Nigeria in 1min: Economic, Business and Financial Headlines - 290620


Monday, June 29, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: @jidesanwoolu


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COVID-19 Health Updates

  • On the 28th of June 2020, 490 new confirmed cases and 7 deaths were recorded in Nigeria
  • No new state has reported a case in the last 24 hours.
  • Till date, 24567 cases have been confirmed, 9007 cases have been discharged and 565 deaths have been recorded in 35 states and the Federal Capital Territory
  • The 490 new cases were reported from 20 states- Lagos(118), Delta(84), Ebonyi(68), FCT(56), Plateau(39), Edo(29), Katsina(21), Imo(13), Ondo(12), Adamawa(11), Osun(8), Ogun(8), Rivers(6), Kano(5), Enugu(3),Bauchi(3), Akwa Ibom(3), Kogi(1), Oyo(1), Bayelsa(1). Source NCDC Read More

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Coronanomics (21) - Sectorial Analysis of Nigeria's Manufacturing Sector - The manufacturing sector in Nigeria is comprised of thirteen activities: Oil Refining; Cement; Food, Beverages and Tobacco; Textile, Apparel, and Footwear; Wood and Wood Products; Pulp Paper and Paper products; Chemical and Pharmaceutical products; Non-metallic Products, Plastic and Rubber products; Electrical and Electronic, Basic Metal and Iron and Steel; Motor Vehicles and Assembly; and Other Manufacturing. Source Proshare Content Read More 

Coronanomics (22) - Sectorial Analysis of Nigeria's Transportation and Storage Sector - Transportation and storage sector is made up of six activities which include road transport, rail transport and pipelines, water transport, air transport, transport services and post and courier services. The transportation and storage grew by 2.82% in Q1 2020 from -0.80% in Q4 2019 and 19.50% in Q1 2019. Source Proshare Content Research Read More

Coronanomics (23) - Sectorial Analysis of Nigeria's Trade Sector - The trade sector contracted by -2.82% in the first quarter of 2020 from -0.58% in Q4 2019 and 0.85% in Q1 2019. The trade sector was adversely affected by the global spread of the coronavirus. Source Proshare Content Read More

Update on the WHO Act-Accelerator - Publication of Investment Cases - The tools developed will benefit the whole world, and by saving lives and reducing severe COVID-19 disease, contribute to the goal of protecting health systems and restoring full societal and economic activity globally in the near term, and facilitating high-level control of COVID-19 disease in the medium term. Source WHO Read More

FIRS Issues Public Notice on VAT (Modification Order) 2020 - Items Not Exempted from VAT - The Federal Inland Revenue Service (FIRS) on Wednesday, 24 June 2020 issued a Public Notice to clarify enquiries received from taxpayers on the tax exempt status of some items included in Paragraph 2 of the recently published Value Added Tax (Modification Order), 2020 ("the Order"). Source KPMG Nigeria Read More

The World Congress of Central Bankers - The consensus view (including our own) ahead of the meeting of the monetary policy committee (MPC) in late May was that it would settle for no change in stance, both out of habit and due to reservations over the effectiveness of rate changes. From members' personal statements we can now see that they acted out of "received wisdom" and voted for the cut as the "optimal response" to imminent recession. Source FBNQuest Research Read More

Oil Prices Fall Below $41 as a "Second Wave" of COVID Hits - OIR 260620 - The two-month oil rally has stalled, with WTI falling back to $38 per barrel. The resurgence of Covid-19 across the U.S. has halted the market's positive momentum. In many ways, the rally was already overdone. Source Tom Kool of Oilprice Read More

Amid Vulnerability, Nigeria's Economy Musters Resilience - Nigeria has a compelling case why to slide into another recession going by key macroeconomic indicators which are not impressive at this time in particular. It happens that the government depends on over 80 per cent of oil revenue to meet its obligations amidst efforts to diversify the economy into agriculture. Source THISDAYLIVE Read More

WAIFEM: Covid-19 Will Widen Income Inequality Gap in W'Africa - The Director-General of the West African Institute for Financial and Economic Management (WAIFEM), Dr. Baba Musa has said the disruptive impact of the Covid-19 will further widen the income inequality gap in countries in West Africa. Source THISDAYLIVE Read More

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What To Expect From The Markets This Week - 290620 - According to the Bureau of Economic Analysis, the US economy shrank by an annualized 5% in the first quarter of 2020, in line with the previous estimate and ending the most prolonged period of expansion in the country's history. Source Proshare Content Read More

Investors Gain N1.15bn WoW as NSEASI Inches Up by 0.01% to Close the Week Positive - Equities market closed today on a positive note, as NSEASI appreciated by +0.83% to close at 24,818.24 points as against -0.12% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -7.50%.  Source Proshare Markets Read More

COVID-19 And Africa: Any Economic Lesson for Africa Leaders? - Like in many continents, the outbreak of the novel Coronavirus is having a negative impact on African economies, changing the overall economic outlook for countries in the region from that of expansion (earlier expected at the beginning of the year) to a broad-based contraction/slowdown. Source United Capital Research Read More 

FCMB Group Plc - Proposed Acquisition of AIICO Pension Could be Positive - FCMB Group Plc (FCMB) - TP N2.00 (HOLD) has announced ongoing conversations for a potential acquisition of AIICO Pension Managers Limited (AIICO Pensions) by its subsidiary, FCMB Pension Managers Limited (FCMB Pensions). According to the statement, the deal would involve FCMB Pensions acquiring the 70% stake held by AIICO Insurance Plc and 26% of minority-controlled shares. Source CardinalStone Research Read More

Corporate Earnings For The Week Ending 260620 - 10 in All - Five (5) out of the Five (5) firms declared growth in revenue. ARBICO records 70% growth in earnings to emerge as the firm with highest growth in earnings while MULTIVERSE records 48% negative growth in earnings to emerge as the firm with the least growth rate. Source Proshare Research Read More

NASD OTC Market CAP Decreased By -0.25% WoW to Close At N516.41bn; Hosts 7th AGM - We are pleased to inform you that NASD PLC hosted its 7th AGM on Thursday, June 25, 2020. The AGM was held virtually and shareholders were able to cast their votes via proxies who were in attendance physically. This was done in keeping with the law of the Federal Government of Nigeria which prevents crowds from congregating as a result of the on-going pandemic. Click here to view NASD Plc 2020 Annual General Meeting. Source NASD Plc Read More

Market Review and Round-Up of Corporate News Announced During The Week Ending 260620 - The equities market recorded mixed performance - the listed equities market, NSEASI, recorded +0.01% gain WoW while the NASD OTC closed negative with -0.25% loss. Proshare Markets Read More


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Boosting Access to Credit by MSMEs: The Role of Credit Bureaus - The Micro, Small and Medium Enterprises (MSMEs) sector in Nigeria accounts for about 90 million jobs in the economy. However, less than 15 percent of MSMEs have access to finance. Lack of access to financing, most notably working-capital financing, has led to the crimping of the sector growth and a loss in latent innovation, creativity and productivity. Source Oladimeji Peters, Chairman, CBAN Read More

FG Organises Test Flight Ahead of Airport Reopening - The Federal Government on Saturday conducted a flight simulation exercise ahead of the resumption of domestic flights in the country. The exercise commenced around 8am, as passengers went through the stipulated protocols before boarding an Aero Contractor flight at about 11:20am. Source Punch Read More

Train-7 Project Faces Delay Amid COVID-19 Pandemic - The bulk of fabrication and manufacturing activities for Train-7 project will be suspended until the COVID-19 pandemic is under control, the Nigerian LNG Limited has said. Source Punch Read More

Banks' Total Credit Rises to N18.6tn - The total credit to the economy rose to N18.6tn as of the end of April 2020, according to latest reports released by the Central Bank of Nigeria. A member of the Monetary Policy Committee, Kingsley Obiora, disclosed this in his presentation at the last MPC meeting of the CBN. Source Punch Read More

Highway Development, Management Will Generate N160bn, Says FG - The Federal Government on Thursday engaged stakeholders from various sectors of the economy for the implementation of its Highway Development and Management Initiative. Source Punch Read More

Nigeria's Exports to China, India, Others Hit N1.87tn - Commodity exports from Nigeria to China, India, Spain, Netherlands and South Africa in the first quarter of this year hit N1.87tn, the National Bureau of Statistics has said. The NBS disclosed this in its Commodity Price Indices Terms of Trade report released on Thursday. Source Punch Read More

Stocks Decline as Virus Spread Continues: Markets Wrap - Asian stocks retreated and U.S. equity futures fluctuated as the ongoing spread of the coronavirus outweighed signs China's economy is recovering. Source Bloomberg Read More

Treasuries' Best Run Since 1995 Shows Traders Girding for Worst - The world's biggest bond market is holding firm in its conviction that the revival of the American economy from the devastation of the pandemic will be slow and fragmented. Source Bloomberg Read More

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An Explainer on a Game Changer: MultiChoice's Integration of Netflix and Amazon, DStv Streaming - South Africa-based pay TV operator MultiChoice recently agreed to add Netflix and Amazon Prime Video to its TV offering, integrating their services into its Explora decoder. The pay TV operator has also launched field trials of its own DStv streaming product. Source News Read More

Ecobank Extends Zero Charge for Digital Money Transfers - Ecobank has extended its zero-charge fee for digital money transfers below N5,000 till the end of September this year. In addition to the free USSD session fee currently enjoyed by Ecobank customers, users of Ecobank Mobile, Ecobank Online, USSD - Ecobank *326# can continue to enjoy zero fee charge for digital money transfers below N5,000. Source Ecobank Nigeria Read More

Firstbank Empowers Women Through Firstgem Online Community - First Bank of Nigeria Limited, Nigeria's premier and leading financial inclusion services provider, has announced that its all-female online community, offers mentoring, support and capacity building opportunities for all to create a new generation of financially literate women. Source FirstBank Read More

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How Africa Islamic Economic Foundation Is Supporting Development In the Region - The Islamic economic theory by its principles has the potential to achieve sustainable development and wealth for Nigeria and African nations. This was the assertion of Mr. Baba Yunus Mohammed, the President of the Africa Islamic Economic Foundation, AFRIEF who featured on the Islamic Finance Weekly programme anchored by Bukola Akinyele. Source WebTV Read More


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UBA Hosts Airtel CEO in Quarterly Business Series, Calls for Registration of Business, SMEs Owners - In its continuous attempt to support the growth and sustainability of small and medium scale businesses in Nigeria and Africa, United Bank for Africa (UBA) Plc will be hosting the UBA Business Series on Tuesday, June 30, 2020. Source UBA Release Read More

SMEDAN and Leapworld to host Small Businesses on June 30, to Mark the United Nations MSMEDay - Small & Medium Enterprises Development Agency of Nigeria (SMEDAN) in Partnership with Leapworld Limited will on June 30, 2020 celebrate the 2020 United Nations MSME Day with small business owners as well as key experts and policy makers in the industry. Source Leapworld Group Read More

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