Nigeria in 1min: Economic, Business and Financial Headlines - 140420


Tuesday, April 14, 2020 / 06:30 AM / By News Aggregator / Header Image Credit: @NigeriaGov

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    COVID-19 Health Updates

    • On the 13th of April 2020, 20 new confirmed cases of COVID-19 were recorded in Nigeria
    • Till date, 343 cases have been confirmed, 91 cases have been discharged and ten deaths have been recorded in Nigeria
    • The 20 new cases are reported from five states- Lagos (13), Ogun (2), Edo (2), Kano (2), Ondo (1).
    • A multi-sectoral national emergency operations centre (EOC), activated at Level 3, continues to coordinate the national response activitiesSource NCDC Read More

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    OPEC+ Agrees To Less Than 10m Bpd Cut - OPEC+ has agreed to remove 9.7 million bpd of oil from the market, OPEC said in a press release Sunday, with the cuts beginning next month and remaining in effect until the end of June, after which the group will start to ramp up production gradually. Source Irina Slav of Read More 

    Fitch Revises Outlook on Kaduna State to Negative on Sovereign Rating Action; Affirms at 'B' - Fitch Ratings has revised the Outlook on Kaduna State's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to Negative from Stable and affirmed the IDRs at 'B'. Source Fitch Ratings Read More 

    G20 Oil Nations Agree To 3.7m Bpd Cut - Oil producers from G20 have agreed to reduce their combined crude oil output by 3.7 million bpd, according to Iran's Oil Minister, Bijan Zanganeh, as quoted by IRNA.  Source Irina Slav of Read More 

    Trump Wants OPEC+ To Double Its Production Cut - Shortly after Mexico won a historic "Mexican standoff" with Saudi Arabia on Sunday afternoon, and was exempt from a historic 9.7mmb/d oil production cut by OPEC+ member states (which Mexico had held up for the previous 4 days after refusing to agree to the across the board 23% cut), we said that "OPEC Reaches "Historic" Deal To Cut Oil Production As Mexico Wins "Mexican Standoff" With Saudis... But It's Not Enough."  Source OilPrice Read More 

    COVID-19 Drags World E&P CAPEX Down 13-Yr Low - The Coronavirus (COVID-19) is taking toll on the global oil industry capital expenditure, CAPEX, for exploration and production, E&P, companies as recent report indicates is expected to drop by up to $100 billion in 2020, about 17 percent below 2019 levels, under Rystad Energy's updated base case scenario of $34/per barrel (pb) in 2020 and $44/pb in 2021. Source Vanguard Read More 

    IMF Executive Board Approves Immediate Debt Relief for 25 Countries - Today, I am pleased to say that our Executive Board approved immediate debt service relief to 25 of the IMF's member countries under the IMF's revamped Catastrophe Containment and Relief Trust (CCRT) as part of the Fund's response to help address the impact of the COVID-19 pandemic. Source IMF Read More 

    Osinbajo's Committee Meets, Ponders Post-pandemic Jobs' Protection - In line with its mandate of developing a template to manage the economy after the COVID-19 pandemic, the seven-man Economic Sustainability Committee headed by Vice President Yemi Osinbajo is to devise ways to protect jobs and also create new ones after the pandemic. Source Thisday Read More

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    What To Expect From The Markets This Week - 130420 - At the time of writing on Thursday, OPEC and its allies looked set to orchestrate the largest oil production cut in history. Given the collapse in oil prices and plummeting demand, OPEC+ entered into a negotiation, with the market forecasting up to 10mbpd additional production cut. Source Proshare Read More 

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    CBN Does Not Charge Any Fee on COVID-19 Loan Applications - The attention of the Central Bank of Nigeria (CBN) has again been drawn to false reports in the social media circles that loan seekers and owners of small-scale businesses who apply for loans provided to cushion the effects of COVID-19 are required to pay a certain amount as application processing fee.  Source CBN Read More 

    Nigerians Abandon 300,000 Bank Accounts In Q1'20 - Nigerians abandoned 300,000 bank accounts in the first quarter of this year (Q1'20) even as the number of current accounts operated by bank customers declined by one million during the period. Source Vanguard Read More 

    COVID -19: FRC Reviews Guidelines For Audit Firms - The Nigeria Financial Reporting Council (FRC) has released new guidelines for auditing companies to assist them in discharging their responsibilities to clients as the coronavirus pandemic continues its spread nationwide. Source Dailytrust Read More 

    Crude Cuts: Nigeria To Earn $10.61bn In Eight Months - Nigeria may earn about $10.61bn from crude oil sales between May and December this year following latest decision by members and non-members of the Organisation of Petroleum Exporting Countries to cut production. Also, the country will earn about $22.74bn from crude oil between January 2021 and April 2022 going by the volume of crude oil curtailment to be implemented by Nigeria during the 16-month period, as agreed by OPEC+. Source Punch Read More 

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    PEF May Lose Relevance With Liberalised Petrol Prices - The Petroleum Equalisation Fund (PEF) Management Board could become obsolete and irrelevant in the Nigerian oil and gas industry with the deregulation of pump prices of petroleum prices. Source Thisday Read More 

    LCCI Seeks Moratorium On Bank Loans - The Lagos Chamber of Commerce and Industry, LCCI, yesterday, said banks should grant one-year moratorium and six months interest rate concessions on all credit facilities, effective from March 2020, following the Coronavirus (COVID-19) pandemic that has adversely impacted businesses. Source Vanguard Read More 

    Trump Says Plan To Re-Open Shuttered U.S. Economy To Be Completed Soon - President Donald Trump said on Monday that his administration was close to completing a plan to re-open the U.S. economy, which has been largely shut down to slow the spread of the novel coronavirus.  Source Reuters Read More 

    Oil Rises Amid Hopes For Quick Decline In U.S. Shale Output - Oil prices rose more than 1% on Tuesday after the main U.S. energy forecasting agency predicted shale output in the world's biggest crude producer would fall by the most on record in April, adding to cuts from other major producers. Source Reuters Read More

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    COVID-19: President Muhammadu Buhari Extends Lockdown In Abuja, Lagos and Ogun For Another 14 Days - President Muhammadu in his nationwide broadcast today announced an extension of the lockdown in FCT Abuja, Lagos and Ogun state for another 14 days. Source Presidency Read More


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