Monday, May 25, 2020
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Lagos Reduces N1.168trn 2020 Budget By 21%

The Lagos State government has commenced a downward review of the year 2020 budget as a result of the negative economic and social effects of the coronavirus (COVID-19) pandemic. The Commissioner for Economic Planning and Budget in Lagos, Sam Egube, disclosed this on Thursday, noting that the review was approved by the State Executive Council. He...

Oil Price Hits $34 One-month High as Restrictions Ease

Crude oil prices jumped by about $2 per barrel yesterday with the global benchmark hitting one-month high and the United States’ crude climbing above $30 per barrel. The gradual recovery of oil prices was fuelled by optimism about the reopening of the economies and output cuts by major producers. While Brent crude was up $2.32 or...

Airtel Africa Posts $3.4bn Revenue, $598m Profit Before Tax

Airtel Africa Plc has reported a revenue of $3.422 billion for the year ended March 31, 2020, showing an increase of 13 per cent from $3.077 billion recorded in 2019. Profit before tax rose 77 per cent from $348 million in 2019 to $598 million in 2020. However, a higher tax payment that jumped...

Jumia Assures Customers of Quality Service

Jumia, Africa’s e-commerce platform has reiterated its commitment to serve customers better despite market challenges occasioned by the effect of COVID-19 on global businesses. Aside the impact of COVID-19 on businesses, the buying pattern of Africans is also posing some challenges to e-Commerce business, where many still largely believe in physical market place where they...

CBN To Fund Research For A Nigerian COVID-19 Vaccine – Emefiele

Governor of the Central Bank of Nigeria, Godwin Emefiele, says the country’s apex bank “is developing a framework” through which it can provide financial support to achieve a Nigerian COVID-19 vaccine. Mr Emefiele said this at the unveiling of the THISDAY Dome testing, tracing, and treatment centre on Tuesday in Abuja. The THISDAY Dome is expected...

Italian Rice Puts Pasta In The Shade During COVID-19 Pandemic

Europe’s top rice producer Italy has seen consumption of the staple rise throughout the coronavirus pandemic, putting even pasta in the shade. It’s not just popular at home either — China itself has even signed a deal to import Italian rice. The Chinese have their eyes on varieties used to make typical risotto dishes such as...

Aviation Stakeholders Hail FG’s Plan to Bail Out Airlines

Aviation industry stakeholders have applauded the plan by the federal government to provide bailout for domestic airlines to assist them to surmount the challenges of the COVID-19 pandemic. The stakeholders and the House Committee on Aviation, however, condemned the decision by the federal government to engage the services of foreign airlines to evacuate Nigerians overseas. Addressing...

Zenith Banks Introduces Short Code To Support Mobile Banking Transactions

Nigeria-based Zenith Bank has enhanced its USSD service, *966#, to enable both account and non-account holders engage in banking transactions using their mobile phones. The *966# service, which sits under the tagline ‘Eazybanking for Everyone’, allows users to open an Instant Account (COT free), link their mobile money wallet to their bank account, check account balance, view...

E-commerce integration, a necessity for global business operation — Aromesule

Tess Aromesule, one of Nigeria’s leading certified business, leadership coach and trainer with over 18 years’ professional experience from several multinational companies. Her experience spans across account & brand management, sales, marketing communication, supply chain & distribution. She has helped launch some brands in Nigeria as well as the opportunity to grow global brands...

Succour for the Economy

Nigerians may now heave a sigh of relief with the $3.4billion (about N1.3trillion) financing bailout the country recently received from the International Monetary Fund coupled with N8.9billion debt relief from Germany. According to the IMF, the financial support will help limit the decline in international reserves and provide financing to the budget for targeted...

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