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Nigeria in 1min: Economic, Business and Financial Headlines - 260620

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Friday, June 26, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Oyolawa

COVID-19 Health Updates

On the 25th of June 2020, 594 new confirmed cases and 7 deaths were recorded in Nigeria
No new state has reported a case in the last 24 hours.
Till date, 22614 cases have been confirmed, 7822 cases have been discharged and 549 deaths have been recorded in 35 states and the Federal Capital Territory
The 594 new cases were reported from 22 states- Lagos(159), Delta(106), Ondo(44), FCT(34), Edo(34), Oyo(33), Kaduna(33) Enugu(28), Katsina (25), Imo(22), Adamawa(15), Ogun(12), Osun(11), Abia(8), Rivers (6), Nasarawa(5), Bauch(5), Niger(5), kebbi(4), Ekiti(3), Plateau (1), Taraba(1). Source NCDC Read More

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Coronanomics (20) - Sectorial Analysis of Nigeria's Finance and Insurance Sector - Despite the spread of COVID-19, the finance and insurance sector grew remarkably in the Q1 2020. The sector grew by 20.79% in Q1 2020, an improvement from 20.18% in Q4 2019. Financial institutions grew by 24.0% in Q1 2020 from 22.33% in Q4 2019 and -9.21% in Q1 2019. The insurance sector grew by 2.94% in Q1 2020 from 3.21% in Q4 2019 and 2.58% in Q1 2019. Source Proshare Content Read More

Highlights from Conference Call with Minister of Finance, CBN Governor and Budget Office - On June 23, 2020; the fiscal and monetary authorities provided updates on developments in the economy via a conference call. Below are the key highlights of the discussion. Source CardinalStone Research Read More

VAT Modification Order: Any Contrary Position Expressed by the FIRS Cannot Stand - FIRS has issued a public notice indicating that the following items stated in the VAT Modification Order are still subject to VATâ€¦ Source Taiwo Oyedele Read More

FIRS Clarifies Changes Introduced to Nigerian VAT Regime by the Finance ACT 2019 - The Value Added Tax Act[1] ("VAT Act") was one of the seven (7) principal tax statutes amended by the Finance Act, 2019 ("Finance Act"). Being a tax chargeable on the supply of all non-exempt goods and services, VAT affects more transactions than other taxes and, consequently, attracts wide interest. Source Ken, Abimbola, Azeezah, Kemi, Oluwatoba & Emmanuel of Banwo & Ighodalo Read More

Now Is The Time For A 'Great Reset' - COVID-19 lockdowns may be gradually easing, but anxiety about the world's social and economic prospects is only intensifying. There is good reason to worry: a sharp economic downturn has already begun, and we could be facing the worst depression since the 1930s. But, while this outcome is likely, it is not unavoidable. Source Klaus Schwab Read More

Personal Statements By The MPC Members At The 130 MPC Meeting of May 28, 2020 - The global economy continues to be heavily burdened by the fallouts of the novel corona virus pandemic. The economic costs of lockdowns, border closures and restrictions on movement of goods and services have been enormous - and still counting in many respects. Source CBN Read More

Manufacturing PMI Stands at 41.1% in June 2020 from 42.4% in May 2020 - The June 2020 PMI survey was conducted by the Statistics Department of the Central Bank of Nigeria during the period June 8-12, 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

Nigeria Development Update: Rebuilding After COVID-19 - The latest economic analysis for Nigeria says managing and recovering from the impact of the COVID-19 pandemic and the associated oil price shock will require the government, public and private sectors. Source World Bank Read More

Global Financial Stability Report Update: Financial Conditions Have Eased, but Insolvencies Loom - Risk asset prices have rebounded following the precipitous fall early in the year, while benchmark interest rates have declined, leading to an overall easing of financial conditions. Source IMF Read More

Address by President Muhammad Buhari at the Virtual Emergency Meeting of the NEC of the APC - I wish to express my sincere gratitude to the Ag. Chairman for convening this emergency meeting, and to all members of the National Executive Committee of our great Party for your attendance, notwithstanding the very short notice. Source State House Read More

Nigeria Faces Worst Recession In 40 Years - World Bank - The collapse in crude oil prices, coupled with the COVID-19 pandemic, is expected to "plunge the Nigerian economy into a severe recession, the worst since the 1980s", the World Bank said on Thursday. The World Bank, in a new report, titled 'Nigeria in times of COVID-19: Laying foundations for a strong recovery,' estimated that Nigeria's economy would likely contract by 3.2 per cent this year. Source Punch Read More

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Investors Lose N15.55bn; NSEASI Dips by -0.12% as Market Maintains Negative Posture - Equities market closed today on a negative note, as NSEASI depreciated by -0.12% to close at 24,625.24 points as against -0.38% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -8.26%. Source Proshare Markets Read More

Angola Lead The Sub-Saharan Africa Eurobonds With Nigeria Strengthening In The Shadows - The bullish train slowed down in today's session, with some profit-taking activities caused yields to retrace at the head and belly of the curve. We noted sustained demand for mid- and longer-dated papers, with the 30-year papers remaining the preferred bonds as market participants hunted for the only yields available above 11.00%. Consequently, yields expanded by an average of c.24bps across the benchmark curve. Source Zedcrest Capital Read More

United Capital hosts Pan African e-Conference - In furtherance to its organizational objectives to expand its pan african footprint, United Capital Plc will on Friday, June 26, 2020 organize its first Pan African e-conference aptly titled "Fostering Innovative Cross-Border Financing Solutions in Africa". Source United Capital Read More

Banwo and Ighodalo Emerges Most Active Solicitor In FMDQ's Dealing Members Report Q1, 2020 - Leading corporate and commercial law firm Banwo & Ighodlao (B&I), has been declared as "The Most Active Solicitor" in Q1 2020, for the listings and quotations of Fixed Income Securities (excluding Federal Government of Nigeria's securities such as FG Bonds and Treasury Bills) on the FMDQ Securities Exchange Limited (the "Exchange"). Source Banwo & Ighodalo Read More

Bond Bulls Resumed Demand For FGN Bonds After The Previous Day's Pull-Back - The bond market kicked off on slow note with activities dragging for most of the trading session. The bulls showed love for short-dated bonds, particularly the 2023s and 2024s with trades settling around 6.10% and 6.30% for both papers respectively. By mid-day, interests shifted to mid-dated papers, particularly the 2027s paper offering the highest yield at the belly of the curve. Yields compressed by an average of c.37bps across the benchmark curve. Source Zedcrest Capital Read More

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FG Unbundles NIPOST, Creates Three Subsidiaries - The Federal Government is unbundling the Nigerian Postal Service into three subsidiary companies which will operate on the principle of commercial viability, the Bureau of Public Enterprises announced on Wednesday. Source Punch Read More

THISDAY, 1258 Others Nominated for Nigerian Healthcare Excellence Awards 2016 - THISDAY Newspapers and 1,258 other organisations, including healthcare organisations, individuals, non-governmental organisations and Foundations nationwide have been nominated for the Nigerian Healthcare Excellence Awards (NHEA). Nominations for various award categories are still ongoing. Source THISDAYLIVE Read More

FG Says Nigeria Will Not Seek Debt Relief, Rules out Eurobond Sale - Nigeria will not request a delay in debt-service payments this year from bilateral and commercial creditors, the largest economy yet to turn down a debt holiday offered to the world's poorest nations. Source THISDAYLIVE Read More

Oil Production Threatened by Non-Compliance to COVID-19 Protocols - Nigeria's ability to meet its monthly oil production quota and revenue target may become hampered if rising cases of coronavirus in offshore oil fields are not addressed. Source Guardian Nigeria Read More

NACCIMA Seeks Restart Of Aviation Sector - The Nigerian Association of Chambers of Commerce Industry Mines and Agriculture, NACCIMA has backed the reopening of airspaces for local airlines and airports that have met the required regulatory standards. Echoing the desires of its Creativity, Hospitality and Tourism Trade arm, the group stressed the importance for the aviation industry to resume alongside its other counterparts round the world. Source The Nation Read More

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Nnamdi Okafor MD, May and Baker to Speak On WebTV Market Review Tomorrow - Mr. Nnamdi Nathan Okafor is the Managing Director/Chief Executive Officer (MD/CEO) of May & Baker Nigeria Plc, a position he was appointed on February 1, 2011. He has led the company to achieve several distinguishing heights. Top among these achievements is the attainment of the World Health Organization (WHO) current Good Manufacturing Certificate (cGMP) in 2014, one of the few African pharmaceutical manufacturers to attain this status. Source WebTV Read More

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