Friday, October 23, 2020
#EndSARS: Economy takes hit as crisis grounds businesses
The Nigerian economy is bleeding as the ongoing #EndSARS crisis in many parts of the country grounds millions of businesses that are yet to fully recover from recent COVID-19 lockdowns. A peaceful protest against a rogue police unit known as Special Anti-Robbery Squad (SARS) turned violent on Tuesday night after soldiers opened fire on protesters in Lekki, a high-brow area of Lagos. Read more
President Buhari orders upward review of police salary
President Muhammadu Buhari has ordered the upward review of officers of the Nigerian police force as part of measures to bring reform to the institution. The President said this during his address to the nation on Thursday. “With regard to the welfare of police personnel, the National Salaries, Income, and Wages Commission has been directed to expedite action on the finalization of the new salary structure of members of the Nigeria Police Force,” the President said. Read more
Angry mob turn on private businesses as Nigeria’s socio-economic crises is laid bare
Private businesses were targeted by angry mobs protesting the brutal killings of peaceful #End-SARS protesters by the Nigerian military, in what is an indication of the country’s socio-economic crises. Retail chain, SPAR, said its Lekki store was vandalized and looted yesterday while more than 20 stores within Circle Mall at Jakande, Lekki, were looted and set ablaze. Some of the stores include South African retailer, Shoprite, retail pharmacy chain, Health Plus and children clothing store, Ruff N Tumble. Read more
Nigeria’s duty-free export to US shrinks to $300.48m
Nigeria’s export to the United States under a duty-free policy declined in the first eight months of 2020, recording $300.48m from January to August. According to the latest African Growth and Opportunity Act policy trade statistics, exports to the US under the duty-free policy fell by 88 per cent from $2,502.86m in the first eight months of 2019 to $300.48m in the corresponding period in 2020. Read more
Dangote demands total ban on tomato importation
The Managing Director, Dangote Tomato Processing plant in Kadawa, Kano State, Abdulkarim Kaita, has called on the Federal government to put a total ban on the importation of tomato paste into the country. He made the call while flagging off the distribution of tomato seedlings to 5,000 farmers under the Anchor Borrowers programme of the Central Bank of Nigeria on Thursday at Kadawa village in Kura Local Government Area. Read more
Total pension assets rise to N11.35tn
Despite the effect of the COVID-19 pandemic on the economy, the total assets under the Contributory Pension Scheme rose to N11.35tn as of the end of August, the latest figures from the National Pension Commission revealed on Wednesday. According to the data, the funds rose from N11.08tn in June to N11.3tn in July. Read more
How blockchain can aid in African recovery
The African Continental Free Trade Area (AfCFTA) represents a huge and ground-breaking opportunity for African nations, and the striking of this agreement was undoubtedly a watershed moment in the continent’s history. Read more
