Nigeria in 1min: Economic, Business and Financial Headlines - 250920

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Friday, September 25, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @FinMinNigeria

 

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COVID-19 Health Updates

  • 24th of September 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 57,849 cases (New: 125)
  • Discharged:  49,098
  • Deaths: : 1,102 (New: 0)

Source: NCDC Read More


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PROSHARE ECONOMY 

2020 State of States Report: Osun, 12 Others Lack Revenue Capacity to Fund Recurrent Expenditure - BudgIT, a civic advocacy society that uses technology to intersect Citizen-engagement with improved governance has launched the 2020 edition of its annual States of States report titled Fiscal Sustainability and Epidemic Preparedness Financing at the State level. Source BudgIT Read More

Manufacturing PMI Stands at 46.9% in September 2020 from 48.5% in August 2020 - The September 2020 PMI survey was conducted by the Statistics Department of the Central Bank of Nigeria during the period August 10-14, 2020. The respondents were purchasing and supply executives of manufacturing and non-manufacturing companies in the 36 states in Nigeria and the Federal Capital Territory (FCT). Source CBN Read More

Low Liquidity Expected to Dampen Impact of Lower Rates - Not so surprising for us, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) at the end of its meeting yesterday lowered the Monetary Policy Rate (MPR) for the second time this year by 100bps to 11.5%. Source NOVA Merchant Bank Read More

Court Stops Planned NLC, TUC strike - The National Industrial Court in Abuja, on Thursday, issued an interim order restraining the Nigeria Labour Congress and Trade Union Congress from embarking on their strike planned to start on Monday, September 28, 2020. Source Punch Read More


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PROSHARE REGULATORS 

HM Zainab Shamsuna Ahmed Urges IST to Discharge Duties Diligently - The Chairman and Members of the Investment and Securities Tribunal have been urged to diligently work together to discharge the responsibilities of the tribunal. Source SEC Nigeria Read More

 

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PROSHARE MARKETS 

Investors Gain N106.72bn, NSEASI Inches Up by 0.79% as Market Extends Gaining Streak - Equities market closed today on a positive note, as NSEASI appreciated by +0.79% to close at 25,987.14 basis points as against +0.50% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -3.19%. Source Proshare Markets Read More

Fixed Income Quarterly Q3 2020: Local Market, Local Players - The global landscape has improved a little in the past quarter as the oil price has picked up, US stock markets have surged, the Chinese economy has largely recovered and lockdowns have been lifted (at least for now). These are positives for EM generally yet Nigeria is unable to capitalize on them. Source FBNQuest Read More

Domestic and Foreign Portfolio Participation in Equity Trading - August 2020 - On a monthly basis, The Nigerian Stock Exchange polls trading figures from market operators on their Domestic and Foreign Portfolio Investment (FPI)4 flows. As at 31 August 2020, total transactions at the nation's bourse decreased by 8.49% from N103.21billion (about $265.55million) in July 2020 5 to N94.45billion (about $244.27million) in August 20206. Source NSE Read More

 

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PROSHARE BUSINESS 

Ecobank is the "Go to" Bank for Regional Trade in Africa - Akinwuntan - The Managing Director, Ecobank Nigeria, Patrick Akinwuntan has reiterated that Ecobank remains the gateway financial institution for African regional trade. Akinwuntan who was speaking at the Ecobank Digital Series virtual Africa Trade Conference 2020. Source Ecobank Read More

80% Petrol Tankers Lack Safety Features -MOMAN - About 80 per cent of the 10,000 petroleum tankers used for transporting products nationwide lack critical safety features needed for the safe transportation of such commodities by road, the Major Oil Marketers Association of Nigeria said on Thursday. Source Punch Read More

DBN Advocates Capacity Building to Increase SME Lending - Business and financial experts at the recently held Development Bank of Nigeria’s (DBN) capacity building webinar have tasked financial institutions on the need to engage more in capacity building initiatives for SMEs to develop their business expertise and provide them more access to finance. Source THISDAYLIVE Read More

Nigeria to End Fertilizer Importation by 2023 - Citing the over 33 fertiliser blending plants across the country, currently producing about five million metric tonnes (MT) of fertilizer annually, with many more underway, the Minister of Agriculture, Sabo Nanono, has expressed optimism that Nigeria would have no business importing fertiliser by 2023. Source The Guardian Nigeria Read More

Oil Steady As Market Eyes Coronavirus Hit To Demand - Oil prices were little changed on Friday but on track for a weekly fall on concerns that a global resurgence of COVID-19 infections will constrain fuel demand, while the likely return of exports from Libya will add to supply. Source Reuters Read More

 

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PROSHARE FINANCE 

Prof. Asiwaju Akande To Speak on Islamic Finance, Education and Sustainable Development in Nigeria - Asiwaju Busari is a Nigerian born international Academic. A professor of Business Finance at age of 38. He is the Founder and Chief Executive Officer of the First Islamic Institute of Accounting and Finance in Nigeria and also the West African Director of Operations of the Chartred Institute of Management and Leadership Kentucky USA. Source WebTV Read More

 

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