Nigeria in 1min: Economic, Business and Financial Headlines - 130720


Monday, July 13, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @FMICNigeria

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COVID-19 Health Updates

  • July 12th 2020:  Nigeria COVID-19 Status in 35 states and the Federal Capital Territory
  • Confirmed: 32558 (New: 571)
  • Discharged:  13447
  • Deaths: 740: (New 16)
  • No new state has reported a case in the last 24 hours.

Source: NCDC Read More

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Nigeria's Total Public Debt Stood At N28.63trn in Q1 2020 - NBS - Nigerian States and Federal Debt Stock data as at 31st March 2020 reflected that the country's total public debt portfolio stood at N28.63trn. Further disaggregation of Nigeria's total public debt showed that N9.99trn or 34.89% of the debt was external while N18.64trn or 65.11% of the debt was domestic. Source NBS Read More

National Theatre Restoration to Generate 10,000 Jobs as FG Hands It Over to CBN and Bankers' - The Minister of Information and Culture, Alhaji Lai Mohammed, has said the planned restoration and upgrade of the iconic National Theatre will generate about 10,000 jobs during and after the restoration. Source Press Release from the Office of the Minister of Information and Culture Read More

Buhari Signs N10.8trn Revised 2020 Budget - Ministries, departments and agencies (MDAs) of government will get 15 percent of their capital allocation by the end of July, President Muhammadu Buhari said on Friday while signing into law the revised N10.805 trillion budget for the year 2020 passed by the National Assembly in June. Source Anthony Ailemen of BusinessDay Read More

Oil Returns to $42 After COVID Correction - OIR 100720 - Oil posted a price correction on Thursday on fears of the rising coronavirus numbers in the U.S., something that the IEA warned about in its latest Oil Market Report out today. In early trading, prices firmed up, with WTI holding onto $40 per barrel. Source Tom Kool of Oilprice Read More 

Agriculture, Still Room for Improvement as Sector Grew by 2.2% YoY in Q1 2020 - The latest national accounts show that the agriculture sector grew by 2.2% y/y in Q1 2020, compared with 2.5% recorded in the previous quarter. Crop production accounted for 88% of agriculture GDP and grew by 2.4 y/y. Source FBNQuest Research Read More

LIRS Announces Implementation of Additional Tax Incentives and Reliefs for Taxpayers in Lagos State - The Lagos State Internal Revenue Service (LIRS or "the Service") has issued a Public Notice communicating additional palliatives that the Service is implementing to cushion the impact of COVID-19 pandemic on taxpayers' resident in the State. Source KPMG Nigeria Read More

UPDATED: Minimizing the Impact of COVID-19, the New and Unexpected Shock to the Nigerian Economy - In June, the International Monetary Fund (IMF) revised its projection downwards and forecasted a -4.9% contraction in global GDP from -3% projected in April. Source FSDH Research Read More

Nigeria Heading for Recession in Q4 2020 - FG - Nigeria is heading for another recession in the fourth quarter of this year, the Federal Government declared on Friday. According to the government, findings showed that the country's Gross Domestic Product for the second and third quarters of 2020 were projected to be negative. Source Punch Read More

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What To Expect From The Markets This Week - 130720 - According to Labor Department data, US weekly initial jobless claims - the number of individuals who filed for unemployment insurance for the first time - came in a little lower than expected at 1.31 million for the week of July 4th (consensus: 1.38 million), but remained more than double the level seen during the Global Financial Crisis. Source Proshare Content Read More

Market Review and Round-Up of Corporate News Announced During The Week Ending - 100720 - The equities market recorded negative performance - the listed equities market, NSEASI, recorded -0.12% loss WoW while the NASD OTC also closed negative with -1.28% loss. Source Proshare Markets Read More 

Drab Day in Fixed Income Space Despite the Ease in System Liquidity - The calmness in the FGN bond space persisted for a 2nd consecutive session with very slim volume passing through the benchmark curve. The short end of the curve opened and remained quiet, although there were few bids for the 2021s at 3.50% with no offer to match. Source Zedcrest Capital Read More 

Investors Lose N15.52bn WoW as NSEASI Dips by -0.12% to Close the Week Negative - Equities market closed today on a positive note, as NSEASI appreciated by +0.12% to close at 24,306.36 basis points as against -0.01% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -9.45%. Source Proshare Markets Read More 

NASD OTC Market CAP Decreased By -1.28% WoW to Close At N519.90bn - Bitcoin is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Source NASD Plc Read More

Corporate Earnings for The Week Ending 100720 - 5 in All - LIVESTOCK records 3% growth in earnings to emerge as the firm with highest growth in earnings while OMATEK records 94% negative growth in earnings to emerge as the firm with the least growth rate. Source Proshare Research Read More

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SEC, NITDA Collaborate on Data Protection - The Securities and Exchange Commission, SEC has restated its preparedness to collaborate with the National Information Technology Development Agency, NITDA in a bid to foster safe conduct of transactions and usage of personal data in the Nigerian capital market. Source SEC Nigeria Read More

Oil, Power Firms Owe Banks N5.59tn, Says CBN - Energy firms in the country owe Nigerian banks a total of N5.59tn, the sectoral analysis of banks' credit by the Central Bank of Nigeria has revealed. The N5.59tn represents 30 per cent of the N18.63tn loans advanced to the private sector by the banks as of May 2020. Source Punch Read More

FG Inaugurates Calabar, Kano Economic Zones Reform Committee - The proposed reform of the Calabar and Kano Special Economic Zones will cause a major revitalisation of the two zones and transform them into world standard, the Minister of Industry, Trade and Investment,  Adeniyi Adebayo, has said. Source Punch Read More

NERC Moves to Unbundle TCN Into Two Firms - The Nigerian Electricity Regulatory Commission is consulting stakeholders as it moves to implement the unbundling of the Transmission Company of Nigeria into two entities. Source Punch Read More

FG to Unveil N65bn Stimulus Package for OPS - The federal government is set to unveil N65 billion stimulus package to support the Organised Private Sector (OPS) in the bid to boost the economy and mitigate the effect of the COVID-19 pandemic. Source Vanguard Read More

Coronavirus Bringing Record $1 Trillion of New Global Corporate Debt in 2020: Report - Companies around the world will take on as much as $1 trillion of new debt in 2020, as they try to shore up their finances against the coronavirus, a new study of 900 top firms has estimated. Source Reuters Read More

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Joint GDP of ISDB Member Countries Currently About $7trillion - Dr. Bandar Hajjar - The Joint Gross Domestic Product (GDP) of the Organization of Islamic Countries (OIC) is currently estimated at $7trn, with an annual growth rate standing at 8%. President of the Islamic Development Bank (ISDB) Dr. Bandar Hajjar disclosed this recently at a coordinated webinar in partnership with the United Arab Emirates Ministry of Economic Development and the Private Sector Group, which explored the "Action Response to COVID-19".Source WebTV Read More

Insurance Sector: Drawing Lessons From Others - Living in a season of multiple crises can be such a difficult time to learn new things, but confronted with an unprecedented issue or challenge means that you necessarily need to look beyond your boundaries for answers and solutions. Source Ekerete Ola Gam-Ikon Read More

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5,65Lagos SME Bootcamp Set to Hold Virtual 3rd Edition on July 25 - The Lagos SME Bootcamp is one of Nigeria's largest gathering of SMEs with the objective of enhancing their business management capabilities in order to reduce their risks of failure and better position them for strategic growth, given that 90% of MSMEs fail within the first five years of commencement. Source Lago SME Bootcamp Read More


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