Nigeria in 1min: Economic, Business and Financial Headlines - 240220


Monday, February 24, 2020 / 06:45 AM / By News Aggregator / Header Image Credit: @NigeriaGov


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Nigeria Grapples with Formidable Tax Collection Challenge - Improving crumbling infrastructure and poor services in Africa's largest economy is one of the top priorities for Nigeria's government. But with debt repayments ballooning to nearly two-thirds of revenues, it has struggled to find the money to tackle the problems and is ramping up efforts to boost tax collection. Source FDC Read More 

Brent Likely to Trade Around $59-$61pb in the Coming Days - Brent is currently trading at $59pb, 3.5% higher than the budget benchmark of $57pb.  The weekly trend has been largely positive owing to supply shortages from Libya and the US sanctions on Russia's oil firm, Rosneft. Source FDC Read More

Average Prices of 1kg of Tomato Decreased By -10.65% YoY to N237.22 in Jan 2020 - NBS - The average price of 1kg of tomato decreased year-on-year by -10.65% and month-on-month by -10.11% to N237.22 in January 2020 from N263.90 in December 2019. Source NBS Read More 

OPECplus Is In No Rush To Rescue Oil Markets - OIR 210220 - Oil prices fell on Friday as OPEC+ decided not to move its March meeting forward while Russia indicated that it currently has no intentions to cut production further. Source Oilprice Read More 

Weekly Economic and Financial Commentary - Week Ended Feb 21, 2020 - This week, the NBS released the CPI numbers for the month of January 2020. As expected, inflation rose by 15bps to 12.13% YoY (vs December: 11.98% YoY), driven largely by the uptick in food prices. Source ARM Read More 

Oil Prices Skid On Demand Concerns As Virus Spreads Globally - Oil prices tumbled nearly 3% towards a one-week low on Monday as the rapid spread of the coronavirus in several countries outside China left investors fretting about a hit to demand. Source Reuters Read More 

IMF's Growth Cut For Nigeria's Economy Shocks Analysts - The decision of the International Monetary Fund (IMF) to slash Nigeria's 2020 growth forecast to two per cent surprised  many analysts and financial pundits. The antagonists of the forecast believed that Nigeria's economy will rise above the new two per cent per annual growth projection by the Fund. Source TheNation Read More


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NCM2020 (33) - An Overview of Regulatory Governance in 2019 - In addition to setting the tone for Nigeria's fiscal policy for 2020, the Bill seeks to promote fiscal equity, align domestic laws with global best practices, and support Micro, Small and Medium-sized businesses. Source Proshare Read More 

CBN Sets Rules For Domiciliary Account - The Central Bank of Nigeria (CBN) on Sunday said customers can deposit dollar into their domiciliary accounts but are not allowed to transfer it to another party. In a statement, CBN, Corporate Communications Director, Isaac Okorafor, said  the apex bank had not  prohibited the acceptance of foreign currency  cash deposits by Deposit Money Banks (DMBs). Source TheNation Read More

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What To Expect From The Markets This Week- 240220 - In our December inflation note, we had argued that consumer prices would rise, on account of (1) the sustained border closure, and (2) the unfavourably low base from the prior year. Source Proshare Read More 

Growth Board To Roar As NSE's ASeM Slowly Disappears - With the introduction of the Nigerian Stock Exchange's (NSE's) Growth Board, companies listed on the Nigerian Alternative Securities Market (ASeM) may soon experience a fresh lease of life or disappear. Source Proshare Read More

ZENITHBANK Declares N208bn PAT in 2019 Audited Results; Proposes N2.50k Final Div. (SP:N19.40K) - Zenith Bank Plc released its 2019 Audited results for the period ended December 31st, 2019. Source NSE Read More 

Inflation And Interest Rates In Africa: A Big Deal For Investors? - Recently, several African economies released inflation figures for Jan-2020. The region's largest economies, Nigeria and South Africa, recorded inflation rates of 12.1% y/y (22-months high) and 4.5% y/y (7-months high) respectively.  Source United Capital Research Read More 

Zenith Bank Reaffirms Market Leadership As PAT Crosses N200bn Mark in FYE 2019 - In a clear show of its resilience and market leadership, Zenith Bank has announced an impressive result for the year ended December 31, 2019, with profit after tax (PAT) of N208.8 billion, achieving the feat as the first Nigerian Bank to cross the N200 billion mark. Source Zenith Bank Read More 

Investors Lose N187.69bn WoW As NSEASI Dips By -1.32% To Close The Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.65% to close at 27,388.62 points as against +0.17% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +2.04%.  Source Proshare Markets Read More 

AIICO Lists 4.4bn Shares Arising from Placement to LeapFrog III Nig. Insurance Holdings Ltd - 4,400,000,000 ordinary shares of 50 kobo each of AIICO Insurance Plc (AIICO Insurance or the Company) were on Wednesday, 19 February 2020, listed on the Daily Official List of The Nigerian Stock Exchange (The Exchange). Source NSE Read More 

Corporate Earnings For The Week Ending 210220 - 5 in All - During the week ending 210220, Five (5) quoted firms declared their results. One (1) out of the Five (5) firms declared growth in revenue. ZENITHBANK records 5% growth in earnings to emerge as the firm with highest growth in earnings while AUSTINLAZ records 48% negative growth in earnings to emerge as the firm with the least growth rate. Source Proshare Research Read More 

Forex Intervention: CBN Injects $292.34m, CNY 22.8m into Retail SMIS - The Central Bank of Nigeria (CBN) on Friday, February 21, 2020, continued its intervention in the inter-bank foreign exchange market by injecting the sum of $292.34million into the retail Secondary Market Intervention Sales (SMIS). Source CBN Read More 

NASD OTC Market CAP Increased By 0.39% WoW To Close At N503.35bn - As at close of trade week on 21 February 2020, NASD OTC market Capitalisation increased to N503.55 billion from last week's previous N501.59 billion, which shows a 0.39% increase in Capitalisation.  Source NASD Read More 

Open Market Prices Take a bullish Turn - AFEX Commodities Weekly Report 210220 - The AFEX Commodities Index composite averaged 162.95 points this week with a slight increase of 0.23% week-to-date (WtD). Source AFEX Read More 

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PPPs Have Attracted $8bn Into The Nigerian Economy-Engr Chidi Izuwah, DG, ICRC - Nigeria has attracted about $8bn in investment inflows into the economy through public-private partnership (PPP) projects and initiatives. The Director-General of the Infrastructure Concession Regulatory Commission (ICRC), Engr. Chidi Izuwah disclosed this as one of the guest speakers at the February 2020 breakfast meeting of the Nigeria-British Chamber of Commerce (NBCC) in Lagos.Source WebTV Read More 

Foreign Reserves Drop By $1.64bn In Five Weeks - The country's foreign exchange reserves continued its downward trend as it dropped by $1.64bn from $38.34bn on January 15, 2020 to $36.69bn on February 20, latest figures from the Central Bank of Nigeria has revealed. The apex bank disclosed that the reserves stood at $38.53bn on January 2, 2020. Source Punch Read More 

FG Generates N151bn From 11.53 Million e-Passport Booklets - Since the Federal Government started issuing electronic passports, it has garnered over N151.45bn through the innovation, analysis has shown. Figures obtained from the solution service provider, Iris Smart Technologies Limited, a Nigerian company, showed that from inception till December 2017, the project generated over N69.13bn and $120.34m (N43.32bn). Source Punch Read More 

NDIC Liquidates 425 Banks, Others - An Assistant Director, AD in the Insurance and Surveillance Department of the NDIC, Mr. John Abiodun, stated this at the Quarterly Forum of the Finance Correspondents Association of Nigeria (FICAN), in Abuja. Source Vanguard Read More 

Mboweni's Budget Unlikely to Stop South Africa's March to Junk - South African Finance Minister Tito Mboweni's budget this week is unlikely to convince Moody's Investors Service that he has a credible plan to rein in government debt. Of 19 economists surveyed by Bloomberg this month, 14 expect Moody's to downgrade the country to junk this year and nine of those say it'll happen in the first half. That's after the ratings company in November cut the outlook on the nation's assessment to negative and said it would look to the Feb. 26 budget for a feasible strategy to contain rising debt. Source Bloomberg Read More

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Higher Capital Requirements Credit-Positive for the Nigerian Insurance Industry - Fitch Ratings says in a new report that higher minimum capital requirements introduced by the Nigerian insurance regulator will necessitate consolidation among insurers and could ultimately be credit-positive for the industry. Source Fitch Ratings Read More 

Non-Interest Finance And Issues of Socio-Economic Development In Nigeria - One of the opportunities the Non-Interest Finance market brings to emerging economies like Nigeria is the ability to catalyze socio-economic development. Dr. Bashir Oshodi, Group Head, Non-Interest Banking, Sterling Bank Plc, explained this in a recent interview with WebTV's Islamic Finance Weekly. Source WebTV Read More

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