Nigeria in 1min: Economic, Business and Financial Headlines - 170720


Friday, July 17, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @CSCSNigeria


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COVID-19 Health Updates

  • July 16th 2020: Nigeria COVID-19 Status in 35 states and the Federal Capital Territory
  • Confirmed: 34854 (New: 595)
  • Discharged:  14292
  • Deaths: 769: (New 9)
  • No new state has reported a case in the last 24 hours.

Source: NCDC Read More

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Global Productivity: Trends, Drivers and Policies - The COVID-19 pandemic has plunged the global economy into its deepest recession since the Second World War. Per capita incomes are expected to decline in about 90 percent of countries in 2020, the largest fraction in recorded economic history, and many millions will be tipped into poverty (World Bank 2020a). Source The World Bank Group Read More 

Amid Multiple Crises, World Bank Refocuses Programs and Increases Financing to $74bn - As people in developing countries around the world faced multiple crises, including the COVID-19 pandemic, the World Bank Group worked to respond quickly with technical and policy advice, and scaled up financing targeted to the poor and towards improving development outcomes. Source World Bank/CFi Read More

Oil and Gas Update: Downstream Oil and Gas at a Crossroads - The downstream oil & gas business is typically a low margin one. However, other factors, mainly constraining policies, have led to historically low investments in the sector over the last decade. In our view, the fortunes of the sector could change with the growing possibility of full pricing deregulation.  Source Read More

The Pandemic and The Services Account; Debit Decreased by US$1.5bn to US$8.9bn in Q1 2020 - We see from the CBN's latest Quarterly Statistical Bulletin that debits on the services account decreased by close to US$1.5bn in Q1 2020 to US$8.9bn. A rise for travel almost matched the fall for transportation but debits for other business services, which capture all transactions not posted under other headings, fell by close to US$1.0bn. Source FBNQuest Research Read More

OAuGF 2017 Audited Annual Report; Auditor-General's Qualified Report - The Auditor-General for the Federation (AuGF), Mr. Anthony Mkpe Ayine, FCA, on Monday, 22nd July, 2019 submitted the 591-page 2017 Annual Report and qualified opinion of the Auditor General for the Federation on the accounts of the Government of the Federal Republic of Nigeria for the year ended 31st December, 2017. Source TheAnalyst / OAuGF  Read More

NOVA Economic Outlook H2 2020 - A Contraction Like Never Before - The outbreak of Covid-19 has reshaped the outlook across advanced, emerging and developing economies. Beyond any doubt, the impact will reverberate across economies, irrespective of the level of fiscal stimulus or monetary policy adopted to cushion the impact of the associated slowdown in economic activities. Source NOVA Merchant Bank Research Read More


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Investors Gain N104.22bn; NSEASI Inches Up by 0.83% As Market Sentiment Remains Positive - Equities market closed today on a positive note, as NSEASI appreciated by +0.83% to close at 24,330.06 basis points as against +0.06% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +9.36%. Source Proshare Markets Read More

Remarks by President Muhammadu Buhari at the Gold Bar Presentation - I am delighted to be at this official presentation of locally mined sourced gold bars by the Presidential Artisanal Gold Mining Development Initiative This laudable initiative will help support our efforts at enabling the creation of jobs for Nigerians, diversifying our revenue base, and in improving our foreign exchange reserves. Source State House Nigeria Read More

NSE Lists Axxela Funding 1 Plc Series 1 Bonds - Axxela Funding 1 Plc's N11,500,000,000 Series 1; 14.30% Fixed Rate Bonds due 2027, under the N50,000,000,000 Bond Issuance Program were today, Thursday, 16 July 2020 listed on The Nigerian Stock Exchange. Source NSE Read More

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Magu and Probe Panel: Letter from Magu's Lawyers to the Investigation Panel - As dictated by our editorial policy, we largely stay away from stories around "public corruption without evidentiary facts" as a matter of principle premised on our understanding of the issues and conviction on the systemic nature and remedies applicable which has largely been ignored by the various attempts/initiatives to tackle the problem of public corruption. Source OpEd/News Read More 

MTNN Begins Trial of e-SIM Services Following NCC Approval - In its continued drive to lead digital transformation, Foster inclusion, improve customer experience and maintain the highest quality of service for its customers MTN Nigeria Plc (MTN) today announced the trial of e-SIM services on their network based on approvals received from the Nigerian Communications Commission (NCC). Source NSE Read More 

Recommendations to Strengthen the International Audit and Ethics Standard-Setting System - The MG is responsible for the overall governance of the international audit and ethics standard-setting process and the review of its effectiveness. The set of recommendations fulfills the overall objective that the MG set out when the effectiveness review began in 2015... Source  IOSCO Read More

Nine Power Plants Shut Down, 2,079MW Capacity Stranded - Nine of the nation's 27 power plants were idle on Thursday, leaving a total generation capacity of 2,079.1 megawatts stranded. Total power generation in the country stood at 3,269.6MW as of 6am on Thursday, up from 3,074.6MW the previous day, according to the Nigerian Electricity System Operator. Source Punch Read More

FRSC Can Impound Vehicles on All Public Roads, Court Rules - The Federal High Court in Abuja has affirmed the powers of the Federal Road Safety Corps to enforce traffic laws on all public roads in Nigeria and impound violators' vehicles. Justice Anwuli Chikere made these declarations in a judgment she delivered on Wednesday. Source Punch Read More

FEC Okays 2021-2023 MTEF, Projects N12.66tn 2021 Budget - The Federal Executive Council on Wednesday approved the 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper with N12.66tn budget projection for each of the three fiscal years. The approval was given at a virtual meeting of the council presided over by the President, Major General Muhammadu Buhari (retd.). Source Punch Read More

Non-oil Exporters Want Govt to Fix Domestic Market - Stakeholders in the non-oil export business have asked the government to focus on addressing challenges in the domestic market so as to boost the country's potentials to export and earn foreign exchange. Source THISDAYLIVE Read More

Asia Stocks Rebound, Hopes of More Stimulus Offset Virus Worries - Asian shares eked out gains and U.S. stock futures bounced back on Friday as hopes of more government spending around the globe suppressed concerns about rising new coronavirus case numbers and worsening tensions between Washington and Beijing. Source Reuters Read More

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Gori Olusina To Speak on Islamic Finance, Public Private Partnership and Infrastructure Investments - Mr. Gori Olusina Daniel is the Managing Partner of Africa Public Private Partnership Advisory Services Limited, a Project Finance consultant that is delivering the PPP and Infrastructure Financing component of the UK-Nigeria Infrastructure Advisory Facility. Source WebTV Read More


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MSMEs Need Credit Guarantees to Survive - DBN - The Development Bank of Nigeria (DBN) has described Credit Guarantees Schemes (CGS) as veritable instruments to alleviate the credit constraints faced by micro, small, medium and enterprises, MSMEs. Source Vanguard Read More

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