Nigeria in 1min: Economic, Business and Financial Headlines - 261020

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Monday, October 26, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: @Jidesanwoolu

 

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COVID-19 Health Updates

  • 25th of October 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 61,992 cases (New: 62)
  • Discharged:  57,465
  • Deaths: : 1,130 (New: 1)

Source: NCDC Read More


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PROSHARE ECONOMY

Our Youth and the Unfolding National Crisis: Need for Urgent Intervention - We are responsible and patriotic Nigerians who have watched with serious concern the unfolding crisis threatening to engulf our nation. This has followed the recent protests by Nigerian youth across the country, against widespread police brutality, endemic corruption, and bad governance. Source Statement By Concerned Nigerians Read More

Oil Back Down As COVID Cases Surge - OIR 231020 - On Thursday, the U.S. reported more than 70,000 COVID cases for the first time in three months, and the trajectory suggests the U.S. may break new record highs in the coming days. The numbers help explain weak (and weakening) gasoline demand in the U.S., a theme also unfolding in Europe. Source Tom Kool of Oilprice Read More

ECONOMY LOSSES PUT AT N1.5TRN: It may take 8 years to recover from mayhem - Economists - Business owners may have begun to count their losses after the mayhem that visited Nigeria last week even as economists warned that losses to the economy, still struggling from the effects of several weeks of lockdown occasioned by the Covid-19 pandemic and downturn in the price of crude oil, are huge. Source Vanguard Read More

Nigeria Explains Reasons for Opposing Debt Relief to World Bank - Days after kicking against it, Nigeria has told the World Bank and the G20 that debt relief will not sustain the financing needs of Nigeria, Angola and South Africa. Minister of Finance Budget and National Planning Mrs. Zainab Ahmed, made this disclosure while speaking virtually at the International Monetary Fund (IMF)/World Bank meeting. Source The Nation Read More

 

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SEC Issues Fresh Circular on the Registration of CMOs - In line with Section 38(2) of the Investments and Securities Act 2007 which empowers the Securities and Exchange Commission ("the Commission") to prescribe conditions for registration of capital market operators, including the level of knowledge and skill required to operate in the Nigerian capital market. Source SEC Nigeria Read More


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Banks in H1 2020: Deconstructing Banks' H1 2020 Individual Performances - Access Bank - Access Bank's H1 2020 financial result showed growth across its different income lines and saw an improvement in its asset quality despite local macroeconomic headwinds caused by a global coronavirus pandemic. Source Read More

Banks in H1 2020: Deconstructing Banks' H1 2020 Individual Performances - Zenith Bank - Leaning against coronavirus-induced headwinds in H1 2020, Zenith Bank recorded a solid performance, maintaining status as the most profitable bank in Nigeria listed on the Nigerian Stock Exchange (NSE). It posted modest growth in PBT of +2.2%, gross earnings of +4.38%, but saw a leap in shareholder's funds of +20.68%. Source Proshare Research Read More

Banks in H1 2020: Deconstructing Banks' H1 2020 Individual Performances - GT Bank - GT Bank was among the tier 1 banks that recorded a decline in its profit before tax in H1 2020. Unlike other banks, its profit before tax declined slightly by -5.27%. GT Bank's cost-to-income ratio rose to 43.2% and its impairment charges increased to N6.8trn in H1 2020. Source Proshare Research Read More

What To Expect From The Markets This Week - 261020 - Following the growth momentum in Q2-20 (+3.2% y/y), China's economy grew by 4.9% y/y in Q3-20, although below the consensus estimate of 5.2% y/y. The positive growth outturn was driven by the service sector which grew by 4.3% y/y (Q2-20: +1.9% y/y) and retail sales (+0.9% y/y vs. Q2-20: -3.9% y/y). Source Proshare Content Read More


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Looting: Nigeria Losing Investment-Friendly Attraction, Says NACCIMA - The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture says efforts to project Nigeria as favourable and an investment friendly destination to investors have become futile with the ongoing looting and destruction of properties. Source Punch Read More

Nigeria's Duty-Free Export to US Shrinks to $300.48m - Nigeria's export to the United States under a duty-free policy declined in the first eight months of 2020, recording $300.48m from January to August. Source Punch Read More

IFC Seeks Reform to Grow Investment Opportunities - The International Finance Corporation, IFC, a member of the World Bank Group, has sought for reforms in key sectors of the Nigerian economy to boost local and foreign investments as well as generate employment opportunities. Source THISDAYLIVE Read More

U.S. May File Antitrust Charges Against Facebook as Soon as November: newspaper - Facebook Inc may face U.S. anti-trust charges as soon as November, the Washington Post reported on Friday, citing four people familiar with the matter. The Federal Trade Commission met privately on Thursday to discuss a probe while state attorneys general under the leadership of New York's Letitia James have been scrutinizing the company for potential threats to competition, the newspaper reported. Source Reuters Read More

Big Oil Loses Refining Crutch with Margins Crushed Last Quarter - Six months on from crude's era-defining price crash and Big Oil is suffering from whiplash. Prices may have stabilized around $40 a barrel as OPEC+ curbed supply, but as the coronavirus surges through Europe once again, the twin safety nets for majors in previous downturns -- refining and trading -- have come under severe pressure as consumers stay home. Source Bloomberg Read More

 

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PROSHARE FINANCE

Islamic Finance Is the Best Option for Real Sector Development In Nigeria - Ahmad Barau - Islamic Finance and its products are the best options for achieving real sector development in Nigeria. The Deputy Director, Banking Supervision in the Central Bank of Nigeria (CBN), Mr. Ahmad Barau, made this point at a recent discourse on developments in the Non-Interest Finance market in Nigeria. Source WebTV Read More

Only 9,103,653 Workers Have Pension Accounts, Says PenCom - Only 9,103,653 workers had Retirement Savings Accounts with Pension Fund Administrators as of the end of August. The National Pension Commission disclosed this in its 'Total RSA registrations as at 31 August 2020' latest report obtained from on Friday. Source Punch Read More

CBN to Drive Zero Balance Account Opening - As part of efforts to boost financial inclusion, the Central Bank of Nigeria has said it will promote opening of new accounts with zero balance. It said this in its report on 'Monetary, credit, foreign trade and exchange policy guidelines for fiscal years 2020/2021'. Source Punch Read More

 

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