Nigeria in 1min: Economic, Business and Financial Headlines - 130320


Friday, March 13, 2020 / 06:45 AM / By News Aggregator / Header Image Credit: @NigeriaGov


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Dangote Subsea Pipeline to Boost Nigeria's Gas Supply, Reduce Flaring - The Dangote Subsea Gas Pipeline Project is expected to unlock significant gas supply for industrial activities and considerably reduce flaring in Nigeria. The pipeline project is part of Dangote's multi-billion dollars' gas pipeline, fertilizer, petrochemicals and refinery projects. Source Dangote Refinery Read More 

Fall Out of OPECplus Coalition Pushed Oil Prices Lower to $34.36pb - Beyond the ravaging impact of Covid-19, the unusual fallout between the OPEC+ coalition further magnified the downside for crude oil prices over the last few weeks. Specifically, while OPEC had recommended additional output cut of 1.5mbpd (split 1mbpd for OPEC and 500,000bpd for non-OPEC) in response to reduced oil demand stemming from the COVID-19 virus. Source NOVA Merchant Bank Read More 

FAAC Disburses N2.93trn to FG in 2019 - NBS - The Federation Account Allocation Committee (FAAC) disbursed the sum of N2.93trn to the Federal Government of Nigeria in 2019. The highest Net Allocation were disbursed in the months of July and September with 275.03bn and 266.49bn respectively while the least amount disbursed to the Federal Government of Nigeria in 2019 where in May and March with 219.51bn and 223.28bn in that order. Source NBS Read More

Fiscal Space Limited for Many Sovereigns - Fiscal easing will be part of the optimal policy response to economic shocks or downturns, particularly for sovereigns with strong public finances, Fitch Ratings says. However, fiscal loosening rarely pays for itself, and persistent deterioration in public finances will increase the risk of sovereign rating downgrades. Source Fitch Ratings Read More 

Uber's Green Competitor Is Riding A $30 Trillion Mega-Trend - If it's not green, it's not millennial--and that's a big problem for a company like Uber, or Lyft. Millennials love ride-sharing, but they don't appreciate the CO2 footprint that comes with it.  Source Charles Kennedy of Read More 

Oil Shock Compounds Sovereign Credit Risks from Coronavirus - The dual impact of COVID-19 and the significant oil price shock will put pressure on some sovereign credit fundamentals and potentially ratings, Fitch Ratings says Source Fitch Ratings Read More 

COVID-19 and the Nigerian Economy: Backed to the Wall - The rapid spread of COVID-19 has clearly altered global economic outlook for 2020. Recently, the World Health Organisation (WHO) classified COVID-19 as a pandemic, suggesting a possibility of further shutdown across economies with knock-on effects likely to negatively distort global trade and mobility. Source CardinalStone Research Read More 

Coronavirus Economic Planning: Hoping for the Best, Prepared for the Worst - Individuals infected by the coronavirus potentially face a blow to their health and personal and economic well-being. Similarly, countries hit by a sudden and unexpected public health emergency-as coronavirus is proving to be-can see their economies slow and their budgets squeezed as they spend more to counter the impact of the virus. Source Martin Muhleisen, IMFBlog Read More 

Oil Dips To $32, Nigeria Faces Stiff Competition - Amid the escalating oil price war between Saudi Arabia and Russia, Brent crude, the international benchmark, fell to $32 per barrel on Thursday after the United States banned travel from Europe to curtail the spread of coronavirus. The downturn in oil prices had been worsened by the threat of a flood of cheap supply as Saudi Arabia promised to raise output to a record high of 13 million barrels per day in its standoff with Russia. Source Punch Read More 

Iran Asks IMF For $5 Billion Emergency Funding To Fight Coronavirus -  Iran has asked the International Monetary Fund (IMF) for emergency funding to help it fight the coronavirus outbreak that has hit the Islamic Republic hard, Foreign Minister Mohammad Javad Zarif said on Thursday. Source Reuters Read More

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NSE Issues Interpretative Guidance on the Index Circuit Breakers' Rule - Circuit breakers are trading halts used by exchanges to guard against sharp fluctuations on the market. They are designed to give the market an opportunity to take a break and adjust to all available information before re-opening the market Source NSE Read More 


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Investors Lose N403.79bn As NSEASI Dips Further By -3.72%; Drops By -13.64% Wtd - Equities market closed today on a negative note, as NSEASI depreciated by -3.72% to close at 22,695.88 points as against -3.35% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -15.45%.  Source Proshare Markets Read More 

Zenith Bank Share Price Hits N10.85k; Lost N249.60bn In Market CAP, -42.29% Wtd - Just like the trend of negative performance witnessed in the market during the week by the majority of stocks listed on the Nigerian bourse, the shares of Zenith Bank Plc has been on downtrend since the beginning of the week. Source Proshare Research Read More 

CBN - Market Fundamentals Do Not Support Naira Devaluation at This Time - The Central bank of Nigeria (CBN) wishes to note with displeasure, the rumours and speculative activities of unscrupulous players in the foreign exchange market, borne out of the impression that the CBN is on the verge of devaluing the Naira, and triggering panic in the FX Market. Source CBN Read More

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PEBEC 3.0 Awards: Proshare, CBI, FIRS, NAFDAC Others Receive Recognition - Proshare Nigeria Limited, a leading financial information hub, the Convention on Business Integrity (CBi), an integrity-focused business intervention group, the Federal Inland Revenue Service (FIRS) and the National Food Drugs Administration Council (NAFDAC) were amongst those that received recognition at the PEBEC 3.0 Award ceremony in Abuja, FCT. Source WebTV Read More

FG To Lease Unoccupied Private Houses Nationwide - Fashola - The Federal Government is to rent out unoccupied private and government houses located in various towns and cities across the country. Minister of Works and Housing, Babatunde Fashola, disclosed this in Abuja while playing host to the Senate Committee on Housing led by its Chairman, Sam Egwu. Source Punch Read More

Brent Crude Set For Worst Week Since 1991 As Oil Falls A Third Day - Oil fell a third day as the horror show for crude investors continued on Friday amid panic about evaporating demand from the coronavirus pandemic, with Brent set for its biggest weekly loss since 1991 and U.S. crude heading for its worst week since 2008.  Source Reuters Read More

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7 Ways AI Will Impact FinTech In the Near Future - AI has changed many aspects of the way people interact and interface with technology. Tasks that were once performed manually, often at considerable time and cost, are now performed in a fraction of a second due to the advancements in AI technology. Source Molly Crockett Read More 

FG Woos Swedish Govt over Broadband Infrastructure Deployment - The federal government, through the Minister of Communications and Digital Economy, Dr. Isa Ali Ibrahim Pantami, has urged the Swedish Government to support Nigeria's quest to deploy more robust broadband infrastructure in the country for economic growth and prosperity. Source Thisday Read More


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26 Insurance Firms Likely To Meet New Capital Requirement - Agusto and Co., a research, credit ratings and risk management firm, has envisaged a significant reduction in the total number of players in the Nigerian insurance industry by at least 50 per cent on December 31, 2020. Source Thisday Read More

PenCom Recovers N17.05bn From 655 Employers - The National Pension Commission (PenCom) has recovered a total of N17.05 billion as outstanding pension contributions from defaulting employers in the last eight years. Data sourced from PenCom showed that the recoveries were made from 655 defaulting employers from July, 2012 to January, 2020. Source Dailytrust Read More 

CBN Extends NUBAN To Other Finance Institutions - The Central Bank of Nigeria has reviewed the Nigeria Uniform Bank Account Number to include other finance institutions. A circular signed by its Director, Payments System Management Department, Musa Jimoh, the CBN stated that the new directive would commence on April 20 with a deadline of March 15, 2021. Source Punch Read More

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