Nigeria in 1min: Economic, Business and Financial Headlines - 260320

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Thursday, March 26, 2020 / 06:45 AM / By News Aggregator / Header Image Credit: @NCDCgov


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    COVID-19 Health Updates

    • On the 25th of March 2020, Seven new confirmed cases of COVID-19 recorded in Nigeria
    • Till date, Fifty (51) cases have been confirmed, two cases have been discharged and one death from COVID-19 recorded in Nigeria
    • Of the New (6) new cases reported on the 25th of March, Three (3) is in Lagos State, one (1) is in Osun State, one (1) is in Rivers State, and Tw0 (2) is in F.C.T.
    • All new cases have mild to moderate symptoms and are currently receiving care.
    • A multi-sectoral national emergency operations centre (EOC), activated at level 3, continues to coordinate the national response activities. Source NCDC Read More

    COVID-19 Corporate Updates March 25, 2020

    Proshare Nigeria removes payment on its Market Analyst platform; makes credible market data available to the public. Read More 

    COVID-19: Ecobank Launches "StaySafeNigeria" Media Campaign - Ecobank Nigeria has launched a 'StaySafeNigeria' media campaign being part of its corporate actions to support measures to check the rising spread of Coronavirus in Nigeria. The integrated media campaign is a call to action, creating awareness and educating the populace on safety measures to adopt against the dreaded Coronavirus disease (COVID -19). Source Ecobank Read More 

    CBN to Remain Operational While COVID-19 Lasts - Following the current impact of the Corona Virus (COVID-19) on the global economy coupled with efforts by the Nigerian Government, including partial lockdown in some States and at the Federal level, to check the spread of the virus in Nigeria, the Central Bank of Nigeria (CBN) wishes to inform stakeholders and members of the Nigerian public that the Bank will remain open for business during this period. Source CBN Read More 

    Securities Regulators Coordinate Responses to COVID-19 through IOSCO - Members of the International Organization of Securities Commissions, who regulate over 95% of the world's capital markets, are cooperating closely on their responses to the disruption in capital markets resulting from the macroeconomic impact of COVID-19 on the global economy. Source IOSCO Read More  

    39% of APAC Corporates More Exposed to Coronavirus - Almost 40% of APAC corporates operate in sectors that have 'Moderate'-to-'High' levels of exposure to the effects of the coronavirus outbreak, and have 'Low' or only 'Moderate' rating headroom at their current ratings, based on a review of Fitch Rating's 316 publicly rated corporates in the region. Source Fitch Ratings Read More

    COVID-19: Dangote Rallies Private Sector Operators To Contain Pandemic In Nigeria - Alhaji Aliko Dangote, President of the Dangote Industries Limited and Mr. Herbert Wigwe MD/CEO of Access Bank are spearheading a coalition of private sector organizations to support the Federal Government's ongoing efforts to tackle the coronavirus (COVID-19) menace sweeping across the country.. Source Dangote Industries Read More



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    PROSHARE ECONOMY 

    CBN Issues Guidelines for the Implementation of the N50bn Targeted Credit Facility - Further to the CBN Governor's Press Release of March 16, 2020 and our circular referenced FPR/DIR/GEN/CIR/07/049 in response to COVID-19 outbreak and spillovers, the CBN hereby issues the following attached Guidelines for the. Source CBN Read More 

    Manufacturing PMI Stands at 51.1% in March 2020 from 58.3% in February 2020 - The March 2020 PMI survey was conducted by the Statistics Department of the Central Bank of Nigeria during the period March 9-13, 2020. The respondents were purchasing and supply executives of manufacturing and non-manufacturing organizations in all 36 states in Nigeria and the Federal Capital Territory (FCT).  Source CBN Read More 

    The Nigeria Emergency Stimulus Bill Passes Second Reading at House of Reps - For The Records - A Bill for an Act to Provide for Relief on Corporate Tax Liability, Suspension of Import Duty on Selected Goods and Deferral of Residential Mortgage Obligations to the Federal Mortgage Bank of Nigeria for a fixed term to protect jobs and alleviate the financial burden on citizens in response to the economic downturn occasioned by the outbreak of COVID-19 disease and for related matters. Source House of Reps Read More 

    US Petroleum Production Hits Record 18.2 Million Bpd - Despite chaos from the coronavirus pandemic and a price war between Saudi Arabia and Russia, the United States set a new petroleum production record of 18.2 million barrels per day. For the second week of March, the United States produced a record 13.1 million barrels of crude oil and a record 5.1 million barrels of gas liquids each day, according to The Epoch Times. Source Punch Read More 

    China's Crude Imports For Refining, Storage Decline To 9.5 Million B/D - Wood Mackenzie's report has disclosed that China's Crude imports for refining and storage would decline to 9.5 million barrel per day due to the outbreak of Corona virus. Source Guardian Read More 

    IMF Proffers Initiatives To Mitigate Economic Impact Of Pandemic In SSA -  The International Monetary Fund (IMF) has stated that what began as a health crisis and now a major global economic crisis, may have substantial economic impact on Nigeria and other sub-Saharan African countries. Source Guardian Read More

    COVID-19: FG Reduces N252bn Privatisation Target, N1.5tn Customs Revenue - The Federal Government on Wednesday announced that it had cut its revenue target from privatisation by 50 per cent. The Minister of Finance, Zainab Ahmed, made the announcement in a meeting between the executive arm of government and the leadership of the National Assembly in Abuja. Source Punch Read More

    We Are Losing Over N10bn, Say Oil Marketers - The Petroleum Product Retail Outlet Owners Association of Nigeria has said its members across the country are  losing over N10bn following the slash of fuel pump price of Premium Motor Spirit known as petrol  by the Federal Government. The government had recently announced the reduction of fuel pump price from N145 per litre to N125 per litre. Source Punch Read More 


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    PROSHARE MARKETS 

    Investors Lose N6.09bn as NSEASI Dips by -0.05%; Market Breadth Remains Positive -Equities market closed today on a negative note, as NSEASI depreciated by -0.05% to close at 21,729.48 points as against +0.19% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -19.05%. Source Proshare Read More

    A Scramble to the Bottom Among SSA Markets - The three sub-Saharan Africa (SSA) stock markets we periodically cover have joined in an undignified race to the bottom since the global sell-off in the face of the coronavirus and the crashing oil price. The Jo'burg all-share leads the race (see chart): the growth story is not compelling (the Reserve Bank sees -0.2% this year) but the driver is more the market characteristics.  Source FBNQuest Research Read More 

    Nigeria Should Strengthen Its Warehousing Capabilities, To Boost Its Commodities Exchanges - For Nigeria to boost its commodities exchanges and deepen the Agro sector to unlock opportunities, its warehousing capabilities need to be strengthened, Financial Analyst and Agribusiness expert, Mr. Bisi Iyaniwura, disclosed this in a recent interview with WebTV. Source Read More 

    COVID-19: Measures Taken by UK Government to Support Business - The Chancellor has set out a package of temporary, timely and targeted measures to support public services, people and businesses through this period of disruption caused by COVID-19. Source UK Government Read More 

    eTranzact International Plc Proposes Rights Issue of 4.67bn Shares - eTranzact International Plc (eTranzact or the Company) has through its Stockbroker, Cordros Securities Limited , submitted an application to The Nigerian Stock Exchange (The Exchange) for the approval and listing of a Rights Issue. Source NSE Read More 

    ACCESS Publishes 2020 Green Bond Impact Report - Access Bank, in March 2019, became the first Nigerian bank to issue a green bond. The NGN15 billion Access Bank Green Bond was fully subscribed. The proceeds of the issuance formed a new financing pool, which was allocated to build environmental resilience, deliver on clean energy, and foster sustainable use of land. Source NSE Read More 

    London Stock Exchange To Allow Payout Deferrals - The London Stock Exchange Group Plc on Wednesday said it is okay for firms to forego any dividend payment - due to the extraordinary circumstances caused by Covid-19 - but this must be announced immediately. The stock exchange will allow companies defer payment of dividends up to 30 days but not exceeding 60 days following the record date, meaning the date by which investors need to be registered share holders in order to receive the dividend. Source Punch Read More

     

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    PROSHARE BUSINESS 

    COVID-19 and the New Work Culture: The Financial Implication for Individuals - Living a great work-life balance is one of the most commonly held cravings every employee seeks as they work towards making ends meet and providing for themselves the lives they dream about. Source Damilola Peter for Proshare Finance Read More

    World Bank and IMF Issue Joint Statement to the G20 Concerning Debt Relief for the Poorest countries - The World Bank Group and International Monetary Fund have issued the following joint statement to the G20 concerning debt relief for the poorest countries... The coronavirus outbreak is likely to have severe economic and social consequences for IDA countries, home to a quarter of the world's population and two-thirds of the world's population living in extreme poverty. Source The World Bank Group Read More

    W'Bank Plans $150bn Economic Recovery Scheme After Pandemic - The World Bank Group has expressed its readiness to deploy about $150bn over the next 15 months to stimulate economic recovery of countries affected by the coronavirus pandemic. The coronavirus pandemic has led to unprecedented disruptions to global supply chains, sharp drop in global crude oil prices, turmoil in global stock and financial markets, and lockdown of large movements of persons in many countries. Source Punch Read More 

    China, U.S. to Set aside Differences in G20 Coronavirus Summit: SCMP - China and the United States are expected to call a timeout on their coronavirus blame game and focus on the challenges of the pandemic when leaders of the G20 nations hold talks via video conference on Thursday, the South China Morning Post said. Source Reuters Read More 

    COVID-19: Online Instant Payments Hit 3.71 Million - Bank customers across the country carried out over 3.71 million online instant payments on Nigeria Interbank Settlement System Instant Pay platform as Lagos and other states' residents prepare for partial shutdown. Live updates provided by the NIBSS stated that at 6.05pm on the Wednesday, NIP deals hit exactly 3,713,849. Source Punch Read More


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    PROSHARE TECHNOLOGY   

    COVID-19: Opportunities For The Nigerian Digital Economy - Dr. (Mrs) Omobola Johnson - At the March 2020 edition of the Nigeria-British Chamber of Commerce Breakfast meeting, Dr (Mrs) Omobola Johnson was among the panelist that gave insight into the developments in the digital economy, and how it is transforming social, economic and cultural activities around the globe. Source WebTV Read More 

    COVID-19: ITU, Others Move to Strengthen Telcos' Networks - As the COVID-19 continues to ravage the entire world, the International Telecoms Union (ITU) and governments of global economies, have resolved to strengthen telecoms operators' networks across countries, while advising the operators to increase their network capacities during this period of the scourge, in order to maintain steady connectivity for all telecommunication services rendered. Source Thisday Read More 

     

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    PROSHARE FINANCE 

    Anap Foundation COVID-19 Think Tank Presents ''Coronavirus Alert'' - It is IMPOSSIBLE that only a few cases are in Nigeria. From evidence in other countries, we can boldly project, statistically, that we should have hundreds now, and with so much free movement still, it would soon be thousands. Source TheCable Read More 

    COVID-19: Dangote Rallies Private Sector Operators To Contain Pandemic In Nigeria - Alhaji Aliko Dangote, President of the Dangote Industries Limited and Mr. Herbert Wigwe MD/CEO of Access Bank are spearheading a coalition of private sector organizations to support the Federal Government's ongoing efforts to tackle the coronavirus (COVID-19) menace sweeping across the country.. Source Dangote Industries Read More 

    CBN to Remain Operational While COVID-19 Lasts - Following the current impact of the Corona Virus (COVID-19) on the global economy coupled with efforts by the Nigerian Government, including partial lockdown in some States and at the Federal level, to check the spread of the virus in Nigeria, the Central Bank of Nigeria (CBN) wishes to inform stakeholders and members of the Nigerian public that the Bank will remain open for business during this period. Source CBN Read More 

    COVID-19: Ecobank Launches "StaySafeNigeria" Media Campaign - Ecobank Nigeria has launched a 'StaySafeNigeria' media campaign being part of its corporate actions to support measures to check the rising spread of Coronavirus in Nigeria. The integrated media campaign is a call to action, creating awareness and educating the populace on safety measures to adopt against the dreaded Coronavirus disease (COVID -19). Source Ecobank Read More


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