Nigeria in 1min: Economic, Business and Financial Headlines - 160420


Thursday, April 16, 2020 / 06:50 AM / By News Aggregator / Header Image Credit: @NCDCgov

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    COVID-19 Health Updates

    • On the 15th of April 2020, 34 new confirmed cases of COVID-19 were recorded in Nigeria
    • Till date, 407 cases have been confirmed, 128 cases have been discharged and twelve deaths have been recorded in Nigeria
    • The 34 new cases are reported from five states- Lagos (18), Kano (12), Katsina (2), Niger (1), Delta (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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    WEO: Global Economy is Projected to Contract By 3% in 2020 - IMF - The COVID-19 pandemic is inflicting high and rising human costs worldwide. Protecting lives and allowing health care systems to cope have required isolation, lockdowns, and widespread closures to slow the spread of the virus. The health crisis is therefore having a severe impact on economic activity.  Source IMF Read More 

    Oil Hits $20 for WTI and $30 for Brent After API Reports Mega Crude Inventory Build - The American Petroleum Institute (API) estimated on Tuesday another large crude oil inventory build of 13.143 million barrels for the week ending April 10 as demand destruction stemming from the coronavirus wears on.  Source Julianne Geiger of Read More 

    Oil Falls As Saudi Arabia Launches New Price War With Record Discounts - This weekend's 11th hour decision to cut OPEC oil output by 23% was supposed to end the oil price war between Saudi Arabia and the rest of OPEC+, but it appears Saudi Arabia did not get the memo.  Source Read More 

    Spring Meetings for Funds to Fight off the COVID-19 Virus - FBNQuest - The fiscal and monetary firepower of the Nigerian authorities to resist the coronavirus is limited, as we noted last week, although the CBN is to make a sizeable contribution from its own balance sheet. Attention has therefore shifted to this week's spring meetings of the IMF and World Bank, which are being held on a virtual basis.  Source FBNQuest Read More 

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    Nigeria Weekly Update: Oil Prices, the New Normal - The Nigerian Stock Exchange All-Share Index (NSE-ASI) staged a rally last week, reflecting optimism. Part of that optimism came from market speculation, later confirmed, of a deal between the US, OPEC and Russia to reduce oil production. But oil prices have barely rallied and Brent crude, at US$32.12/bbl, is well short of the US$50.00 - US$60.00/bbl range that signals Nigeria's comfort zone for its own oil earnings and for foreign portfolio investment.  Source Coronation Research Read More 

    WEO: Global Economy is Projected to Contract By 3% in 2020 - IMF - The COVID-19 pandemic is inflicting high and rising human costs worldwide. Protecting lives and allowing health care systems to cope have required isolation, lockdowns, and widespread closures to slow the spread of the virus. The health crisis is therefore having a severe impact on economic activity.  Source IMF Read More 

    IEA: Huge Oil Build Threatens To Fill Up Global Storage Within Weeks - The historic OPEC+ production cut deal may have prevented a total disaster in the oil market, but it will be unable to stave off the impending global oil inventory build that is threatening to fill all the available storage in the world over the next few weeks, the International Energy Agency (IEA) said on Wednesday.  Source Tsvetana Paraskova of Read More

    Stimulant is Necessary but not Sufficient - FDC - The average size of the stimulus package as a percentage of GDP in advanced economies is 12%, e.g. in the US it is 11%. In SSA the average stimulus is 0.4% of GDP. The stimulus package is usually dimensioned against the depth of the anticipated recession.  Source FDC Read More 

    COVID-19: Impact on Supply Chain and Disruptions on Operating Model - Femi AWOFALA is the Founder/CEO of Brickstone Africa, a Project Accelerator firm with strong focus in early stage project development for large industrial and infrastructure projects.  Femi has over 15 years' experience advising Companies and Governments on private investments and has lead teams in the structuring and executing project/structured financings and M&A transactions in Energy, Mining & Infrastructure.  Source WebTV Read More 

    Power Sector Lost N65.56bn In March - The nation's power sector lost an estimated N65.56bn in March due to constraints from insufficient gas supply, distribution and transmission infrastructure. Data obtained from the Advisory Power Team in the Office of the Vice President showed that lack of gas was the biggest factor that limited power generation last month. Source Punch Read More 

    60 Nigerian Oil Cargoes Unsold Despite Price Cut - A total of 60 Nigerian crude oil cargoes have not been sold despite the reduction of the official selling prices by the Nigerian National Petroleum Corporation. A glut of Nigerian and Angolan crude weighed on the market on Tuesday with demand from China slower than in the last few weeks, Reuters reports.Source Punch Read More

    Nigeria Must Deregulate Its Petroleum Sector Post COVID-19 - Boniface Chizea - Dr. Boniface Chizea an economist and CEO BIC Consultancy has called on the Federal Government to seize the moment of the COVID-19 Pandemic, to take critical policy steps like the deregulation of the petroleum sector.  Source WebTV Read More

    Oil Price Falls To $27 Amid Demand Collapse - The international oil benchmark, Brent crude, slumped to $27 per barrel as traders were concerned that plans for the biggest production cuts in history would fail to offset the deepest fall in demand in 25 years. The US oil prices tumbled to 18-year lows of $19.20 a barrel on Wednesday morning and Brent crude dropped by five per cent to $27 a barrel. Source Punch Read More 

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    Coronavirus And The Coming Financial Revolution - The coronavirus pandemic is one of the biggest and unprecedented seismic shifts in the global economy that we've ever seen in modern history, and it's just getting started.  Already, economies around the world are shutting down. The federal reserve has pumped trillions into the United States economy in just a matter of days. Global supply chains have collapsed as entire Chinese industries went dark. Source Micheal Kern of Read More 

    Investors Gain N343.96bn as NSEASI Inches Up Further by 3.02%; Closes Above 22,000bpts - Equities market closed today on a positive note, as NSEASI appreciated by 3.02% to close at 22,539.94 points as against 2.32% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -16.03%.  Source Proshare Markets Read More 

    FBNH Notifies of Proposed Divestment From FBN Insurance - In line with Rule 17.5 of the Rulebook of the Exchange 2015, FBN Holdings Plc. ("FBNH" or "the Company") hereby notifies the market that, in line with the Group's strategic objectives, the Company has commenced discussions with Sanlam (PTY) Limited (the owners of the 35% equity of FBN Insurance Limited (FBNI) with a view towards selling its 65% holdings to Sanlam. Source NSE Read More 

    Treasury Bill Auction Holds On Thursday April 16th, 2020 - A primary auction of Nigerian Treasury Bills will take place on Thursday, April 16th, 2020. Source Arthur Stevens Asset Mgt Read More 

    Coronation Merchant Bank Holds Virtual AGM, Appoints Substantive MD - Coronation Merchant Bank Limited held its 5th Annual General Meeting (AGM) on Tuesday, April 14, 2020. The meeting, which took place at the Bank's head office, was held in strict compliance with social distancing rules and the directives of the Federal and Lagos State Governments. Only nine persons attended physically, while others participated via video conference. Source Coronation Merchant Bank Read More 

    Raining on China's Parade - Sensing a unique opportunity to take a shortcut to the global top spot, China is putting in a sustained effort to turn tragedy into triumph and expand its standing and reach in the wake of the pandemic.  Source Read More 

    Lafarge Africa Plc FY'20 - Coronavirus: A Spanner in the Works? - The transformational story of Lafarge Africa Plc (WAPCO) was largely about its handling of endogenous challenges of seeking resolutions to the margin-dilutive South African operation and a huge FX debt in FY'19. With the spread of coronavirus in Nigeria, the business faces a test of its resistance to exogenous shocks in the current year.  Source CardinalStone Research Read More

    The Next 45 Days Are The 'Most Critical Period In U.S. Financial History,' Says Stock-Market Expert Who Profited In 1987 And 2008 Crises - After recovering a chunk of the losses racked up during the worst of the coronavirus-induced selloff last month, the stock market finds itself at a crucial inflection point, writes Alan B. Lancz. Source Marketwatch Read More

    Bond Yields Resume Rally as DMO Plans To Offer N60Bn in April FGN Bond Auction - The Bond Market shrugged off the previous session's losses, as yields compressed off renewed demand. Source Zedcrest Capital Read More

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    NSE Issues Guidance on Companies' Virtual Board, Committee and Management Meetings - Meetings, whether of companies' Boards of Directors, or of their Committees, or Management, are an essential aspect of the decision making process in companies, with firm roots in good corporate governance. Source NSE Read More 

    The Final Destiny of the Trillions - Determining Deserving Beneficiaries of Bailouts - When the going gets though, the weak are moved aside. A depressingly large number of the 181 US corporations that last year signed a solemn pledge to fight inequality and work for the benefit society have failed to honour their word. Take retail giant Macy's: whilst furloughing most of its workers, the company earlier this month paid out $116 million in dividends.  Source Read More 

    Sustainability and COVID-19: Accountability, Transparency and Continuity in a Disrupted World - Sustainable Conversations, a Thought Leadership series facilitated by ThistlePraxis Consulting Limited, launches the first edition of its webinar series, themed: 'Sustainability & COVID-19: Accountability, Transparency & Continuity in a Disrupted World,' and is scheduled to hold on Wednesday, April 22, 2020. Source ThistlePraxis Read More

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    COVID -19 and The Implications for the Nigerian Business Environment - DR. TUNJI OLUGBODI is the Executive Vice Chairman and Group Chief Executive Officer of Verdant Zeal Group; a multi-disciplinary marketing and communications outfit with two international branches in key locations across the West Coast of Africa.  Source WebTV Read More 

    Mainstream Energy Provides N500m Medical Support To States - Mainstream Energy Solution Limited has provided N500m worth of medical support to the Federal Capital Territory, Niger State and selected communities in other states. MESL is the operator of Kainji and Jebba hydropower plants located in Niger State. Source Punch Read More 

    Makinde Signs Oyo State Agribusiness Development Agency Bill Into Law - Makinde, in his remarks shortly after signing the bill into law on Wednesday at the Government House in Ibadan, said that the law provides for the establishment, composition and powers of the Oyo State Agribusiness Agency and every other matters connected therewith. Source Guardian Read More 

    U.S. Retail Sales, Factory Output Sink As Coronavirus Batters Economy - U.S. retail sales suffered a record drop in March and output at factories declined by the most since 1946, buttressing analysts' views that the economy contracted in the first quarter at its sharpest pace in decades as extraordinary measures to control the spread of the novel coronavirus shut down the country.  Source Reuters Read More 

    Trump to Announce 'Guidelines' on Reopening U.S. Economy Thursday - U.S. President Donald Trump said on Wednesday that data suggested the country had passed the peak on new coronavirus infections, and said he would announce "new guidelines" for reopening the economy at a news conference on Thursday. Source Reuters Read More

    APMT, WACT Commit N300m To COVID-19 Fight - Nigeria's terminal operator, APM Terminals Apapa and the West Africa Container Terminal,  Onne, say they have jointly committed more than N300m to the battle against the spread of the coronavirus in the country. APM Terminals Apapa  says it  has contributed  N150m into the Federal Government's COVID-19 Relief Fund Account created by the Central Bank of Nigeria,  while WACT has contributed N50m into the same account. Source Punch Read More

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    Coronavirus: Saudi Arabia Suspends Congregational Night Prayers During Ramadan - Saudi Arabia has announced that it will suspend the special nightly "Taraweeh" prayers which hold during the Muslim holy month of Ramadan this year due to the coronavirus pandemic, Al Riyadh reports. Source  Premium Times Read More 

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