Nigeria in 1min: Economic, Business and Financial Headlines - 260520

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Tuesday, May 26, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: @NCDCgov

 

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COVID-19 Health Updates

  • On the 25th of May 2020, 229 new confirmed cases and 7 deaths were recorded in Nigeria
  • No new state has reported a case in the last 24 hours.
  • Till date, 8068 cases have been confirmed, 2311 cases have been discharged and 233 deaths have been recorded in 34 states and the Federal Capital Territory
  • The 229 new cases are reported from 15 states- Lagos(90), Katsina(27), Imo(26), Kano(23), FCT(14), Plateau(12), Ogun(9), Delta(7), Borno(5), Rivers(5), Oyo(4), Gombe(3), Osun(2), Anambra(1), Bayelsa(1). Read More


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PROSHARE ECONOMY 

Nigeria's GDP Grew By 1.87% YoY in Real Terms in Q1 2020 - In the first quarter of 2020, Nigeria's Gross Domestic Product (GDP) grew by 1.87%(year-on-year) in real terms. This performance was recorded against the backdrop of significant global disruptions resulting from the COVID-19 public health crisis, a sharp fall in oil prices and restricted international trade. Source NBS Read More

FIRS Issues Clarification on Sundry Provisions of The Finance Act 2019 as it Relates to CIT Act - This circular is issued for the information and guidance of the general public, taxpayers and tax practitioners in line with the provisions of the relevant tax laws. This instant circular amends, updates or replaces contents of any circular, notice or other publication previously issued by the Service that is inconsistent with its contents to the extent of such inconsistency. Source FIRS Read More

 

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PROSHARE MARKETS 

Increase of Market Activities Anticipated in the Coming Week - The AFEX Commodities Index inched higher by 6.05% at the close of trading last week to settle at a season-high of 186.65 points. The rally in the ACI came on the back of increased processor demand in the maize and paddy rice markets. Source Kainosedge Consulting for AFEX Commodities Exchange Read More


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PROSHARE BUSINESS 

Bank NPLs (10) - Technical Analysis on Banks' NPLs - Leverage Ratio - Access Bank had an upward trending leverage ratio between 2009 and 2014. Its highest leverage ratio recorded was +79.7% in Q4 2014 while its lowest leverage ratio was +3.7% in Q4 2009. Source Debtors Africa Read More

US Treasury Dept Rejects Acquittal, Demands Re-investigation of AfDB President - The United States received your letter of May 5, in which you share your view that the Board of Governors of the African Development Bank should adopt the conclusions of the Bank's Ethics Committee and declare that the President is "totally exonerated of all the allegations made against him." Source US Dept of the Treasury Read More

Ahead of Tomorrow on WebTV: Discussions on Doing Business and Sanctity of Contracts in Nigeria - Dr Kubi Udofia is a vastly seasoned transactional and dispute resolution lawyer. He is presently a Managing Associate at Babalakin & Co, a leading commercial law firm in Nigeria. Dr Udofia is a scholar-practitioner and writes regularly on diverse corporate and commercial law issues in Nigeria and globally. He is also a leading and an acknowledged expert in corporate insolvency and restructuring law in Nigeria. Source WebTV Read More

Ahead of Tomorrow on WebTV: Discussions on Sanctity of Contracts in Nigeria - Dr. Temitope Oshikoya, a Chief Economic Strategist/CEO, Nextnomics Ltd is a seasoned economist, policy analyst, chartered banker, and certified management accountant. With over two decades of experience in senior management spanning several sectors, he has held several notable positions in the private and public sectors, spanning consulting, academia, at national and international levels. Source WebTV Read More

Less Than 30% Of Fuel Depots Operating - DAPPMAN - Most fuel depot operators have been forced out of business as the Nigerian National Petroleum Company emerged the sole supplier of imported fuel in recent years, the Depot and Petroleum Products Marketers Association of Nigeria has said. Source Punch Read More

ECOWAS Fixes 2023 Completion Date for $567m WAPP Project - The Economic Community of West African States (ECOWAS) member countries, through the West African Power Pool (WAPP), has set a 2023 date for the completion of the $567.5 and 600 megawatts project. Source THISDAYLIVE Read More

UK to Reopen Thousands Of Shops In Easing Of Coronavirus Lockdown: Johnson - Britain will reopen thousands of high street shops, department stores and shopping centres next month, Prime Minister Boris Johnson said on Monday, setting out a timetable for businesses as part of moves to ease the coronavirus lockdown. Source Reuters Read More

DBN Disburses N100bn to MSMEs - DEVELOPMENT Bank of Nigeria Plc, DBN, said it disbursed N100 billion to over 100,000 Micro, Small and Medium Enterprises, MSMEs, in the country last year. Source Vanguard Read More

China Will Work With G20 to Ease Africa's Debt Burden - Chinese Foreign Minister Wang Yi declared, China will work with other G20 members to implement the debt service suspension initiative to ease Africa's debt burden. Minister Wang made the remarks when he responded to a question asked by an African journalist at a press conference on the sidelines of the annual Chinese national legislative session on Sunday, May 24th. Source THISDAYLIVE Read More

 

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PROSHARE TECHNOLOGY 

Post COVID-19: Nigeria Needs To Embrace Data to Spur A Robust Economy - Nsikak John - There is a need for Nigeria to leverage its national data reservoir for application in shortcodes for people to report health cases during an emergency period like the novel Coronavirus pandemic. A technology and innovation expert, Mr, Nsikak John, noted during an interview on WebTV's Economy and Politics programme.  Source WebTV Read More

Banks' Investments In Software Rise to N46.2bn - Ten Deposit Money Banks reported fresh investments valued at N46.2bn in software in the first three months of the year in order to deliver hitch-free digital banking services to customers. Findings by The PUNCH showed that in the first quarter of the previous year, the same banks spent N3.76bn on computer software they developed and purchased outside the country. Source Punch Read More


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PROSHARE FINANCE 

Insurance Firms Seek One-Year Extension Of Recapitalisation Deadline - Insurance companies have solicited one-year extension from the National Insurance Commission to meet up with its new capital requirements. The underwriters said economic challenges resulting from the coronavirus pandemic had altered their recapitalisation plans and they would require more time to adjust to the realities in the country and global economy. Source Punch Read More

  

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