Nigeria in 1min: Economic, Business and Financial Headlines - 270520

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Wednesday, May 27, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: @NCDCgov

 

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COVID-19 Health Updates

  • On the 26th of May 2020, 276 new confirmed cases and 16 deaths were recorded in Nigeria
  • No new state has reported a case in the last 24 hours.
  • Till date, 8344 cases have been confirmed, 2385 cases have been discharged and 249 deaths have been recorded in 34 states and the Federal Capital Territory
  • The 276 new cases are reported from 15 states- Lagos (161), Rivers (36), Edo (27), Kaduna (19), Nasarawa (10), Oyo (6), Kano (4), Delta (3), Ebonyi (3), Gombe (2), Ogun (1), Ondo (1), Borno (1), Abia (1), Bauchi (1). Read More

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PROSHARE ECONOMY 

Total Value of Capital Importation into Nigeria Stood At $5,854.38m in Q1 2020 - NBS - The total value of capital importation into Nigeria stood at $5,854.38m in the first quarter of 2020. This represents an increase of 53.97% compared to Q4 2019 and -31.19% decrease compared to the first quarter of 2019. Source NBS Read More

Addendum To The 2020 - 2022 Mtef And Fiscal Strategy Paper - Following the outbreak of the Coronavirus Disease (COVID-19), and its rapid spin into a global pandemic in Q1 2020; there has been corresponding economic consequence. There has been a slow-down of global economic activities as most countries are on lockdown with movement only limited to essential goods or persons performing essential services.  Source Budget Office and Federal Ministry of Finance, Budget and National Planning Read More

Oil Holds Gains As Demand Continues To Rise - OIR 260520 - Oil prices continue to show positive momentum as the oil market appears set to rebalance faster than expected. Rystad estimates that the market was 16 mb/d oversupplied in April. But by June, 4 mb/d in demand will come back and supply cuts of 12 mb/d will move the market back to an equilibrium, although at much lower levels compared to the pre-pandemic era.  Source Tom Kool of Oilprice Read More

Economy May Contract In Q2, NECA Warns - The Nigeria Employers Consultative Association has called on the fiscal and monetary authorities to develop a more aggressive and decisive policies to sustain  economic recovery in the wake of further decrease in oil price. Source Punch Read More 

Petrol Price May Increase As Brent Stabilises Around $35/Barrel - Brent, the oil against which Nigeria's crude is priced, has hovered around $35 per barrel for about one week, raising concerns of a possible hike in petrol price in Nigeria any time soon. An analysis of global oil trading rates on Monday showed that Brent crude traded at $35.61 per barrel as of 9.32am Central Standard Time. Source Punch Read More


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PROSHARE BUSINESS 

Bank NPLs (11) - Technical Analysis on Banks' NPLs - LDR - Access Bank had a downward trending LDR between 2009 and 2014. Access Bank highest LDR within the time period was +84.2% in Q2 2010 while its lowest LDR was +41.2% in Q1 2012. Source Debtors Africa Read More

26th CSCS AGM: Shareholders Approve N4.3bn Dividend, As Non-Core Revenue Grew 162.5% YOY - Central Securities Clearing System (CSCS) Plc, today, held its 26th Annual General Meeting (AGM), where shareholders approved N0.86 dividend per share payout to shareholders. The AGM was held by proxy at the Nigerian Stock Exchange Event Centre, Lagos whilst observing relevant social distancing protocols and hygiene, aimed at curtailing the spread of COVID-19. Source CSCS Nigeria Read More 

Why the ICRC Act is important for effective PPPs' and Enforcing the Sanctity of Contracts - Udofia - The Amendment of the Infrastructure Concession Regulatory Commission (ICRC) Act in Nigeria is important for effective 'Public-Private Partnerships-PPPs' and enforcing the "Sanctity of Contracts" which are critical for attracting investments and improving the process of Doing Business in Nigeria said the Managing Associate, Wale Babalakin & Co, Dr. Kubianga Udofia while speaking on WebTV's Economy and Politics Programme. Source WebTV Read More 

Detail Solicitors Holds Webinar On Great Expectations Workplace and Wealth - On Wednesday, 27th May 2020, Detail Commercial Solicitors will host a webinar titled "Great Expectations - Workplace and Wealth". This webinar will focus on how as individuals and businesses, we can come out of the ongoing events in the world today stronger than before if we remain authentic and become adaptable. The discussants at the session will probe issues around changing events in the workplace and ideas on building your business and wealth. Source Detail Solicitors Read More

10 Power Plants Idle, Generation Sinks To 2,627MW - The number of the nation's power plants sitting idle increased by three on Monday to 10, prompting generation to tumble below 3,000 megawatts. Total power generation in the country fell to 2,626.9MW as of 6am on Monday from 3,738MW the previous day, according to the Nigerian Electricity System Operator. Source Punch Read More

S&P 500 Rises On Economic Recovery And Vaccine Hopes, Pulls Back From Highs - U.S. stocks closed higher on Tuesday on optimism about the development of coronavirus vaccines and a revival of business activity, but the S&P 500 failed to hold above the key psychological level of 3,000 points. Source Reuters Read More 

LCCI Expresses Worry Over Neglect Of Solid Mineral Sector - The Federal Government has been urged to stop, forthwith, the continuous neglect of the solid mineral sector of Nigeria's economy as it portends grave danger to the country's solid foundation and development. Source Vanguard Read More

Macron Unveils 8 Bn-Euro French Auto Rescue, Champions Electric Cars - President Emmanuel Macron on Tuesday announced an 8-billion euro ($8.8 billion) plan to revive France's auto industry by making it the European leader in electric cars, boosting a sector brought to its knees by the coronavirus. Source The Guardian Read More

We'll Ease Nigeria, Others' Debt Burden - Chinese Minister - Chinese Foreign Minister, Wang Yi, has said China will work with other G20 members to implement the debt service suspension initiative to ease the debt burden of Nigeria and other African countries. Source Punch Read More


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PROSHARE TECHNOLOGY 

Ahead of Tomorrow on WebTV: Discussions on Discourse on The Nigerian E-Commerce Industry - Ayo Dawodu is a technology entrepreneur and founder of Loystar. With a background in computing and a Lean Startup DNA, Ayo combines his understanding of software and business to deliver value to businesses and organizations across the world.  Source WebTV Read More

Google To Start Reopening Offices, Targets 30% Capacity In September - Alphabet Inc's Google said on Tuesday it would reopen buildings in more cities at roughly 10% of their capacity beginning July 6 and scale it up to 30% in September, if conditions permit. Source Reuters Read More


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PROSHARE FINANCE 

COVID-19 Pandemic has hit every Industry Hard, and the Insurance Industry is no Different - While the companies have collected themselves and are making amends to meet the challenges of the present situation. These changes will also try to curb other issues that might arrive shortly. With that being said, following we are explaining the biggest changes that will shape the future of the insurance industry. Source Sponsored Post / Digita Weboutreach Read More


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