Nigeria in 1min: Economic, Business and Financial Headlines - 030320


Tuesday, March 3, 2020 / 7:00 AM / By News Aggregator / Header Image Credit: @TonyOElumelu


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Nigeria Outlook Revised To Negative On Falling Foreign Exchange Reserves; 'B and B' Ratings Affirmed - On Feb. 28, 2020, S&P Global Ratings revised the outlook on Nigeria to negative from stable. At the same time, we affirmed our 'B/B' long- and short-term sovereign credit ratings on Nigeria. We lowered our long- and short-term Nigeria national scale ratings to 'ngA-/ngA-2' from 'ngA/ngA-1'. Source Read More 

Coronation Merchant Bank Appointed Customs Revenue Collecting Bank by the Nigeria Customs Service - Coronation Merchant Bank has been appointed as a designated bank for the collection and remittance of all Revenue Payments (i.e. Import, Excise and other duties) by the Nigeria Customs Service.  Source Coronation Merchant Bank Read More 

IMF, W-Bank Pledge Assistance To COVID-19 Affected Member-Countries - Washington DC (US)-The International Monetary Fund, IMF, and the World Bank Group have pledged their readiness to help member-countries tackle the challenges posed by the COVID-19 virus. Source Vanguard Read More 

Power Distributors' Revenue Collection Rises To N473bn - The revenue collected by power distribution companies in the county hit a new record high of N473bn in 2019. The revenue collection in 2019 rose by N35bn or eight per cent, compared to that of 2018, a report obtained from the Association of Nigerian Electricity Distributors showed on Monday. Source Punch Read More 

Foreign Lenders Are Making a Killing From Africa, AfDB Says - Some external debts mature before the infrastructure projects they fund start generating returns, which raises refinancing risks, the president of the development-finance lender warned. Neither should African borrowers be "price takers," he said. Source Bloomberg Read More

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FYE 2019: Key Takeaways From Zenith Bank's Investors Conference Call - Zenith Bank's financial performance in 2019 saw the bank grow both its top and bottom-line earnings but net interest margins stayed stuck at 3.0% in 2018 and 2019. Source Proshare Read More 

Investors Lose N208.32bn As NSEASI Dips By -1.53% To Open The Week Negative - Equities market closed today on a negative note, as NSEASI depreciated by -1.53% to close at 25,816.57 points as against -2.21% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -3.82%. Source Proshare Read More 

March 2020 FGN Savings Bonds Offer for Subscription - Pursuant to the Debt Management Office (Establishment) Act 2003 and the Local Loans (Registered Stock and Securities) Act, CAP. L17, LFN 2004 Debt Management Office on behalf of the Federal Government of Nigeria Offers for Subscription and is authorized to receive applications for the Federal Government of Nigeria Savings Bond at the following interest rates… Source DMO Read More

Average Yield Trend 15bps Higher to Settle at 4.0% Ahead of PMA - Last week, trading activities in the Nigerian Treasury Bills ("NT-Bills") secondary market began on a quiet note, with pocket-sized demand skewed towards the short-dated bills as investors anticipated the Primary Market Auction ("PMA") slated for Wednesday.  Source Afrinvest Research Read More 

Afrinvest Stock Recommendations for the Week February 020320 - Last week, the local bourse sustained bearish performance as the All-Share Index (ASI) depreciated 4.3% w/w to settle at 26,216.46 points. As a result, YTD return turned negative to -2.3% while market capitalisation declined N610.6bn to N13.7tn. Source Afrinvest Research Read More

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We're Committed To Curbing Ponzi Schemes - SEC - The Securities and Exchnage Commission has reaffirmed its commitment to ensuring that illegal fund managers in the country are not allowed to operate. This was stated by the acting Director General of SEC, Ms Mary Uduk, in Abuja. Source Punch Read More

Nigeria, Dubai Non-Oil Trade Value Hits N500bn - The UAE Ambassador to Nigeria, Dr. Fahad Al Taffaq, disclosed that in 2018, the volume of non-oil trade between Nigeria and the UAE was $1.5 billion (N525 billion). The Ambassador made the disclosure during the week at the 2020 Dubai Tourism Road Show in Abuja. Source Dailytrust Read More

Reps Ask NEPC To Target 35% Non-Oil Exports - Chairman of the House Committee on Commerce, Mr Femi Fakeye, gave the charge in Abuja on Monday during an interactive session with the Chief Executive Officer of the NEPC, Mr Olusegun Awolowo, and other members of management team during an oversight function to the council. Source Punch Read More

FG, Stakeholders Begin Review Of Labour Laws - Stakeholders in the labour industry on Monday commenced a three-day retreat to review national legislations on labour. The review is carried out by the Federal Ministry of Labour and Employment, in collaboration with stakeholders from the Nigeria Labour Congress, the Trade Union Congress, the Nigerian Employers' Consultative Association and the International Labour Organisation. Source Punch Read More

Stakeholders Demand Terms For $47b Chinese Loan, Projects Execution - Stakeholders have expressed worry over what they described as secrecy clouding obtaining loans and contract execution in the country amid allegations of massive corruption and blatant violation of national laws and due process. Source Guardian Read More

Nigeria Faces Harder Times As Opec Mulls 2.7 Million Daily Cut - Nigeria's vulnerable economy may face further challenges following plans by the Organisation of Petroleum Exporting Countries (OPEC) to reduce crude oil output by about 2.7 million barrel per day (bpd) in an attempt to save the market From The Shocks Of Coronavirus. Source Guardian Read More

Global Shares Extend Rebound On Hopes Of G7 Support - Global shares and oil prices extended their rebound on Tuesday on mounting speculation policymakers around the world would move to ease the economic fallout from the spreading coronavirus, ahead of a conference call by Group of Seven heads. Source Reuters Read More

Top Central Banks Appear Primed To Act To Combat Coronavirus Risk - The world's top three central banks look set to take steps to limit the economic damage from the fast-spreading coronavirus, with the heads of the European Central Bank and Bank of Japan issuing emergency statements on Monday that echoed one from U.S. Federal Reserve Chair Jerome Powell late last week. Source Reuters Read More

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Mandatory Data Privacy Compliance for Nigerian Companies - A Data Audit Offer - As you may already be aware, Nigeria has now aligned herself with the global regulatory trend around regulating the collection and processing of the Personal Data of Nigerian citizens.  Source Olubunmi Abayomi-Olukunle  Read More 


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FG Inter-Ministerial Meeting Reviews Strategies On Containing Coronavirus - The Federal Government today held an Inter-Ministerial Meeting on the Coronavirus pandemic and the strategies in place to contain it in the country. Health Minister Dr. Osagie Ehanire disclosed this in an interview on Channels Television yesterday, where he discussed measures to ensure the first recorded case of the coronavirus in the country, does not spread across Africa's largest economy. Source WebTV Read More 

ISDB, LSE Plc Partner To Boost Green Sukuk - The Islamic Development Bank (ISDB) and the London Stock Exchange Plc (LSE) have both pledged to partner to boost Green Sukuk globally. The decision to develop the green Sukuk market was part of key resolutions taken when the President of the ISDB, Dr. Bandar Hajjar, met with the CEO of the LSE Plc, Nikhil Rathi, to discuss ways of broadening their collaboration. Source WebTV Read More 


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