| Wednesday, April 15, 2020 |
Nigeria’s economy will contract by 3.4%, says IMF Predicts worst recession since the Great Depression. The International Monetary Fund on Tuesday said the recession caused by the COVID-19 pandemic would be the worst economic downturn witnessed since the Great Depression. According to the IMF, Nigeria’s economy will contract by 3.4 per cent in 2020, but rebound with 2.4 per cent growth in 2021….read more.
60 Nigerian oil cargoes unsold despite price cut A total of 60 Nigerian crude oil cargoes have not been sold despite the reduction of the official selling prices by the Nigerian National Petroleum Corporation. A glut of Nigerian and Angolan crude weighed on the market on Tuesday with demand from China slower than in the last few weeks, Reuters reports…read more.
Nigeria shouldn’t expect oil price rebound soon — Experts Nigeria should not expect to see a significant increase in crude oil prices anytime soon despite the production cut deal by the Organisation of Petroleum Exporting Countries and its allies, industry experts have said. The group, known as OPEC+, agreed on Sunday to reduce output by 9.7 million barrels per day, just below the initial plan of 10 million bpd….read more.
MDAs remitted N1.5tn operating surplus in 11 years — FRC A total of N1.551tn operating surplus of some revenue generating agencies of government was remitted to the Federal Government Consolidated Revenue Fund from 2007 to 2018. This was disclosed in the 2018 Annual Report of the Fiscal Responsibility Commission….read more.
Flight disruption to cost airlines 50% traffic, $314b revenue Nigeria records new 11 cases of coronavirus, total now 373. Global aviation is in for a dire strait and financial crisis as the current disruption will cost airlines at least 50 per cent passenger traffic decline. Consequently, the industry will see passenger revenues drop by $314 billion in 2020, a 55 per cent decline compared to 2019….read more.
BPE restricts intervention to FCT The Bureau of Public Enterprises (BPE) has said it would concentrate its distribution of food items to cushion the harsh effects of the Coronavirus Pandemic (COVID-19) to the vulnerable in the society only in the Federal Capital Territory (FCT), Abuja and its environs…read more.
Buhari orders prompt payment of salaries over COVID-19 President Muhammadu Buhari yesterday directed the Ministry of Finance and National Planning to ensure prompt salaries of workers henceforth to cushion hardship in the wake of the ongoing lockdowns to check the spread of the novel coronavirus nationwide…read more.
Lafarge Africa Turns the Corner The 2017 and 2018 financial years, were very bad for Lafarge Cement Plc, an old cement manufacturing company in Nigeria. Those years the company went through a rough patch, with losses…read more.
WTO Predicts 32% Plunge in Global Trade in 2020 World trade is expected to fall by between 13 per cent and 32 per cent in 2020 as the COVID- 19 pandemic disrupts normal economic activity and life around the world, a report by the World Trade Organisation (WTO) has estimated…read more.
Stanbic Retains AAA Ratings Fitch Ratings has retained its National Long-Term Ratings of AAA (nga) and F1+(nga) assigned to Stanbic IBTC Holdings Plc and its banking subsidiary, Stanbic IBTC Bank. The report also showed that Stanbic IBTC Bank was excluded from Fitch’s Rating Watch Negative (RWN) list of Nigerian banks, even in the midst of the COVID-19 pandemic’s impact on businesses…read more.
Turning COVID-19 tragedy into opportunity for new Nigeria ― Emefiele CBN Governor, Mr Godwin Emefiele As many people are now aware, the outbreak of the Novel Coronavirus Disease (COVID–19) in China has rapidly permeated and profoundly changed the world. While this crisis is first and foremost a public health issue, which has claimed the lives of over 123,600 people worldwide…read more
NPA moves to minimise impact of COVID-19 on Nigerian economy Oritse Hadiza Bala Usman AS countries around the world grapple with the economic impact of the Coronavirus pandemic, measures put in place by the Managing Director of the Nigerian Ports Authority, NPA, Hadiza Bala-Usman, such as diversion of vessels, suspension of all applicable terminal storage fees on consignments…read more.
CSCS optimistic on depository service to investors The Central Securities Clearing System (CSCS) has said it is well-positioned to clear and settle all secondary market transactions on debit notes, going forward, notwithstanding the Exchange where it is traded…read more.
Coronavirus live updates: UN Secretary General says now is not time to reduce resources in fight against Covid-19 At least 125,678 people around the world have succumbed to the coronavirus, according to the latest information from Johns Hopkins University. Singapore’s health ministry said as of 14 April noon, there were 334 new confirmed cases of Covid-19, the respiratory disease caused by the coronavirus…read more.
Trump halts US funding for World Health Organization as it conducts coronavirus review The U.S. will suspend funding to the World Health Organization while it reviews the agency’s response to the Covid-19 pandemic, President Donald Trump announced. It’s unclear exactly what mechanism Trump intends to use to withhold WHO funding, much of which is appropriated by Congress…read more.