Nigeria in 1min: Economic, Business and Financial Headlines

Monday, May 11, 2020 / 5:14 AM / By News Aggregator / Header Image Credit: @NigeriaGov

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Framework for
the Management of COVID-19 Funds in Nigeria under the Treasury Single Account –
 The rapid spread of Coronavirus and the
resulting high fatality rate due to absence of a vaccine and cure have created
a global health emergency never seen in generations. COVID-19, the disease
caused by Coronavirus, has been classified as a pandemic by the World Health
Organization (WHO). Source OAGF
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Outlook Update: COVID-19, Global Oil Price and the Nigerian Economy – 
The outbreak of COVID-19 in China dampened China’s
economic outlook for the year 2020. Efforts to contain the spread of the virus
has led to widespread movement restrictions and shutdown of industrial
activities. The effect is evident in China’s Manufacturing Purchasing Managers’
Index (PMI), which slipped below the sectoral expansion benchmark of 50 points
to 35.7 points in February 2020. Source NESG
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How Pandemics
Leave the Poor Even Farther Behind – 
COVID-19 crisis is now widely seen as the greatest economic calamity since the
Great Depression. In January, the IMF expected global income to grow 3 percent;
it is now forecast to fall 3 percent, much worse than during the Great
Recession of 2008-09. Behind this dire statistic is an even grimmer
possibility: if past pandemics are any guide, the toll on poorer and vulnerable
segments of society will be several times worse. Source Davide Furceri, Prakash
Loungani, Jonathan D. Ostry, IMFBlog
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States, LGs Shared N1.945tn FAAC Disbursements in Q1 of 2020 – 
The Nigeria Extractive Industries Transparency
Initiative (NEITI) has disclosed that the Federation Accounts Allocation
Committee (FAAC) disbursed N1.95 trillion to the federal, states, local
government areas and other statutory agencies in the first quarter of 2020. Source
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NESG Predicts 7.3% Decline
in Nigeria’s GDP in 2020 – 
Nigerian Economic Summit Group (NESG) has
predicted that the Nigerian economy would contract by 7.3 per cent in 2020 if
the average crude oil price slumps to $15 per barrel in 2020 and Nigeria’s
crude oil output averaged 1.3 million barrels per day (mbpd). Source

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SEC reopens Head Office, Promises
to Protect Investors –
 The Securities and Exchange Commission says
following the Federal Government’s partial easing of the lockdown measures
introduced to minimise the spread of COVID-19 across Nigeria, it has reopened
its head office in Abuja. Punch Read


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Gross Official
Reserves Declined By US$1.64bn In April 2020 to US$33.52bn – 
Nigeria’s gross official reserves declined by US$1.64bn in
April to US$33.52bn. This was the eleventh monthly decline in succession. This
cumulative fall of US$11.60bn is largely due to the exit of foreign portfolio
investors (FPIs). A recovery of sorts is assured now that the IMF has disbursed
US$3.40bn under its Rapid Financing Instrument (RFI) to tackle the impact of
Covid-19. Source FBNQuest Research

Isolation, Testing and Caring of COVID-19 Patients Through Private Capital –
 We do not think that it would be sustainable to continue to
rely philanthropic and tax payer’s funds to scale Nigeria’s ability to
diagnose, isolate and care for COVID-19 cases. The context for this view is in
part, guidance from the World Health Organisation (WHO), that, (a) COVID-19
indeed has a distinct capacity for explosive spread and has overwhelmed the
most resilient health systems and that (b) countries need to scale their
ability to rapidly identify, test and treat patients. Source Olubunmi

ACI Witnesses a
Surge – AFEX Commodities Weekly Report 070520 –
 The AFEX Commodities Index (ACI) rallied by 10.21% in the
week under review to close at 170.88 points due to gains of 2.82% and 9.62% in
the Maize and Soybeans sub-indices Respectively. Source Kainosedge Consulting
for AFEX Commodities Exchange

Investors Loss
N49.28bn as NSEASI Dips by -0.39% to Open the Week Negative –
 Equities market closed today on negative note, as NSEASI
depreciated by -0.39% to close at 23,950.83 points as against -1.27%
depreciation recorded previously. Its Year-to-Date (YTD) returns currently
stands at -10.77%.  Source Proshare


Average Yield
Marginally Sheds 4bps WoW on Skeletal Flows to the NT-Bills Space Amid Weak
Sentiments –
 Last week, the
Nigerian Treasury Bills (“T-Bills”) secondary market traded on a
relatively quiet note as investors’ sentiments remained fragile despite the
mild uptick in system liquidity (N505.5bn long as at Friday). Consequently,
average yield across tenors marginally declined by 4bps W-o-W to remain at c.
2.7% on Friday. Source Afrinvest Research  


Anchoria Fixed
Income Monitor: FX Pressure Rebound as CBN Weakened Forward Rate –
 The average money market rate rose marginally last week by
5.38% to settle at 7.88% from 2.50% in the previous week. This is due to
resumption of the FX intervention programme by the CBN. Source Anchoria AM

Nigeria’s Foreign Portfolio Deficits Widen by 356% to N121.3b in Q1 – Nearly three-quarters of foreign portfolio transactions at
the stock market in the first quarter were on the sell side as massive foreign
portfolio outflows widened Nigeria’s foreign portfolio investments (FPIs)
deficits by 356 per cent to N121.33 billion in the first quarter of the year. Source
The Nation

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Saudi to Cut
Oil Output By Another 1 Mn Barrels a Day – 
Saudi Arabia
said Monday it had asked oil giant Aramco to cut its output by an additional
one million barrels per day from June, to support prices that have crashed
during the coronavirus crisis. Source The Guardian
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Cost of funds
to decline as N330bn boost interbank liquidity –
 Cost of
funds in the interbank money market is expected to fall this week in response
to inflow of N330 billion from maturing treasury bills (TBs). Cost of funds
rose sharply last week following outflow of funds for retail foreign exchange
auction and N100 billion commitment to the secondary market (Open Market
Operation, OMO) TBs conducted by the Central Bank of Nigeria (CBN) in the
previous week. Source Vanguard
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U.S. Auto Industry Workers Return to Jobs Amid Concerns of Second Virus Wave – Factory
workers began returning to assembly lines in Michigan on Monday, paving the way
to reopen the U.S. auto sector but stoking fears of a second wave of
coronavirus infections as strict lockdowns are eased across the country. Source
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Trump ‘Not Interested’ in Reopening U.S.-China Trade Deal After Report of Beijing Discontent – U.S. President Donald Trump said on Monday he opposed
renegotiating the U.S.-China “Phase 1” trade deal after a Chinese state-run
newspaper reported some government advisers in Beijing were urging fresh talks
and possibly invalidating the agreement. Source Reuters
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S&P 500 Closes Barely Higher as Investors Balance Pandemic With Recovery – The S&P
500 closed barely higher, eking out a nominal gain on Monday as investors
weighed new spikes in coronavirus infections with expectations that an economy
crippled by mandated shutdowns will soon be re-opened for business. Source Reuters
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Ahead of
Tomorrow on WebTV: Discussions on COVID-19; Deepening Financial Inclusion in
Nigeria – 
HENRY CHUKWU is a seasoned professional with cross
functional background in Digital Financial Services (DFS), Banking, Agent
Networks, Microfinance, Project Management, Business Development and
Operational Strategies. He holds a Master’s degree in Operations Management
from Assam Don Bosco University India; an abridged MBA in Strategic Business
Management from Metropolitan School of Business & Management United
Kingdom; a B.Sc. and other Executive Certificates. Source WebTV
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No 5G Technology in Nigeria Yet, FG Insists – The Federal
Government Monday insisted it has yet t
o issue licence to any telecom operator
to roll out 5G technology in Nigeria. The Minister of Communications and
Digital Economy, Dr Isa Ali Ibrahim Pantami had earlier in April said 5G
technology was not deployed in Nigeria yet. Source Daily Trust
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Can Insurance
Lead Nigeria’s Economic Stabilization? –
 Sounds unthinkable, indeed preponderous and only
worth considering due to the season we are in, when the strongest and smartest
are, afterall, not as we thought. Right? These are times that the solution to
the biggest problem the World has may be in the field of a war-torn or disease-infested
African country. Who can tell? Source Ekerete Ola Gam-Ikon
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Ahead of
Tomorrow on WebTV: Discussions on COVID-19; Deepening Investments in Education
in Nigeria –
a development advisor and the CEO of Cognity Advisory. He is an adviser to
governments at regional and national levels in Africa; on developing and
implementing strategies for building market relevant skills in the economy,
creating employment and promoting economic growth. He also advises corporations
on aligning their business objectives to the SDGs and development agencies on
programming focus to foster economic growth, improve educational outcomes and
expand employment creation in Africa. Source WebTV
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