Nigeria in 1min: Economic, Business and Financial Headlines - 210520


Thursday, May 21, 2020 / 4:46 AM / By News Aggregator / Header Image Credit: Twitter; @NCDCgov

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COVID-19 Health Updates

  • On the 20th of May 2020, 284 new confirmed cases and 8 deaths was recorded in Nigeria
  • No new state has reported a case in the last 24 hours.
  • Till date, 6677 cases have been confirmed, 1840 cases have been discharged and 200 deaths have been recorded in 34 states and the Federal Capital Territory
  • The 284 new cases are reported from 13 states- Lagos(199), Rivers(26), Oyo(19), FCT(8), Borno (8), Plateau(7), Jigawa (6), Kano (5), Abia(2), Ekiti(1), Delta(1), Kwara (1), Taraba (1). Read More

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Far from Great Fiscal Expectations - We can add a little colour to the FGN's fiscal thinking from local media coverage of a meeting held this month by the federal finance minister with civic society. The meeting predated the amended 2020 budget sent to the National Assembly (Good Morning Nigeria, 15 May 2020) but nonetheless provided some welcome details. Source FBNQuest Research Read More

20.89bn Litres of PMS Imported Into Nigeria in 2019 - NBS - The Petroleum Products Importation Statistics for Full Year 2019 reflected that 20.89bn litres of Premium Motor Spirit (PMS), 5.15bn litres of Automotive Gas Oil (AGO), 128.11m litres of Household Kerosene (HHK), 1.07bn litres of Aviation Turbine Kerosene (ATK), 45.98m litres of Low Pour Fuel Oil (LPFO) and 526.06m litres of Liquefied Petroleum Gas (LPG) were imported into the country in Full Year 2019. Source NBS Read More

FG Approves Reorganization of Management In TCN, With Engr Sule Abdulaziz As New MD - As part of continuing mesures to reposition and improve the performance of the power sector in the country, the Honourable Minister of Power Engineer Sale Mamman announced major changes at the Transmission Corporation of Nigeria, TCN. Source Ministry of Power Read More 

Ahead of Tomorrow on WebTV: Discussions on Post COVID-19: Focus Of Nigeria's Creative Industry - OBI ASIKA is a Nigerian creative industries entrepreneur. He is known for his involvement in the growth of Nigeria's music industry, as the founder and CEO of Storm 360 - an indigenous music label which spawned entertainers including Naeto C, Ikechukwu, Sasha P, General Pype, L.O.S., Ms Jaie, Tosin Martins, and Yung 6ix. Source WebTV Read More

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CBN Resumes Whole FX Intervention To Tackle FX Supply Problems - It was a topsy-turvy session in the market for FGN Bonds, as spreads widened across the head and belly of the curve while maturities at the tail-end saw tighter spreads from improved bids. We noted strong local demand for the 2023s and 2024s papers, with trades being executed on available offers. Source Zedcrest Capital Read More

BUACEMENT Declares N60.6bn PAT in 2019 Audited Results, Proposes N1.75K Final Div; (SP:N31.80k) - BUA Cement Plc, Building Materials company  in Industrial Goods sector announced 47.5% Revenue growth in Q4'19 Result. Source NSE Read More

MTN Nigeria To Prioritise 4G Expansion - MTN Nigeria has said that it plans to invest at least NGN600 billion to increase 4G network across the country from the current 40% coverage. This was disclosed at the ICT company's first Annual General Meeting (AGM) held on Friday May 15, 2020. Source MTN Read More

Investors Gain N129.96bn; NSEASI Firms Up By 1.03% As Market Maintains Positive Posture - Equities market closed today on positive note, as NSEASI appreciated by +1.03% to close at 24,452.23 points as against +1.09% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -8.90%.  Source Proshare Markets Read More


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Bank NPLs (5) - How Banks Fared In 2018; Holding Up Against IFRS9 Tropical Winds - The Nigeria banking sector faced harsh challenges in 2018 as growth in the gross domestic product ("GDP") stalled in the face of falling Inflation and tighter monetary policy. GDP in 2018 grew by a sluggish +1.93% while Inflation closed the year at a modestly high +11.44%.  Source Debtors Africa Read More

Chartered Institute of Stockbrokers Elects New President and Governing Council Members - The Chartered Institute of Stockbrokers (CIS) yesterday, in a statement by the Institute's Registrar and Chief Executive, Mr Adedeji Ajadi, announced the election of Mr. Olatunde Amolegbe as its new President and Chairman of the Governing Council, succeeding the incumbent President, Mr Adedapo Adekoje after the Institute's maiden virtual Annual General Meeting (AGM). Source News Read More

Credit Bureaus and Credit Scores - A credit score is a statistical number that evaluates a consumer's creditworthiness and is based on the individuals credit history. Credit scores steams from a key need - The need to ascertain the associated default risk of the borrowing party using historical credit reference and predict the probability that the borrower will default/perform on a new loan obligation. Source Deji Peters Read More

BDCs Warn Members Against Speculation, Dollar Exchanges N461/$ - The Association of Bureaux De Change Operators of Nigeria has warned its members and forex speculators putting pressure on the naira to stop the practice or risk losing their money. This came as the dollar was on Wednesday exchanged for N461 on the parallel market. Source Punch Read More

Privatisation Has Exposed Power Sector Weakness - Gencos - Electricity generation companies in the country have said the privatisation of the power sector has exposed the inherent structural weakness in the sector. The Gencos said they had continued to perform in line with industry agreements despite the challenges plaguing the sector. Source Punch Read More

NIGCOMSAT Seeks Partnership With Digital Satellite TV Providers - The Nigerian Communications Satellite Limited has said it is ready to partner with digital satellite television providers who wish to transmit with its facilities. The General Manager, Corporate Affairs Directorate, Adamu Idris, spoke on Wednesday while representing the organisation's Managing Director during an event held to mark the inauguration of OurTV, a Nigerian digital satellite TV service. Source Punch Read More

Contractors Threaten Ministry Over N17b Debt - Contractors that handled the 2018 procurement in the Ministry of Agriculture and Rural Development, have threatened to take legal action against the Ministry over N17billion debt. Source Punch Read More

Fed Debates Longer-term Crisis-fighting Plan, Minutes Show - Federal Reserve policymakers, still working to fully roll out a multi-trillion-dollar effort to shore up financial markets and an economy cratered by the coronavirus pandemic, last month dove into a new debate: how best to support the economy during a recovery they now agree could be slower and more fraught than initially thought. Source Reuters Read More

Wall Street Climbs On Stimulus Hopes, as S&P, Nasdaq Hit Multi-month Highs - The three major averages on Wall St. notched their fourth gain in five sessions on Wednesday as investors again bet on a swift economic recovery from coronavirus-driven lockdowns and the potential for more stimulus measures from the Federal Reserve. Source Reuters Read More


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Innovate to Overcome: Financing Health Systems Against NCDs - Low- to middle-income countries (LMICs) are disproportionately affected by NCDs. An estimated 97m people (or 1.4 percent of the world's population) fell below the poverty line because of out-of-pocket healthcare spending in 2010. A lack of investment in NCDs will contribute towards an estimated global financial loss of $47tn in GDP from 2011 to 2025. Source Read More

EIOPA: European Insurers Face Increased Risk Exposures Due to COVID-19 - Today, the European Insurance and Occupational Pensions Authority (EIOPA) published its updated Risk Dashboard based on the fourth quarter 2019 Solvency II data. Source Read More

Old Mutual Celebrates 175 years of being the ''Certain friend in Uncertain Times'' - Old Mutual Limited celebrates 175 years of impacting lives across the continent. The key to Old Mutual Limited's success, according to Vuyo Lee, Old Mutual Group Chief Marketing Officer, is that the company has always taken the long-term view and understood that change, challenge and opportunity are the only constants. Source Sponsored Post Read More

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