Nigeria in 1min: Economic, Business and Financial Headlines - 280720


Tuesday, July 28, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @nsenigeria


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COVID-19 Health Updates

  • July 27th 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 41180 cases (New: 648)
  • Discharged:  18203
  • Deaths: 860: (New 2)

Source: NCDC Read More

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N651.77bn Generated as VAT in H1 2020 - NBS - Sectoral distribution of Value Added Tax (VAT) data for H1 2020 reflected that the sum of N651.77bn was generated as VAT in H1 2020 as against N600.98bn generated in H1 2019. This represents 8.45% growth Year-on-Year. Source NBS Read More

An Unexpected Rise in the FAAC Payout in July 2020 - The gross monthly payout by the Federation Account Allocation Committee (FAAC) to the three tiers of government and eligible agencies amounted to N651bn (US$1.68bn) in July (from June revenue). This was an increase of N104bn on the previous month. Source FBNQuest Research Read More

Nigeria's COVID-19 Induced Foreign Trade Decline - PFI Capital - Nigeria's total merchandise trade stood at N8.30 trillion in Q1'20 (equivalent to c.23% of nominal GDP during the same period) with total import printing at c.51% of total trade while total export represents c.49% of total trade. Source PFI Capital Read More 

The US Mindgames and The AfDB; Deconstructing A Conflict - Engaged in a lip-service campaign to win a second term at the head of the African Development Bank at the end of August, Akinwumi Adesina has been plunged into the heart of a fight that is beyond him. Of course, the Nigerian remains the only candidate for his succession. Source Jean-Michel Meyer Op-Ed Read More


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We are Committed to Capital Market Growth - Lawmaker - The House of Representatives Committee on Capital Markets and other Institutions has assured the Securities and Exchange Commission of its readiness to provide support by way of enabling laws to support the growth of the capital market. Source SEC Nigeria Read More

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Investors Gain N185.65bn as NSEASI Inches Up by 1.46% to Open the Week Positive - Equities market closed today on a positive note, as NSEASI appreciated by +1.46% to close at 24,783.61 basis points as against -0.34% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -7.67%. Source Proshare Markets Read More

WAPCO Declares N23.33bn PAT in Q2 2020 Results, (SP:N10.70k) - Lafarge Africa Plc, Building Materials company  in Industrial Goods  sector announced 9.8% Revenue growth in Q1'20 Result. Source NSE Read More 

Total Nigeria Plc Q2 2020 Unaudited Results - COVID-19 Disruptions Weigh on Earnings - Total Nigeria Plc (NGSE: TOTAL) reported N373.9 million loss in its unaudited Q2'20 results (vs N604.1 million profit in Q2'19). This result also leaves cumulative losses at N537 million (c.53.1% of our full-year forecast) for the first six months of 2020. Source CardinalStone Research Read More

Interbank System Awash with Liquidity as Apex Bank Holds Back On OMO Issuance - The FGN bonds space opened the week on a very hushed tone as yield continued to drop across the benchmark curve. With the bulls still in the market, one would have expected exciting actions, however, we saw them scramble for bonds at a very slow pace while hoping for more profit-taking actions from the bears which might aggress slight uptick in yield. Source Zedcrest Read More

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Facility Managers Laud FG's Handover of National Theatre - The International Facility Management Association, Nigeria Chapter, has lauded the Federal Government's initiative of handing over the National Theatre, Iganmu, Lagos to the Central Bank of Nigeria and the Banker's Committee. Source Punch Read More

Modular Bitumen Exploitation Commences in Ondo - A firm, the South West Bitumen Limited, has begun the modular exploitation of bitumen deposits in Ondo State. Source Punch Read More

14 Airports Now Open to Domestic Flights - FG - The Federal Government on Sunday announced that14 airports were now opened for domestic commercial flight operations. Minister of Aviation, Hadi Sirika, who announced this in a tweet through his official Twitter handle, said the airports had resumed full domestic flight operations. Source Punch Read More

COVID-19: PTF Extends Phase 2 Lockdown by One Week - The Presidential Task Force (PTF) on COVID-19 has extended the phase two lockdown by one week from the initial one-month extension. The Secretary to the Government of the Federation and chairman of the PTF-COVID-19, Boss Mustapha, revealed this at the daily briefing on COVID-19 on Monday in Abuja. Source Vanguard Read More

N6.4trn ERGP Expenditure Fails to Meet Set Targets - As the federal government gets set to replace the Economic Recovery and Growth Plan (ERGP) with a new economic plan, the Nigerian Economic Sustainability Plan (NESP), reports from both government sources and private sector assessment have indicated massive failures in the ERGP across almost all the target points. Source Vanguard Read More

Republicans Unveil Coronavirus Plan, Slash Emergency Unemployment Benefit - Senate Republicans on Monday proposed a $1 trillion coronavirus aid package hammered out with the White House, paving the way for talks with Democrats on how to help Americans as expanded unemployment benefits for millions of workers expire this week. Source Reuters Read More

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Nigeria Telecommunications Update: Now for Digital Transformation - Now more than ever, we believe that the Nigerian telecommunications sector is set to take a leading role in the government's effort to diversify the economy. On the back of significant investments by the mobile networks, the sector's contribution to GDP has risen steadily from c.7.7% in 2012 to c.10.9% in Q1 2020. It is now larger than that of the oil sector (9.5% Q1 2020 oil GDP). Source FBNQuest Read More

Stakeholders Advocate Legal Framework at the ACCI E-commerce Webinar - Top practitioners and stakeholders within the Nigerian ecommerce sector have called on the Federal Government to institute a consolidated legal framework for the sub-sector to enhance its sustainability and expansion. Source ACCI Read More

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FirstBank Offers Support to SMEs In Education Sector Through The Pandemic - First Bank of Nigeria Limited has offered to give financial support to Small and Medium Enterprises (SMEs In Education Sector) to cushion the effects of the COVID -19 pandemic. Source First Bank Read More

The Battle of Principles: Insurance Versus Business - Fundamentally, our lives are guided by set principles irrespective of the biases we put forward at different times. For example, "Do unto others as you would have them do to you" or put differently, "Be fair in all your dealings with others" is universally accepted. Source Ekerete Ola Gam-Ikon Read More


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Lagos SME Bootcamp 3.0: Experts Emphasize Processes, Communication and Governance For MSMEs To Grow - Effective Processes, Financial Records, Communications/Brand positioning and Governance are areas that Micro, Small and Medium Enterprises, MSME must give priority if they are to achieved sustained growth. Source Ottoabasi Abasiekong for WebTV Read More


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