Nigeria in 1min: Economic, Business and Financial Headlines - 160920

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Wednesday, September 16, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @GovernorObaseki

 

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COVID-19 Health Updates

  • 15th of September 2020: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 56,478 cases (New: 90)
  • Discharged:  44,430
  • Deaths: : 1,088 (New: 5)

Source: NCDC Read More


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PROSHARE ECONOMY 

Headline Inflation Increases By 13.22% YoY In August 2020; 0.40% Higher Than July 2020 Rate - The consumer price index, (CPI) which measures inflation increased by 13.22 percent (year-on-year) in August 2020. This is 0.40 percent points higher than the rate recorded in July 2020 (12.82 percent). Source NBS Read More

Average Prices of PMS, AGO, HHK and Cooking Gas - August 2020 - Average price paid by consumers for premium motor spirit (petrol) increased by 2.26% year-on-year and month-on-month by 3.59% to N148.78 in August 2020 from N143.63 in July 2020. Source NBS Read More

Assessing Nigeria as a Failed (Failing) State - OpEd - On Monday (14/9/2020), unions shut down the operations of Arik Air because of seven months of unpaid salaries. It will be in the newspapers tomorrow. At the same time, at the height of a pandemic, our medical unions have gone on strike, for pretty much the same reasons. Source Cheta Nwanze Read More

External Debt Almost Two-thirds Concessionary - The FGN's external debt obligations increased by US$3.8bn in Q2 2020 to US$31.5bn. We see from the DMO's data release that the driver was the disbursement of US$3.4bn by the IMF within its rapid financing instrument (RFI) to tackle external shocks such as Covid-19. Source FBNQuest Research Read More

Buhari Justifies Borrowing to Fund Infrastructure Devt - President Muhammadu Buhari Tuesday justified government borrowing to finance infrastructure, asserting that his government took loans in the interest of the country to solve the dire shortfall in infrastructure. Source Vanguard Read More

 

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PROSHARE MARKETS 

Investors Lose N3.98bn, NSEASI Dips by -0.03% as Market Sentiment Turns Negative - Equities market closed today on a negative note, as NSEASI depreciated by -0.03% to close at 25,597.96 basis points as against +0.05% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -4.64%. Source Proshare Markets Read More

Investdata to host Training on Investment Opportunities in Various Asset Classes - Investdata is set to host a training session focused on answering the following questions: Where exactly are the opportunities in the equity market, fixed income and others? Which sectors or markets provide the post COVID-19 investment opportunities? Source Investdata Consulting Read More

Fixed Income Markets Shrug Off Increased Inflation Figures - The FGN Bonds market opened with a negative reaction to the August 2020 Inflation figures which came out 40bps higher at 13.22%.  The weakness was not sustained however, as demand for bonds at the belly of the curve took advantage of the improved offers there as we noted demand on the 2027s-2030s papers. Source Zedcrest Capital Read More


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PROSHARE BUSINESS 

Ecobank Nigeria Unveil Lead Speakers for Virtual Regional Trade Conference - Ecobank Nigeria has announced lead speakers for its Regional Trade Conference. They include Mr. Segun Awolowo, Executive Director/Chief Executive, Nigeria Export Promotion Council, Tei Konzi, Commissioner of Trade, Customs and Free Movement of Persons of the ECOWAS and Tedd George, Founder and Chief Narrative Officer, Kleos Advisory. Source Ecobank Read More

Ray Dalio Warns of Threat to Dollar as Reserve Currency - The dollar's decades-long position as the global reserve currency is in jeopardy because of steps the U.S. has taken to support its economy during the Covid-19 pandemic, according to Ray Dalio, founder of hedge fund giant Bridgewater Associates. Source Bloomberg Read More

America Is Going to Decapitate Huawei - China "plans to dominate the world's digital infrastructure," Attorney General William Barr has declared. A "truly Orwellian surveillance state" is just around the corner, Secretary of State Mike Pompeo argues.  Source The New York Times Read More

FG Lists Conditions to Support Regional Maritime Bank - Nigeria will proceed with the Regional Maritime Development Bank Project if only two-third of member states accept the decision reached by the Maritime Organisation of West and Central Africa, the Federal Government has said. Source Punch Read More

Job Losses May Increase Poverty, says G20 Ministers - Job losses, reduced working hours, suspended employment relations and income loss are likely to leave more people vulnerable to poverty, informality and different forms of exploitation, G20 labour and employment ministers have said. Source Punch Read More

NRC Suspends Rail Services at Apapa Port - The movement of containers by rail from the Lagos Port Complex, Apapa has been suspended for two months beginning from Tuesday, September 15. Source Punch Read More

WTO Finds Washington Broke Trade Rules by Putting Tariffs on China; Ruling Angers U.S. - The World Trade Organization found on Tuesday that the United States breached global trading rules by imposing multibillion-dollar tariffs in President Donald Trump's trade war with China, a ruling that drew anger from Washington. Source Reuters Read More


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PROSHARE MSME

N75b MSMEs Palliative Fund Disbursement Begins - The Nigerian Economic and Sustainable Plan (NESP) has kicked off the disbursement of the Micro Small and Medium Enterprises (MSMEs) N75billion Survival Fund and Guaranteed Off-take Stimulus schemes. Source The Nation Read More

 

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