Nigeria in 1min: Economic, Business and Financial Headlines - 250620


Thursday, June 25, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: @Chikwe_I


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COVID-19 Health Updates

  • On the 23rd of June 2020, 452 new confirmed cases and 8 deaths were recorded in Nigeria
  • No new state has reported a case in the last 24 hours.
  • Till date, 21371 cases have been confirmed, 7338 cases have been discharged and 533 deaths have been recorded in 35 states and the Federal Capital Territory
  • The 452 new cases were reported from 14 states- Lagos (209), Oyo(67), Delta (37), Ogun(36), FCT (22), Abia(20), Enugu(16), Bauchi(15), Kaduna(8), Ondo(8), Osun(7), Imo (3), Benue (3), Borno(1). Source NCDC Read More

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Coronanomics (19) - Sectorial Analysis of Nigeria's Agricultural Sector - COVID-19 has had a quantum impact of Nigeria's Agricultural sector as lockdowns whether partial of full have led to disruptions in the agricultural supply chain and created problems for small and large farm holders across the various states. Source Proshare Content Read More

5.26bn Litres of PMS Imported Into Nigeria in Q1 2020 - NBS - The petroleum products importation statistics for Q1 2020 reflected that 5.26bn litres of Premium Motor Spirit (PMS), 1.66bn litres of Automotive Gas Oil (AGO), 258.27m litres of Aviation Turbine Kerosene (ATK), 28.33m litres of Low Pour Fuel Oil (LPFO) and 135.14m litres of Liquefied Petroleum Gas (LPG) were imported into the country in Q1 2020. Source NBS Read More

The Twin Shock: COVID-19 Pandemic and The Oil Price War and Implications for the Banking Sector - COVID-19 is in the first place, a pandemic with potential serious implications for people's health. It is an unprecedented challenge for our modern societies and health systems. The consequences of the pandemic for our global economy and financial sector are unpredictable. Source KPMG Nigeria Read More

WEO: Global Growth is Projected at -4.9% in 2020 - IMF - Global growth is projected at -4.9 percent in 2020, 1.9 percentage points below the April 2020 World Economic Outlook (WEO) forecast. The COVID-19 pandemic has had a more negative impact on activity in the first half of 2020 than anticipated, and the recovery is projected to be more gradual than previously forecast. Source IMF Read More 

COVID-19: LIRS Announces TARC Meeting Procedures - The Lagos Internal Revenue Service (LIRS) recently issued a Public Notice announcing modifications to its process of conducting tax audit reconciliation committee (TARC) meeting. The modification was necessitated by the COVID-19 pandemic and the need to adhere to Public Health and Safety protocols announced by the Federal and Lagos State Government. Source KPMG Nigeria Read More

Coronation Weekly: A Difficult Fiscal Position and Low Interest Rates - The fiscal position of the Federal Government of Nigeria (FGN) is, not surprisingly, tight, as oil prices have crashed and economic growth has slowed down. As we describe on page 2, being able to re-finance debt cheaply is critical to the FGN. So, the fact that Naira interest rates are so low (no government T-bill or bond yield exceeds the rate of inflation) enables the FGN to issue its debt cheaply to the private sector. Source Coronation Research Read More

World Bank Board Approves $750m Power Sector Recovery Program for Nigeria - The World Bank Board of Directors approved today the Power Sector Recovery Operation (PSRO), an operation of $750 million in International Development Association (IDA)* credit to improve the reliability of electricity supply, achieve financial and fiscal sustainability, and enhance accountability in the power sector in Nigeria. Source World Bank Read More

Implications of CBN's Debits on Banks for CRR Compliance - Last week Friday, the CBN debited banks the sum of N216bn for breaching its CRR requirements. The latest round of debits is the third in recent times - the most recent being N 459.7bn three weeks ago, and prior to that N1.4trn in April. Given the size and timing of the debits (before fx auctions), it is hard to argue that the debits are not being employed as an administrative tool for fx management. Source FBNQuest Research Read More

Still Very Weak Lending to the Real Economy - Private-sector credit extension again grew in April in double digits y/y, at a respectable 15.7%. This is happily a little ahead of nominal GDP growth. Since the private-sector credit/GDP ratio remains below 20%, compared for example with over 75% in South Africa, the monetary authorities will be looking for similar growth over many years. Source FBNQuest Research Read More 

Lumos Nigeria Lauds Presidency's Plan to Provide Solar Home Systems - Lumos Nigeria, Africa's leading provider of high-quality solar home systems, has commended the Nigerian Presidency on its plan to install five (5) million Solar Home System to serve 25 million households currently unconnected to the National Grid across the country. Source Lumos Nigeria Read More

Nigeria's Fiscal Crisis Due to Low Revenue - IMF - The International Monetary Fund has said Nigeria's major fiscal challenge is its "very low revenue" and not so much of its debt profile. The low revenue, it explained, had led to low debt-servicing capacity and limited funding for critical sectors such as education, health and social welfare. Source Punch Read More

Canada Becomes First to Lose AAA Status at Fitch on Virus Woes - The country is expected to run a bigger government deficit this year and emerge from the recession with much higher public debt ratios, Fitch said Wednesday. It cut the country's rating one notch to AA+. Source Bloomberg Read More

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Investors Lose N49.56bn; NSEASI Dips by -0.38% as Sell Pressure Persists - Equities market closed today on a negative note, as NSEASI depreciated by -0.38% to close at 24,655.05 points as against -0.02% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -8.15%. Source Proshare Markets Read More 

MSCI Announces Monitoring of Accessibility of the Nigeria, Lebanon and Bangladesh Equity Markets - MSCI Inc. (NYSE: MSCI), a leading provider of research-based indexes and analytics, announced today the results of the MSCI 2020 Market Classification Review and warned that the MSCI Argentina Index may be removed from the MSCI Emerging Markets Index if there is further deterioration in market accessibility. Source MSCI Read More

Ample US and Australian Supply To Keep Wheat Prices Low - African oil producers are being compelled to comply with their various OPEC quota. This is to keep prices at current levels of $40pb or above. To countries like Nigeria whose oil revenues are more production than price sensitive, this could be a problem in the near term. Source FDC Ltd Read More 

Demand For Bonds Continues For Another Consecutive Session - The early hours of today's trading session started off with the rush for bonds across the benchmark curve as the market anticipated further surge in rates compared to yesterday closing. The 2049s traded around 11.30% levels at the market open while 2035s and 2050s were offered at 10.35% and 11.25% respectively. Source Zedcrest Capital Read More

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FRC Guidance for Reporting on Compliance with The Nigerian Code of Corporate Governance (NCCG) 2018 - We refer to Paragraph D of the Introduction section of Nigerian Code of Corporate Governance 2018 (NCCG 2018 or the Code) on Monitoring the Implementation of NCCG 2018, which provides that, "The implementation of this Code will be monitored by the FRC through the sectoral regulators and registered exchanges who are empowered to impose appropriate sanctions based on the specific deviation noted and the company in question. Source FRC Read More

Rethink Your Business Culture to Adapt and Stabilize in the Face of COVID-19 - Nigerians have been advised to move from the realm of denial, anger and accept the reality of the 'new normal' occasioned by COVID-19 pandemic by properly articulating their goals and developing a financial plan based on available resources. This was the submission of investment and financial experts at the Ecobank Webinar on the topic: 'Personal financial stability in a changing environment: achieving balance in the new normal', held in Lagos last week. Source Ecobank Nigeria Read More

COVID-19 Reduces Consumer Income By 30 Per Cent - Report - Consumer income levels have fallen by 30 per cent in Nigeria since March due to the impact of the COVID-19 pandemic on the economy. This was disclosed in a recent survey conducted by REACH Technologies, a Nigeria-based fintech, on behalf of FBNQuest. Source Punch Read More 

Experts back Buhari as President faults ECOWAS single currency - The President, Major General Muhammadu Buhari (retd.), on Tuesday raised concerns over the planned single currency for the Economic Community of West African States. He said the plan for the single currency, Eco, could be in serious jeopardy, unless member states complied with agreed processes of reaching the collective goal. Source Punch Read More 

FG to Review Domestic Gas Pricing Framework - The Federal Government plans to review the prices of gas consumed across the country. The Minister of State for Petroleum Resources, Timipre Sylva, said the move would help deepen the use Liquefied Petroleum Gas, popularly called cooking gas, as well as Compressed Natural Gas. Source Punch Read More

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Nigeria Tops Google Class 5 Online Startups Nominees - Nigerian startups got eight slots out of the combined class of 20 startups of the Google for Startups Accelerator Africa in the recently announced Class 5 of the Google Accelerator Program for African startups, with Kenya closely following Nigeria with six slots. Source THISDAYLIVE Read More


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UK Govt Supports NCDC to Speed Up Testing - The Nigerian Centre for Disease Control (NCDC), recently unveiled a brand-new Polymerase Chain Reaction (PCR) machine, which has been procured using some of the 661,000 Pounds UKAid funding commitment that the British Government has made to the Nigeria branch of the World Health Organisation this year. Source  THISDAYLIVE Read More

Safety-Bid Drives Up Dollar as U.S. Coronavirus Surge Dim Quick Recovery Hopes - The dollar held the upper hand on Thursday as an increase in coronavirus cases in the United States and fresh trade tensions undermined hopes for a quick global recovery and prompted investors to trim bets on riskier currencies. Source Reuters Read More

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