Economy

#Covid19: Osinbajo Inaugurates Economic Committee

Vice President Yemi Osinbajo has inaugurated the Federal government Economic Sustainability Committee focused on developing sustainable response to the economic downturn arising from falling oil prices The Osinbajo, on Economic Sustainability Committee was composed on Monday as part of move to design and respond to the impact of the COVID-19[Read More…]

Nigeria’s External Debt Hits $27.67 billion – DMO

Nigeria’s external debt stock rallied to $27,676.14 billion as at December 31, 2019, according to data obtained from the Debt Management Office (DMO). This indicated a growth of $734.64 million over the $26,941.50 billion posted as at September 30, 2019. It also emerged that more than N254 billion was expended[Read More…]

Lagos State COVID-19 Taskforce Shuts Down Companies For Violating Stay-At-Home Order

The Lagos State COVID-19 Taskforce, has sealed several companies and a brothel for violating the two-week stay-at-home directive. The Director-General, Lagos State Safety Commission, Mr. Lanre Mojola, said the enforcement was carried out following a tip-off that some firms directed their workers to resume duties, despite the stay-at-home order announced[Read More…]

Lockdown: Markets To Open Between 10:00am and 2:00pm Daily – FG

The Federal Government has announced that all markets in states where a lockdown was imposed (Lagos, FCT and Ogun) will be allowed to open between 10:00 am and 2:00 pm daily. The National Co-ordinator of the Presidential Task Force on COVID-19, Aliyu Sani, said this on Wednesday during a briefing[Read More…]

NALPGAM Says Selling Of Liquefied Petroleum Gas (Cooking Gas), Is Exempted From The Lockdown

The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) says selling of Liquefied Petroleum Gas (LPG), also known as cooking gas, is exempted from the lockdown put in place by the government to contain the Coronavirus pandemic. NALPGAM made the clarification in a statement issued by its Executive Secretary, Mr[Read More…]

NERC suspends proposed tariff increase

The Nigerian Electricity Regulatory Commission (NERC) has directed electricity distribution companies (DisCos) in the country to suspend the proposed tariff increase. In January, the regulator had announced that there would be an upward review of electricity tariff across the country from April 1. But in a memo on Tuesday, the[Read More…]

After coronavirus lockdown – a global shortage of condoms looms, company reports a shortfall of a 100 million

A global shortage of condoms is looming, the world’s biggest producer said, after a coronavirus lockdown forced it to shut down production. Malaysia’s Karex Bhd makes one in every five condoms globally. It has not produced a single condom from its three Malaysian factories for more than a week due[Read More…]

Nigeria Needs N120 Billion To Fight Corona Virus

Nigeria has appealed to private companies to make voluntary contributions towards the 120 billion naira ($330 million) the government says it needs to fight the coronavirus epidemic.  “So far, the federal government has made giant strides in the fight but it is clear that the private sector needs to step[Read More…]

Finance Minister; Zainab Ahmed Outlines Financial Plans To Combat #COVID19

Nigeria’s Minister of Finance, Zainab Ahmed has proposed a review of the 2020 budget using a US$30 per barrel price benchmark as against USD$57 initially passed in December, to prepare for the worst case scenario, as well as insulate the Nigeria economy against any form of unexpected crisis. The minister[Read More…]

World Bank Will Deploy $150bn For Economic Recovery

The World Bank Group said it is ready to deploy about $150bn over the next 15 months to help the economic recovery of countries affected by the Coronavirus pandemic. The World Bank Group President David Malpass in his remarks from the G20 Finance Ministers conference call on the COVID-19 pandemic[Read More…]