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NSE Ranks Second in Bloomberg’s Best Performing Indexes Over the Past Month

The Nigerian Stock Exchange (NSE) has enjoyed significantly rallies in recent weeks, even amidst the Coronavirus pandemic.

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The Nigerian Stock Exchange has enjoyed significantly rallies in recent weeks, even amidst the global Coronavirus (COVID-19) pandemic. As The Exchange sustains remote trading, free flow of information and vibrant market activity, the index has accelerated +16.39% in the past month and ranks second in Bloomberg’s best performing indexes within the period. Total Market capitalization at the NSE now stands at N12.6 Trillion as at 07 May 2020.

Several factors have been identified as the reason for this rally including oil price recovery, the gradual easing of the lockdown in several economies, and the expectation of dividend payments attracting investors to blue-chip stocks. The NSE is, therefore, set to end the week on a positive note with the All-Share Index up +5.79% week-to-date. Sectors that have enjoyed significant attention at this time include banking, industrial and consumer goods sectors.

READ MORE: Equities: CBN’s heterodox policies is driving domestic investors’ to the stock market.

Furthermore, activity in the equities market has largely been driven by local investors. Analysts have attributed this largely to cheap valuations amidst elevated system liquidity driven by maturities from OMO bills and low yields on fixed-income securities. Investors are, however, advised to adopt portfolio diversification when investing in the capital market to manage risks across asset classes and smooth out the returns of the investment portfolio as a whole.

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Coronavirus

COVID-19: Ogun orders full reopening of churches, mosques, hotels

Religious centres and other public places have been reopened following the success recorded in flattening the curve of COVID-19.

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Coronavirus: Ogun State bans cinemas, night clubs, restaurants, other businesses from operating, COVID 19: Ogun State launches digital classes for students

The Ogun State Government has ordered the full reopening of churches, mosques, businesses, hotels, and entertainment centres across the state.

This was disclosed by the State Governor, Dapo Abiodun, in a statement signed by his Chief Press Secretary, Kunle Somorin, via the state’s Twitter handle on Wednesday.

Abiodun stated that the religious centres and other public places had been reopened, following the success recorded in flattening the curve of COVID-19.

According to him, the government is aware that many people are just recovering from the economic hardship imposed by COVID-19, as their activities had been affected by the lockdown, while necessary measures had been put in place to combat the pandemic.

He stated, “In the process of rebuilding the economy, the State Government was irrevocably committed to the successful implementation of the “Building our Future Together” agenda, and would ensure everything possible for people to have increased prosperity that would place the State on a sound footing towards continued development.

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“Government would improve on testing, just as it continues to monitor the development and not hesitate to do selective lockdown should there be any flagrant disobedience to the set COVID-19 protocols.”

What you should know

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Governor Abiodun had closed religious centres, businesses and schools in March, as part of moves to flatten the curve of the coronavirus.

He later announced the reopening of only worship centres and schools in August.

Abiodun pegged the number of worshippers for each service at 200, and insisted that services must not exceed one and a half hours.

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Financial Services

CBN reveals framework for the N75 billion Youth Investment Fund

The Nigerian Youth Investment Fund will be funded through the NIRSAL MFB window of the CBN.

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CBN reveals framework for the N75 billion Youth Investment Fund, Economic Growth, CBN, Governor, Emefiele, CBN releases new capital base, sanctions for Microfinance Banks, Nigerian Banks broadly positive after naira devaluation, Naira hits N465 to $1, Central Bank begins disbursing $100million to hit at currency speculators

The Central Bank of Nigeria (CBN) has revealed the implementation framework for the Nigerian Youth Investment Fund.

This was disclosed in a publication by the Development Finance Department under the auspices of the Central Bank of Nigeria.

The CBN stated that the Nigerian Youth Investment Fund (N-YIF) would be funded through NIRSAL MFB window, with an initial take-off seed capital of N12.5 billion.

READ: #EndSARS: FG creates new N25 billion Youth Fund, to increase to N75 billion in 3 years

The N-YIF aims to financially empower Nigerian youths to generate at least 500,000 jobs between 2020 and 2023.

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Objectives of the scheme:

  •  Improve access to finance for youths and youth-owned enterprises for national development.
  •  Generate much-needed employment opportunities to curb youth restiveness.
  •  Boost the managerial capacity of the youths, and develop their potentials to become the future large corporate organizations.

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What you should know
Recall that on the 22nd of July, 2020, the Federal Executive Council (FEC) approved the sum of N75 billion for the establishment of the Nigeria Youth Investment Fund for the period of 2020 – 2023.
The fund was created to support the innovative ideas, skills and talents of Nigerian youths, and to institutionally provide Nigerian youths with a special window for accessing much-needed funds, finances, business management skills and other inputs critical for sustainable enterprise development.
  • The fund targets young people between the ages of 18 and 35 years.
  • Beneficiaries of NMFB, TCF and AgSMEIS loans, and other government loan schemes that remain unpaid are also not eligible to participate.
  • Individuals (unregistered businesses) shall be determined based on activity/nature of projects subject to the maximum of N250,000.
  • Registered businesses (Business name, Limited Liability, Cooperative, Commodity Association) shall be determined by activity/nature of projects subject to the maximum of N3.0 million (including working capital).
  • The tenor of the intervention is for a Maximum of 5 years, depending on the nature of the business and the assets acquired, of which interest rate of not more than 5% under the intervention shall be charged annually.
  • The Federal Ministry of Youth and Sports Development (FMYSD) will collaborate with relevant stakeholders to identify potential training for training/mentoring.
  • The youths that are duly screened (and undergo the mandatory training where applicable) shall be advised to login to the portal provided by the NMFB to apply for the facility.

READ: CBN raises alarm over fraudulent loan offers, investment schemes with charged fees

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As a huge percentage of youths are engaged in the informal sector, the NYIF will facilitate the transition of informal enterprises owned by youths into the formal mainstream economy, where they can be supported comprehensively, build a bankable track record, and be accurately captured as active participants in economic development.

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Sports

NFF receives $1 million from FIFA as COVID-19 palliative

Nigerian Football Federation received the sum of $1 million from FIFA as COVID-19 palliative.

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The Nigerian Football Federation (NFF) has received the sum of $1 million from FIFA as COVID-19 palliative to support male and female footballers in the country.

This was disclosed by Amaju Pinnick in a statement confirming the receipt of the grant from the world football governing federation FIFA, which was seen by Nairametrics on his official Twitter handle.

READ: DEAL: Nigerian Breweries and NFF sign sponsorship agreement

He tweeted, “Huge appreciation to football’s world governing body, FIFA for the $1 million (one million dollars) the Federation has received in the frame of COVID-19 palliatives. The money was received by the Nigeria Football Federation and we re-confirmed the purpose from FIFA two days ago.

“It is imperative to note that, FIFA also sent $600,000 to the Federation for the FIFA Forward 2.0 projects in Binin-Kebbi and Ugborodo, which costs $300,000 each.

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READ: UPDATED: Nigeria received $1.29 billion capital inflows in Q2 2020, down by 78.6%

“This fund is a big boost for the mini-stadia projects in both centres, as it will fast track the completion of the projects slated for the end of March 2021.”

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What they are saying

Speaking on the receipt of the grant, NFF President said:
The $1 million for palliatives is composed of $500,000 for men’s football and $500,000 for the women’s game. FIFA has also promised to send the Federation an additional $500,000 sometime in January 2021, also as part of COVID-19 palliative efforts.

READ: Football: Manchester United net debt rises by 133% to £474.1million

Speaking of other grants, he added:
On the continent, we have received confirmation from Confederation of African Football (CAF) that the Federation will receive the expected $300,000 from the Confederation on or before Sunday, the 1st of November.”

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With the $200,000, he added that the NFF has already ring-fenced from its sponsors’ funds for the purpose, “the coast will then be clear for us to start the disbursement of funds to the beneficiaries, as captured in our approved template, from next week.”

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READ: MTN Nigeria posts N975.76 billion revenue for Q3 2020

Even though we are bolstered by the guidelines from FIFA strictly outlying the purposes of these funds as well as the approval of the NFF Executive Board, we will also interface with our auditors, PricewaterhouseCoopers, on each and every line item, to ensure the disbursements conform to global best practices.

The beneficiaries of the fund are expected to ensure 100% compliance to the guidelines, by ensuring that all funds are paid into designated accounts.

READ: Togo, Niger, Benin remit N2.04 billion to Nigeria for power supply

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