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Nigeria’s Manufacturing Sector contracts for 6th consecutive month

The manufacturing sector contracted for the sixth consecutive month as 8 subsectors contracted out of 14.

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Manufacturing: Momentum in activities slows in January, CBN’s forex intervention has encouraged influx of raw materials - Manufacturers , Manufacturing: Activity level slumps on COVID-19

The Manufacturing Purchasing Managers’ Index (PMI), for the month of October, witnessed a contraction for the 6th consecutive month, as it stood at 49.4 index points.

This was disclosed by the Central Bank of Nigeria (CBN), in its October PMI report released today.

READ: Manufacturing PMI dips further as recession scare looms

READ: FG set to create at least 5 million jobs for youths in the power sector – Minister of Power 

According to the information contained in the report, despite the fact that the Manufacturing Purchasing Managers’ Index (PMI) for the month of October contracted, the Manufacturing PMI index recorded a month-on-month increase owing to improved New orders, faster manufacturing supplier delivery time, and slight changes in production and employment levels.

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READ: FG meets group to access AfCFTA’s $650 billion market

What you should know

The report stated that, out of the 14 subsectors surveyed, 6 subsectors reported expansion (above 50% threshold) in the review month in the following order:

  • Electrical equipment
  • Transportation equipment
  • Printing & related support activities
  • Chemical & pharmaceutical products
  • Textile, apparel, leather & footwear
  • Cement

READ: Global Stocks rise higher, on positive Chinese manufacturing report

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READ: Nigeria’s inflation rate hits 13.71% as food prices soar

While the remaining 8 subsectors reported contraction (below 50% threshold) in the review month in the following order:

  • Primary metal
  • Petroleum & coal products,
  • Paper products
  • Fabricated metal products
  • Furniture & related products
  • Nonmetallic mineral products
  • Plastics & rubber products
  • Food, beverage & tobacco products

READ: The CBN data that can reveal whether we are already in a recession

PMI for the non-manufacturing sector stood at 46.8 points in October 2020, indicating contraction in Nonmanufacturing PMI for the seventh consecutive month. Of the 17 sub-sectors surveyed, 3 subsectors reported growth, while 11 subsectors declined.

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ENDSARS

#EndSARS: Protest hijack was catalysed by fake news – Lai Mohammed

The hijack of #EndSARS protests was catalysed by fake news and disinformation, Minister of Information, Lai Mohammed has said.

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FG providing platforms where businesses can thrive - Lai Mohammed, COVID-19: FG inducts committee for creative industry palliatives, LICENSE, FG reiterates commitment to implement reform of broadcasting code , Economy: FG restates commitment to border closure, FG releases new broadcast media regulation to affect DStv’s monopoly , Digital Switch Over (DSO) in broadcasting will transit to a private-sector-driven enterprise - Lai Mohammed, FG needs to explore nation’s tourism as a panacea for unemployment
Minister of Information, Lai Mohammed, has claimed that the hijack of the #EndSARS protests was catalysed by fake news and disinformation, which spread like wildfire on social media.
The Minister disclosed this during a stakeholders meeting with members of the broadcasting organizations of Nigeria (BON) on Friday in Abuja.
He said, “The violence that resulted from the hijack of the #EndSARS protest was catalysed by fake news and disinformation, which spread like wildfire on social media. And this did not come to us as a surprise. As far back as 2017, we had been raising the alarm on the risks posed by fake news and disinformation.
“That year, we devoted the National Council on Information to the issue of fake news, hate speech, and disinformation. The following year, in 2018, we launched the national campaign against fake news and disinformation, partnering with a number of print and electronic media organizations.
 
“Ladies and gentlemen, social media was used to guide arsonists and looters to certain properties, both public and private, during the #EndSARS violence. Then, pictures of persons, including some celebrities and even non-Nigerians, who were supposedly killed at the Lekki Toll Gate by soldiers, were circulated widely, only for those persons to refute such claims.
 
“This brings me to the issue of social media regulation. You must have heard about the hoopla this issue has generated in the media. Well, I want to confirm that we will definitely act to ensure a responsible use of social media. You may call that regulation.
He added that the FG had no plans to stifle press freedom in Nigeria and had no intention of shutting down the internet.
 
“This government has no plan to stifle free speech, neither do we have any intention of shutting down the internet. Social media has come to stay, and those who use it responsibly have nothing to fear.
“But we cannot give the same assurance for those who weaponize social media. By the way, the issue of regulating social media content is generating debate around the world, so Nigeria is not an exception,” he said.
What you should know 
Nairametrics reported earlier this month that Lai Mohammed said the Federal Government had no plans of shutting down social media, but must regulate it to prevent the spread of hate speech.

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Financial Services

Fidelity Bank notifies stakeholders on 2020 financial statement audit

Fidelity Bank has notified investors, the general public, and stakeholders of the commencement of its 2020 Annual Financial Statement audit.

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Fidelity Bank Plc

In compliance with its corporate governance practice, Fidelity Bank Nigeria Plc has notified investors, the general public, and other relevant stakeholders of the commencement of its 2020 Annual Financial Statement audit.

This was announced through a notification signed by the bank’s Secretary, Ezinwa Unuigboje, and sent to the Nigerian Stock Exchange market, as seen by Nairametrics.

What they are saying: A part of the recently released press statement reads thus: “This is to inform the Nigerian Stock Exchange (The Exchange) and the general public that the audit of Fidelity Bank Plc’s (the Bank) 2020 Annual Financial statements has commenced in line with the Bank’s corporate governance practice.”

What you should know: In lieu of the already outlined facts, the bank further posited that the trading window of its shares would be closed to all insiders from December 1, 2020, until 24 hours after the release of the bank’s audited statements for the year ended December 31, 2020.

What to expect: The bank, through its press release, revealed that upon the completion of the audit, the financial statements would be forwarded to the Central Bank of Nigeria for approval, and subsequently published in accordance with the Nigerian Stock Exchange Rule Book and other relevant laws.

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Hence, the bank expects to publish its Audited Financial Statements for the year ended December 31, 2020, on or before March 31, 2021.

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Coronavirus

It’s highly speculative to deny the coronavirus started in China – WHO

The WHO has stated that it can not categorically say that the coronavirus disease did not emanate from China, where reports first emerged.

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The World Health Organization (WHO) has stated that it would be highly speculative for the UN health agency to say that the coronavirus disease did not emanate from China, where it was first identified in a food market in December 2019.

According to a report from Reuters, this statement was made by WHO’s Executive Director, Mike Ryan, at a virtual briefing in Geneva, on Friday, November 27, 2020, after he was asked if the coronavirus disease could have emerged outside China.

China, which has tried to dispel the idea that the virus first originated in the country, is pushing a narrative through state media that the virus existed abroad before it was discovered in the central city of Wuhan, citing the presence of coronavirus on imported frozen food packaging and scientific papers.

It claimed that it had been circulating in Europe last year before it was later discovered in China.

Mike Ryan, at the briefing, said, “I think it’s highly speculative for us to say that the disease did not emerge in China. It is clear from a public health perspective that you start your investigations where the human cases first emerged. Evidence might then lead to other places.

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He still emphasized that the WHO intended to send researchers to the Wuhan food market to probe the virus’s origins further.

What you should know

In the wake of the outbreak of the coronavirus pandemic, the World Health Organization had constituted a team of experts to travel to China and work with their Chinese counterparts to identify the source of the virus.

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The US government has been very critical of WHO as regards its handling of the health crisis, accusing them of being complicit and colluding with China in the mismanagement of the coronavirus pandemic.

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