Nigeria in 1min: Economic, Business and Financial Headlines - 220620

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Monday, June 22, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: @NCDCgov


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COVID-19 Health Updates

  • On the 21st of June 2020, 436 new confirmed cases and 12 deaths were recorded in Nigeria
  • No new state has reported a case in the last 24 hours.
  • Till date, 20244 cases have been confirmed, 6879 cases have been discharged and 518 deaths have been recorded in 35 states and the Federal Capital Territory
  • The 436 new cases are reported from 19 states- Lagos (169), Oyo (52), Plateau (31), Imo (29), Kaduna (28), Ogun (23), FCT (18), Enugu (18), Bauchi (17), Bayelsa (14), Rivers (8), Osun (6), Kano (6), Edo(5), Benue (5), Adamawa (3), Borno (2), Abia (1), Ekiti (1). Source NCDC Read More


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PROSHARE ECONOMY 

Coronanomics (14) - Nigeria's Debt Profile - Swimming in Deep Waters - The latest debt data released by the Debt Management Office (DMO) shows that the country's total debt stock as of December 2019 stood at N27.4trn. The debt includes N21.7trn owed by the Federal Government and the N5.6trn owed by the different state governments. Source Proshare Content Read More 

Coronanomics (15) - Nigeria's National Income - Understanding The Black Box - A major reason for the country's rising debt is its dwindling revenues caused by tumbling oil prices. The Nigerian economy is primarily hinged on oil revenue making it susceptible to external oil shocks. Since the discovery of oil in 1956, the emphasis on revenue as slowly drifted from the Agricultural sector which was previously the mainstay of the economy to the oil sector. Source Proshare Content Read More

Coronanomics (16) - Deconstructing Nigeria's Trade - Nigeria's economy like other open economies of the world engages in international trade. A major source of its revenue comes from its trading relations with other nations. In Q4 2019, the value of its total trade was N10.1trn, or 10.2% higher than the value recorded in Q3 2019 and 25.9% higher than in Q4 2018. On an annual basis, the value of total trade in 2019 was recorded at N36.15bn, representing a 14.05% increase over 2018. Source Proshare Content Read More

Average Price of 1kg of Rice Increased By 28.18% YoY in May 2020 - NBS - Selected food price watch data for May 2020 reflected that the average price of 1 dozen of Agric eggs medium size decreased year-on-year by -0.52% and month-on month by -2.99% to N462.46 in May 2020 from N476.72 in April 2020 while the average price of piece of Agric eggs medium size (price of one) decreased year-on-year by -4.63% and month-on-month by -1.68% to N40.84 in May 2020 from N41.54 in April 2020. Source NBS Read More 

FG Insists Okonjo-Iweala Remains Nigeria's Candidate for WTO Headship - Nigeria has said that former Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, remains its candidate for the position of the Director General of the World Trade Organisation (WTO). Source Obinna Chima of ThisDay Read More 

Facts About Chinese Loans to Nigeria - DMO - The attention of the Debt Management Office (DMO), has been drawn to statements and reports credited to several persons on the subject of Loans obtained from China and has considered it necessary to provide a sequel to its Press Release on the same subject dated September 11, 2018. Source DMO Read More

Understanding The Key Steps To Diversifying Nigeria's Revenue - Dr. Suleyman Ndanusa - The Co-Chair of the Nigeria Economic Summit Group, NESG Fiscal Policy Roundtable, Dr. Suleyman Ndanusa, has called on the federal government to rationalize spending. He also called for the diversification of the country's sources of revenue away from the oil sector. In doing this he urged that the process of tax payments be given top priority, emphasizing that the hallmark of the government's strategy should be the promotion of domestic productivity. Source WebTV Read More 

Zimvest Webinar: Stakeholders Call for Reorganisation Of Nigeria's Market Architecture - Stakeholders in the Nigerian capital market, asset management, investment banking and wealth management segment of the financial market have called for a rethink of the nation's economic philosophy and a reset of the market architecture. This was part of the major takeaways from the Zimvest Economy Conversation which held on Saturday, June 21, 2020. Source Ottoabasi Abasiekong for WebTV Read More

NBCC Webinar: Nigeria Targets 5% Contribution To GDP From Mining By 2025 - Solid Minerals Minister - The Federal Government of Nigeria is targeting a 5% contribution from mining to the Gross Domestic Product of the nation by year 2025. This was disclosed by the Minister of Mines and Steel Development, Architect Olamilekan Adegbite at a webinar organized by the Nigeria-British Chamber of Commerce. Source Ottoabasi Abasiekong for WebTV Read More

COVID-19 Impact: Taxpayers' Responsibility and Expectations - Being a Presentation By Wole Obayomi, Head of Tax, KPMG Africa, Partner and Head, Tax, Regulatory & People Services Division KPMG Nigeria At The KPMG Webinar On Matters Arising From Implementation of Finance Act, 2019 held on 18th June, 2020.  Source Wole Obayomi Read More 

Tax Administration in Challenging Times and Future Outlook - Being a Keynote Address By Muhammad Nami, Executive Chairman Federal Inland Revenue Service At The KPMG Webinar On Matters Arising From Implementation of Finance Act, 2019 held on 18th June, 2020. Source Muhammad Nami Read More 

Oil Prices Climb Despite Fears Of A "Second Wave" - OIR 190620 - Oil prices have shrugged off concerns about rising coronavirus infections, with WTI hitting $40 per barrel in early trading on Friday, a three-month high. "OPEC+ has done a good job turning things around and stronger demand also helps," said Carsten Fritsch, an analyst at Commerzbank AG. Source Tom Kool of Oilprice.com Read More 

Taxing Nigeria's Digital Economy, The Issues - Pursuant to powers conferred under section 13(4) of the Companies Income Tax Act[1] ("CITA"), as amended by the Finance Act (2019), the Minister of Finance, on February 3, 2020, issued the Companies Income Tax (Significant Economic Presence) Order, 2020 (the "Order"),which become effective on the date the Order was issued. Source Banwo-Ighodalo Read More

Matters Arising from Implementation of Finance Act 2019 - The Federal Inland Revenue Service (FIRS or "the Service") in May 2020 issued the following Information Circulars numbered 2020/02 - 08 ("the Circulars"): Clarification on the Implementation of the Value Added Tax (VAT) Provisions of the Finance Act, 2019 ("VAT Circular"); Circular on Tax Implications of the Operation of Regulated Securities Lending Transaction (SEC Lending) in Nigeria ("SEC Lending Circular"); Source KPMG Nigeria Read More


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PROSHARE MARKETS 

Cold Wars: Dissecting The Weak Underbelly of Nigeria's Cement Market - Nigeria's cement business has moved into a new strategic phase, gone is the unspoken gentleman's code of competitive cooperation, gone is the mutually comfortable market slices, and certainly gone is the desire not to shake tables, as the novel coronavirus pandemic takes a toll on corporate revenues, the playfield has become less friendly and less certain. Source Adaeze Nwachukwu, Proshare research Read More 

What To Expect From The Markets This Week - 220620 - According to the US Commerce Department, sales at US retailers roared back in May as the economy started to reopen and claw its way out of what's likely to have been the shortest and deepest recession in American history. Retail sales jumped a record 17.7% m/m, to USD485 billion in receipts, the biggest gain in data going back to 1992, following unprecedented declines in the prior two months. Source Proshare Content Read More

Investors Lose N185.67bn WoW as NSEASI Dips Up by -1.41% to Close the Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.43% to close at 24,826.75 points as against -0.16% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -7.51%. Source Proshare Markets Read More

Some Room for Manoeuvre for the DMO - The DMO can draw several positives from this week's FGN bond auction, when it offered the same menu for the fourth month in succession. It offered N150bn, raised N100bn (US$260m) and attracted a total bid of N545bn. Marginal rates were 45bps-120bps lower than in May, so the DMO was able to bring down the FGN's borrowing costs. Source FBNQuest Research Read More

Secondary Market Bond Yields Drop Aggressively Following Auction Rate Cuts - As anticipated, market activity picked in the bond space today with yields nosediving across the curve taking a cue from PMA auction stop rates from yesterday. The 2050s paper remained the most active of the auction papers, opening trading at around 12.00% levels but by close of business had dropped 10bps to close at 11.90% on the offer. Eventually, we saw yields compress by an average of c.66bps across the benchmark bond curve. Source Zedcrest Capital Read More 

Currencies in Africa: South African Rand Leads Laggards - Monetary Policy in Africa: Shooting for growth In the wake of the COVID-19 pandemic, global monetary policy authorities have launched several expansionary programs, to cushion the virus' negative economic effect on growth. African economies were no different, as the pandemic posed a threat to decades of economic growth, which was formerly buoyed by capital inflows, favourable commodity prices and large aggregate demand. Source United Capital Research Read More 

Market Review and Round-Up of Corporate News Announced During The Week Ending 190620 - The equities market recorded mixed performance - the listed equities market, NSEASI, recorded -1.41% loss WoW while the NASD OTC also closed negative with +3.26% gain. The BDC and IEFX Rates depreciated, the NAFEX Rate appreciated while the CBN Rate closed flat. Source Proshare Markets Read More

Corporate Earnings For The Week Ending 190620 - 5 in All - Four(4) out of the Five (5) firms declared growth in revenue. REGALINS records 26% growth in earnings to emerge as the firm with highest growth in earnings while MCNICHOLS records 6% negative growth in earnings to emerge as the firm with the least growth rate. Source Proshare Research Read More

Consumer Goods COVID Impact Report: Steering a COVID-Induced Path - The consumer goods sector is among the hardest hit by the economic crisis brought about by the COVID-19 pandemic. To gain a deeper understanding of how the pandemic is hurting consumption, we turned to data and survey responses supplied by REACH Technologies, a Nigeria-based fintech, and a separate survey by the National Bureau of Statistics. Source FBNQuest Research Read More 

Dangote Cement highlights its Socioeconomic Impact in 2019; Positioned to Create More Jobs - The President of Dangote Group, Aliko Dangote has said that despite the challenging economic situation in 2019, Dangote cement was able to sustain 54,000 jobs in four African countries, where the company has its operations. The countries are Nigeria, Ethiopia, Senegal, and South Africa. Source Dangote Cement Read More 

Fixed Income Markets Close The Week Strong As Bulls Continue to Swipe Up Available Bonds - It was a lively session to close out the week, as local bond bulls continued to dominate the market. Demand was evident across the benchmark bond curve, most notably at the long-end as the 30-year bonds broke the 12.00% resistance barrier. The 2049s and 2050s traded sub-11% today, as local investors continued to hunt for the most attractive yields across the bond curve. Source Zedcrest Capital Read More 

NASD OTC Market CAP Increased By 3.26% WoW to Close At N517.69bn - The recent outbreak of the Coronavirus pandemic has affected lawyers all around the world in their daily professional activities, which in turn has brought about a great impact on the legal profession. The pandemic has affected legal professionals in various ways. Source NASD Plc Read More

Bola Ajomale To Speak On NASD and Activities In The Unlisted Securities Market Tomorrow On WebTV - Mr Bola Ajomale is a highly versatile investment and financial adviser with over 20 years' cognate experience in the finance industry both locally and internationally. He trained as an accountant in Ernst & Young and as a stockbroker in City Securities Limited where he headed Stockbroking operations. Source WebTV Read More


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PROSHARE BUSINESS 

Intercontinental Apex Regulator's Virtual Session - Fintech Association of Nigeria in furtherance of its Accelerate, Connect and Advocacy objectives is organising an intercontinental virtual session on Thursday, 25th June by 10 AM WAT/GMT+1. The event with the title - COVID-19: Enabling Speedy Business and Economic Recovery Through Regulation brings together heads of Regulatory agencies from Asia, Europe, Africa and Nigeria. Source  Fintech Association of Nigeria Read More

Ecobank Nigeria Holds 2nd Virtual Graduation Ceremony for Batch 8 Trainees - For the second time in two months, Ecobank Nigeria has hosted another set of its trainees from its state-of-the-art academy to a virtual graduation ceremony who were automatically absolved into full time employment. The Ecobank Nigeria Management Trainees Batch 2 (EMDP 2) comprises 53 graduates who were trained at the Ecobank Nigeria Academy for 21 months. Source Ecobank Read More

Experts discuss the Future of Virtual Hearing in Arbitral Tribunal - Today, in the age of imagination, 'virtual' has become real, and even more so, the new normal in the face of the COVID-19 global pandemic. The world has dramatically changed in the past few months, including government lockdowns and gathering restrictions. The question for many in the legal profession is this - "Where does that leave the administration of justice?" Courts around the globe have answered that question by taking a pragmatic approach. Source Hogan Lovells Read More

FBNHoldings wins World Finance Best Corporate Governance in Nigeria Award - Nigeria's leading financial services group and holding company, FBN Holdings Plc, has won the 2020 Best Corporate Governance in Nigeria Award by the World Finance. World Finance is renowned for its comprehensive coverage and analysis of the global financial services industry, international business, and the global economy. Source FBNHoldings Read More

70% Vessels Suffer 40-Day Delay At Ports, Expert Laments - The Chief Operating Operation of a pan-African logistics firm, Lori Systems, Uche Ogboi, has said 70 per cent of vessels at Nigerian ports suffer delays of over 40 days as a result of the cumulative COVID-19 lockdown in the country since March. Source Punch Read More

NSIA: Local Fertiliser Production Has Increased Threefold - Nigerian Sovereign Investment Authority says domestic production of fertiliser has risen by 300 per cent under the Presidential Fertilizer Initiative which aims to transform the agriculture sector. NSIA, manager of the initiative, said this in a report:. Source Punch Read More 

Nigeria's FDI Dips 48% Amid Weak Oil Demand - Report - The weak demand for Nigeria’s crude oil in 2019 led to a decline in foreign direct investment flow into the country, the latest World Investment Report 2020 stated. The report published by the United Nations Committee for Trade and Development said that FDI into Nigeria declined by 48 per cent to $3.3bn in 2019 from $6.4bn in 2018. Source Punch Read More 

Nigeria's Oil Production Slumps As Rig Count Falls - Crude oil production in Nigeria plunged by 185,000 barrels per day to 1.59 million bpd in May, and the operating rig count was cut in half, the latest data obtained from the Organisation of Petroleum Exporting Countries showed. Source Punch Read More 

SON Approves 168 New Standards - The Standards Organisation of Nigeria (SON) governing council has approved 168 new standards for publication and dissemination to various sectors of the economy. The move is in furtherance of the federal government's economic diversification policy. Source THISDAYLIVE Read More 

U.S. Stock Futures Fall As Infections Spike Hits Confidence - U.S. stock futures dropped in early Asian trade on Monday as rising coronavirus cases in the United States raised more doubts about a quick economic rebound from the massive downturn triggered by the pandemic. Source Reuters Read More


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PROSHARE TECHNOLOGY 

Nigerian Retail and Consumer Landscape May Never be the Same Again - Nielsen - As Nigerian consumers emerge from a restricted living scenario unlike any they have experienced before, there are already big shifts in their consumption dynamics with some behaviours set to never return. This insight stems from Nielsen research which reveals that 48% of Nigerians feel the pandemic has had a sizeable impact on their lives amidst the COVID-19 pandemic. Source Nielsen Read More

Lagos State Restates Commitment to Technology Development - Lagos State Governor, Mr. Babajide Sanwo-Olu has reiterated the commitment of Lagos State in driving critical sector development with technology. According to the Governor, "The role of technology in addressing the socio-economic challenges of the modern world is not only important, but also incontrovertible". This consciousness is the reason why technology is a critical component of the THEMES Agenda of our government. Source THISDAYLIVE Read More


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PROSHARE FINANCE 

7 Ways Non-Interest Finance Can Support Nigeria's Economic Sustainability - Dr. Basheer Oshodi - With the roll out of the Economic Sustainability Plan of the Federal Government of Nigeria, the Non-Interest Finance Market has the capacity to support its implementation in ways that can reset the economy and achieve inclusive growth for the nation. Source WebTV Read More

Value Will Sell Faster And Longer - Like many, you have probably received the proposal from an insurer or its representative, indicating that you should consider incepting an insurance policy for your vehicles and employees IN LINE WITH THE LAW. Or maybe you are one that has been co-signing such proposal letters going out to many companies (micro, small, medium and large enterprises) from insurance companies? Source Ekerete Ola Gam-Ikon Read More


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