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Tag: Nigeria 2020

Farmers Seek FG’s Support to Avert Food Crisis

Farmers Seek FG’s Support to Avert Food Crisis

Agriculture
The President, Maize Association of Nigeria (MAAN), Dr. Bello Abubakar, has called on the federal government to provide palliatives for maize farmers to help them meet a 22 million metric tons target for the year. He said the intervention was particularly necessary for the country to avert a food shortage resulting from the adverse impacts of the COVID-19 pandemic in the country. In an interview with journalists in Abuja, over the weekend, he noted that maize farmers had continued to express concerns over the inability to access their farms due to the lockdown and unavailability of inputs, especially the suspension of flight into the country which had also delayed importation of inputs. Abubakar, further urged the government to set up a committee that can liaise with the commodit...
IEA worried about OPEC’s capacity to save oil market

IEA worried about OPEC’s capacity to save oil market

Oil & Gas
Even if the OPEC+ group and other major oil producers in the world were to agree to deep production cuts, they would be unable to prevent what is sure to be an enormous global inventory build this quarter due to unprecedented demand destruction, Fatih Birol, Executive Director of the International Energy Agency (IEA), has said. The measures many countries have taken to try to flatten the curve of the coronavirus pandemic are destroying unprecedented volumes of oil demand as more than 3 billion people—from India to Europe to the United States—remain in lockdown. As a result of restricted commuter travel, grounded flights, and economic slowdown, demand for oil in April is expected to drop by 20 million bpd year on year, and probably more. Even if OPEC+ plus other producers were to ...
NSE All-Share Falls 3.5% as Lockdown Impacts Market Negatively

NSE All-Share Falls 3.5% as Lockdown Impacts Market Negatively

Capital Market
The Nigerian equities market fell by 3.51 per cent last week following continuing bearish trading brought by the COVID-19 on global stock markets. Sell pressure on bellwethers amidst rising cases of coronavirus made the Nigerian Stock Exchange (NSE) All-Share Index (ASI) to close lower at 21,094.62, from 21,861.78 the previous week. Similarly, the market capitalisation shed N399.8 billion to close lower at N10.994 trillion. All other indices finished lower with the exception of NSE Oil/Gas which appreciated by 2.33 per cent while NSE ASeM Index closed flat. Analysts at Cordros Securities believe the bearish trend would persist this week, as weakened market sentiments are expected to pressure market returns. They, however, advised investors to take a position in fundamentally justifi...
AfDB Lists $3bn Social Bond on LSE

AfDB Lists $3bn Social Bond on LSE

Business
The African Development Bank’s (AfDB) “Fight Covid-19” social bond, the largest social bond to date to be issued in the capital markets, has been listed on London Stock Exchange (LSE) and is now available through its sustainable bond market. According to a statement, the listing marked an important milestone as the Bank launched its first bond on the LSE. The over-subscribed transaction, which attracted $4.6 billion of interest in the book and raised an exceptional $3 billion, was launched to alleviate the impact of Covid-19 on Africa’s economies and livelihoods. The three-year maturity bond, garnered interest from central banks and official institutions, bank treasuries and asset managers including Environment, Social and Governance (ESG) investors. It disclosed that several ...
COVID-19: FRSC Orders Transport Operators to Use Manifest

COVID-19: FRSC Orders Transport Operators to Use Manifest

Economy
In its bid to mitigate the spread of corona virus amongst passengers, the Federal Road Safety Corps has ordered all categories of transporters to ensure full compliance with the provisions of Regulation 108 (1) of the National Road Traffic Regulation 2012 on compulsory passenger manifest. A statement by the Corps Public Education Officer, Bisi Kazeem said they arrested 144 transporters for overloading of vehicles, and has directed all public transport operators to imbibe necessary precautionary measures in their parks and terminals as failure to adhere strictly to this order will attract the necessary sanctions. The statement said that the Corps Marshal, Dr. Boboye Oyeyemi, who gave the order stated that the Corps observed that despite the palpable spread of the virus, public transp...
Standard Chartered Commits USD1 billion to Finance Companies Helping to Tackle COVID-19

Standard Chartered Commits USD1 billion to Finance Companies Helping to Tackle COVID-19

Finance
30 March, 2020 – Lagos, Nigeria – Standard Chartered announced today that it will commit USD1 billion of financing for companies that provide goods and services to help the fight against Covid-19, and those planning the switch into making products that are in high demand to fight the global pandemic. Companies in scope include all those associated with helping tackle Covid-19, including manufacturers and distributors in the pharmaceutical industry and healthcare providers, as well as non-medical companies that have volunteered to add this capability to their manufacturing output – goods in scope include ventilators, face masks, protective equipment, sanitisers and other consumables. Simon Cooper, CEO of Corporate, Commercial & Institutional Banking at Standard Chartered, said: “...
Access Bank Supports Fight against COVID-19

Access Bank Supports Fight against COVID-19

Growth & Insight
Access Bank Plc has disclosed that it is one of the organisations at the forefront of the interventions deployed to fight the COVID-19 pandemic. The bank in a statement thursday, said it played a major role in the formation of The Coalition against COVID-19 (CACOVID), a task force instituted to ensure the minimisation of the impact of Coronavirus pandemic in Nigeria. The bank donated N1 billion to facilitate the building of 1000-bed isolation centers across the 6 geopolitical zones of the country. The building of the test and isolation centers would be in phases. The first phase of the project is the construction of additional testing and isolation centers, in Lagos (Yaba and Gbagada), Enugu, Kano, Port Harcourt, Borno, and Abuja.The next phase of the project will see the constru...
Banks Limit Debit Card Withdrawal Abroad

Banks Limit Debit Card Withdrawal Abroad

Finance
Nigerian banks are limiting the amount individuals can withdraw with their debit cards while abroad, bankers said on Wednesday, in an effort to ease foreign currency settlement risk. The central bank is battling to conserve dollar reserves that are down 16 per cent from a year ago after the coronavirus outbreak triggered a sharp fall in the price of oil, Nigeria’s main export. The oil price plunge has also prompted foreign investors to shed Nigerian assets. Fidelity Bank said it would impose a new limit of $1,000 from April 1, down from $3,000 previously, a senior executive told Reuters. Other lenders — Zenith Bank and GT Bank — have lowered withdrawal limits for individuals while abroad. Stanbic IBTC Bank said it has pegged its daily limit at $300. Such moves have previously bee...
COVID-19: Fidelity Bank Cuts Profit Target

COVID-19: Fidelity Bank Cuts Profit Target

Finance
Fidelity Bank Plc said wednesday it has cut its profit target for the year, citing the impact of the coronavirus pandemic. The bank also said it had set aside money for a Eurobond coupon payment due in two weeks, before the country begins a lockdown. The mid-tier bank now expects to see a 15 per cent drop in profit this year, to N25.8 billion, compared with its 2019 profit of N30.4 billion, its Chief Operations and Information Officer Gbolahan Joshua told Reuters. “We assume that Q2 is going to be soft after the disruptions associated with coronavirus,” he told Reuters. Africa’s largest economy has been hit hard by the coronavirus pandemic. It is struggling for foreign income from its production of oil, for which prices have slumped due to a drop in demand from China and a pri...
Sit-at-home subscribers pressure telecom operators for tariffs slash

Sit-at-home subscribers pressure telecom operators for tariffs slash

What's Hot
Telecommunications subscribers have pressured mobile network operators (MNOs) to initiate slash in prices of data, voice and all other telecoms services across the country. This, according to them, has become necessary following the Federal Government’s Sit-At-Home policy. They stressed that since most people will be working from home, and at the same time not get bored, MNOs should be considerate enough to bring down prices. The Sit-At-Home policy is part of the Federal Government’s efforts targeted at curtailing the effect of the COVID-19 pandemic.  Subscribers took to the social media to voice out their opinions called on the Nigerian Communications Commission (NCC) to intervene in the matter urgently. There are about 185 million active telephone users in Nigeria. ...

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