Nigeria in 1min: Economic, Business and Financial Headlines

Thursday, May 14, 2020 / 5:01 AM / By News Aggregator / Header Image Credit: Twitter; @NCDCgov


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COVID-19 Health Updates

  • On the 13th of May 2020, 184 new confirmed cases and 6 deaths were recorded in Nigeria
  • No new state has reported a case in the last 24 hours.
  • Till date, 4971 cases have been confirmed, 1070 cases have been discharged and 164 deaths have been recorded in 34 states and the Federal Capital Territory
  • The 184 new cases are reported from 22 states- Lagos(51), Jigawa(23), Bauchi(16), Katsina(16), Kano(14), FCT(10), Rivers(10), Kwara(9), Delta(5), Kaduna(5), Sokoto(4), Oyo(4), Kebbi(3), Nasarawa (3), Osun(3), Ondo(2), Ebonyi(1), Edo(1), Enugu(1), Anambra(1), Plateau (1), Niger (1).Read

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Demand From China To Support Grain Prices – 
Oil prices failed to blink at $30pb in spite of
Saudi Arabia’s announcement of an additional cut of 1mbpd in its oil output.
This is an indication that market fundamentals are still tilted towards an
oversupplied market. Meanwhile, Nigerian households spent an aggregate of
N40trn in 2019, with food accounting for 56.65% (N22.78trn). Source FDC Ltd
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Financial Institution Downgrades On Pace for Record – 
Fitch Ratings’ corporate and financial institution
downgrades from January-April have dramatically increased, owing to the
economic crisis caused by the coronavirus pandemic. Global downgrades in just
the first four months of the year have already exceeded the average annual
total 2002-2019. Source Fitch Ratings
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FG Adjusts 2020 Budget to
N10.52tn, Adopts $25 Oil Benchmark – 
The Federal Government on
Wednesday adjusted the 2020 budget downward from the original N10.59tn to
N10.52tn. The budget deficit is in excess of N5.3tn. The approval was made in
Abuja by the Federal Executive Council meeting presided over by the President,
Major General Muhammadu Buhari (retd.), at the State House. Source Punch Read

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Federal Budget:
FGN Receives Legislative Okay For Revised Borrowing Plan –
 Yields Bond Market saw a reversal in today’s session,
fueled by local investors looking to invest liquidity from OMO maturities. Bids
improved across the curve, but with relatively little volumes passed. Interest
remained mostly on the 2023s and 2027s maturity. Consequently, yields
compressed by c.11bps on the average across the benchmark curve. Source
Zedcrest Capital

FX Shortage Starting to Bite –
 A Business Day
article reports that Nigerian manufacturers are struggling to stay in business
because foreign exchange shortage caused by the collapse in oil prices means
they can’t import raw materials. According to the report, Members of the
Manufacturers Association of Nigeria have been unable to access foreign
currency for the past five weeks. Source CSL Research

Treasury Bill
Auction Holds On Wednesday May 13th, 2020 –
 A primary auction of Nigerian Treasury Bills will take place
on Wednesday, May 13th, 2020. For further information; kindly send a request
[email protected] Source Arthur Stevens Asset Mgt. Read

Declares N977m PAT in Q1 2020 Unaudited Results;(SP:N0.57K) –
 Wema Bank Plc, Banking company in Financial Services  sector announced 4.6% Gross Earnings growth
in Q1’20 ResultSource NSE

Investors Gain
N7.06bn; NSEASI Inches Up By 0.06% As Market Sentiment Turns Positive –
 Equities market closed today on positive note, as NSEASI
appreciated by +0.06% to close at 23,709.44 points as against -1.06%
depreciation recorded previously. Its Year-to-Date (YTD) returns currently
stands at -11.67%.  Source Proshare

UK Arrival
Quarantine Delays Air Travel Demand Recovery –
 The UK requirements to impose a 14-day quarantine on
international arrivals, including air travellers, will delay recovery in air
travel demand and test airlines’ financial resilience, Fitch Ratings says.
Risks for airlines will increase should these measures stay in place for a
prolonged period. Source Fitch Ratings

DMO Publishes
the Revised External and Domestic Borrowing Guidelines for FG and their
Agencies –
 In line with
the provisions of the Debt Management Office (Establishment, Etc.) Act, 2003,
Section 33, which empowers the Debt Management Office (DMO) to issue Guidelines
for the effective implementation of its functions, the DMO has released the
Revised External and Domestic Borrowing Guidelines for the Federal Government,
State Governments, and the Federal Capital Territory (FCT), and their Agencies.
Source DMO



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OPS Faults Exclusion From Ajaokuta Steel Revival Panel – The organised private sector has faulted
its exclusion by the Federal Government from the Ajaokuta Presidential Project
Implementation Team. The panel  is to
oversee the process of revamping and completing the Ajeakuta Steel Company
Limited. The Secretary to the Government of the Federation, Mr Boss Mustapha,
inaugurated the committee in Abuja on Monday. Source Punch Read


FEC Approves N47.2bn to Boost Electricity Supply – The Federal Executive Council on Wednesday approved
N47.2bn to boost power supply in the country. It will supply additional 40
megawatts of power to the national grid, according to the Minister of Power, Mr
Sale Mamman. He told State House correspondents after the FEC meeting, which
was held via video conferencing, that the 40 MW would be moved from the
Kashimbilla Dam in Taraba State. Source Punch Read

Non-issuance of TDOs by Shipping Firms, Terminal Operators Delay Port Operations – CORPORATE
Fleet Owners Association, a group of truck owners, have expressed concern over
the continued shut down of banks in and around the Apapa port area of Lagos, a
development that is currently stalling cargo delivery process. Source Vanguard Read

Oil Market Already Rebalancing – OPEC – The rebalancing of the oil market is underway and
will accelerate, the OPEC cartel said Wednesday, days after some of its members
voluntarily increased their production cuts. Source Daily Trust Read

In Nod to Grim U.S. Outlook, Fed’s Powell Calls For More Fiscal Support – The head of
the Federal Reserve warned on Wednesday of an “extended period” of weak
economic growth, vowed to use the U.S. central bank’s power as needed, and
called for additional fiscal spending to stem the fallout from the coronavirus
pandemic. Source Reuters Read

U.S. March, April Job Losses Revised Higher – The U.S. economy lost a record 20.537 million jobs
in April and not 20.5 million as reported last Friday, according to revised
data published by the Labor Department this week. Source Reuters Read

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Flexibility and Agency Banking Will Enhance Financial Inclusion in Nigeria -
Henry Chukwu –
 The Programme Specialist for Enhancing Financial
Innovation and Access (EfinA), Mr. Henry Chukwu, recently spoke on the prospect
of deepening Financial Inclusion in Nigeria as a guest speaker on WebTV’s
Economy and Politics Show. Source WebTV
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Ahead of
Tomorrow on WebTV: Discussions on COVID-19; Focus On Fintechs In Nigeria –
ABOLORE is the Founder of Riby  a Digital
Banking & Financial Services Platform for Cooperatives, Trade/Business
Groups & Salary Earners in Company Groups. Organizations like Banks, DFIs
and State/ Regional Development Agencies who are interested in the financial success
of our or their users, especially Cooperatives also use Riby to manage their
economic development programs. Source WebTV
Read More

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Post COVID-19:
There is Need For MSMEs To Leverage on Technology – Akintujoye – 
Technology has played a major key role in helping
businesses grow in the rural and urban parts of the country. It has also
influenced the rate of competition and opportunities available in different
global markets said Mr. Ayo Akintujoye Covener of Lagos SME Bootcamp.  Source WebTV
Read More

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Nigeria in 1min: Economic, Business and
Financial Headlines – 110520

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