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Nigeria in 1min: Economic, Business and Financial Headlines - 190620

All One Min News	1495 VIEWS
All One Min News
1495 VIEWS

Friday, June 19, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: @seyiamakinde

COVID-19 Health Updates

On the 18th of June 2020, 745 new confirmed cases and 6 deaths were recorded in Nigeria
No new state has reported a case in the last 24 hours.
Till date, 18480 cases have been confirmed, 6307 cases have been discharged and 475 deaths have been recorded in 35 states and the Federal Capital Territory
The 745 new cases are reported from 21 states- Lagos(280), Oyo(103), Ebonyi(72), FCT(60), Imo(46), Edo(34), Delta(33), Rivers(25), Kaduna(23), Ondo(16), Katsina(12), Kano(10), Bauchi(8), Borno(7), Kwara(5), Gombe(4), Sokoto(2), Enugu(2), Yobe(1), Osun(1), Nasarawa(1). Source NCDC Read More

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Average Fare Paid By Commuters for Bus Journey Within City Decreased By -0.56% MoM in May 2020 - NBS - The Transport fare Watch report for May 2020 covers the following categories namely bus journey within the city per drop constant route; bus journey intercity, state route, charge per person; air fare charge for specified routes single journey; journey by motorcycle (Okada) per drop; and water way passenger transport. Source NBS Read More

Coronanomics (13) - Nigeria: The Budget, The People and Poverty - The restrictions in the movement have negatively affected the demand for oil and have caused uncertainty in the global oil market. During the crisis period, the WTI traded as low as negative $37.63 per barrel in April while the Brent crude oil price fell remarkable too as low as $15.98 per barrel. Source Proshare Content Read More

IEA offers World Governments a Sustainable Recovery Plan to Boost Economic Growth, Jobs - The International Energy Agency is today presenting a Sustainable Recovery Plan focusing on a series of actions that can be taken over the next three years to revitalise economies and boost employment while making energy systems cleaner and more resilient. Source IEA Read More

Hike in Electricity Tariffs to take off in July - The Minister of Power, Sale Mamman has revealed that the new increment on electricity tariff would take off in July. The Minister disclosed this at the Investigative Public Hearing on Power Sector Recovery Plan and the impact of COVID-19 pandemic organised by the Senate Committee on Power. Source CSL Research Read More

African Union Disqualifies Okonjo-Iweala From Vying For World Trade Organisation Director General - The African Union has disqualified Dr Ngozi Okonjo-Iweala from vying for the office of the Director General of the World Trade Organisation, SaharaReporters has exclusively gathered. In July 2019, the Executive Council of the AU invited member states to present nominations into the office of the DG of the WTO so that the AU would agree on a consensus candidature. Source Sahara Reporters Read More

CBN Notifies of Plans to Release a Framework For The Integration of Non-interest Window - The Central Bank of Nigeria has unveiled today, via its official twitter handle, plans to release a framework for the integration of non-interest window in all its intervention programmes particularly the Anchor Borrowers' Programme (ABP) and the Targeted Credit Facility (TCF) to support households and Micro, Small and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic. Source CBN Read More

Taiwo Oyedele To Speak on Nigeria's Fiscal Sustainability Tomorrow on WebTV - TAIWO OYEDELE is the Fiscal Policy Partner and West Africa Tax Leader at PwC. He is the Research Director for the Fiscal Policy Roundtable of the Nigerian Economic Summit Group (NESG). He is the author of Insights on Taxation and Fiscal Policy; Top 50 Tax Issues in Nigeria; the Nigeria Transfer Pricing Chapter of the IBFD Publication and a contributor to the annual doing business report of the World Bank. Source WebTV Read More

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Investors Lose N20.56bn; NSEASI Dips by -0.16% Amid Negative Market Turnover - Equities market closed today on a negative note, as NSEASI depreciated by -0.16% to close at 24,933.88 points as against +0.17% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -7.11%. Source Proshare Markets Read More

Summary of FGN Bond Auction Results For June 2020 - Auction Result for the 12.75% FGN APR 2023 (Re-opening 5-year Bond), 12.50% FGN MAR 2035 (Re-opening 15-Year Bond) & 12.98% FGN MAR 2050 (Re-opening 30-Year Bond). Successful bids for the 12.7500% FGN APR 2023, 12.5000% FGN MAR 2035, and 12.9800% FGN MAR 2050 were allotted at the Marginal Rates of 8.0000%, 11.0000% and 12.1500%, respectively. Source DMO Read More

Double Whammy At the Primaries as The DMO Drops Rates At Both NTB and Bond Auctions - The Bonds Market traded on a discreet note, as axes were few and far between across the curve. We saw some order-driven demand on specific maturities at the long-end of the curve (2036s to 2049s), as market players traded cautiously ahead of today's Bond PMA outcome with yields compressing by an average of c.1bps across the benchmark bond curve. Source Zedcrest Capital Read More

Dangote Sugar Refinery Q4 2019 and Q1 2020 Results Review: Price Target Cut Driven By FX Constraints - Dangote Sugar Refinery's (DSR) recently published earnings came under pressure from an upswing in raw sugar prices in Q4 2019, and a weaker exchange rate in Q1 2020 due to lower crude oil prices. That said, the company recorded unit volume growth of 20% y/y and was able to implement price increases in Q1 thanks to the border closure. As such, Q1 sales in naira terms increased by 25% y/y to N47.6bn. Source FBNQuest Research Read More

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FG to Review Customs Duty on Electricity Meters - The Federal Government is currently reviewing concerns around customs duty on electricity meters in order to make the equipment more accessible to power users. This followed complaints by power distribution companies over the cost of duty on meters, a development that had made many meters remain un-cleared at the ports. Source Punch Read More

Experts Seek Electronic Simulation Before Flight Resumption - Experts in the aviation industry have demanded an electronic simulation of the flight process before domestic flight resumption. Key stakeholders made this submission at a webinar on Thursday. President of Aviation Roundtable, Mr Gbenga Olowo, said an electronic simulation of all the guidelines laid for travel would ensure readiness. Source Punch Read More

IFC, Zenith Bank to Support SMEs with $100m - The International Finance Corporation (IFC), a member of the World Bank Group has announced an investment of up to $100 million in Zenith Bank Plc to help increase support to clients and companies whose cash flows have been disrupted by challenges caused by the COVID-19 pandemic. Source THISDAYLIVE Read More

'Nigeria Lost $48m to Oil Theft in Six Months' - Nigeria lost $48 million to pipeline vandalism and crude oil theft between January and June, this year, it was learnt on Wednesday. It was further learnt that it is impossible for now to stop the smuggling of crude oil products across the country's borders to neighbouring countries. Source The Nation Read More

NSIA Invests N107b in Presidential Fertiliser Initiative - The Nigeria Sovereign Investment Authority (NSIA) has invested N107 billion in Presidential Fertiliser Initiative (PFI). The agency plans to invest another N114 billion in the year on raw materials, logistics, contract blending costs by third party blenders, among others. Source The Nation Read More

IMF Says Deeper-Than-Expected Contraction in U.S. Economy Likely in Second Quarter - A defacto lockdown in the United States has lasted longer than expected despite a rollback in some restrictions on mobility, pointing to a deeper-than-expected contraction in gross domestic product in the second quarter, the IMF said on Thursday. Source Reuters Read More

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Dr. Basheer Oshodi To Speak on Prospects for Nigerian Non-Interest Finance Market Tomorrow on WebTV - Basheer Oshodi, PhD, Head, Non-Interest Banking, Investments & Products. Basheer's role as the head of the Non-Interest banking team has helped to position Sterling Bank as a leader in the fast-developing alternative finance sector. He has over 20 years of work experience in banking, real estate and management consultancy. Source WebTV Read More

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