Nigeria in 1min: Economic, Business and Financial Headlines - 220520


Friday, May 22, 2020 / 6:09 AM / By News Aggregator / Header Image Credit: Twitter; @NigeriaGov


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COVID-19 Health Updates

  • On the 21st of May 2020, 339 new confirmed cases and 9 deaths were recorded in Nigeria
  • No new state has reported a case in the last 24 hours.
  • Till date, 7016 cases have been confirmed, 1907 cases have been discharged and 211 deaths have been recorded in 34 states and the Federal Capital Territory
  • The 339 new cases are reported from 18 states- Lagos(139), Kano(28), Oyo(28), Edo(25), Katsina(22), Kaduna(18), Jigawa (14), Yobe(13), Plateau (13), FCT(11), Gombe(8), Ogun(5), Bauchi(4), Nasarawa(4), Delta(3), Ondo(2), Rivers(1), Adamawa(1). Read More

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Trend of Rising Unemployment - Given its hazy business environment, as well as its macroeconomic challenges, Nigeria has struggled with reducing its unemployment rate. Over the past several years, the rate has steadily trended north. Although lagged, the latest labour force report from the National Bureau of Statistics shows a rise in the national unemployment rate to 23.1% in Q3 2018 from 22.7% recorded in the previous quarter. Source FBNQuest Research Read More

COVID-19 Palliative Measures: FIRS Extends AEOI-CRS Reporting Deadline for Financial Institutions - On Tuesday, 19 May 2020, the FIRS issued a Public Notice announcing extension of the deadline for Financial Institutions to file their annual returns for Automatic Exchange of Information-Common Reporting Standard (AEOI-CRS) from 31 May 2020 to 30 September 2020. Source KPMG Nigeria Read More

OMCs to Resume Importation of Petrol - According to local media reports, private oil marketing companies (OMCs) have now joined the Nigerian National Petroleum Corporation (NNPC) in the importation of petrol. This was based on information from the Petroleum Products Pricing Regulatory Agency (PPPRA) that permits had been given to several OMCs to start importing petrol alongside the NNPC. Source CSL Research Read More

Headline Inflation Increases By 12.34% YoY In April 2020; 0.08% Higher Than March 2020 Rate - The consumer price index, (CPI) which measures inflation increased by 12.34 percent (year-on-year) in April 2020. This is 0.08 percent points higher than the rate recorded in March 2020 (12.26 percent). Increases were recorded in all COICOP divisions that yielded the Headline index. Source NBS Read More

CBN Reschedules May 2020 MPC Meeting to May 28, 2020 - This is to inform our stakeholders and the general public that the May 2020 meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), earlier scheduled for Monday and Tuesday, May 25 and 26, 2020, respectively, will now hold on Thursday, May 28, 2020. Source CBN Read More

Nairametrics Holds Second-quarter 2020 Economic Outlook; Focuses on Impact of COVID-19 - Nairametrics held its second-quarter 2020 economic outlook on Saturday, May 16th, 2020, albeit virtually due to the Coronavirus pandemic. The webinar, which centered on the topic "The New Normal - Economic Outlook: Your Money or your Life", was attended by 729 unique participants. More than a thousand people registered to participate in the event. Source Nairametrics Read More

Governors to partner PTF for full reopening of economy - Governors of the 36 states are pushing for the full reopening of the Nigerian economy, agreeing to work with the Presidential Task Force on COVID-19, to achieve it soon. This was part of the decisions of the National Economic Council meeting, which was held on Thursday. Source Punch Read More


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DMO Comfortably Raises N390.70Bn At The FGN Bond Auction As Local Demand Swells - The Bond Market had a sluggish open as attention shifted to the monthly FGN bond auction. Activity picked up as we saw decent demand on some of the bonds with decent offers, particularly the 2024s, 2028s and 2049s maturities as few investors took advantage of the toned-down market to cherry-pick these interesting maturities. Yields dropped by c.22bps on the average across the benchmark bond curve. Source Zedcrest Capital Read More

Summary of FGN Bond Auction Results For May 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). Source DMO Read More

PZ Cussons Nigeria Is Maintaining Underperform Rating in Q3 2020 - PZ Cussons Nigeria (PZ) suffered the biggest quarterly loss since 2016 on account of a rising cost profile compounded by stronger competitive headwinds and continued consumer pricing pressure. Q3 2020 (end-Feb) pretax loss of -N2.4bn was 5x higher y/y and 7x worse than our forecast of -N292m, driven by a y/y gross margin contraction of -622bps (-369bps behind our forecast) and 20% y/y increase in opex (47% higher than forecast). Source FBNQuest Research Read More

Investors Gain N159.55bn As NSEASI Inches Up By 1.25% Amid Negative Market Turnover - Equities market closed today on positive note, as NSEASI appreciated by +1.25% to close at 24,758.39 points as against +1.03% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -7.76%. Source Proshare Markets Read More

Ahead of Tomorrow on WebTV: Discussions on Discourse on Private Equity and Venture - Oluyemi Rufai is a Finance Expert with over a decade experience which cut across diverse areas including; Oil and Gas with ExxonMobil, Management Consulting with KPMG, Public Policy, Investment Banking and Commercial Banking. Source WebTV Read More

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Bank NPLs (6) - Technical Analysis on Banks' NPLs - Gross Earnings - This section evaluates the performance of banks during the period under review. A thorough analysis was done on DMB's gross earnings, profitability, leverage, liquidity, LDR, NPL's and its impact on each banks profitability and credit growth rate. The periods under review was divided into two periods which connotes the reign of different Central Bank Governors... Source Debtors Africa Read More

COVID-19: Tough Choices for Banking and Other Businesses - The Webinar on Covid-19: Tough Choices for Banking & Other Businesses was held on Tuesday, May 5, 2020 via the Zoom Conference Call Platform. The Webinar is the first installment in the CIBN Advocacy Dialogue Series aimed at the enlightenment and empowerment of the Institute's members amidst the Covid-19 pandemic. Source CIBN Read More

Enhanced Sustainable Banking Model In Event of Major Economic and Business Disruptions - The Webinar on Enhanced Sustainable Banking (ESB) Model in Event of Major Economic and Business Disruptions was held on Thursday, May 7, 2020 via the Zoom Conference Call Platform. The Webinar is the second installment in the CIBN Advocacy Dialogue Series aimed at the enlightenment and empowerment of the Institute's members amidst the Covid-19 pandemic. Source CIBN Read More

Ahead of Tomorrow on WebTV: Discussions on Focus on IOD and Corporate Governance In Nigeria - Chief Bamidele Alimi is the DG/CEO of the Institute of Directors Nigeria. He is an alumnus of the Lagos Business School and member of other professional and social organizations like the Nigeria Institute of Management, the Nigeria Institute of Public Relations and Rotary International. Source WebTV Read More

Debtors Africa: AMCON; Chike-Obi's Alternative View - In response to a recent report commissioned by Debtors Africa and written by Proshare on a new approach to debtor management in Nigeria, Mr. Mustapha Chike-Obi, erstwhile Managing Director of the Asset Management Company of Nigeria (AMCON) provided an alternative view to the AMCON story on mitigating the effects of delinquent debt on the domestic banking system. Source Debtors Africa Read More

N10tn Spent On Fuel Subsidy In 15 years - Marketers - The Federal Government has spent about N10n subsidising petroleum products in the last 15 years, the Major Oil Marketers Association of Nigeria has said. MOMAN and other stakeholders, including the Depot and Petroleum Products Marketers Association of Nigeria and the Petroleum Products Retail Outlets Owners Association of Nigeria, said there was a need for full deregulation in the petroleum downstream sector. Source Punch Read More

Don't Run Parallel Management, Amaechi Tells NPA Board - The Federal Government on Thursday inaugurated the governing board of the Nigerian Ports Authority. The Minister of Transportation, Rotimi Amaechi, who inaugurated the board in a controlled ceremony in Abuja, charged members of the team not to run a parallel government. Source Punch Read More

Elumelu: COVID-19 Presents Opportunity to Reset Africa - The Chairman of the United Bank for Africa (UBA) Plc, Tony Elumelu, has stressed that the coronavirus Pandemic currently ravaging the world presents an opportunity to reset the African continent to become more productive and self-reliant. Source THISDAYLIVE Read More

Hong Kong Leads Asian Shares Lower as Beijing Readies New Security Law - Hong Kong shares tumbled on Friday after Beijing moved to impose a new security law on the city after last year's pro-democracy unrest, risking fresh protests and further straining fast-deteriorating U.S.-China ties. Source Reuters Read More

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Microsoft Outlines Steps to Drive Nigeria's Digital Transformation Forward - Microsoft has presented digital transformation as a means for social and economic development in Nigeria, and as an opportunity for every Nigerian citizen and business to achieve more. Source THISDAYLIVE Read More

Facebook's Zuckerberg Embraces Remote Work Beyond Silicon Valley - Facebook Inc will permanently embrace remote work even after coronavirus lockdowns ease, Chief Executive Mark Zuckerberg said on Thursday, accelerating the tech sector's geographic diversification away from its home in Silicon Valley. Source Reuters Read More


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Development Bank Disburses N100bn to MSMEs - The Development Bank of Nigeria Plc said on Thursday said it disbursed over N100bn to Micro, Small and Medium Enterprises in 2019, leading to the creation of 3,192 jobs. A statement by the bank reported its Managing Director, Tony Okpanachi, as disclosing this in his address at the bank's virtual 3rd Annual General Meeting held recently in Abuja. Source Punch Read More

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FGN Sukuk Offer For Subscription - On the authority of the Federal Government of Nigeria FGN Roads Sukuk Company 1 Plc (FGN RSC1) Offers for Subscription through FBNQuest Merchant Bank Limited & Lotus Financial Services Limited (the "Financial Advisers") who are authorized to receive applications for up to N150,000,000,000 7-Year Ijarah Sukuk due June 2027 Rental Rate: 11.200% Per Annum. Source DMO Read More

Insurance Is For Others, Not You - When centuries ago, some merchants astride their ships off the shores of Italy discussed the losses of their cargoes and came up with the idea of pooling resources together to be able to help those who experienced mishaps, it was not only a brilliant idea but also well received by all. Source Ekerete Ola Gam-Ikon Read More


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