Nigeria in 1min: Economic, Business and Financial Headlines - 170420


Friday, April 17, 2020 / 06:30 AM / By News Aggregator / Header Image Credit: @seyiamakinde

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    COVID-19 Health Updates

    • On the 16th of April 2020, 35 new confirmed cases of COVID-19 were recorded in Nigeria
    • Till date, 442 cases have been confirmed, 152 cases have been discharged and thirteen deaths have been recorded in Nigeria
    • The 35 new cases are reported from four states- Lagos (19), FCT (9), Kano (5), Oyo (2).
    • 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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    Decline in the FGN's External Debt Service - Total debt service on the FGN's external obligations amounted to US$1.33bn in 2019 including US$250m in the fourth quarter. (Payments were considerably higher the previous year because the FGN declined to refinance a sovereign Eurobond that matured in Q3 2018.)  Source FBNQuest Research Read More 

    Sub-Saharan African Growth Projected At -1.6% in 2020 - IMF - Sub-Saharan Africa is facing an unprecedented health and economic crisis. One that threatens to throw the region off its stride, reversing the development progress of recent years. Furthermore, by exacting a heavy human toll, upending livelihoods, and damaging business and government balance sheets, the crisis could retard the region's growth prospects in the years to come. No country will be spared. Source IMF Read More 

    Debt Relief Needed to Preserve 30 Years of Progress - A grand coalition of creditors is to provide debt relief to the world's least developed countries. Earlier this week, the International Monetary Fund (IMF) took the lead and cancelled some $214 million in debt repayments owed by 25 of its most vulnerable member states. Source Read More 

    SDG Lab at UN Geneva: Delivering the 2030 Agenda in Decade of Action Will Call for Co-operation - In 2020, to mark its 75th anniversary, the United Nations have initiated UN75, the largest and most inclusive global conversation on how to build a better future. Source Read More 

    CBN Intervention: Playing to the Gallery or Serious Business? - Earlier this week, the governor of the Central Bank of Nigeria (CBN) announced certain policies it plans to implement in the immediate, short and medium term to reposition the Nigerian economy as soon as possible while preventing a prolonged recession. Our searchlight beams on the manufacturing sector which directly contributed 9% to GDP in 2019. Source Read More 

    Great Lockdown Necessitates Further Downgrade to GDP - In our first assessment of the impact of Covid-19 on economic growth we had assumed that the pandemic will be contained without risk of government implementing measures that will severely restrict economic activity for a sustained period of time (at the time, reported cases in Nigeria were just 3).  Source NOVA Merchant Bank Read More 

    COVID-19 and the Focus on Sub-Nationals in Nigeria - TESLIM SHITTA-BEY is the Managing Editor, Proshare Nigeria Limited. He holds a Bachelor's degree in Economics and Statistics (University of Benin) and a post graduate certificate in Financial Journalism. He has, in the last three decades, accumulated a rich and varied experience as stock market/Investment analyst, Commercial and Investment banker and as a financial journalist. He has had over 20 years of experience in Investment Banking. Source WebTV Read More 

    Reset Nigeria - A New Paradigm For Africa's Most Populous Country - SEGUN SHOWUNMI is an Ace Public affairs analyst and social impact expert, who has experience in governance, policy and civic engagement. He also has been involved in several publicity campaigns in the Nigerian polity, and he served as the spokesperson for 2019 Presidential Campaign of Alhaji Atiku Abubakar, the frontline candidate from the People's Democratic Party, PDP. Source WebTV Read More 

    Coronavirus Causes Mass Layoffs In Renewables Sector - The renewable energy industry has not been spared by the significant job bleed that the coronavirus pandemic caused in the world's biggest economy. Last month alone, 106,000 people from this industry lost their jobs, and more losses are on the way, a group of industry organizations has warned. Source Irina Slav of Read More 

    OPEC+ Deal Reduces Downside Risks, Surplus Not Eliminated - The OPEC+ deal to cut oil production by approximately 10 million barrels per day (MMbpd) does not restore the supply-demand balance, but should reduce the threat of very significant production shut-ins and downside price risks, Fitch Ratings says. Source Fitch Ratings Read More

    Moody's Affirms Nigeria's 'B2' Ratings, Negative Outlook - Moody's Investors Service yesterday affirmed Nigeria’s 'B2' long-term issuer ratings and senior unsecured rating, its '(P)B2' senior unsecured programme rating and maintained its negative outlook on Nigeria. Source Thisday Read More 

    FIRS Revises Q1 Revenue Collections to N1.20tn - Federal Inland Revenue Service (FIRS) yesterday revised its total collections for the first quarter (Q1) of 2020) from N1.11 trillion to N1.20 trillion, representing 15 per cent increase or N156 billion higher than the N1.04 trillion recorded in the corresponding quarter of 2019. Source Thisday Read More 

    Proper Coordination Needed For Nigerian COVID-19 Tax and Fiscal Policy Stimulus- Yomi Olugbenro - Speaking on the COVID-19 pandemic, Tax and other Fiscal Stimulus Measures in Nigeria, Mr. Yomi Olugbenro, Partner and West African Tax Leader, Deloitte Nigeria emphasised the need for a coordinated policy framework in the country to ensure that policies align with addressing prevailing socio-economic challenges. SOurce WebTV Read More

    IFFIm Stands Ready To Support COVID-19 Vaccines - As COVID-19 cases mount around the world, scientists are pulling out all the stops to find a safe and viable vaccine. G20 leaders have pledged to "do whatever it takes" to combat the deadly virus. An analysis estimates it will take US$ 7 trillion to combat the coronavirus and rescue the economies devastated in its wake. This includes lower-income countries needing additional support to address the current crisis and, we hope, to purchase and roll out COVID-19 prevention measures and treatments. Source IFFIm Read More 

    Ken Ofori-Atta: 'What Does An African Finance Minister Do Now?' - It's 5am and I stir. My stomach feels cramped. I have slept no more than four hours. My mind races. The problems cascade through. I hear the birds and do my meditation. My wife Angie and I are in the middle of an Easter study on the Book of Daniel, and I can't help but think of the writing on the wall: "mene mene tekel upharsin." Source FT Read More.

    NECA Moves Against Job Losses, Demands FG Support - One of the strong bodies in the organised private sector, the Nigeria Employers Consultative Association, has asked the Federal Government to assist companies that are worst hit by the impact of the coronavirus fight. Specifically, the group is asking the government to help in augmenting the payment of their workers' salaries. Source Punch Read More

    IMF To Nigeria: Deploy $3.5b Loan To Healthcare, Education Funding - The International Monetary Fund (IMF) has advised Nigeria to deploy the $3.5 billion emergency loan being processed for the country to strengthening infrastructure in the health and educational sectors. Nigeria has applied to the IMF and African Development Bank (AfDB) to access $3.5 billion in concessional funding to support the 2020 budget. Source TheNation Read More

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    SEC Publishes Guidelines for Issuance of FI Securities By Statutory Bodies in WASRA Member Countries - The Securities and Exchange Commission, Nigeria has published the Guidelines For Issuance of Fixed Income (FI) Securities by Statutory Bodies In WASRA Member Countries. Source SEC Nigeria Read More


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    Unilever Nigeria Q4 2019 Results Review: Losing Grip on the Market - Unilever Nigeria's (Unilever) FY 2019 pretax loss of -N9.8 was far behind our PBT forecast of N295m, following a grossly disappointing Q4. We have therefore made deep cuts to our earnings forecasts. Source FBNQuest Read More 

    Invest in FGN Monthly Bond Auction - April 2020 - The Central Bank of Nigeria on the authority of The Debt Management Office on behalf of the Federal Government Of Nigeria Offers for Subscription by Auction and is authorized to receive applications. Source DMO Read More 

    Investors Gain N7.76bn as NSEASI Inches Up by 0.07% Amid Negative Market Breadth - Equities market closed today on a positive note, as NSEASI appreciated by 0.07% to close at 22,554.84 points as against 3.02% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -15.97%.  Source Proshare Markets Read More 

    FBN Holdings Divests from Its Insurance Subsidiary - FBN Holdings Plc, the holding company for First Bank of Nigeria and its former subsidiaries, has announced ongoing discussions to fully divest from its insurance arm, FBN Insurance Business Limited. Source FBN Holdings Read More

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    Banks Recorded N11.44tn Online Payments In March - Bank customers carried out a total of N11.44tn worth of financial transactions on the Point of Sales and Instant payment and electronic bills platforms in March, the latest data from the Nigeria Inter-Bank Settlement System have shown. This shows a 34 per cent growth from the NIP, PoS and e-Bills figures of N8.54tn recorded in 2019. Source Punch Read More

    Lagos-Ibadan Rail Project 90% Complete, Says FG - The Lagos-Ibadan standard gauge rail project is 90 per cent complete, the Federal Government said on Thursday. Outgoing Permanent Secretary, Federal Ministry of Transportation, Sabiu Zakari, said this at the ministry's headquarters in Abuja while handing over to a new Permanent Secretary, Hussaini Adamu. Source Punch Read More

    Millions Unemployed, Homebuilding Collapses As Coronavirus Ravages U.S. Economy - A record 22 million Americans have sought unemployment benefits over the past month, with millions more filing claims last week, almost wiping out all the job gains since the Great Recession and underscoring the toll on the economy from extraordinary measures to control the novel coronavirus outbreak. Source Punch Read More

    NLC Seeks Debt Pardon, Moratorium From Development Agencies -  The Nigeria Labour Congress (NLC) has advocated that Nigeria should be included in the list of countries that should benefit from debt pardon and moratorium. Source Guardian Read More

    IATA Predicts 55% Drop in Airlines' Revenue - The International Air Transport Association (IATA) has released updated analysis showing that the COVID-19 crisis is estimated to see airlines' passenger revenue drop by $314 billion in 2020, a 55 per cent decline compared to 2019. Source Thisday Read More

    Asia Shares Up As Plans To Re-Open U.S Economy Offset Record Slump In China GDP - Asian stocks gained on Friday as President Donald Trump's plans to gradually re-open the U.S. economy offset data that showed China suffered its worst economic contraction on record due to the coronavirus outbreak. Source Reuters Read More

    NCDMB Recommends Indigenous Companies To NLNG For Train 7 - The Nigerian Content Development and Monitoring Board, NCDMB, on Thursday, said it has directed the Nigerian Liquefied Natural Gas, NLNG, to evaluate the capabilities of indigenous companies, who are beneficiaries of the Project 100 programme, and engage them in the execution of the Train 7 project and other related services. Source Vanguard Read More

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    NIS Grants Payment Waiver to Visitors Affected by Travel Ban - On 8 April 2020, the Nigeria Immigration Service (NIS) issued a circular confirming the approval of the Honourable Minister of Interior for the grant of payment waiver to visitors / migrants affected by the travel ban and the closure of international airports in Nigeria as a result of the COVID-19 pandemic. Source KPMG Nigeria Read More 

    Sukuk Fait Accompli and Foresight in the Time of Coronavirus - After witnessing strong market activity during the first two months of 2020, the coronavirus pandemic has put new international sukuk issuance almost at a standstill in March, Fitch Ratings says.  Source Fitch Ratings Read More 

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