Tag: economy

Nigeria Economy Declines To The Negative

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Nigeria’s Gross Domestic Product (GDP) growth rate contracted by –6.10 per cent in the second quarter of 2020, a report by the National Bureau of Statistics (NBS) said on Monday. Details of the Nigerian Gross Domestic Product Report for Q2 2020 showed that the decline was due to contraction in domestic and international economic activity during the quarter (April to June 2020). Countries of the world had shut down their economies following the outbreak of coronavirus. Nigeria implemented a nationwide shutdown in March amid efforts to contain the spread of…

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Facebook Plans To Grow Africa’s Economy By $57bn

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The American social media platform, Facebook, said its connectivity investment would grow Africa’s economy by $57 billion in the next five years. Facebook released the findings on Wednesday, in its Impact Connectivity Initiatives in Sub-Saharan Africa (SSA), a study conducted by Analysys Mason. The findings highlighted how Facebook investments in infrastructure and connectivity across the region will deliver over $57 billion in economic benefits over the next five years (2020–2024). Facebook said that according to the Economist Intelligence Unit – Inclusive Internet Index 2020, over 800 million people in Sub-Saharan…

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Oluwo Writes Buhari On The Need To Reopen The Economy & Set Measures To Combat The Pandemic Coronavirus

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Oluwo Calls for Reopening of Economy & The Institution of War Against Covid-19 (WAC-19). Aside several physical meetings, the last time I juggle my mind and dusted my paper to write the presidency was at the peak of recurrent banditry by the black sheep among the herdsmen. Now, I’m obliged and divinely mandated to seek the president’s attention in considering a strict enforcement and severe penalty for covid-19 rules violators in reopening of our economy. I’m not unaware of the president’s resolution to protect human lives at this fragile time.…

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Philippines Economy Drops First Time In 2 Decades

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-YOMMY AYILARA. Philippines Economy Drops First Time in Two Decades. The Philippines economy contracted for the first time in more than two decades during the first quarter.   It has however, been warned that the worst is likely yet to come and the pandemic has taken a terrible turn on the economy.   There was a shrinkage in their gross domestic product from 0.2 percent in January-March, and this is by far the worst performance since 1998 during the Asian financial crisis.   Philippines has joined a long line of…

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The Impact Of the Oil Crash On Nigeria’s Economy

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The impact of oil prices crash on Nigeria’s economy -YOMMY AYILARA. This time is the first that the US benchmark West Texas Intermediate (WTI) for May delivery ended trading at -$37.63 on Monday, the 20th of April, 2020. Before the closure of the market, the WTI oil prices were seen to be lowering sharply, notably below $12 which is the first time in 21 years. The sharp drop to negative is something that has never been recorded before in history. Oil-producing countries like Nigeria, have different benchmarks their commodity is…

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COVID-19: GLOBAL UPDATES

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  EUROPEAN UNION The EU council has proposed at least 30 days ban on travel from other countries to the EU excluding citizens returning home, commuters and essential workers. The EU are closing their borders to each other as well as other continents of the world in order to combat the virus. The French President, Emmanuel Macron has declared a war against the virus while he has confined the citizens to their homes for 15days. EU leaders will meet in 2 weeks time. This is an effort to jointly conform…

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