Nigeria in 1min: Economic, Business and Financial Headlines - 290520


Friday, May 29, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: @NigeriaGov


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COVID-19 Health Updates

  • On the 28th of May 2020, 182 new confirmed cases and 5 deaths were recorded in Nigeria
  • No new state has reported a case in the last 24 hours.
  • Till date, 8915 cases have been confirmed, 2592 cases have been discharged and 259 deaths have been recorded in 35 states and the Federal Capital Territory
  • The 182 new cases are reported from 16 states- Lagos (111), FCT (16), Akwa Ibom (10), Oyo (8), Kaduna (6), Delta (6), Rivers (5), Ebonyi (4), Ogun (4), Kano (3), Plateau (2), Gombe (2), Kebbi (1), Kwara (2), Bauchi (1), Borno (1). Read More

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An Abrupt Halt Economic Momentum - The national accounts for Q1 2020 show GDP growth at 1.9% y/y, compared with 2.6% in the previous quarter and 2.1% in the comparable year-earlier period. The oil & gas sector expanded by 5.1% y/y on the back of an increase in average crude output according to the NBS from 1.99mbpd to 2.07mbpd. The non-oil economy grew by 1.6% y/y, compared with the year-earlier 2.5%. Source FBNQuest Research Read More

Nigeria's Economic Pre-Conditions Catch Up With It As Q1 Slows - The Nigerian economy was already struggling in 2019. It grew by 2.27%, below the population growth of 2.6%. Many analysts had projected a steeper fall in the Q1'20 to as low as -2.5% as a reflection of the Covid impact. Source FDC Ltd Read More

COVID-19: CBN Okays Reliefs on Loans in OFIs Sector - As part of its continued effort to mitigate the impact of the corona virus (COVID-19) on households, businesses and regulated institutions, the Central Bank of Nigeria (CBN), has reduced interest rates on its facilities through participating Other Financial Institutions (OFIs) from 9% to 5% per annum for one year effective March 1, 2020. Source CBN Read More

CBN MPC Reduces MPR to 12.5%; Retains Other Parameters Constant - The Monetary Policy Committee (MPC) concluded its one-day policy meeting today. The Committee members which were faced with the hard choices of reducing or leaving policy parameters unchanged unanimously elected to reduce the benchmark interest rate by 100 basis points. Source Proshare Research Read More

Tax Appeal Tribunal Delivers Judgement in Maiden Transfer Pricing Case in Nigeria - The Tax Appeal Tribunal (TAT or "the Tribunal") sitting in Lagos recently delivered judgement in the case between Prime Plastichem Nigeria Limited (PPNL or "the Appellant") and the Federal Inland Revenue Service (FIRS or "the Respondent") on Transfer Pricing (TP). This is significant as it was the first TP judgement delivered in Nigeria since inception of the TP Regulations in 2012. Source KPMG Nigeria Read More

CBN Communique No. 130 of the MPC Meeting - May 28, 2020 - The Monetary Policy Committee (MPC) met on 28th May, 2020 in an environment of severe macroeconomic shock caused by the fatal spread of the Novel COVID-19 Pandemic, which first started as a health crisis in December 2019 in China and quickly morphed into a global economic crisis in the ensuing months. Source CBN Read More

Finance Minister Issues Order Expanding the Goods and Services Exempt from VAT in Nigeria - Acting pursuant to the power conferred by Section 38 of the Value Added Tax Act ("VAT Act"), the Honourable Minister of Finance, Budget and National Planning ("Minister") on February 3, 2020, issued the Value Added Tax (Modification Order), 2020 ("VAT Modification Order"). Source Banwo-Ighodalo Read More

Africa Confronts Its Destiny - AfDB Stands or Stays Cowed: Obasanjo and Ahmed Makes Case - I hope that you are keeping well in the midst of the current COVID 19 pandemic that we are all going through in Africa and all over the world. I am writing to you in respect of developments at the African Development Bank. Source Olusegun Obasanjo and Federal Ministry of Finance Read More

Ahead of Tomorrow on WebTV: Discussions on Improving Investments in The Nigerian Creative Industry - Atunyota Alleluya Akpobome known with the stage name "Ali Baba" has been a professional standup comedian for the past 30 years and has received several awards and recognitions for his outstanding performance. Source WebTV Read More

MPR Reduction Signals More Deliberate Measures Imminent - The Monetary Policy Committee at the end of its meeting today signaled an accommodative posture with a reduction of the Monetary Policy Rate (MPR) by 100bps to 12.5%, citing the need to rapidly stimulate aggregate demand in a bid to accentuate a fast recovery of the economy and possibly avoid prolonged contraction in economic activity as measured by GDP. Source NOVA Merchant Bank Read More

FIRS Finance Act Circular: Amendments to the Stamp Duties Act - The Finance Act (FA) 2019 introduced some amendments to the Stamp Duties Act (SDA). The Federal Inland Revenue Service (FIRS) has issued an Information Circular in this regard. Source PwC Nigeria Read More

AMCON Seeks Fresh Bailout For Airlines - The Asset Management Corporation of Nigeria has called on the Federal Government to consider as a matter of top priority a bailout for the aviation industry. A statement from AMCON on Thursday said the call was made by the organisation's Executive Director, Operations, Mr Aminu Ismail, in Abuja. Source Punch Read More

Manufacturers Bemoan Interstate Lockdown, Extortion - Manufacturers of goods and products are complaining that the current interstate lockdown is adversely affecting the movement of goods from the production points to the various markets. The interstate lockdown is to prevent the spread of the coronavirus, especially for those travelling from high-risk areas to other places with little or no record of the outbreak of the deadly virus. Source Punch Read More

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NSE Set to Host Sustainable Capital Markets Forum to Promote Green Finance in West Africa - The Nigerian Stock Exchange ("NSE" or "The Exchange") in collaboration with the Milken Institute, is set to host the inaugural edition of our Webinar Series on Sustainable Capital Markets for West Africa on Friday, 5 June 2020 by 2:30pm. The webinar themed, "Fundamentals of Developing Green Bond Markets", is supported by the Securities and Exchange Commission (SEC). Source NSE Read More 

Investors Lose N28.78bn as NSEASI Dips by -0.22%; Erases Previous Day Gain - Equities market closed today on a negative note, as NSEASI depreciated by -0.22% to close at 25,166.01 points as against +0.07% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -6.24%. Source Proshare Markets Read More


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Bank NPLs (13) - Impact on Growth of the Credit Market - Access Banks loans grew by +46.05% in Q4 2019 from -0.12% in Q4 2018, as its NPL rose from +5.8% in Q4 2019 from +2.5% in Q4 2018. Access Bank's NPL does not clearly explain its growth in loans over the years. The expectations are that a reduction in NPL will lead to an increase in the growth in loans. Source Debtors Africa Read More

Dangote, MTN Emerge Most Admired African Brands - For the third time in a row, Dangote Group has emerged as the most admired African brand, of African continent origin, by consumers, paired with the telecommunication giant, MTN in a survey of 100 Africa best brands announced in a novel global virtual event that incorporated the market openings of Kenya, South Africa and Nigeria. Source Dangote Read More

Petrol Marketers To Gain N8.3bn On Depot Price Reduction - Retail marketers of petrol are currently raking in billions of naira as findings on Wednesday showed that they would make over N8.3bn profit in May (this month) due to the recent reduction in the ex-depot price of the product. Source Punch Read More

50 Unsold Cargoes of Nigeria's Oil Await Buyers - The global oil market remains dull as 50 unsold cargoes of Nigeria's Bonny Light await buyers, indicating that the volatile market is still flooded with unsold stocks. Source Vanguard Read More

NNPC's N1.27trn Projected Remittance Hampered By Low Oil Price - Kyari - The Nigerian National Petroleum Corporation (NNPC), yesterday, disclosed that the fall in crude oil prices in the international market has hampered its projected N1.27 trillion remittance to the Federation Account in the 2020 fiscal year, specifically, between April and December 2020. Source Vanguard Read More 

SON, Tech Committee Outline Road Map For Tomato Value Chain - Director-General, SON, Osita Aboloma, said that a meeting of the Committee with SON reached a milestone in the country's agricultural transformation and economic diversification agenda. Source Vanguard Read More 

FG To Certify Airlines Before Flights Resume - The Federal Government is to certify airlines and other operators in Nigeria before the resumption of flights once the country's airspace and airports are re-opened for commercial operations. It was also gathered on Wednesday that all operators in the country's civil aviation space were required to inform the government five days ahead before resuming operations. Source Punch Read More 

U.S. Major Airlines Roll Out More Options To Avoid Staff Layoffs - The top three U.S. airlines, hit hard by the coronavirus pandemic, are rolling out fresh programs to induce tens of thousands of employees to accept voluntary leave or early retirement in the hope of avoiding widespread furloughs in the fall, company memos show. Source Reuters Read More 

Renault Poised To Announce 15,000 Layoffs Worldwide: Union - French carmaker Renault is poised to announce 15,000 layoffs worldwide on Friday as it unveils a plan to boost its profitability and cope with faltering sales, a representative for the CFDT union said after meeting with the company. Source Reuters Read More

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The Virus and Post-Virus Hit to All Airlines - FBNQuest - Along with tourism, event management and large sports events, the airline industry has been heavily affected by the impact of the virus. Warren Buffett has sold down his positions in US carriers while Lufthansa has negotiated a 9bn Euros bailout with the German government. Source FBNQuest Research Read More

Ahead of Tomorrow on WebTV: Discussions on Investing In Healthcare Tech And Research In Nigeria - Dr Adebowale Odulana is a Healthcare Management Consultant and Founder/CEO at Doctoora e-Health Limited and Doctoora consulting where he leads the performance improvement service stream. Source WebTV Read More


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