Nigeria in 1min: Economic, Business and Financial Headlines - 020420


Thursday, April 2, 2020 / 06:25 AM / By News Aggregator/ Header Image Credit: @NigeriaGov

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    COVID-19 Health Updates

    • On the 1st of April 2020, Thirty-five (35) new confirmed cases of COVID-19 recorded in Nigeria
    • Till date, One hundred and seventy-four (174) cases have been confirmed, nine cases have been discharged and two deaths from COVID-19 recorded in Nigeria.
    • Of the thirty-five (35) new cases reported on the 1st of April, nine (9) are in Osun, nine (9) in Lagos, seven (7) are in FCT, five (5) are in Akwa Ibom, two (2) are in Edo, one (1) is in Kaduna, one (1) is in Bauchi and one (1) is in Ekiti.
    • 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

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    Modest Rise in the FGN's Domestic Debt; Debt Stock At N14.27trn As At December 2019 - The latest quarterly data release from the DMO puts the FGN's domestic debt stock at N14.27trn (US$39.1bn) at end-December, equivalent to 9.9% of 2019 GDP. The total increased by N370bn in the quarter, and the stock of FGN bonds by N450bn to reach N10.52trn. Source FBNQuest Research Read More 

    PPPRA Sets New PMS Pump Price at N123.5 per litre Effective From April 1st 2020 - PPPRA, in line with the Government approval for a monthly review of Premium Motor Spirit (PMS) pump price, hereby announces Guiding PMS pump price of N123.50 per Litre. The Guiding price which becomes effective 1st April 2020, shall apply at all retail outlets nationwide for the month of April, 2020. Source PPPRA Read More 

    Economic Policies for the COVID-19 War - The COVID-19 pandemic is a crisis like no other. It feels like a war, and in many ways it is. People are dying. Medical professionals are on the front lines. Those in essential services, food distribution, delivery, and public utilities work overtime to support the effort. And then there are the hidden soldiers: those who fight the epidemic confined in their homes, unable to fully contribute to production. Source IMFBlog Read More 

    Nigeria, South Africa, Others Seek Debt Relief From World Bank - The ministers of finance from African countries have called for debt relief from bilateral, multilateral and commercial partners to cushion the negative impact of the coronavirus pandemic on the economies of countries within the region. Source Punch Read More 

    Africa Seeks IMF, World Bank And EU Support On Debt Relief - UNECA - African finance ministers want International Monetary Fund, World Bank and EU support for bilateral, multilateral and commercial debt relief amid the coronavirus crisis, the UN Economic Commission for Africa (UNECA) said. Source Reuters Read More

    FG Gives Discos Three Months to Improve Power Supply - The federal government has issued a three-month ultimatum to power Distribution Companies (Discos) to improve the quality of power supply to their customers or be sanctioned. Source Thisday Read More 

    Oil Price Falls To $24, Oversupply Fears Grow - The international oil price benchmark, Brent crude, slid further on Wednesday, as a bigger-than-expected rise in United States inventories and a widening rift within the Organisation of Petroleum Exporting Countries heightened oversupply fears. Source Punch Read More

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    COVID-19: DMO Suspends April 2020 FGN Savings Bond Offer - His Excellency, President Muhammadu Buhari, GCFR, during a nation-wide broadcast on the Coronavirus (COVID-19) yesterday announced restrictions of movement in the Federal Capital Territory (FCT), Lagos and Ogun States. The restriction of movement was based on the need to keep the populace safe and contain the spread of the disease. Source DMO Read More 

    The End of the IPO as we Know It - OpEd - 2019 was a terrific year for the stock market. The Dow Jones Industrial Average rose by more than 22% and the S&P 500 went up nearly 29%. But even as a broad range of businesses fared well in 2019, the market for private companies going public proved to be punishing, particularly for the best-known startups. Source Mike Hofma, Rick Turoczy & Proshare Research Read More 

    Investors Lose N104.19bn; NSEASI Dips by 0.94%; YTD Return Stands At 21.39% - Equities market closed today on a negative note, as NSEASI depreciated by 0.94% to close at 21,100.54 points as against 0.14% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -21.39%.  Source Proshare Markets Read More 

    UK Banks Agree to Scrap 8bn Euros Dividends Amid Recession Fears - Britain's largest banks have agreed to scrap nearly 8bn Euros worth of dividends in light of the coronavirus crisis, giving banks an additional cushion to weather an economic downturn. The Bank of England has also ordered lenders to cancel plans for cash bonuses for executives, as it asked financial institutions to boost their strength ahead of a likely recession. Source Kalyeena Makortoff,  GuardianUK Read More


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    Defeating Coronavirus: Ensuring the Safety of Broadcast Field Crews during COVID-19 Coverage - In times of severe crisis such as the one the world is currently battling, broadcast field crews are those often in the front-line, risking their lives to provide their communities and us with crucial information. Source Broadcast Media Africa Read More 

    Presidential Directive on Lockdown: LASG Exempts MAN Entire Supply Chain - The Lagos State Government, in line with the Federal Government's directive on the restriction of movement, placed restrictions on non-essential suppliers/manufacturers as contained in the Infectious Diseases Regulation signed by the Executive Governor of Lagos State, Mr. Babajide Olusola Sanwo-Olu on the 27th, March, 2020. Source LASG Read More 

    Contributions to CACOVID Relief Fund Hit N15bn - Monetary contributions to the account set up at the Central Bank of Nigeria (CBN) under the auspices of the Private Sector Coalition Against COVID-19 (CACOVID) have hit N15 Billion. Source CACOVID Read More 

    Lekki Port Receives $221 Million China Harbour's Equity Infusion - Lekki Port LFTZ Enterprise Limited (LPLEL) has now received the infusion of $221,047, 248 equity funding from China Harbour Engineering Company (CHEC), one of the shareholders of the Lekki Deep Sea Port Project currently under construction at the Lagos Free Trade Zone, Ibeju Lekki. Source Guardian Read More 

    Oil Jumps As Trump Talks Up Truce Hopes For Saudi-Russia Price War - Crude oil futures surged on Thursday after U.S. President Donald Trump said he expected Saudi Arabia and Russia to reach a deal soon to end their oil price war and Russian President Vladimir Putin called for a solution to "challenging" oil markets. Source Reuters Read More

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    Banking Sector Records 893.68m Volume of Transaction in Q4 2019 - NBS - A total volume of 893,681,888 transactions valued at N48.54trn were recorded in Q4 2019 as data on Electronic Payment Channels in the Nigeria Banking Sector revealed. NIBSS Instant Payments (NIP) transactions dominated the volume of transactions recorded. 342,636,006 volume of NIP transactions valued at N29.69trn were recorded in Q4 2019. Source NBS Read More


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    SMEDAN Grants Three Months Moratorium to Loan Beneficiaries - The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has granted a three-month moratorium to beneficiaries of its One Local Government One Product (OLOP) programme. Source Thisday Read More


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