Nigeria in 1min: Economic, Business and Financial Headlines - 150720

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Wednesday, July 15, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Ecographics

 

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COVID-19 Health Updates

  • July 14th 2020: Nigeria COVID-19 Status in 35 states and the Federal Capital Territory
  • Confirmed: 33616 (New: 463)
  • Discharged:  13792
  • Deaths: 754: (New 10)
  • No new state has reported a case in the last 24 hours.

Source: NCDC Read More


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PROSHARE ECONOMY

CBN Issues Operational Guidelines On GSI to Facilitate Improved Credit Repayment Culture - The Central Bank of Nigeria in collaboration with stakeholders has developed the necessary protocols to facilitate a seamless implementation of the GSI process, including eligible loans granted from August 28, 2019. Source CBN Read More

CBN Unveils Non-Interest Guidelines for AGSMEIS, MSMEDF, Others - The Central Bank of Nigeria (CBN) has unveiled series of guidelines for Non-Interest Financial Institutions under its Agri-Business, Small and Medium Enterprise Investment Scheme (AGSMEIS), Micro, Small and Medium Enterprises Development Fund (MSMEDF), the Accelerated Agricultural Development Scheme (AADS) and seven other intervention schemes in its bouquet. Source CBN Read More 

OPEC-Plus News Is Holding Oil Prices Back - OIR 140720 - Oil prices retreated on Monday over concerns about more OPEC+ production and worrying Covid-19 numbers in the U.S., although crude regained some ground in early trading on Tuesday. Oil prices remain stuck at about the $40 and $43 price levels for WTI and Brent, respectively, awaiting more direction. Source Tom Kool of Oilprice Read More 

NSR H2 2020 (4) - Global Recession - The Pandemic Edition - In our previous H1 20 Outlook report, we expressed optimism for global growth prospects in 2020 (IMF predicted FY20 growth of 3.4%) on the basis of the resolved US-China trade war, a partial resolution to the Brexit uncertainty and improvements across the sub-regions of emerging markets. Source ARM Research Read More

NSR H2 2020 (5) - Currency - Calm Before a Storm? - Once again, events over H1 2020 revealed the apex bank's vulnerability to external shocks. With FPI inflows and oil receipts jointly accounting for c.50% of CBN's FX inflows, the twin shock of COVID-19 pandemic and lower oil price posed a threat to the FX reserves. Source ARM Research Read More

External Debt Stock Flat in Q1 2020 - We see from the DMO's most recent quarterly release that the FGN's external debt obligations at end-March amounted to US$27.67bn, equivalent to 6.9% of 2019 GDP. (We convert at the then prevailing NAFEX rate.) The total was broadly flat on the quarter. Source FBNQuest Research Read More

NBS Publishes COVID-19 Impact Monitoring Survey Report for June 2020 - The vast majority of respondents practice safety measures to minimize the risk of contracting the virus. 73% of respondents reported wearing a mask and 77% washing their hands all or most of the time after being in public. Source NBS Read More

Inflation, Key Concerns of Nigerian Investors - Coronation Asset Management - Inflation and not losing money in investment schemes are two major concerns of Nigerian investors. Mr. Guy Czartoryski the Head of Research disclosed this at a recent Coronation Asset Management media parley ahead of the launch of its report "Navigating the Capital Market: The Investor's Dilemma". Source WebTV News Read More

Bismark Rewane to Speak on Nigeria's Economic Outlook H2, 2020 - Mr. Bismarck Rewane holds a bachelor's degree from the University of Ibadan and is an Associate of The Institute of Bankers, England and Wales. Mr. Rewane worked with the First National Bank of Chicago (later became the International Merchant Bank Nigeria Limited) as a General Manager and Treasurer of the Bank. Source WebTV Read More

COVID-19: FG Revenues Dip by Over 40%, Says Osinbajo - Vice-President Yemi Osinbajo on Tuesday said the nation's revenues dropped by over 40 per cent due to the lockdown occasioned by the COVID-19 pandemic. He said the country's huge informal economy also crashed during the period. Source Punch Read More


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PROSHARE MARKETS 

Market Sentiment Remains Negative as Investors Lose N44.87bn; NSEASI Dips by -0.36 - Equities market closed today on a negative note, as NSEASI depreciated by -0.36% to close at 24,114.59 basis points as against -0.44% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at 10.16%. Source Proshare Markets Read More

Bumper Wheat Harvest to Keep Prices Low - As part of its forex rationing strategy and to encourage domestic production, authorized dealers have been asked to discontinue the processing of applications for the sale of forex for the import of maize. Source FDC Ltd Read More

Navigating the Capital Market: The Investors' Dilemma - When we talk with investors two concerns frequently come up. One is inflation: "How can our investments beat inflation?". The other is Naira devaluation, not so much because of its direct impact (devaluations do not directly impact Naira investments) but because of the business disruption that devaluations cause. Source Coronation Research Read More


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PROSHARE BUSINESS

COVID-19 and the Case for the AfCFTA - We followed an interesting webinar on 'Africa's Economic Headwinds' last week. Organized by a London-based business platform for the continent, it brought together prominent speakers such as Benedict Oramah, president of Afreximbank; Daniel Mminele, group CEO of ABSA and a former deputy governor at the South African Reserve Bank. Source FBNQuest Research Read More

New Study Finds Google Receives an Estimated $4.7 Billion in Revenue from News Publishers' Content - The News Media Alliance today published findings from a new study that analyzes how Google uses and benefits from news. Among the major findings of the study is that news is a key source on which Google has increasingly relied to drive consumer engagement with its products. Source News Media Alliance Read More

Google Will Start Paying Publishers to License Content - In a major departure from its long-standing practice of not paying publishers directly to distribute their work, Google executives tell Axios that the search giant is creating a licensing program to pay publishers "for high-quality content" as a part of a new news product launching later this year. Source Axios Read More

FG Urged to Consider Niger Delta Indigenes in New Marginal Oilfields Bids - The skepticism surrounding the transparency and fairness in the process of the ongoing bid round for 57 marginal oilfields has been heightened with one of the bidders expressing lack of faith in the whole process. Source THISDAYLIVE Read More

Chevron Seals Agreement to Takeover Sasol's Interest in Escravos Gas-to-Liquids Asset - Chevron Nigeria Limited (CNL), operator of the joint venture between the Nigerian National Petroleum Corporation (NNPC) and CNL, has sealed an agreement, directed at buying Sasol Middle East and India (Pty) Limited shares in Chevron Sasol EGTL Limited. Source Vanguard Read More

Fed officials Warn on 'Thick Fog' Ahead for U.S. Economy As Recovery Concerns Deepen - The U.S. economy will recover more slowly than expected amid a surge in novel coronavirus cases across the country, and a broad second wave of the disease could cause economic pain to deepen again, Federal Reserve officials warned on Tuesday. Source Reuters Read More


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PROSHARE TECHNOLOGY 

The Fight for Mobile Money 2.0 - In the centre of Gauteng Province, a reluctant winter sun paints the Roodepoort sky with the day's first semblance of warmth. Amongst lush flora in suburban utopia - Fairlands, an apt name - the gentle whirr of the heating AC quietly dominates the room. A wall of pixels is the centrepiece of attention, as a business analyst sips her coffee and closely watches the graphs. Source Wiza Jalakasi Read More


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