Nigeria in 1min: Economic, Business and Financial Headlines

Wednesday, May 13, 2020 / 5:46 AM / By News Aggregator / Header Image Credit: Twitter; @NCDCgov


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COVID-19 Health Updates

  • On the 12th of May 2020, 146 new confirmed cases and 6 deaths were recorded in Nigeria
  • No new state has reported a case in the last 24 hours.
  • Till date, 4787 cases have been confirmed, 959 cases have been discharged and 158 deaths have been recorded in 34 states and the Federal Capital Territory
  • The 146 new cases are reported from 20 states- Lagos(57), Kano(27), Kwara(10), Edo(9), Bauchi(8), Yobe(7), Kebbi(4), Oyo(4), Katsina(3), Niger(3), Plateau(2), Borno(2), Benue(2), Sokoto(2), Gombe(1), Enugu(1), Ebonyi(1), Ogun(1), FCT(1), Rivers(1)Read
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Emerging from
the Great Lockdown in Asia and Europe – 
Several countries in Asia and Europe, where the
COVID-19 outbreak appears to have peaked, are gradually reopening their
economies. Without a vaccine or effective treatment, policymakers will be balancing
the benefits of resuming economic activity against the potential cost of
another increase in infection rates. They face difficult choices, in part,
because the costs of erring in either direction could be very large. Source
Changyong Rhee and Poul M. Thomsen, IMFBlog
Read More

Big Oil, Little
Oil Have Full Lives Ahead – FBNQuest – 
Although cargoes of Nigerian crude are unsold on
the high seas and although we very briefly saw shippers of US WTI pay to be rid
of their cargoes, we are not writing an obituary for oil. Rather, we suspect
that the pandemic has extended its life and that peak demand may extend beyond
2035. The cause of climate change has taken a bit of a hit. The international
conference in Glasgow (UK) due this November has been deferred because of
Covid-19. Source FBNQuest Research
Read More

Sentiment Is Creeping Back Into Oil Markets – OIR 120520 – 
Oil prices rose strongly on Tuesday, following
promised cuts from Saudi Arabia, the UAE, and Kuwait. Ongoing supply curtailments
around the world are boosting sentiment, raising hopes that the storage crisis
could potentially be averted. Source Tom Kool of Oilprice.com
Read More

Nigerians Consumed N2.5tn Petrol in 13 Months – NNPC – The Nigerian National Petroleum Corporation on
Tuesday announced that its downstream subsidiary company in charge of bulk
sales and distribution of petroleum products, Petroleum Products Marketing
Company, recorded N211.62bn sale of white products in February 2020. Source Punch
Read More



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Eurobonds Rallied Following Further Oil Production Cuts By Saudi Arabia –
 Yields in the Bond market raced up opening the week
following insights from the Director-General of the DMO over the weekend about
the office’s revised borrowing plans amid the COVID-19 pandemic. Market
participants positioned for the expected supply of bonds as the DMO’s figure
for local borrowing for 2020 (estimated at N2Trn) was higher than initially
expected. Source Zedcrest Capital

Investors Lose
N132.86bn as NSEASI Dips Further by -1.06%; Sell Pressure Persists –
 Equities market closed today on negative note, as NSEASI
depreciated by -1.06% to close at 23,695.90 points as against -0.39%
depreciation recorded previously. Its Year-to-Date (YTD) returns currently
stands at -11.72%. Source Proshare Markets

Nigeria Foreign
Exchange – Naira: The Price of Nigeria’s Oil Fortune –
 In many ways, 2020 has been a remarkable year – especially
for oil-dependent countries – as the oil supercycle bear market persisted. The
coronavirus pandemic led to the collapse in global oil demand, causing oil
prices to nosedive amid heightened global uncertainty.  Source Vetiva Research

European Hotel
Occupancy Rates Will Not Recover Until 2023 –
 Fitch Ratings assumes the coronavirus pandemic will cause a
60% drop this year in European hotels’ occupancy rates, which will not recover
until at least 2023. All ratings in the sector have Negative Outlooks or are on
Rating Watch Negative (RWN), with smaller high-yield companies most at risk of
downgrades. Source Fitch Ratings

Invest in FGN
Monthly Bond Auction – May 2020 –
 The Central Bank of Nigeria on the authority of The Debt Management Office on
behalf of the Federal Government Of Nigeria Offers for Subscription by Auction.
Source DMO

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Post COVID-19
Rebound – Ecobank Nigeria Holds Virtual Graduation Ceremony For Batch 7
Trainees –
 Lagos, May 11, 2020 – 57 trainees, who represent
batch seven set of graduates being absorbed into Ecobank Nigeria as full time
employees  were last week hosted to a
virtual graduation ceremony by the Ecobank Academy – the first of its kind by
the bank in Nigeria as it positions itself as a high quality employer ready for
the opportunities of a post-COVID19 lockdown. Source Ecobank
Read More


Debt Could Reach USD400bn in EMEA Developed Markets and US –
angel” debt in the US and EMEA developed markets (DMs) has reached more
than USD150 billion on a combined basis since 1 March 2020, says Fitch Ratings.
We estimate that a second wave of fallen angels could be larger than the first,
especially in the US, in the event that economic conditions decline in a more
protracted and severe manner in line with Fitch’s downside scenario. Source
Fitch Ratings
Read More


Adesina: Best Man for the AfDB –
 The Board of Governors and the Ethics
Committee of the African Development Bank (AfDB) have given Dr. Akinwumi
Adesina, the Bank’s President, a clean bill of health in a report dated May 5,
wherein it is stated that Adesina has been “entirely exonerated of all
allegations made against him.”  Source Reuben Abati
Read More


OPEC+ Wants
to Maintain Output Cuts Beyond June –
 The Organisation of Petroleum Exporting
Countries and its allies want to maintain existing oil cuts beyond June to
shore up prices and demand, four OPEC+ sources were quoted by Reuters as saying
on Tuesday. Source Punch
Read More

Total Pension Assets Rise to N10.5tn – The total assets under the Contributory Pension
Scheme rose to N10.5tn as of the end of February 2020. Figures obtained from
the National Pension Commission on Tuesday revealed that the funds which stood
at N10.21tn as of the end of 2019 rose by over N289bn in two months. Source
Read More


How COVID-19
Ushered New Opportunities in Port Operations –
across most sectors of Nigeria’s economy have been suspended as part of the
efforts to curb the spread of coronavirus but Nigerian ports remain operational
to aid the evacuation of essential items such as food, petroleum products,
medical equipment and safety materials to combat the pandemic. Source
Read More


CACOVID Spends N16b on Medical Resources – The Central Bank of Nigeria (CBN)-led
Private Sector Coalition Against COVID-19 (CACOVID) has spent over N16 billion
on procuring essential medical resources to fight coronavirus (COVID-19)
pandemic in Nigeria, the group said at the weekend. Source The Nation
Read More


ILO Seeks Policy Limiting Exposure of Informal Sector to COVID-19 – The
International Labour Organisation has called for a policy limiting the exposure
of the informal sector to the coronavirus pandemic. In its latest report
titled, ‘Contagion or starvation, the dilemma facing informal workers during
the COVID-19 pandemic,’ ILO predicted that lockdown measures would worsen
poverty and vulnerabilities among the world’s two billion informal economy
workers. Source Punch
Read More

U.S. Reports Record $738 billion Budget Deficit in April – The United
States on Tuesday reported a record $738 billion budget deficit in April as an
explosion in government spending and a shrinking of revenues amid the novel
coronavirus pandemic pushed it deeply into the red. Source Reuters
Read More

Coronavirus Crisis Leads to Largest U.S. Consumer Price Decline Since 2008 – U.S. consumer prices dropped by the most since the Great Recession in April, weighed down by a plunge in demand for gasoline and services including airline travel as Americans stayed home during the coronavirus crisis. Source Reuters
Read More



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Why Investor
Education is Critical To Boosting Financial Literacy – Akeem Oyewale –
 CEO of Stanbic IBTC Nominees, Mr. Akeem Oyewale,
recently spoke on the need for deepening investor education to boost Financial
Literacy and investment in Nigeria. Speaking on investor education and its
importance to an economy, the investment manager described investor education
as a means of enlightening the population about making informed investment
decisions and planning life cycle cash flows to support sustainable and meaningful
lives.  Source WebTV
Read More

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Stakeholders Discuss Actionable Steps for MSMEs in Response to the COVID-19 Pandemic – On Wednesday, May 06,
2020, the 
Convention on
Business Integrity
 hosted the MSMEConversations Webinar focused on
“Crisis Response for MSMEs” in partnership with 
Proshare and DealHQ. This is part of the
initiatives of CBi Nigeria under its 
MSME Standards project. Source MSMEStandards Read More

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