Nigeria in 1min: Economic, Business and Financial Headlines - 080720


Wednesday, July 08, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @TonyOElumelu


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COVID-19 Health Updates

  • July 7th 2020:  Nigeria COVID-19 Status in 35 states and the Federal Capital Territory
  • Confirmed: 29879 (New: 503)
  • Discharged:  12108
  • Deaths: 669: (New 15)
  • No new state has reported a case in the last 24 hours.

Source: NCDC Read More

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Avoiding or Mitigating Recession In Post COVID Nigeria - The massive macro-financial shock caused by Covid-19 has continued to ravage the global economy putting all systems and nations under severe financial instability never seen in history. Stock Markets around the world have been pounded and ravaged, and oil prices have fallen to an all-time low.  Source Dr. Olisa Agbakoba, SAN Read More

CBN Grants Stirling Trust Company Ltd Approval to Commence Cash-In-Transit Operations - Please be informed that Stirling Trust Company Limited has been granted approval by the Central Bank of Nigeria (CBN) to commence Cash-in-Transit operations in Nigeria with effect from April 23, 2020. Source CBN Read More 

Oil Prices Range Bound As Pipelines Come Under Pressure - OIR 070720 - A wild 24 hours brought a tidal wave of pipeline news to start the week. Meanwhile, oil prices continue to be range bound, with WTI trading right around $40 per barrel and Brent just a little bit higher. Source Tom Kool of Oilprice Read More

Insulating Nigeria from Perennial Oil Price Volatility - Price volatility is a constant feature of the oil market, exposing oil-dependent countries like Nigeria to regular economic crises when oil prices tumble. Beyond surviving the latest oil price slump largely occasioned by COVID-19, Nigeria needs a sustainable strategy for coping with oil price shocks. Source NEITI Read More

Manageable Rise in the FGN's Domestic Debt - The latest quarterly data release from the DMO puts the FGN's domestic debt stock at N14.53trn (US$37.7bn) at end-March, equivalent to 10.1% of 2019 GDP. The total rose by N260bn in the quarter, and the stock of promissory notes, issued to clear FGN arrears to contractors, oil marketers and state governments, by N220bn to N960bn. Source FBNQuest Research Read More

AfDB Publishes African Economic Outlook 2020 Supplement Amid COVID-19 - The COVID-19 pandemic, if not addressed expeditiously, poses a high risk for the onset of a major humanitarian and public health disaster for Africa. With new cases of the virus infection doubling every 7 to 14 days for most countries in Africa. Source AfDB Read More

Fiscal Changes Forced by the Hit From the Double Whammy of COVID-19 and the Crashing Oil Price - With apologies to Monty Python for having borrowed the title of this column, we are looking for some positives to have emerged from the ravages of the COVID-19 pandemic. Source FBNQuest Research Read More

Reps Summon NNPC, NLNG Over Alleged Illegal $1.05bn Withdrawals - The House of Representatives has resolved to investigate the alleged illegal withdrawal of funds from the Nigerian Liquefied Natural Gas Limited amounting to $1.05bn by the Nigerian National Petroleum Corporation. Source Punch Read More

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SEC to Continue Implementation of Capital Market Master Plan - The continued implementation of the Ten-year Capital Market Master Plan will be one of the major focus of the new management of the Securities and Exchange Commission (SEC). Yuguda resumed on Monday July 6 alongside the Executive Commissioners namely: Reginald Karawusa, Ibrahim Boyi and Dayo Obisan. Source SEC Nigeria Read More

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Investors Gain N37.26bn; NSEASI Inches Up by 0.30% as Market Sentiment Turns Positive - Equities market closed today on a positive note, as NSEASI appreciated by +0.30% to close at 24,097.48 basis points as against -1.27% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -10.22%. Source Proshare Markets Read More

ACI Experiences Massive Gains - AFEX Commodities Weekly Report 020720 - The AFEX Commodities Index composite experienced a massive uptick to close at 246.46 points in the week under review. The index performance appreciated by 21.31% W-on-W due to the positive market performance of the Maize and Soybean sub-indices against previous week performance in the week under review. Source Kainosedge Consulting for AFEX Commodities Exchange Read More

System Liquidity Crashes Into Negative Territory, Freezing Trading Activities In the Fixed Income Space - The bond market opened the week on a very lethargic note with market interest shifting from the belly and tail to the head of the curve. The 23s most of the day's action, as it opened around 4.25% and shed c.25bps to close around 4.00%. Source Zedcrest Capital Read More

OMO Bears Emerge As Annual AMCON Charge Further Squeezes System Liquidity - The FGN bonds market traded on a mixed sentiment today, slightly bullish at the short-end and bearish at the long-end of the bond curve. We still saw interest in the 2023s paper, largely driven by client orders, with trades settling around 4.15% levels. Source Zedcrest Capital Read More

ASHON Members Prepare to Trade on All Securities Exchanges - The Association of Securities Dealing Houses of Nigeria (ASHON) has initiated a plan to ensure that its members trade on all the securities exchanges in Nigeria in line with the new name of the professional trade group. Source THISDAYLIVE Read More

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UBA Group Announces Appointment of Deputy Managing Directors for Nigeria and Africa - United Bank for Africa Plc (UBA), the leading pan-African financial services group, is pleased to announce the appointments of Ayoku Liadi and Oliver Alawuba as Deputy Managing Directors in charge of UBA's Nigeria and Africa businesses, respectively. Source UBA Read More

PepsiCo Elects Segun Agbaje to Board of Directors - PepsiCo, Inc. (NASDAQ: PEP) today announced its Board of Directors has elected Segun Agbaje as an independent member of the Board. Mr. Agbaje, 56, will join the Board and the Audit Committee effective July 15, 2020. He currently serves as Managing Director and Chief Executive Officer of Guaranty Trust Bank plc, a Nigerian multinational financial institution. Source PR Newswire Read More

COVID-19'll cost Nigeria, Togo, others $236.7bn GDP - AfDB - The outbreak of coronavirus in Africa could cost Nigeria, Togo and other countries on the continent $236.7bn in their cumulative Gross Domestic Product, the African Development Bank said on Tuesday. It said this in its report on African Economic Outlook (Supplement). Source Punch Read More 

NNPC Earns N192.4bn From Petrol, Kerosene, Diesel Sale - The Nigerian National Petroleum Corporation on Tuesday said it posted a total revenue of N192.4bn from the sale of petrol, kerosene and diesel in the month of March. In its latest monthly financial and operations report for March 2020 released on Tuesday, the oil firm said its highest earning during the month under review was from petrol. Source Punch Read More 

Flight Resumption: NCAA Denies Aero, Azman Air Approval - Aero Contractors, Azman Air and Max Air Limited have failed to meet the Nigeria Civil Aviation Authority's approval to resume operations. This was disclosed in a webinar organised by the NCAA on Tuesday night to update stakeholders on the industry restart plan ahead of Wednesday flights resumption. Source Punch Read More 

U.S. Government Awards Novavax $1.6 Billion for Coronavirus Vaccine - The U.S. government has awarded Novavax Inc $1.6 billion to cover testing and manufacturing of a potential vaccine for the novel coronavirus in the United States, with the aim of delivering 100 million doses by January. Source Reuters Read More

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The Nigerian Telecommunications Sector Report: A Transformative Past, Resilient Future - In the decade between 2010 and 2019, the global telecommunications industry grew rapidly, powering the global digital economy, improving connectivity and driving globalisation. Source Afrinvest Research Read More

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