Nigeria in 1min: Economic, Business and Financial Headlines - 280520

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Thursday, May 28, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: @NCDCgov

 

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COVID-19 Health Updates

  • On the 27th of May 2020, 389 new confirmed cases and 5 deaths were recorded in Nigeria
  • One new state (Kogi) has reported a case in the last 24 hours.
  • Till date, 8733 cases have been confirmed, 2501 cases have been discharged and 254 deaths have been recorded in 35 states and the Federal Capital Territory
  • The 389 new cases are reported from 22 states- Lagos (256), Katsina (23), Edo (22), Rivers (14), Kano(13), Adamawa (11), Akwa Ibom (11), Kaduna(7), Kwara (6), Nasarawa (6), Gombe (2), Plateau (2), Abia (2), Delta (2), Benue (2), Niger (2), Kogi (2), Oyo (2), Imo (1), Borno (1), Ogun (1), Anambra (1). Read More


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PROSHARE ECONOMY 

Q1 2020 GDP: Overall Growth Performance Weighed Down By The Non-Oil Sector - The National Bureau of Statistics (NBS) released Q1-2020 GDP data which reflected a growth of 1.87% in real terms against 2.10% recorded in the same period in 2019. This is probably indicative of the 3.4% contraction predicted by the IMF for FY-2020. Oil sector growth settled at 5.04% YoY vs 6.36% YoY in Q4-2019. Source Comercio Partners  Read More

MPC Preview: Economic Stability Regains Priority But Policy Options Still Limited - Despite accommodative policies and introduction of quantitative easing across developed and emerging economies, the MPC elected to leave all policy parameters unchanged at its March Meeting, which was in no way a surprise. The committee stated COVID-19 is a public health crisis which will undermine any monetary stimulus and time is needed to allow its direct intervention measures to permeate the economy. Source NOVA Merchant Bank Read More

Halt Bank Dividends and Buybacks Now - After the 2008 financial crisis, global regulators required banks to increase their prudential buffers of high-quality capital and liquidity. That significantly strengthened the resilience of the financial system. Many observers now cite those buffers as a bulwark against the adverse effects of the Covid-19 pandemic. Source Kristalina Georgieva, IMF Managing Director  Read More

Nigeria And The Development State Economic Model - Prof Akpan Ekpo - Nigeria Africa's largest economy must give priority to the "Development State Economic Model" which is a realistic economic philosophy for the nation.  Professor Akpan Hogan Ekpo an economist and public policy analyst disclosed this as a guest on the WebTV "Market Review" program. Source WebTV Read More

Average Air Passengers Fare Was Flat MoM in April 2020 - NBS - The Transport fare Watch report for April 2020 covers the following categories namely bus journey within the city per drop constant route; bus journey intercity, state route, charge per person; air fare charge for specified routes single journey; journey by motorcycle (Okada) per drop; and water way passenger transport. Source NBS Read More

Nigeria's President Signs Amendment to Executive Order on The VOARS Scheme - President Muhammadu Buhari on 20 May 2020, signed an amendment to the Executive Order 008 (the Order) on the Voluntary Assets Regularization Scheme (VOARS), 2018. According to the Presidency, the amendment to the Order was as a result of input from stakeholders and the need to strengthen implementation mechanisms and structures. Source Deloitte Read More

Average Price of 1kg of Rice Increased MoM By 7.56% in April 2020 - NBS - Selected food price watch data for April 2020 reflected that the average price of 1 dozen of Agric eggs medium size increased year-on-year by 2.04% and month-on month by 3.38% to N476.72 in April 2020 from N461.15 in March 2020 while the average price of piece of Agric eggs medium size (price of one) decreased year-on-year by -0.98% and increased month-on-month by 4.11% to N41.54 in April 2020 from N39.90 in March 2020. Source NBS - Read More

CBN Cuts Rates on OFIs Facilities to 5% to Ameliorate Impact of COVID-19 - The Central Bank of Nigeria (CBN), on Wednesday slashed interest rates on its facilities through participating Other Financial Institutions (OFIs) from 9% to 5% per annum as part of measures to cushion the impact of coronavirus pandemic on households, businesses and regulated institutions. Source BusinessDay Read More

FG Approves Funding for First Phase of Siemens Electricity Deal - The federal government Wednesday directed the ministries of power and finance, and the Bureau of Public Enterprises (BPE) to immediately begin the process of finalising the pre-engineering and concessionary financing agreement with Siemens AG, to rev up the power supply in the country. Source THISDAYLIVE Read More

TUC Warns Against More Chinese Loans - The Trade Union Congress of Nigeria has cautioned Nigeria against taking loans from China. The union stated this in a recent Sallah message jointly signed by the President, TUC, Quadri Olaleye, and the Secretary General, Musa-Lawal Ozigi. Source Punch Read More


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PROSHARE MARKETS 

Investors Gain N8.59bn as NSEASI Inches Up by 0.07% to Open the Week Positive - Equities market closed today on positive note, as NSEASI appreciated by +0.07% to close at 25,221.29 points as against +1.80% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -6.04%. Source Proshare Markets Read More 

Anchoria Fixed Income Monitor: Bond Auction worth N60bn mops System Liquidity - The average money market rate rose significantly last week by 12.23% to settle at 15.32% from 3.09% in the previous week. This is attributable to the outflow from FGN Bond auction worth N295.37 billion and CRR debits from banks by the Central bank. Source Anchoria AM Research Read More 

Average Yield on NT-Bills Declines 11bps WoW, PMA Holds Today - In line with our expectation, sentiments in the Nigerian Treasury Bills ("NT-Bills") secondary market were mixed albeit with mild bullish bias. Buying interests were witnessed at the start of the week following an inflow (c. N190.0bn) from the Federation Accounts Allocation Committee ("FAAC") which bolstered system liquidity (N590.8bn long on Monday). Source Afrinvest Research Read More 

Domestic and Foreign Portfolio Participation in Equity Trading - April 2020 - On a monthly basis, The Nigerian Stock Exchange polls trading figures from market operators on their Domestic and Foreign Portfolio Investment (FPI) flows. As at 30 April 2020, total transactions at the nation's bourse decreased by 47.03% from N242.91billion (about $630.04million) in March 20205 to N128.67billion (about $332.22million) in April 2020. Source NSE Read More

Ahead of Tomorrow on WebTV: Discussions on Macro-Economic Developments and The Capital Market - Mr. Patrick Ajayi had his first degree in Physics and a working career that has spanned fields such as Audit, Taxation, Information Technology, Commercial Banking and Investment Banking. He is a Chartered Accountant and Chartered Stockbroker with experience in the financial and capital markets. Source WebTV Read More

A Relatively Quiet Day For Fixed Income Markets As Treasury Bills Primary Market See Healthy Demand - The Bond Market resumed the short week on a very languid note. Offers were shown on most of the benchmark papers at the head and the tail of the curve while the auctions papers, especially 2050s which continued to garner strength settling around 12.55% levels. The belly of the curve witnessed a short squeeze, especially for the 2027s and 2028s maturities, which were mostly bided for a greater part of the trading session. Source Zedcrest Capital Read More


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PROSHARE BUSINESS 

Bank NPLs (12) - Impact of NPLs on Income Trends - Despite the increase of Access bank's non-performing loan to +5.8% in Q4 2019 from +2.5% in Q4 2018, Its profit before tax rose to N115.40bn in Q4 2019 from N103.19bn in Q4 2018. Source Debtors Africa Read More 

The Case Against Nigeria's Big Philanthropy Industrial Complex (NBPIC) - In response to the coronavirus pandemic, some of Nigeria's top billionaires made significant contributions in the fight against Covid-19. Aliko Dangote donated N2 billion while Mike Adenuga donated N3 billion. Femi Otedola, Folorunsho Alakija, Tony Elumelu, Jim Ovia and Oba Otudeko donated N1 billion each. The CEOs of Access Bank and Guaranty Trust Bank gave N1 billion each. Source OpEd By Ahmed Olayinka Sule, CFA  Read More

Debtors Africa Platform: Game Changer For Nigeria's Financial Services Industry - TESLIM SHITTA-BEY is the Managing Editor, Proshare Nigeria Limited. He holds a Bachelor's degree in Economics and Statistics (University of Benin) and a post graduate certificate in Financial Journalism. He has, in the last three decades, accumulated a rich and varied experience as stock market/Investment analyst, Commercial and Investment banker and as a financial journalist. He has had over 20 years of experience in Investment Banking. Source WebTV Read More

Boeing Cutting More Than 12,000 U.S. Jobs, Thousands More Planned - Boeing Co (BA.N) said on Wednesday it was eliminating more than 12,000 U.S. jobs, including 6,770 involuntary layoffs, as the largest American planemaker restructures in the face of the coronavirus pandemic. Source Reuters Read More 

Wall Street Rises With Economic Hopes; Bank Stocks Jump - U.S. stocks rose on Wednesday, with the S&P 500 closing above 3,000 for the first time since March 5, as the further easing of lockdowns lifted optimism for an economic recovery. Source Reuters Read More

IMF Advises Banks To Suspend Dividend Payment - The International Monetary Fund has advised commercial banks to retain their earnings by suspending payment of shareholders' dividends during the COVID-19 pandemic. The IMF Managing Director, Kristalina Georgieva, made the call in an opinion article entitled 'Halt bank dividends and buybacks now', posted on the organisation's website a day after its publication by the Financial Times. Source Punch Read More

World Bank Approves $346m For Projects In Nigeria, Others - The World Bank has approved $346m for two projects aimed at strengthening resilience and livelihoods in the Lake Chad region. A statement from the World Bank explained that the projects, which are to be financed through the International Development Association, will be shared between Cameroon, Chad, Niger, and Nigeria. Source Punch Read More

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PROSHARE TECHNOLOGY 

Leading Edge Consulting to host Webinar on Digital Transformation on May 29, 2020 - This Webinar is geared towards sharing radical thoughts on how organisations can gain authentic individual insights, team profiles and organisation-wide alignment that will build effective (virtual/hybrid/ physical) teams for cultural harmony and organisational impact. Source Leading Edge Consulting Read More 

The Implication Of COVID-19 On Financial Inclusion And Financial Literacy - The COVID-19 pandemic is generating an unprecedented global health crisis which in turn has critical implications on the the financial system both in content and context. The entire global population which has become vulnerable due the health crisis would also be mostly affected by the brewing financial crisis if not properly managed and protected through deliberate and conscientious financial education and enlightenment. Source Otunba (Mrs) 'Debola Osibogun Read More

Eid-el-Fitr: Banks Online Transactions Hit 3.4 Million - Bank customers carried out about 3.4 million transactions on Nigeria Interbank Settlement System Instant Pay platform recorded on the second day of Eid-el-Fitr, live updates provided by the NIBSS have shown. Source Punch Read More


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