Nigeria in 1min: Economic, Business and Financial Headlines

Wednesday, May 27, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: @NCDCgov


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COVID-19 Health Updates

  • On the 26th of May 2020, 276 new confirmed cases and 16 deaths were recorded in Nigeria
  • No new state has reported a case in the last 24 hours.
  • Till date, 8344 cases have been confirmed, 2385 cases have been discharged and 249 deaths have been recorded in 34 states and the Federal Capital Territory
  • The 276 new cases are reported from 15 states- Lagos (161), Rivers (36), Edo (27), Kaduna (19), Nasarawa (10), Oyo (6), Kano (4), Delta (3), Ebonyi (3), Gombe (2), Ogun (1), Ondo (1), Borno (1), Abia (1), Bauchi (1). Read More

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Total Value of
Capital Importation into Nigeria Stood At $5,854.38m in Q1 2020 – NBS –
 The total value of capital importation into
Nigeria stood at $5,854.38m in the first quarter of 2020. This represents an
increase of 53.97% compared to Q4 2019 and -31.19% decrease compared to the
first quarter of 2019. Source NBS
Read More

Addendum To The
2020 – 2022 Mtef And Fiscal Strategy Paper –
the outbreak of the Coronavirus Disease (COVID-19), and its rapid spin into a
global pandemic in Q1 2020; there has been corresponding economic consequence.
There has been a slow-down of global economic activities as most countries are
on lockdown with movement only limited to essential goods or persons performing
essential services. 
Source Budget Office and Federal Ministry of
Finance, Budget and National Planning
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Oil Holds Gains
As Demand Continues To Rise – OIR 260520 –
 Oil prices continue to show positive momentum as
the oil market appears set to rebalance faster than expected. Rystad estimates
that the market was 16 mb/d oversupplied in April. But by June, 4 mb/d in
demand will come back and supply cuts of 12 mb/d will move the market back to
an equilibrium, although at much lower levels compared to the pre-pandemic era.
 Source Tom Kool of Oilprice
Read More

Economy May Contract In Q2,
NECA Warns –
 The Nigeria Employers Consultative Association has called on
the fiscal and monetary authorities to develop a more aggressive and decisive
policies to sustain  economic recovery in
the wake of further decrease in oil price. Source Punch Read More


Petrol Price May Increase
As Brent Stabilises Around $35/Barrel –
 Brent, the oil against
which Nigeria’s crude is priced, has hovered around $35 per barrel for about
one week, raising concerns of a possible hike in petrol price in Nigeria any
time soon. An analysis of global oil trading rates on Monday showed that Brent
crude traded at $35.61 per barrel as of 9.32am Central Standard Time. Source Punch

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Bank NPLs
(11) – Technical Analysis on Banks’ NPLs – LDR – 
Access Bank
had a downward trending LDR between 2009 and 2014. Access Bank highest LDR
within the time period was +84.2% in Q2 2010 while its lowest LDR was +41.2% in
Q1 2012. Source Debtors Africa
Read More

26th CSCS
AGM: Shareholders Approve N4.3bn Dividend, As Non-Core Revenue Grew 162.5% YOY –
Securities Clearing System (CSCS) Plc, today, held its 26th Annual General
Meeting (AGM), where shareholders approved N0.86 dividend per share payout to
shareholders. The AGM was held by proxy at the Nigerian Stock Exchange Event
Centre, Lagos whilst observing relevant social distancing protocols and
hygiene, aimed at curtailing the spread of COVID-19. Source CSCS Nigeria
Read More 

Why the ICRC
Act is important for effective PPPs’ and Enforcing the Sanctity of Contracts – Udofia –
 The Amendment of the Infrastructure Concession
Regulatory Commission (ICRC) Act in Nigeria is important for effective
‘Public-Private Partnerships-PPPs’ and enforcing the “Sanctity of
Contracts” which are critical for attracting investments and improving the
process of Doing Business in Nigeria said the Managing Associate, Wale Babalakin
& Co, Dr. Kubianga Udofia while speaking on WebTV’s Economy and Politics
Programme. Source WebTV
Read More


Solicitors Holds Webinar On Great Expectations Workplace and Wealth –
Wednesday, 27th May 2020, Detail Commercial Solicitors will host a webinar
titled “Great Expectations – Workplace and Wealth”. This webinar will
focus on how as individuals and businesses, we can come out of the ongoing
events in the world today stronger than before if we remain authentic and
become adaptable. The discussants at the session will probe issues around
changing events in the workplace and ideas on building your business and
wealth. Source Detail Solicitors
Read More

10 Power Plants Idle, Generation Sinks To 2,627MW – The number of the nation’s power plants sitting idle
increased by three on Monday to 10, prompting generation to tumble below 3,000
megawatts. Total power generation in the country fell to 2,626.9MW as of 6am on
Monday from 3,738MW the previous day, according to the Nigerian Electricity
System Operator. Source Punch Read

S&P 500 Rises On Economic Recovery And Vaccine
Hopes, Pulls Back From Highs –
stocks closed higher on Tuesday on optimism about the development of
coronavirus vaccines and a revival of business activity, but the S&P 500
failed to hold above the key psychological level of 3,000 points. Source Reuters


LCCI Expresses Worry Over Neglect Of Solid Mineral
Sector –
 The Federal Government has been urged to
stop, forthwith, the continuous neglect of the solid mineral sector of
Nigeria’s economy as it portends grave danger to the country’s solid foundation
and development. Source Vanguard Read

Macron Unveils 8 Bn-Euro French Auto Rescue,
Champions Electric Cars –
Emmanuel Macron on Tuesday announced an 8-billion euro ($8.8 billion) plan to
revive France’s auto industry by making it the European leader in electric
cars, boosting a sector brought to its knees by the coronavirus. Source The
Guardian Read

We’ll Ease Nigeria, Others’ Debt Burden – Chinese
Minister –
 Chinese Foreign Minister, Wang Yi, has
said China will work with other G20 members to implement the debt service
suspension initiative to ease the debt burden of Nigeria and other African
countries. Source Punch Read

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Ahead of
Tomorrow on WebTV: Discussions on Discourse on The Nigerian E-Commerce Industry – 
Ayo Dawodu is a technology entrepreneur and founder of Loystar.
With a background in computing and a Lean Startup DNA, Ayo combines his
understanding of software and business to deliver value to businesses and
organizations across the world.  Source WebTV
Read More

Google To Start Reopening Offices, Targets 30%
Capacity In September – 
Inc’s Google said on Tuesday it would reopen buildings in more cities at
roughly 10% of their capacity beginning July 6 and scale it up to 30% in
September, if conditions permit. Source Reuters Read

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Pandemic has hit every Industry Hard, and the Insurance Industry is no
Different –
 While the
companies have collected themselves and are making amends to meet the
challenges of the present situation. These changes will also try to curb other
issues that might arrive shortly. With that being said, following we are
explaining the biggest changes that will shape the future of the insurance
industry. Source Sponsored Post / Digita Weboutreach
Read More

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