BUSINESS

IMF projects -3.4% growth for Nigeria, affirming looming recession

Daily Dispatch April 14, 2020

The International Monetary Fund (IMF) has projected negative growth for Nigeria, others, stating that COVID-19 pandemic is inflicting high and rising human costs worldwide, and the necessary protection measures are severely impacting economic activity. The IMF projected a negative growth of

BUSINESS

No fee charged on COVID-19 loan application — CBN

Daily Dispatch April 13, 2020

The Central Bank of Nigeria (CBN) says the bank does not charge any fee on COVID-19 loan application as claimed in false reports circulated on social media. The CBN’s Director, Corporate Communications Department, Mr Isaac Okorafor said this in a statement in Abuja on Monday. Okorafor explained that procedures for accessing the N50 billion Targeted Credit Facility […]

BUSINESS

Nigeria joins OPEC to cut crude oil production

Daily Dispatch April 10, 2020

The Federal Government on Friday said crude oil price would rebound by at least $15 per barrel in the short term following the latest intervention of the Organisation of Petroleum Exporting Countries and its allies, jointly referred to as OPEC+. Minister of State for Petroleum Resource, Timipre Sylva, said the rebound could translate to additional […]

BUSINESS

COVID-19: We may face worst economic fallout since Great Depression – IMF

Daily Dispatch April 9, 2020

The global coronavirus pandemic is causing an economic crisis unlike any in the past century and will require a massive response to help in the recovery, IMF chief Kristalina Georgieva said Thursday. She warned that “global growth will turn sharply negative in 2020,” with 170 of the International Monetary Fund’s 180 members experiencing a decline […]

BUSINESS

Pandemic May Cause Africa’s 1st Recession In 25 Years – World Bank

Daily Dispatch April 9, 2020

The World Bank on Thursday warned sub-Saharan Africa could slip into its first recession in a quarter of century because of the coronavirus pandemic. “We project that economic growth in Sub-Saharan Africa will decline from 2.4 percent in 2019 to -2.1 to -5.1 percent in 2020, the first recession in the region in 25 years,” […]

BUSINESS

FG to channel N457bn subsidy money to other sector- Kyari

Daily Dispatch April 9, 2020

The Federal Government will divert N 457bn provided for petrol subsidy in the budget to other sectors of the economy , the Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari , has said . He also disclosed that the corporation would not be involved in running refineries after they must have been […]