Nigeria in 1min: Economic, Business and Financial Headlines - 201020

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Tuesday, October 20, 2020 / 05:50 AM / By News Aggregator / Header Image Credit: @jidesanwoolu


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COVID-19 Health Updates

  • 20th of October 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 61,558 cases (New: 118)
  • Discharged:  56,697
  • Deaths: : 1,125 (New: 0)

Source: NCDC Read More


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PROSHARE ECONOMY 

Fiscal Ill-health of Most States - The gross monthly payout by the Federation Account Allocation Committee (FAAC) to the three government tiers and eligible agencies was N640bn (US$1.66bn) in October (from September revenue). Source FBNQuest Read More

Nigeria's Inflation Rises to 13.71% as Concerns Mounts Up - Nigeria's upward trending inflation rate, according to analysts, poses a major challenge for the central bank of Nigeria (CBN). The consistent rise in inflation which was initially attributed to the temporary closure of the Nigerian border in August 2019 has been worsened by the COVID-19 pandemic. Source Proshare Read More

Fitch Revises Lagos's Outlook to Stable on Sovereign Action; Affirms at 'B' - Fitch Ratings has revised the Outlook on Lagos State's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to Stable from Negative and affirmed the IDRs at 'B'. Source Fitch Ratings Read More

Headline Inflation Ticked up by 49 bps to 13.71% in September - PFI Capital - Early morning of Thursday 15th October 2020, the National Bureau of Statistics released the Consumer Price Index (CPI) report for September. The CPI which measures inflation increased by 13.71 percent (year-on-year) representing 0.49% higher than the rate recorded in August 2020 (13.22%) percent. Source PFI Capital Read More

NEITI Records 200% Compliance from MDAs, Others - The Nigeria Extractive Industries Transparency Initiative (NEITI) has said that compliance to its benchmarks by Ministries, Departments and Agencies (MDA) as well as companies in the oil and gas sector rose by over 200 per cent in 2019 compared to previous years. Source Thisday Read More

NNPC Reduces Debts to IOCs to $1.58bn, Pays Off Mobil - Out of about $4.6 billion negotiated joint venture (JV) oil production debt Nigeria was owing international oil companies (IOCs), about $3.02 billion has been paid by the Nigerian National Petroleum Corporation (NNPC), leaving about $1.58 billion as the outstanding, a report by the corporation has disclosed. Source Thisday Read More

Electricity Tariff: CBN Introduces Framework For Financing Meter Acquisitions - There are indications that the recent moves by the Federal Government to boost commercial value of the nation's electricity industry through increased tariff may spark off inflow of fresh bank credits to the sector as the Central Bank of Nigeria, CBN, introduces framework for financing electricity meters. Source Vanguard Read More


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PROSHARE MARKETS 

NSEASI Closed Flat Amid Negative Market Turnover - Equities market closed today on a flat note, as NSEASI closed at 28,658.31 basis points as against +1.11% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +6.77%. Source Proshare Markets Read More

NT-Bills Secondary Market Sustains Bullish Run as Average Yield Moderates to 1.1%WoW - Last week, the Nigerian Treasury Bills ("NT-Bills") market sustained its bullish run for the second consecutive week as a result of ample system liquidity which was at N250.6bn on Wednesday as demand from investors with lost bids at the Primary Market Auction ("PMA") filtered into the secondary market. Source Afrinvest Research Read More

NSE Set to Host 5th Market Data Workshop - The Nigerian Stock Exchange (NSE), in partnership with InfoWARE Limited, is set to host the fifth edition of the NSE Market Data Workshop on Friday, October 23, 2020. This year's event will be held virtually in compliance with guidance around physical distancing occasioned by the COVID-19 pandemic. Source NSE Read More


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Banks in H1 2020: Deconstructing Banks' H1 2020 Individual Performances - Wema Bank - Wema Bank's topline and bottom line were both adversely hit by the COVID-19 pandemic. Its profit before tax declined significantly by -33.75% while its gross earnings declined slightly by -6.59% in H1 2020. To further add to its woes its non-performing loans rose to 5.6% in H1 2020 from 3.55% In H1 2019. Source Proshare Read More

Afrinvest Stock Recommendation for the Week 191020 - The equities market sustained a positive performance in the previous week as the All-Share index increased by 0.9% w/w to 26,659.45 points. Furthermore, market capitalisation rose N127.6bn to N15.0tn while YTD return improved to 6.8%. Source Afrinvest Read More

Equity Market Closes On Flat Note As #EndSARS Protest Deepens - Equities market closed on Monday on a flat note as #EndSARS protests dented market sentiment. Consequently, the All-Share Index depreciated by 0.14 basis points to close at 28,658.31 index points as against 28,658.45 recorded last Friday's trading session. Source Punch Read More


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PROSHARE BUSINESS 

CIIA Nigeria Elects New President, Council Officers - The Governing Council of Association of Corporate and Individual Investment Advisers (CIIA) last week elected new officers to pilot the affairs of the capital market trade group following the completion of the two-year term of the team led by Toyin F Sanni. Source CIIA Read More

The DigitalOnly DafriBank To Revolutionize African Banking Services - DafriBank is transforming the old commercial banking systems with its revolutionary Digital Banking model. It opens new opportunities for the rising African digital entrepreneurs, an oft-ignored niche. This digital-only bank is projected to begin operation in the third quarter of 2021 and will have physical presence in Nigeria and South Africa. Source DafriBank Read More

 Buhari Sacks Copyright Commission Board Chair - His sack which was with immediate effect was conveyed in a letter signed by the Solicitor General of the Federation and Permanent Secretary of the Ministry of Justice, Mr Dayo Apata, SAN. Source Thisday Read More

CBN Enforces Local Content In Mass Metering Facility - The Central Bank of Nigeria has prohibited the use of its National Mass Metering Programme facility for procurement of fully assembled meters from overseas, and metering infrastructure. It said this in its report on 'Framework for financing of National Mass Metering Programme'. Source Punch Read More

Govt Expecting One Million MT Steel From $1.5bn Plant - Minister - The Federal Government has said that the $1.5bn steel plant that is nearing completion in Kaduna State will attract automobile industries to Nigeria when completed. Minister of Finance, Budget and National Planning, Zainab Ahmed, disclosed this during an inspection tour of the African Natural Resources and Mines, an African Industries Group company in Kaduna. Source Punch Read More

Asian Stocks Dip As U.S. Political Concerns Grow - Asian stocks slipped on Tuesday as investors adjusted risk exposure heading into the U.S. election and as a deadline for Washington to pass an economic stimulus bill approached while Europe reported record daily coronavirus infections. Source Reuters Read More


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PROSHARE TECHNOLOGY   

Pantami Urges African Countries to Strengthen Data Protection Mechanism - The Minister of Communication and Digital Economy, Dr. Isa Ali Ibrahim Pantami, has urged African countries to develop data protection standard across their borders as part of the essential requirements for building a strong and reliable digital economy. Source Thisday Read More

 

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PROSHARE FINANCE

#EndSARS: Lagos orders indefinite closure of schools - The Lagos State Government has ordered the indefinite closure of public and private schools in the state. The Head, Public Affairs, Ministry of Education, Kayode Abayomi, made the disclosure in a statement on Monday. Source The Point Read More

 

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PROSHARE MSME

FG Begins N75bn Support Fund Disbursement This Week - Beginning from this week, the Federal Government will start paying grants to Micro, Small and Medium Enterprises that are successful to partake in the N75bn COVID-19 support schemes. On September 10, 2020, the Federal Government inaugurated two schemes to financially support about 1.7 million MSMEs across the country with N75bn. Source Punch Read More


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