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Nigeria in 1min: Economic, Business and Financial Headlines - 300420

All One Min News	2359 VIEWS
All One Min News
2359 VIEWS

Thursday, April 30, 2020 / 06:30 AM / By News Aggregator / Header Image Credit: @jidesanwoolu

COVID-19 Health Updates

On the 29th of April 2020, 196 new confirmed cases and five deaths were recorded in Nigeria
One new state (Yobe) has reported a case in the last 24 hours.
Till date, 1728 cases have been confirmed, 307 cases have been discharged and 51 deaths have been recorded in 34 states and the Federal Capital Territory
The 196 new cases are reported from twelve states- Lagos (87), Kano (24), Gombe (18), Kaduna (17), FCT (16), Katsina (10), Sokoto (8), Edo (7), Borno (6), Ebonyi (1), Yobe (1), Adamawa(1)
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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MPC Members Looking Beyond the Virus - The last meeting of the monetary policy committee was held in late March. The CBN had already unveiled its package of measures, which it costed at N3.5trn, but Covid-19 had not yet hit Nigeria on any scale (one person had died of the virus at the time). Source FBNQuest Research Read More

Nigeria Weekly Update: Short and Long Currency Cycles - Last we noted that the Central Bank of Nigeria (CBN) is in no hurry to raise market interest rates and that - most of the time - Nigeria's commercial banks are liquid, usually reporting over N500.0bn (USS1.3bn) in total closing balances. This situation is consistent with a pro-growth policy, and indeed all market interest rates (see side table) are below inflation. Source Coronation Research Read More

Why the Global South Should Temper Expectations Over The Basel Convention Ban Amendment - According to the World Bank, 2.01 billion metric tons of municipal solid waste is produced yearly globally. On a relative basis, the rich countries of the Global North produce a sizeable proportion of the waste. Source OpEd Ahmed Sule Read More

Ahead of Tomorrow on WebTV: Discussions on COVID-19; Reinventing Nigeria's Economy - TOPE FASUA is the Founder and CEO of Global Analytics. An economist, qualified accountant with expertise in the banking sector and the financial market, a businessman, writer, politician and a resource person at Leadership, Management and Economic conferences. Source WebTV Read More

Fed Govt Disburses N43.4b To 24 States - The Federal Government has disbursed N43,416 billion ($120.6 million) as performance-based grants to 24 states. The states were considered eligible for the results they achieved in 2018 under the performance-based grant component of the World Bank-Assisted States Fiscal Transparency, Accountability and Sustainability (SFTAS) Programme-for-Results. Source TheNation Read More

Lagos-Ibadan Expressway: J'Berger, Ministry Await FG's Guidelines - Julius Berger Nigeria Plc, the contractor handling part of the Lagos-Ibadan Expressway, and workers at the Federal Ministry of Works and Housing are awaiting guidelines from the Federal Government before resuming work on road projects nationwide. Source Punch Read More

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PROSHARE MARKETS

NSEASI Firms Up by 0.62% As Market Maintains Positive posture - Equities market closed today on positive note, as NSEASI appreciated by +0.62% to close at 22,868.40 points as against +0.49% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -14.80%. Source Proshare Markets Read More

Senate Approves N850Bn in Additional Debt, DMO Switches Out External Borrowing Plans For Local Debt - Activity in the Bonds market was focused at the 20yr-30yr bracket as investors scrambled for bonds following coupon payment made yesterday. 2036s and 2049s were the most actively traded in the market, starting the day offered at 11.56% and 12.40% respectively but lost approx. 35bps and 15bps by the close of trading. Source Zedcrest Capital Read More

Seplat Petroleum Development Company Plc Q1'20 Results - Impairment Loss Drags SEPLAT into Red Zone - Seplat Petroleum Development Company Plc (SEPLAT:NGSE) reported a $106.6 million loss in its unaudited Q1'20 result. The loss was mainly driven by a $145.5 million impairment loss (vs. gain of $.14.0 million in Q1'19) charged on its oil and gas assets during the period. Source CardinalStone Research Read More

NSE Publishes Securities Lending Report for April 24th, 2020; UBN, 11 Others Available To Be Lent - The Nigerian Stock Exchange has published its Securities Lending Report for April 24th 2020. The Nigerian Stock Exchange's Securities Lending and Borrowing Report is prepared on a weekly basis, with data collected from the market's Securities Lending Agents. Source NSE Read More

CBN Resumes Dollar Sales For SMEs, School Fees - In view of the gradual easing of the COVID-19 lockdown both globally and in Nigeria, the Central Bank of Nigeria (CBN) has resumed provision of foreign exchange to all commercial banks for onward sales to parents wishing to pay schools fees and SMEs wishing to make essential imports needed to revamp economic activities across the country. Source CBN Read More

ZENITHBANK Declares N50.5bn PAT in Q1 2020 Results, (SP:N14.85k) - Zenith Bank Plc released its Q1 2020 Unaudited results for the period ended March 31st, 2020. Gross Earnings grew by 5.5% to N167bn from N158bn in the previous quarter. Profit before tax grew by 2.6% to N59bn. Source NSE Read More

Ahead of Tomorrow on WebTV: Discussions on COVID-19; Focus On the Nigerian Fixed Income Market - AYODEJI EBO is the Managing Director of Afrinvest Securities Limited, leading licensed broker dealer and subsidiary of Afrinvest (West Africa) Limited. Ayodeji was appointed Managing Director in 2017 on the back of his 12-year experience in Economic and Investment Research. Prior to his appointment, he led the Investment Research team for over 3 years and worked in the Investment Banking Division for 1 year. Source WebTV Read More

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COVID-19: FRC Unveils Guidelines for Preparers of Financial Statements - The Financial Reporting Council of Nigeria (FRC) has released fresh guidelines on the impact of COVID-19 on financial reporting. The guidelines released recently, was the second of such to be released by the FRC in two weeks. The latest guidance targets preparers of financial statements during COVID-19 period. Source Thisday Read More

Refineries Recorded N9.6bn Loss In January, Says NNPC - Nigeria's refineries started their 2020 financial year with losses as they posted a cumulative operational deficit of N9.6bn in January. The Nigerian National Petroleum Corporation manages the country's three refineries - the Kaduna Refining and Petrochemical Company, the Port Harcourt Refining Company and the Warri Refining and Petrochemical Company. Source Punch Read More

Sanwo-Olu Orders Markets, Restaurants To Reopen - The Lagos State Governor, Babajide Sanwo-Olu, has directed the reopening of markets on selected days in the state.He spoke during a televised press conference on Wednesday.The Governor's Chief Press Secretary, Gboyega Akosile, in a series of tweets, said the governor also ordered that schools should remain closed.Source Punch Read More

Debt Servicing May Gulp 75% Govt Revenue By 2024 - A report published by the World Bank has projected that debt servicing will take up about 75 per cent of Federal Government's revenue by 2024. The report entitled 'State debt management in Nigeria: Challenges and lesson learned', dated April 1, 2020, highlighted institutional and capacity challenges in state debt management in the context of the Nigerian fiscal federalism system. Source Punch Read More

US GDP Contracts 4.8% Ending Decade Of Growth - The decade of US economic expansion ended dramatically in the first quarter when GDP shrank 4.8 percent as the coronavirus hit, according to government data released Wednesday. It was the biggest decline in GDP in 12 years as the pandemic forced businesses to close, halting purchases and investment, the Commerce Department reported.Source Punch Read More

U.S. economy faces hard slog back from pandemic, Fed chief says - The head of the Federal Reserve on Wednesday dashed lingering hopes for a fast rebound from the coronavirus pandemic, saying the U.S. economy could feel the weight of consumer fear and social distancing for a year or more in a prolonged climb from a deepening hole. Source Reuters Read More

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PROSHARE TECHNOLOGY

ITU Digital World 2020 Re-scheduled - As a result of the ongoing COVID-19 crisis, the International Telecommunication Union (ITU) and the Ministry of Information and Communications, Viet Nam have taken the difficult decision to postpone ITU Digital World 2020, the global tech event for government, industry and SMEs. Source Thisday Read More

Microsoft Revenue Beats As Remote Work Boosts Teams - Microsoft Corp (MSFT.O) on Wednesday beat Wall Street sales and profit expectations, powered by sharp demand for its Teams chat and online meeting app and Xbox gaming services as the world shifted to working and playing from home because of the novel coronavirus pandemic. Source Reuters Read More

Facebook Sees 'Signs Of Stability' In Ad Spending After Coronavirus Drop - Facebook Inc (FB.O) beat analysts' estimates for quarterly revenue on Wednesday and said it has seen "signs of stability" for sales in April after a plunge in March, in yet another signal that tech giants may weather the coronavirus-induced economic collapse better than other sectors. Source Reuters Read More

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PROSHARE MSME

Enhancing Personalised Service Key For Businesses After COVID-19 - John Wesey - Management consultant, John Wesey, speaking on the afternoon segment of WebTV's Coronanomics Program, observed that enhancing personalised services for customers was key for businesses as they begin to press the restart button after the COVID-19 lockdown. Source WebTV Read More

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