Nigeria in 1min: Economic, Business and Financial Headlines - 150420


Wednesday, April 15, 2020 / 06:40 AM / By News Aggregator / Header Image Credit: @jidesanwoolu

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    COVID-19 Health Updates

    • On the 14th of April 2020, 30 new confirmed cases of COVID-19 were recorded in Nigeria
    • Till date, 362 cases have been confirmed, 99 cases have been discharged and eleven deaths have been recorded in Nigeria
    • The 30 new cases are reported from five states- Lagos (25), FCT (2), Akwa Ibom (1), Edo (1), Kano (1).
    • A multi-sectoral national emergency operations centre (EOC), activated at Level 3, continues to coordinate the national response activities. Source NCDC Read More

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    World Bank Warns African Countries Copying Western Anti-COVID-19 Policies - The World Bank Group has applauded Tanzanian unique approaches to contain the COVID-19 pandemic and also cautioned African states to desist from copying Western practices and policies to curb its spread. Source Redpepper Editorial & World Bank Read More 

    Nigeria Needs to Generate Liquidity To Ensure Growth and Stability - Dr. Ayo Teriba - Africans should collaborate  on how to raise Liquidity in order to build infrastructure. Said the CEO of Economic Associates on a WebTV morning segment CoronanonomicsWatch. Source WebTV Read More 

    Back to Official Creditors for New Borrowing - Commercial borrowings were unchanged at US$11.17bn because the FGN has not tapped the Eurobond market since November 2018 and is unlikely to do so in a hurry. The total figure includes the external borrowing of the state governments of US$4.56bn, which is necessarily guaranteed by the FGN. Source FBNQuest Read More 

    COVID-19 - Giving Alms and Tightening Security Will Bring Relief To Citizens - John Wesey - There is need for individuals and organizations to be their brother's keeper, show generosity, share knowledge materials and give with humility during the lockdown period. A strategic management consultant, Mr John Wesey, said this while discussing on WebTV's #CoronanomicsWatch programme. Source WebTV Read More 

    Oil Supply Deal: Market Stability Desired - Events in the global crude oil market became more interesting last week Thursday, following the extraordinary OPEC and non-OPEC Ministerial Meeting which extended until Sunday, with OPEC+ adopting a production cut of 9.7mbpd from May to June, a reduction to 7.7mbpd cut from July to December 2020 and 5.8mbpd cut from January 2021 until April 2022.  Source NOVA Merchant Bank Read More 

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    Historic Production Cuts: Implications for Nigeria - During the public holidays, the alliance of OPEC+ producers, G-20 energy ministers and other oil producers reached a landmark deal which could cut close to 15.0mb/d from global oil supply.  Source CSL Research Read More 

    Back to Official Creditors for New Borrowing - We see from the DMO's most recent quarterly release that the FGN's external debt obligations at end-December amounted to US$27.68bn, equivalent to 6.9% of 2019 GDP. (We convert at the then prevailing NAFEX rate.) The total increased by US$740m in the quarter. Source FBNQuest Research Read More 

    OPEC+ Powerless As Oil Prices Near $30 - Oil has given up all the gains it had made since the start of the month as markets come to view the OPEC+ deal as inadequate. OPEC+ agreed to cut nearly 10 mb/d, and depending on who is doing the accounting, additional cuts from other non-OPEC countries take the reductions up close to 20 mb/d. Source Tom Kool of Oil Price Read More 

    Job Security During and Post COVID-19 - TUNJI ANDREWS is the Co-Founder Backend Nigeria. An economist, creative entrepreneur and award-winning radio-show host, he has over 5,000 hours of broadcasting over radio, online and live TV, and anchors sessions on Money, Business and the Economy of Nigeria. Source  WebTV Read More 

    COVID-19: Tax and Other Fiscal Stimulus Measures in Nigeria - YOMI OLUGBENRO is a Partner and the West Africa Tax Leader at Deloitte. With a Master's degree in Business Administration, fellowship of many professional associations and practice experience of over 20 years, Mr. Olugbenro has established a niche as a finance and fiscal policy expert in Nigeria.Source WebTV Read More 

    Personal Statements By The MPC Members At The 129 MPC Meeting of Mar 23-24, 2020 - The Nigerian economy came under severe pressure in the aftermath of the January 2020 meeting of the MPC. Two new sources of vulnerability emerged and grew rapidly in importance during the first quarter of the year. Source CBN Read More 

    Turning COVID-19 Tragedy into Opportunity for a New Nigeria -As many people are now aware, the outbreak of the Novel Coronavirus Disease (COVID-19) in China rapidly permeated and profoundly changed the world.  Godwin Emefiele Read More 

    Oil Prices Plunge On Grim IMF Economic Forecast - As if oil prices needed any more help on their downward spiral towards the teens, The IMF just slashed global growth to the worst since the '30s. Source Oilprice Read More 

    Nigeria's Economy Will Contract By 3.4%, Says IMF - The International Monetary Fund on Tuesday said the recession caused by the COVID-19 pandemic would be the worst economic downturn witnessed since the Great Depression. According to the IMF, Nigeria's economy will contract by 3.4 per cent in 2020, but rebound with 2.4 per cent growth in 2021. Source Punch Read More 

    FG Begins Payments To 500,000 N-Power Beneficiaries - The Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development has said that the 500,000 N-Power enrollees across the country should expect to receive bank credit alerts for outstanding payments of their monthly entitlements from Tuesday, April 14, 2020. Source Punch 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 

    Airlines Projected Revenue Loss Rises To $314bn - The International Air Transport Association says airline passenger revenues drop has risen to $314bn as impact of COVID-19 bites harder. IATA, in its updated analysis on Tuesday, said airlines would record a 55 per cent decline in revenue compared to 2019. Source Punch Read More

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    COVID-19 Induced Lull Continues - AFEX Commodities Weekly Report 090420 - The AFEX Commodities Index closed flat at the end of trading, settling at 161.67 points. This represents an extension in the lull induced by the outbreak of COVID-19 in the country which had an effect across all commodities traded on the Exchange. Source Kainosedge Consulting for AFEX Commodities Exchange Read More 

    Investors Gain N258.45bn as NSEASI Inches Up by  2.32% to Open the Week Positive - Equities market closed today on a positive note, as NSEASI appreciated by 2.32% to close at 21,879.95 points as against 1.47% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -18.49%.  Source Proshare Markets Read More 

    PMA Holds on Wednesday; Average NT-Bills Yield Close Marginally Up 9bps WoW - There was a slowdown in the Nigerian Treasury Bills ("NT-Bills") secondary market activities in the 4 trading sessions last week, with local investors more on the sidelines but mostly taking interest in long-term instruments and higher yielding corporate offers.  Source Afrinvest Research Read More 

    Stockpiling of Staples to Keep Domestic Commodities Prices High - Oil prices received an initial boost after the global production cut agreement. Markets have since become sceptical about the size of the cut and the likelihood of it leading to a demand/supply balance. Brent which jumped 4% to $32pb earlier has since slid to $30.19pb. Source FDC Read More

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    COVID-19: Developments In the Global Markets and The Impact On Nigeria - WebTV's Market Review segment dedicated to #Coronanomics will be featuring a robust conversation on 'COVID19: Developments In the Global Markets & The Impact On Nigeria'. Source WebTV Read More 

    COVID-19: The Pathway For The Nigerian Economy - WebTV's Economy & Politics segment dedicated to #Coronanomics will be featuring a robust conversation on the Pathway for the Nigerian Economy, amidst the lockdown extension announced by President Muhammadu Buhari in FCT Abuja, Lagos and Ogun State. Source WebTV Read More 

    Top Creditors To Suspend Poorest Countries' Debt Payments: France - Major international creditors have agreed to suspend debt payments owed by the poorest countries this year, throwing a financial lifeline to help them cope with the coronavirus crisis, France's finance minister said on Tuesday. Source Reuters Read More 

    WTO Predicts 32% Plunge in Global Trade in 2020 -  World trade is expected to fall by between 13 per cent and 32 per cent in 2020 as the COVID- 19 pandemic disrupts normal economic activity and life around the world, a report by the World Trade Organisation (WTO) has estimated. Source Thisday Read More 

    Debt Service To Revenue Ratio Rises To 48% - The revision of the 2020 revenue framework has raised the Federal Government's debt service to revenue ratio from the initial 29 per cent to 48 per cent. The Executive last Wednesday sent a revised 2020 budget proposal to the National Assembly following a drop in crude oil prices caused by the impact of the coronavirus pandemic. Source Punch Read More 

    Fed Officials See Risks In Reopening Economy Too Soon, But Acknowledge Need To Move - U.S. Federal Reserve officials have begun grappling with the complexities of how to simultaneously reopen the country's economy and protect against a resurgence of coronavirus infections, goals they have argued cannot be successfully separated.  Source Reuters Read More 

    80,000 Apply For COVID-19 Loan - NIRSAL Microfinance Bank (NMFB) has resolved that the business plans for the ₦50 billion Targeted Credit Facility as a stimulus package to support households and MSMEs is no longer mandatory. Source TheNation Read More

    Major U.S. Airlines Accept Government Aid For Payrolls; American Also Wants A Loan - The U.S. Treasury Department said on Tuesday that major passenger airlines have agreed in principle to a $25 billion rescue package, ensuring airline workers jobs until October while the industry works to overcome its biggest-ever crisis. Source Reuters Read More  

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    NCC Working On 5G Report, To Consult Stakeholders - The Nigerian Communications Commissions says it is working on the report of the Fifth Generation Telephone Wireless Technology trial it conducted with MTN Nigeria in presence of security agencies in 2019. Source Punch Read More

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    The Impact Of The Current Lockdown On Our Personal Finance - The global bug called COVID-19 started from a town in China called Wuhan, and has spread throughout the world. Countries across the world have put measures in place to curb the spread of the virus. Source Chinyere Onyia Read More


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