Nigeria in 1min: Economic, Business and Financial Headlines

Friday, May 22, 2020 / 6:09 AM / By News Aggregator / Header Image Credit: Twitter; @NigeriaGov


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COVID-19 Health Updates

  • On the 21st of May 2020, 339 new confirmed cases and 9 deaths were recorded in Nigeria
  • No new state has reported a case in the last 24 hours.
  • Till date, 7016 cases have been confirmed, 1907 cases have been discharged and 211 deaths have been recorded in 34 states and the Federal Capital Territory
  • The 339 new cases are reported from 18 states- Lagos(139), Kano(28), Oyo(28), Edo(25), Katsina(22), Kaduna(18), Jigawa (14), Yobe(13), Plateau (13), FCT(11), Gombe(8), Ogun(5), Bauchi(4), Nasarawa(4), Delta(3), Ondo(2), Rivers(1), Adamawa(1). Read

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Trend of Rising
Unemployment –
 Given its hazy
business environment, as well as its macroeconomic challenges, Nigeria has
struggled with reducing its unemployment rate. Over the past several years, the
rate has steadily trended north. Although lagged, the latest labour force
report from the National Bureau of Statistics shows a rise in the national
unemployment rate to 23.1% in Q3 2018 from 22.7% recorded in the previous
quarter. Source FBNQuest Research
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Palliative Measures: FIRS Extends AEOI-CRS Reporting Deadline for Financial
Institutions –
 On Tuesday, 19
May 2020, the FIRS issued a Public Notice announcing extension of the deadline
for Financial Institutions to file their annual returns for Automatic Exchange
of Information-Common Reporting Standard (AEOI-CRS) from 31 May 2020 to 30
September 2020. Source KPMG Nigeria
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OMCs to Resume
Importation of Petrol –
 According to
local media reports, private oil marketing companies (OMCs) have now joined the
Nigerian National Petroleum Corporation (NNPC) in the importation of petrol.
This was based on information from the Petroleum Products Pricing Regulatory
Agency (PPPRA) that permits had been given to several OMCs to start importing
petrol alongside the NNPC. Source CSL Research
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Inflation Increases By 12.34% YoY In April 2020; 0.08% Higher Than March 2020
Rate –
 The consumer
price index, (CPI) which measures inflation increased by 12.34 percent
(year-on-year) in April 2020. This is 0.08 percent points higher than the rate
recorded in March 2020 (12.26 percent). Increases were recorded in all COICOP
divisions that yielded the Headline index. Source NBS
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CBN Reschedules
May 2020 MPC Meeting to May 28, 2020 –
 This is to inform our stakeholders and the general public that the May 2020
meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria
(CBN), earlier scheduled for Monday and Tuesday, May 25 and 26, 2020,
respectively, will now hold on Thursday, May 28, 2020. Source CBN
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Holds Second-quarter 2020 Economic Outlook; Focuses on Impact of COVID-19 –
 Nairametrics held its second-quarter 2020
economic outlook on Saturday, May 16th, 2020, albeit virtually due to the
Coronavirus pandemic. The webinar, which centered on the topic “The New
Normal – Economic Outlook: Your Money or your Life”, was attended by 729
unique participants. More than a thousand people registered to participate in
the event. Source Nairametrics
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Governors to partner PTF
for full reopening of economy –
 Governors of the 36 states are pushing for
the full reopening of the Nigerian economy, agreeing to work with the
Presidential Task Force on COVID-19, to achieve it soon. This was part of the
decisions of the National Economic Council meeting, which was held on Thursday.
Source Punch Read


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DMO Comfortably
Raises N390.70Bn At The FGN Bond Auction As Local Demand Swells – 
The Bond Market had a sluggish open as attention shifted to
the monthly FGN bond auction. Activity picked up as we saw decent demand on
some of the bonds with decent offers, particularly the 2024s, 2028s and 2049s
maturities as few investors took advantage of the toned-down market to
cherry-pick these interesting maturities. Yields dropped by c.22bps on the
average across the benchmark bond curve. Source Zedcrest Capital

Summary of FGN
Bond Auction Results For May 2020 –
 Auction Result for the 12.75% FGN APR 2023 (Re-opening 5-year Bond), 12.50% FGN
MAR 2035 (Re-opening 15-Year Bond) & 12.98% FGN MAR 2050 (Re-opening
30-Year Bond). Source DMO

PZ Cussons
Nigeria Is Maintaining Underperform Rating in Q3 2020 – 
PZ Cussons Nigeria (PZ) suffered the biggest quarterly loss
since 2016 on account of a rising cost profile compounded by stronger
competitive headwinds and continued consumer pricing pressure. Q3 2020
(end-Feb) pretax loss of -N2.4bn was 5x higher y/y and 7x worse than our
forecast of -N292m, driven by a y/y gross margin contraction of -622bps
(-369bps behind our forecast) and 20% y/y increase in opex (47% higher than
forecast). Source FBNQuest Research

Investors Gain
N159.55bn As NSEASI Inches Up By 1.25% Amid Negative Market Turnover – 
Equities market closed today on positive note, as NSEASI
appreciated by +1.25% to close at 24,758.39 points as against +1.03%
appreciation recorded previously. Its Year-to-Date (YTD) returns currently
stands at -7.76%. Source Proshare Markets

Ahead of Tomorrow on
WebTV: Discussions on Discourse on Private Equity and Venture –
 Oluyemi Rufai
is a Finance Expert with over a decade experience which cut across diverse
areas including; Oil and Gas with ExxonMobil, Management Consulting with KPMG,
Public Policy, Investment Banking and Commercial Banking. Source WebTV 

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Bank NPLs (6)
– Technical Analysis on Banks’ NPLs – Gross Earnings – 
This section
evaluates the performance of banks during the period under review. A thorough
analysis was done on DMB’s gross earnings, profitability, leverage, liquidity,
LDR, NPL’s and its impact on each banks profitability and credit growth rate.
The periods under review was divided into two periods which connotes the reign
of different Central Bank Governors… Source Debtors Africa
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Tough Choices for Banking and Other Businesses –
 The Webinar
on Covid-19: Tough Choices for Banking & Other Businesses was held on
Tuesday, May 5, 2020 via the Zoom Conference Call Platform. The Webinar is the
first installment in the CIBN Advocacy Dialogue Series aimed at the
enlightenment and empowerment of the Institute’s members amidst the Covid-19
pandemic. Source CIBN
Read More

Sustainable Banking Model In Event of Major Economic and Business Disruptions –
 The Webinar
on Enhanced Sustainable Banking (ESB) Model in Event of Major Economic and
Business Disruptions was held on Thursday, May 7, 2020 via the Zoom Conference
Call Platform. The Webinar is the second installment in the CIBN Advocacy
Dialogue Series aimed at the enlightenment and empowerment of the Institute’s
members amidst the Covid-19 pandemic. Source CIBN
Read More

Ahead of
Tomorrow on WebTV: Discussions on Focus on IOD and Corporate Governance In
Nigeria –
 Chief Bamidele Alimi is the DG/CEO of the Institute
of Directors Nigeria. He is an alumnus of the Lagos Business School and member
of other professional and social organizations like the Nigeria Institute of
Management, the Nigeria Institute of Public Relations and Rotary International.
Source WebTV
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Africa: AMCON; Chike-Obi’s Alternative View –
 In response
to a recent report commissioned by Debtors Africa and written by Proshare on a
new approach to debtor management in Nigeria, Mr. Mustapha Chike-Obi, erstwhile
Managing Director of the Asset Management Company of Nigeria (AMCON) provided
an alternative view to the AMCON story on mitigating the effects of delinquent
debt on the domestic banking system. Source Debtors Africa
Read More

N10tn Spent On Fuel Subsidy In 15 years – Marketers – The Federal Government has spent about N10n
subsidising petroleum products in the last 15 years, the Major Oil Marketers
Association of Nigeria has said. MOMAN and other stakeholders, including the
Depot and Petroleum Products Marketers Association of Nigeria and the Petroleum
Products Retail Outlets Owners Association of Nigeria, said there was a need
for full deregulation in the petroleum downstream sector. Source Punch Read

Don’t Run Parallel Management, Amaechi Tells NPA Board – The Federal Government on Thursday
inaugurated the governing board of the Nigerian Ports Authority. The Minister
of Transportation, Rotimi Amaechi, who inaugurated the board in a controlled
ceremony in Abuja, charged members of the team not to run a parallel
government. Source Punch Read

Elumelu: COVID-19 Presents Opportunity to Reset
Africa –
 The Chairman of the United Bank for
Africa (UBA) Plc, Tony Elumelu, has stressed that the coronavirus Pandemic
currently ravaging the world presents an opportunity to reset the African
continent to become more productive and self-reliant. Source THISDAYLIVE Read

Hong Kong Leads Asian Shares Lower as Beijing Readies New Security Law – Hong Kong
shares tumbled on Friday after Beijing moved to impose a new security law on
the city after last year’s pro-democracy unrest, risking fresh protests and
further straining fast-deteriorating U.S.-China ties. Source Reuters Read

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Microsoft Outlines Steps to Drive Nigeria’s Digital
Transformation Forward – 
Microsoft has
presented digital transformation as a means for social and economic development
in Nigeria, and as an opportunity for every Nigerian citizen and business to
achieve more. Source THISDAYLIVE Read

Facebook’s Zuckerberg Embraces Remote Work Beyond
Silicon Valley –
 Facebook Inc will
permanently embrace remote work even after coronavirus lockdowns ease, Chief
Executive Mark Zuckerberg said on Thursday, accelerating the tech sector’s
geographic diversification away from its home in Silicon Valley. Source Reuters Read


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Development Bank Disburses
N100bn to MSMEs – 
The Development Bank of Nigeria Plc said on
Thursday said it disbursed over N100bn to Micro, Small and Medium Enterprises
in 2019, leading to the creation of 3,192 jobs. A statement by the bank
reported its Managing Director, Tony Okpanachi, as disclosing this in his
address at the bank’s virtual 3rd Annual General Meeting held recently in
Abuja. Source Punch Read

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FGN Sukuk Offer
For Subscription –
 On the
authority of the Federal Government of Nigeria FGN Roads Sukuk Company 1 Plc
(FGN RSC1) Offers for Subscription through FBNQuest Merchant Bank Limited &
Lotus Financial Services Limited (the “Financial Advisers”) who are
authorized to receive applications for up to N150,000,000,000 7-Year Ijarah
Sukuk due June 2027 Rental Rate: 11.200% Per Annum. Source DMO
Read More

Insurance Is
For Others, Not You –
 When centuries
ago, some merchants astride their ships off the shores of Italy discussed the
losses of their cargoes and came up with the idea of pooling resources together
to be able to help those who experienced mishaps, it was not only a brilliant
idea but also well received by all. Source Ekerete Ola Gam-Ikon
Read More


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