Nigeria in 1min: Economic, Business and Financial Headlines - 200420

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Monday, April 20, 2020 / 06:30 AM / By News Aggregator / Header Image Credit: @NCDCgov


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    COVID-19 Health Updates

    • On the 19th of April 2020, 86 new confirmed cases of COVID-19 were recorded in Nigeria
    • Till date, 627 cases have been confirmed, 170 cases have been discharged and twenty one deaths have been recorded in Nigeria
    • The 86 new cases are reported from seven states- Lagos (70), FCT (7),Akwa Ibom (3), Katsina (3), Borno (1), Bauchi (1), Jigawa (1)
    • A multi-sectoral national emergency operations centre (EOC), activated at Level 3, continues to coordinate the national response activities.Source NCDC Read More

     
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    PROSHARE ECONOMY 

    Mounting Fiscal Pressures on the States; FAAC Payout Amount to N582bn in March 2020 - We learn from the local media that the gross monthly payout by the Federation Account Allocation Committee (FAAC) to the three tiers of government amounted to N582bn (US$1.51bn) in March (from February revenue). Source FBNQuest Research Read More 

    Moody's Affirms Nigeria's B2 Ratings, Maintains Negative Outlook - The negative outlook continues to reflect the material downside risks to Nigeria's creditworthiness identified when the outlook on the sovereign's rating was changed to negative in December 2019. Source Moody's Investors Service Read More  

    Consolation in Isolation: COVID-19 - Why You Are Unlikely to Die - LBS EBS - April 2020 - The great lockdown has become a shutdown according to Martin Wolf the World renowned economist.  The global economy is virtually on a cliff and you in Nigeria must be wringing your hands and saying what the heck ..... is going on. Source FDC Read More 

    Oil Prices Fall Towards $15 for WTI and $25 for Brent As Storage Nears Capacity - OIR 170420 - Fears of global crude storage hitting capacity are now dominating markets, sending oil prices falling even further as analysts search for a bottom. Source Oilprice Read More 

    It's Time to Build - OpEd - Every Western institution was unprepared for the coronavirus pandemic, despite many prior warnings. This monumental failure of institutional effectiveness will reverberate for the rest of the decade, but it's not too early to ask why, and what we need to do about it. Source Marc Andreessen Read More 

    Of Q1'20 Economic Output and GDP Forecasts - Lessons from China - For the first time in nearly half a century China's economy has stopped growing. The National Bureau of Statistics (NBS) reported a 6.8 percent drop in economic output over the first quarter of the year. Retail sales were down by 19 percent and export sales shrank by 13 percent. Source CFI.co Read More 


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    States Need To Re-Strategize IGR And Industrialization During and Post COVID 19 - Teslim Shittabey - To ensure greater amount of systemic liquidity, Shitta-Bey opined that if there are assets that are not generating economic value to the benefit of the state treasury then such assets should be sold off and funds re-invested in other opportunities within state borders that will generate a stream of cash flow to benefit the lives of the citizens of that state. Source WebTV Read More 

    Co-ordinated Policy Key to Effective COVID-19 Tax and Fiscal Stimulus Measures - Yomi Olugbenro - Speaking further, he stressed the importance of various relief measures  such as that proposed by the Central Bank of Nigeria (CBN) governor, Mr. Godwin Emefiele, and the Finance Minister, Mrs Zainab Ahmed, and the presidential special response team headed by the Vice President, Prof. Yemi Osinbajo, GCON. Source WebTV Read More 

    Falling Fuel Imports From West Africa Hit European Refiners - The drop in fuel imports by Nigeria and other countries in West Africa on the back of economic slowdown are taking a toll on refiners in Europe, the Organisation of Petroleum Exporting Countries has said. European refineries currently supply a large portion of petroleum products consumed in the country and other West African countries. Source Punch Read More 

    Nigeria To Benefit From G-20 Debt Relief Package - FG - Nigeria has got a reprieve  from its debt obligations as the G-20 has agreed to grant debt relief to the world's poorest countries. Nigeria will benefit from the development by virtue of its classification among the World Bank's International Development Association countries.  Source Punch Read More

    Bailing Out The Oil Industry Brings A Fate Worse Than Death - Whenever things went wrong growing up, my dad would tell me, "What doesn’t kill you only makes you stronger." Dying was supposed to be the worst-case scenario. He never mentioned zombies. But that's what a bailout for the oil industry would create: zombie companies that can't earn the cost of staying in business, kept afloat with taxpayer dollars. Source FT Read More


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    PROSHARE MARKETS

    What To Expect From The Markets This Week - 200420 - After a weekend-long and eventful negotiation, OPEC and its allies agreed to cut crude production by a historic 9.7mb/d. The agreement is expected to effectively take off on the 1st of May, 2020, and last till the end of June. Then, the cut will be reduced to 7.7mb/d between July and December 2020. Source Proshare Read More 

    Market Experiences Increased Volatility and Decline in Prices - AFEX Monthly Report, March 2020 - Prices on the Exchange witnessed a lull as the AFEX Commodities Index (ACI) dropped by -0.39% over the period. The commodities covered by the Index remained neutral in the month under review. This was influenced partly by the lockdown measures, which were put in place by the Government to combat the COVID-19 pandemic near the end of March.  Source Kainosedge Consulting for AFEX Commodities Exchange Read More 

    NSE All Shares Index 2020; Eyeballing The Highs and Lows - In the last 52-weeks the Nigerian Stock Exchange's All Shares Index (ASI) and companies listed in the different industrial categories have witnessed shades of investor sentiments ranging from the pessimistic between Q2 and Q4 2019 to the surprisingly hopeful in Q1 2020, despite the novel coronavirus concerns. Source Adesola Borokinni, Proshare Research Read More 

    COVID-19 and the SSA Region: Entering a Period of Negative Growth - According to the IMF's recently published Regional Economic Outlook for SSA, growth in 2020 is projected to decline by -1.6%. This will be the lowest level in more than 20 years, as the coronavirus outbreak threatens to break the region's 2 straight decades of positive growth. No doubt, a number of reasons point to the expected sharp slowdown in growth. Source United Capital Research Read More 

    Investors Gain N801.31bn WoW as NSEASI Inches Up by 7.19% to Close the Week Positive - Equities market closed today on a positive note, as NSEASI appreciated by 1.63% to close at 22,921.59 points as against 0.07% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -14.61%.  Source Proshare Markets Read More 

    Market Review and Round-Up of Corporate News Announced During The Week Ending 170420 - The equities market recorded mixed performance - the listed equities market recorded +7.19% gain WoW while the NASD OTC closed flat. Source Proshare Markets Read More 

    Post COVID-19 Pandemic - Funding For MSME: The NASD Enterprise Portal - The NASD OTC Security Index (NSI) and Market Capitalisation closed the trading week on Friday, April 17 2020, with no movement in Market capitalisation and NSI against preceding Thursday, April 09 2020. Source NASD Read More 

    NSE Extends Time To File Financial Statements - Circular to Issuers on the Coronavirus (COVID-19) Pandemic: Extension of Time to File all Financial Statements and Waiver on Enforcement of the Provisions of Rules 20.8 of the Rules Governing Transactions with Related Parties or Interested Persons. Source NSE Read More


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    PROSHARE BUSINESS  

    Liquidity and Safety of Staff top Nigeria Businesses COVID-19 Concerns - PwC Survey - Businesses in Nigeria have identified Liquidity and the safety of their staff among the most pressing business needs they are concerned about as they grapple with the impact of the COVID-19 pandemic. These are some of the findings from a survey conducted by PwC Nigeria. Source PwC Read More 

    AfDB Places Zhongmei Eng. on 12-months Conditional Non-debarment for Fraudulent Practice - The African Development Bank Group on 17 April 2020, announces a 12-month conditional non-debarment of Zhongmei Engineering Group Limited, an engineering company registered in Uganda. Source AfDB Read More 

    UN-FAO, AU Canvass Food Security Amid COVID-19 Crisis - The Food and Agriculture Organisation of the United Nations, the African Union and international partners on Friday called for the safeguarding of food security in Nigeria and other African countries amid the coronavirus crisis. According to the agencies, the food and agriculture system is an essential service that must continue to operate during the period of lockdown, emergency, curfew and other containment measures. Source Punch Read More 

    Depressed Demand in Global Oil Market Forces Nigeria's Bonny Light to $12 - The dire effect of the Coronavirus pandemic on global demand for crude oil has hit Nigeria hard with one of the nation's standard grade, Bonny Light trading at $12 or $13 a barrel, this week. Source Thisday Read More 

    CACOVID to Distribute Food Worth N23bn to 10m Nigerians - The Private Sector Coalition Against COVID-19 (CACOVID) is set to distribute N23 billion worth of food to 10 million Nigerians from next week as part of its effort to mitigate the impact of the lockdown order by the federal and various state governments. Source Thisday Read More 

    World Bank To Commit $510bn To Nigeria, Others From 2021-2023 - Finance Minister - The World Bank has hinted of plans to commit a total of $510billion to boost Nigeria and other African countries' economy within the next three years, the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, has said. Source TheNation Read More 

    Crude Oil Futures Drop At Open Of Asian Trading - Crude oil futures fell in electronic trading on Sunday evening, with U.S. futures touching levels not seen since November 2001, extending last week's weakness on the back of sliding demand because of the COVID-19 pandemic that has killed more than 159,000 people worldwide. Source Reuters Read More 

    Coronavirus Relief Deal For U.S. Small Businesses May Come Monday: Trump - U.S. Democrats and Republicans are near agreement on approving extra money to help small businesses hurt by the coronavirus pandemic and could seal a deal as early as Monday, President Donald Trump said, despite hopes for a deal on Sunday. Source Reuters Read More


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    PROSHARE TECHNOLOGY   

    Saudi Telecom Delays Buying Vodafone Egypt Stake by 90 Days Due to COVID-19 - Saudi Telecom Company, the biggest telecommunications operator in the kingdom by market value, said it will extend the timeframe for acquiring a majority stake in Vodafone's Egypt unit by 90 days as it needs more time to complete the deal. Source Mary Sophia of The National  Read More 

    Digimentality: Fear and Favouring of Digital Currency - Going cashless offers societal benefits. Among them are lower costs due to reduced production and handling of coins or banknotes and better financial tracking that can resolve tax gaps and expose shadow economies, as noted by the Institute and Faculty of Actuaries (IFoA) in a 2018 report.  Source The Economist Read More 

    COVID-19 is Reshaping our Internet Habits - A New York Times analysis of internet usage in the United States from SimilarWeb and Apptopia, two online data providers, reveals that the behaviors shifted, sometimes starkly, as the virus spread and pushed people to the devices for work, play and connecting.  Source Kateryna Vasylenko of NYTimes Read More 

    UK Unveils $1.6 Billion Rescue Package For Tech Start-Ups Hit By Coronavirus Outbreak - Start-ups across the country have been crying out for more financial support after rivals in France and Germany were given access to funds of 4 billion euros ($4.4 billion) and 2 billion euros respectively. Source CNBC Read More


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    PROSHARE FINANCE 

    COVID-19: Ghanaian President Addresses the Nation; Lifts Restriction on Movements - Today, Sunday, 19th April, 2020, is exactly three (3) weeks since I came to you and announced the imposition of restrictions to movement in the Greater Accra Metropolitan Area and Kasoa, and the Greater Kumasi Metropolitan Area and its contiguous districts. Read More

     

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