1), FCT(1), Rivers(1)Read More

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Emerging from the Great Lockdown in Asia and Europe - Several countries in Asia and Europe, where the COVID-19 outbreak appears to have peaked, are gradually reopening their economies. Without a vaccine or effective treatment, policymakers will be balancing the benefits of resuming economic activity against the potential cost of another increase in infection rates. They face difficult choices, in part, because the costs of erring in either direction could be very large. Source Changyong Rhee and Poul M. Thomsen, IMFBlog Read More

Big Oil, Little Oil Have Full Lives Ahead - FBNQuest - Although cargoes of Nigerian crude are unsold on the high seas and although we very briefly saw shippers of US WTI pay to be rid of their cargoes, we are not writing an obituary for oil. Rather, we suspect that the pandemic has extended its life and that peak demand may extend beyond 2035. The cause of climate change has taken a bit of a hit. The international conference in Glasgow (UK) due this November has been deferred because of Covid-19. Source FBNQuest Research Read More

Bullish Sentiment Is Creeping Back Into Oil Markets - OIR 120520 - Oil prices rose strongly on Tuesday, following promised cuts from Saudi Arabia, the UAE, and Kuwait. Ongoing supply curtailments around the world are boosting sentiment, raising hopes that the storage crisis could potentially be averted. Source Tom Kool of Oilprice.com Read More

Nigerians Consumed N2.5tn Petrol in 13 Months - NNPC - The Nigerian National Petroleum Corporation on Tuesday announced that its downstream subsidiary company in charge of bulk sales and distribution of petroleum products, Petroleum Products Marketing Company, recorded N211.62bn sale of white products in February 2020. Source Punch Read More

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Sub-Saharan Eurobonds Rallied Following Further Oil Production Cuts By Saudi Arabia - Yields in the Bond market raced up opening the week following insights from the Director-General of the DMO over the weekend about the office's revised borrowing plans amid the COVID-19 pandemic. Market participants positioned for the expected supply of bonds as the DMO's figure for local borrowing for 2020 (estimated at N2Trn) was higher than initially expected. Source Zedcrest Capital Read More

Investors Lose N132.86bn as NSEASI Dips Further by -1.06%; Sell Pressure Persists - Equities market closed today on negative note, as NSEASI depreciated by -1.06% to close at 23,695.90 points as against -0.39% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -11.72%. Source Proshare Markets Read More

Nigeria Foreign Exchange - Naira: The Price of Nigeria's Oil Fortune - In many ways, 2020 has been a remarkable year - especially for oil-dependent countries - as the oil supercycle bear market persisted. The coronavirus pandemic led to the collapse in global oil demand, causing oil prices to nosedive amid heightened global uncertainty.  Source Vetiva Research Read More

European Hotel Occupancy Rates Will Not Recover Until 2023 - Fitch Ratings assumes the coronavirus pandemic will cause a 60% drop this year in European hotels' occupancy rates, which will not recover until at least 2023. All ratings in the sector have Negative Outlooks or are on Rating Watch Negative (RWN), with smaller high-yield companies most at risk of downgrades. Source Fitch Ratings Read More

Invest in FGN Monthly Bond Auction - May 2020 - The Central Bank of Nigeria on the authority of The Debt Management Office on behalf of the Federal Government Of Nigeria Offers for Subscription by Auction. Source DMO Read More

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Post COVID-19 Rebound - Ecobank Nigeria Holds Virtual Graduation Ceremony For Batch 7 Trainees - Lagos, May 11, 2020 - 57 trainees, who represent batch seven set of graduates being absorbed into Ecobank Nigeria as full time employees  were last week hosted to a virtual graduation ceremony by the Ecobank Academy - the first of its kind by the bank in Nigeria as it positions itself as a high quality employer ready for the opportunities of a post-COVID19 lockdown. Source Ecobank Read More 

Fallen-Angel Debt Could Reach USD400bn in EMEA Developed Markets and US - "Fallen angel" debt in the US and EMEA developed markets (DMs) has reached more than USD150 billion on a combined basis since 1 March 2020, says Fitch Ratings. We estimate that a second wave of fallen angels could be larger than the first, especially in the US, in the event that economic conditions decline in a more protracted and severe manner in line with Fitch's downside scenario. Source Fitch Ratings Read More 

Akinwumi Adesina: Best Man for the AfDB - The Board of Governors and the Ethics Committee of the African Development Bank (AfDB) have given Dr. Akinwumi Adesina, the Bank's President, a clean bill of health in a report dated May 5, wherein it is stated that Adesina has been "entirely exonerated of all allegations made against him."  Source Reuben Abati Read More 

OPEC+ Wants to Maintain Output Cuts Beyond June - The Organisation of Petroleum Exporting Countries and its allies want to maintain existing oil cuts beyond June to shore up prices and demand, four OPEC+ sources were quoted by Reuters as saying on Tuesday. Source Punch Read More

Total Pension Assets Rise to N10.5tn - The total assets under the Contributory Pension Scheme rose to N10.5tn as of the end of February 2020. Figures obtained from the National Pension Commission on Tuesday revealed that the funds which stood at N10.21tn as of the end of 2019 rose by over N289bn in two months. Source Punch Read More 

How COVID-19 Ushered New Opportunities in Port Operations - Operations across most sectors of Nigeria's economy have been suspended as part of the efforts to curb the spread of coronavirus but Nigerian ports remain operational to aid the evacuation of essential items such as food, petroleum products, medical equipment and safety materials to combat the pandemic. Source THISDAYLIVE Read More 

CACOVID Spends N16b on Medical Resources - The Central Bank of Nigeria (CBN)-led Private Sector Coalition Against COVID-19 (CACOVID) has spent over N16 billion on procuring essential medical resources to fight coronavirus (COVID-19) pandemic in Nigeria, the group said at the weekend. Source The Nation Read More 

ILO Seeks Policy Limiting Exposure of Informal Sector to COVID-19 - The International Labour Organisation has called for a policy limiting the exposure of the informal sector to the coronavirus pandemic. In its latest report titled, 'Contagion or starvation, the dilemma facing informal workers during the COVID-19 pandemic,' ILO predicted that lockdown measures would worsen poverty and vulnerabilities among the world's two billion informal economy workers. Source Punch Read More

U.S. Reports Record $738 billion Budget Deficit in April - The United States on Tuesday reported a record $738 billion budget deficit in April as an explosion in government spending and a shrinking of revenues amid the novel coronavirus pandemic pushed it deeply into the red. Source Reuters Read More

Coronavirus Crisis Leads to Largest U.S. Consumer Price Decline Since 2008 - U.S. consumer prices dropped by the most since the Great Recession in April, weighed down by a plunge in demand for gasoline and services including airline travel as Americans stayed home during the coronavirus crisis. Source Reuters Read More

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Why Investor Education is Critical To Boosting Financial Literacy - Akeem Oyewale - CEO of Stanbic IBTC Nominees, Mr. Akeem Oyewale, recently spoke on the need for deepening investor education to boost Financial Literacy and investment in Nigeria. Speaking on investor education and its importance to an economy, the investment manager described investor education as a means of enlightening the population about making informed investment decisions and planning life cycle cash flows to support sustainable and meaningful lives.  Source WebTV Read More

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Stakeholders Discuss Actionable Steps for MSMEs in Response to the COVID-19 Pandemic - On Wednesday, May 06, 2020, the Convention on Business Integrity hosted the MSMEConversations Webinar focused on "Crisis Response for MSMEs" in partnership with Proshare and DealHQ. This is part of the initiatives of CBi Nigeria under its MSME Standards project. Source MSMEStandards Read More

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