Nigeria in 1min: Economic, Business and Financial Headlines - 180320


Wednesday, March 18, 2020 / 06:40 AM / By News Aggregator / Header Image Credit: @NCDCgov


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Headline Inflation Increases By 12.20% YoY In February 2020; 0.07% Higher Than January 2020 Rate - The consumer price index, (CPI) which measures inflation increased by 12.20 percent (year-on-year) in February 2020. This is 0.07 percent points higher than the rate recorded in January 2020 (12.13) percent. Source NBS Read More 

The Oil Price Collapse Is Far From Over - OIR 170320 - Oil prices dropped sharply on Monday, and the Dow Jones suffered its worst day in decades. Reports of a major economic stimulus in the making helped stabilize markets when trading started on Tuesday, but prices fell again as Saudi Arabia announced it would increase exports again. Source Oilprice Read More 

Nigeria's Economy Under Strain As Inflation Rate Rises - Latest inflation figures from National Bureau of Statistics (NBS) reveals an increase in inflation to +12.20% in the month of February. The inflation figures have been upward trending, the highest in the past 21 months since Nigeria closed its borders in August 2019. Source Proshare Read More 

The End of OPEC Is Here - OPEC may not survive to celebrate its own 60th birthday later this year. Saudi Arabia's decision to abandon output restraint and flood the market with cheap crude signals the end for a group dubbed the world's most successful cartel. Source Bloomberg Read More 

Coronavirus Economic Fallout Won't Be 'Done With By June' - With stock markets plummeting despite the federal government's recent steps to try to bolster the economy, worries that COVID-19 could do lasting economic damage are rising. Source The Harvard Gazette Read More 

Economic Council Meets Buhari, Warns Of Recession - The Presidential Advisory Council on Tuesday warned about dire economic consequences for Nigeria if the raging coronavirus infection was not contained as quickly as possible. The council, which is chaired by Prof Doyin Salami, met with the President, Major General Muhammadu Buhari (retd.), at the State House, Abuja. Source Punch Read More 

Coronavirus: Cut N10.59tn Budget, Target Overhead, Says Senate - The red chamber made the declaration following the consideration of the Senate Joint Committee on Finance, Appropriations, National Planning and Petroleum Resources (Upstream) on the urgent solution to the economic crisis caused by the outbreak of coronavirus. Source Punch Read More 

Oil Drops To $28, Dollar Exchanges For N369 - The price of Brent crude oil, the international benchmark, extended its decline on Tuesday, trading around $28 per barrel.  Brent, against which Nigeria's crude is priced, fell by $1.40 to $28.65 per barrel as of 8:15 pm Nigerian time on Tuesday, its lowest since January 2016. Source Punch Read More 

COVID-19: Death Toll Jumps to 7,927 - The death toll from COVID-19 yesterday jumped to 7, 927, with 196, 771 persons confirmed to be positive with the virus across the globe, according to the World Health Organisation (WHO). Source Thisday Read More 

59.7% Of Electricity Customers Still On Estimated Billing - NERC - At the backdrop of a new and higher electricity tariff commencing next month across the country, about 5.8 million of electricity consumers are yet to be captured under the pre-paid meter scheme. Source Vanguard Read More


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Sell Pressure Persists as NSEASI Dips Further by -0.71% - Equities market closed today on a negative note, as NSEASI depreciated by -0.71% to close at 22,543.07 points as against -0.12% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -16.02%.  Source Proshare Markets Read More 

Zenith Bank Fetes Shareholders with Dividend Payout of N87.9bn - Shareholders of Zenith Bank Plc, on Monday, at the 29th Annual General Meeting of the Bank held at the Shehu Musa Yaradua Centre, Abuja unanimously approved the proposed final dividend of N2.50 per share, bringing the total dividend payment for the 2019 financial year to N2.80 per share with a total value of N87.9 billion. Source Zenith Bank Read More 

JBERGER Declares N8.76bn PAT in FY 2019; Proposes Final Dividend of N2.75k and Bonus of 1F5(SP:N22.15k) - Julius Berger Nigeria Plc, Infrastructure/Heavy Construction company in Construction/Real Estate Sector announced 36.9% Revenue growth in 2019 Audited Result. Source NSE Read More 

Treasury Bill Auction Holds On Wednesday March 18th, 2020 - A primary auction of Nigerian Treasury Bills will take place on Wednesday, March 18th, 2020. Source Read More 

Prestige Assurance Revises Terms to Its Proposed Rights Issue - Further to the Market Bulletin with Reference Number: NSE/RD/LRD/MB07/20/01/31, dated 31 January 2020 on the above subject, NSE hereby notified of the revised terms to the proposed Rights Issue by Prestige Assurance Plc (the Company). Source NSE Read More 

ACI Surges By 5.06% - AFEX Commodities Weekly Report 060320 - The AFEX Commodities Index closed at 151.75points this week, indicating an increase of 5.06% in the overall Market Performance. The maize sub-index experienced an uptick of 9.88% reversing its downward trend witnessed in previous weeks while Paddy rice and Soyabeans' price remained the same. Source Kainosedge Consulting for AFEX Commodities Exchange Read More 

Fed Actions, US Banks Discount Window Use Prudent Amid Turmoil - The decisive and coordinated Federal Reserve (the Fed) actions in response to recent extreme market volatility should allow U.S. banks and markets more time and increased flexibility to adjust to the unfolding coronavirus pandemic, Fitch Ratings says. Source Fitch Ratings Read More 

Foreign Stock Investors Withdrew N523.42bn In 2019 - NSE - Foreign investors pulled out a total of N523.42bn from the nation's stock market last year, while they injected N419.13bn into it, data from the Nigerian Stock Exchange showed. Source Punch Read More


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IMF Outlines Policy Steps to Address COVID-19 - The Fund, noted that timely and decisive actions by health authorities, central banks, fiscal, regulatory and supervisory authorities could help contain the virus outbreak and offset the economic impact of the pandemic. Source Thisday Read More

Trump Presses For $1 Trillion Stimulus As U.S. Coronavirus Deaths Cross 100 - The Trump administration pressed on Tuesday for enactment of a $1 trillion stimulus package, possibly to include $1,000 direct payments to individual Americans, to blunt the economic pain from a coronavirus outbreak that has killed over 100 people in the country. Source Reuters Read More


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Facebook To Award $100m In Grants, Ad Credits To SMEs Against COVID-19 -  Social media platform, Facebook Inc said it plans to award $100 million in cash grants and ad credits for up to 30,000 small businesses in over 30 countries to address the economic impact of the coronavirus outbreak. Source Guardian Read More


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