Nigeria in 1min: Economic, Business and Financial Headlines - 140920

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Monday, September 14, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @akin_adesina

 

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COVID-19 Health Updates

  • 13th of September 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 56,256 cases (New: 79)
  • Discharged:  44,152
  • Deaths: : 1,082 (New:4)

Source: NCDC Read More


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PROSHARE ECONOMY 

Oil Prices Creep Higher Despite Bearish Sentiment - OIR 110920 - Oil prices edged up just a bit during midday trading on Friday, with Brent climbing back above $40 per barrel. Sentiment remains more pessimistic than in previous weeks. Source Tom Kool of Oilprice Read More

NOVA Monthly Oil Market Update: Production Scale Back Pressured Prices - Global crude oil market to remain in a deficit over the rest of the year, with average of 3.56mbpd (Q3 and Q4 deficit of 3.7mbpd and 3.14mbpd respectively). Source NOVA Merchant Bank Read More

CBN Releases Monetary, Credit, Foreign Trade and Exchange Guidelines for Fiscal Years 2020-2021 - The Central Bank of Nigeria (CBN) in 2020/2021 will continue to conduct monetary policy anchored on the Medium-Term Expenditure Framework (MTEF) of the Federal Government, with the objective of achieving price and financial stability. Source CBN Read More

TAX Appeal Tribunal Rules That Rent is Not Subject to VAT - The Tax Appeal Tribunal (TAT or the Tribunal), on 10 September 2020, in the case between Essay Holdings Limited (Essay or the Company) and the Federal Inland Revenue Service (FIRS), ruled that rent is not subject to Value Added Tax (VAT). Source Deloitte Read More

Inflation Rate'll Hit 14.15% As Deficit Financing Rises - CBN - The country's inflation rate which stood at 12.82 per cent in July may rise up to 14.15 per cent by the end of December 2020 as the Federal Government's deficit rises due to current economic challenges in the country. Source Punch Read More

FG Shifts Talks With NLC, TUC, Others to Tuesday - The peace talks between the Federal Government, organised labour and the civil rights groups on the recent hike in fuel price and electricity tariffs will now take place on Tuesday in Abuja. The meeting was originally scheduled for yesterday but had to be postponed to enable as many interest groups as possible to take part in it. Source The Nation Read More

 

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PROSHARE MARKETS 

What To Expect From The Markets This Week - 140920 - Chinese inflation slowed in August as a slowdown in the surging price of pork tempered food costs. The Consumer Price Index (CPI) moderated to 2.4% y/y (July: 2.7% y/y), the lowest figure since May. Month-on-Month, CPI was up 0.4% (July: 0.6% m/m). Source Proshare Content Read More 

Key Takeaways from Zenith Bank H12020 Investors Conference Call - Leaning against coronavirus-induced headwinds in H1 2020, Zenith Bank recorded a solid performance, maintaining status as the most profitable bank in Nigeria listed on the Nigerian Stock Exchange (NSE). It posted modest growth in PBT of +2.2%, gross earnings of +4.38%, but saw a leap in shareholder's funds of +20.68%. Source The Analyst Read More 

Market Review and Round-Up of Corporate News Announced During The Week Ending - 110920 - The equities market recorded negative performance - the listed equities market, NSEASI, recorded -0.05% loss WoW while the NASD OTC closed negative with -0.23% loss. The CBN and IEFX Rates appreciated while the BDC and NAFEX Rates depreciated. Source Proshare Markets Read More

There is Need to Democratize Capital Market Assets For Millennials In Nigeria - Abiola Adekoya - There is need to make more exotic capital market assets accessible to the millennials through the democratization of certain assets noted, Ms. Abiola Adekoya, former CEO of Rand Merchant Bank as a guest on WebTV's "Millennial Investment Conversation Series" segment of the Market Opening Gong. Source WebTV Read More

A Manageable Rise in the FGN's Domestic Debt - The FGN's domestic debt stock increased to N15.46trn (US$40.0bn) at end-June, equivalent to 10.7% of 2019 GDP. The total rose by N930bn in the quarter according to the DMO's timely update, and the stock of FGN bonds by N680bn over the period. Source FBNQuest Research Read More

 

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PROSHARE BUSINESS 

Banking Sector Staff Strength Declines to 9-Quarter Low - The total staff strength of the banking sector declined by 9.5% y/y and 2.6% q/q to 94,498 persons which represents a 9-quarter low. The biggest y/y declines were recorded in Contract staff (down 15.8% y/y to 38,942), Junior staff (down 5.6% y/y to 37,733) and Senior staff (down 1.8% y/y to 17,619). Source CSL Research Read More

FG to Fund N104.5bn Electricity Tariff Shortfall - The Federal Government will fund a tariff shortfall of N104.5bn that will be recorded by electricity distribution companies from September to December 2020, according to the Nigerian Electricity Regulatory Commission. Source Punch Read More

Arik Workers Threaten Strike - The labour unions in the aviation sector have again threatened to shut down the operations of Arik Air on Monday over the airline's management's failure to resolve issues regarding its conditions of service as well as the unjust treatment of its workers during the pandemic. Source Punch Read More

FG Goes Tough on 11 DISCOs Over Settlement of N173bn NBET Debt as New Tariff Begins - Investigation - BARELY a week after the introduction of its controversial Service Reflective Tariff, SRT, the Federal Government has adopted a new plan, targeted at recovering more than N173 billion Nigerian Bulk Electricity Trading, NBET Plc debt from 11 Distribution Companies, DISCOs. Source Vanguard Read More

Deregulation: NNPC to Setup Gas Refilling Plants Across Nigeria - The Nigerian National Petroleum Corporation says it will soon begin activation of Compressed Natural Gas refill stations for motorists across the country. Source Punch Read More

Once an American Foe, Now A Friend: OPEC turns 60 - In 1973, Arab members of the Organization of Petroleum Exporting Countries brought the U.S. economy to its knees. Now, the cartel created 60 years ago is more likely to do Washington's bidding. Source Reuters Read More


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PROSHARE FINANCE 

NIS Announces Guidelines for Entry, Exit and Visa Revalidation as Commercial Flights Resume - The Nigeria Immigration Service (NIS) has announced procedures for implementation of entry, exit and visa revalidation following the resumption of commercial flight operations at the Lagos and Abuja international airports on 5 September 2020. Source KPMG Nigeria Read More

Savings: Living with Purpose and Compound Interest - Savings is a crucial tool for capital growth which further aids in economic growth and development through investments. Today many Nigerians live below the poverty line not just because they have low incomes or poor salaries, but perhaps because of the inability to imbibe a savings and investment culture. Source Chinyere Onyia Read More

 

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