Nigeria in 1min: Economic, Business and Financial Headlines

Tuesday, July 28, 2020 / 6:00 AM / By News Aggregator / Header Image Credit: Twitter; @nsenigeria

COVID-19 Health Updates

July 27th 2020: Nigeria COVID-19 Status in 35 states and the Federal Capital Territory
Confirmed: 41180 cases (New: 648)
Discharged: 18203
Deaths: 860: (New 2)
No new state has reported a case in the last 24 hours.

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PROSHARE ECONOMY

N651.77bn
Generated as VAT in H1 2020 – NBS – Sectoral
distribution of Value Added Tax (VAT) data for H1 2020 reflected that the sum
of N651.77bn was generated as VAT in H1 2020 as against N600.98bn generated in
H1 2019. This represents 8.45% growth Year-on-Year. Source NBS Read More

An Unexpected
Rise in the FAAC Payout in July 2020 – The gross monthly payout by the Federation Account
Allocation Committee (FAAC) to the three tiers of government and eligible
agencies amounted to N651bn (US$1.68bn) in July (from June revenue). This was
an increase of N104bn on the previous month. Source FBNQuest Research Read More

Nigeria’s
COVID-19 Induced Foreign Trade Decline – PFI Capital – Nigeria’s total merchandise trade stood at N8.30
trillion in Q1’20 (equivalent to c.23% of nominal GDP during the same period)
with total import printing at c.51% of total trade while total export represents
c.49% of total trade. Source PFI Capital Read More

The US
Mindgames and The AfDB; Deconstructing A Conflict – Engaged in a lip-service campaign to win a second
term at the head of the African Development Bank at the end of August, Akinwumi
Adesina has been plunged into the heart of a fight that is beyond him. Of
course, the Nigerian remains the only candidate for his succession. Source Jean-Michel
Meyer Op-Ed Read More

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PROSHARE REGULATORS

We are
Committed to Capital Market Growth – Lawmaker – The House of Representatives Committee on Capital
Markets and other Institutions has assured the Securities and Exchange
Commission of its readiness to provide support by way of enabling laws to
support the growth of the capital market. Source SEC Nigeria Read More

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PROSHARE MARKETS

Investors Gain
N185.65bn as NSEASI Inches Up by 1.46% to Open the Week Positive – Equities market closed today on a positive note, as NSEASI
appreciated by +1.46% to close at 24,783.61 basis points as against -0.34%
depreciation recorded previously. Its Year-to-Date (YTD) returns currently
stands at -7.67%. Source Proshare Markets Read
More

WAPCO Declares
N23.33bn PAT in Q2 2020 Results, (SP:N10.70k) – Lafarge Africa Plc, Building Materials company in Industrial Goods sector announced 9.8% Revenue growth in Q1’20
Result. Source NSE Read
More

Total Nigeria
Plc Q2 2020 Unaudited Results – COVID-19 Disruptions Weigh on Earnings – Total Nigeria Plc (NGSE: TOTAL) reported N373.9 million loss
in its unaudited Q2’20 results (vs N604.1 million profit in Q2’19). This result
also leaves cumulative losses at N537 million (c.53.1% of our full-year
forecast) for the first six months of 2020. Source CardinalStone Research Read
More

Interbank System Awash with
Liquidity as Apex Bank Holds Back On OMO Issuance – The FGN bonds space
opened the week on a very hushed tone as yield continued to drop across the
benchmark curve. With the bulls still in the market, one would have expected
exciting actions, however, we saw them scramble for bonds at a very slow pace
while hoping for more profit-taking actions from the bears which might aggress
slight uptick in yield. Source Zedcrest Read
More

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PROSHARE BUSINESS

Facility Managers Laud FG’s
Handover of National Theatre – The International Facility Management
Association, Nigeria Chapter, has lauded the Federal Government’s initiative of
handing over the National Theatre, Iganmu, Lagos to the Central Bank of Nigeria
and the Banker’s Committee. Source Punch
Read
More

Modular Bitumen
Exploitation Commences in Ondo – A firm, the South West Bitumen Limited, has
begun the modular exploitation of bitumen deposits in Ondo State. Source Punch Read
More

14 Airports Now Open to
Domestic Flights – FG – The Federal Government on Sunday announced that14 airports
were now opened for domestic commercial flight operations. Minister of
Aviation, Hadi Sirika, who announced this in a tweet through his official
Twitter handle, said the airports had resumed full domestic flight operations. Source
Punch Read
More

COVID-19: PTF Extends
Phase 2 Lockdown by One Week – The Presidential Task Force (PTF) on
COVID-19 has extended the phase two lockdown by one week from the initial one-month
extension. The Secretary to the Government of the Federation and chairman of
the PTF-COVID-19, Boss Mustapha, revealed this at the daily briefing on
COVID-19 on Monday in Abuja. Source Vanguard Read
More

N6.4trn ERGP Expenditure
Fails to Meet Set Targets – As the federal government gets set to replace the Economic
Recovery and Growth Plan (ERGP) with a new economic plan, the Nigerian Economic
Sustainability Plan (NESP), reports from both government sources and private
sector assessment have indicated massive failures in the ERGP across almost all
the target points. Source Vanguard Read
More

Republicans Unveil
Coronavirus Plan, Slash Emergency Unemployment Benefit – Senate
Republicans on Monday proposed a $1 trillion coronavirus aid package hammered
out with the White House, paving the way for talks with Democrats on how to
help Americans as expanded unemployment benefits for millions of workers expire
this week. Source Reuters Read
More

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PROSHARE TECHNOLOGY

Nigeria
Telecommunications Update: Now for Digital Transformation – Now more
than ever, we believe that the Nigerian telecommunications sector is set to
take a leading role in the government’s effort to diversify the economy. On the
back of significant investments by the mobile networks, the sector’s
contribution to GDP has risen steadily from c.7.7% in 2012 to c.10.9% in Q1
2020. It is now larger than that of the oil sector (9.5% Q1 2020 oil GDP). Source
FBNQuest Read More

Stakeholders
Advocate Legal Framework at the ACCI E-commerce Webinar – Top
practitioners and stakeholders within the Nigerian ecommerce sector have called
on the Federal Government to institute a consolidated legal framework for the
sub-sector to enhance its sustainability and expansion. Source ACCI Read More

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More News on Technology

PROSHARE FINANCE

FirstBank
Offers Support to SMEs In Education Sector Through The Pandemic – First Bank of Nigeria Limited has offered to give
financial support to Small and Medium Enterprises (SMEs In Education Sector) to
cushion the effects of the COVID -19 pandemic. Source First Bank Read More

The Battle of
Principles: Insurance Versus Business – Fundamentally, our lives are guided by set
principles irrespective of the biases we put forward at different times. For
example, “Do unto others as you would have them do to you” or put
differently, “Be fair in all your dealings with others” is
universally accepted. Source Ekerete Ola Gam-Ikon Read More

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PROSHARE MSME

Lagos SME
Bootcamp 3.0: Experts Emphasize Processes, Communication and Governance For
MSMEs To Grow – Effective
Processes, Financial Records, Communications/Brand positioning and Governance
are areas that Micro, Small and Medium Enterprises, MSME must give priority if
they are to achieved sustained growth. Source Ottoabasi Abasiekong for WebTV Read More

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MSME

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