Banking and Finance

Nigeria: AfDB approves $288.5m to curtail coronavirus impact on economy

The African Development Bank has approved 288.5 million dollars loan to help Nigeria tackle the COVID-19 pandemic and mitigate its impact on the economy.

The bank’s Communications and External Relations Department made this known in a statement on Saturday.

It explained that the loan would bolster the government’s plans to improve surveillance and response to COVID-19 emergencies, ease the impact on workers and businesses, as well as strengthen the social protection system.

Foreign direct investment dropped to $214.25m in Q1 –NBS

Foreign Direct Investment into the country dropped to $214.25m in the first quarter of 2020 from $257.25m in the fourth quarter of 2019.

The National Bureau of Statistics disclosed this in its report on ‘Nigerian capital importation’ for the first quarter of 2020.

According to the NBS, the FDI which stood at $247.37m in Q1 2019, fell to $223.14m and $206.58m in Q2, 2019 and Q3, 2019 respectively.

The FDI is an investment made by a firm or individual in one country into business interests located in another country.

Capital importation into Nigeria at $5.8b in Q1 -Statistics Bureau

The total value of capital importation into the country stood at 5.8 billion dollars in the first quarter  of 2020.

This was made known by National Bureau of Statistics (NBS) in their latest report “Capital Importation” released today.

It showed  that the amount represented an increase of 53.97 per cent compared to Q4 2019 and -31.19 decrease compared to the first quarter of 2019.

Nigeria’s GDP grew by 1.87% in Q1

Nigeria’s Gross Domestic Product (GDP) grew by 1.87% (year-on-year) in real terms in Q1 2020. This is according to the first quarter (Q1) GDP report, released by the National Bureau of Statistics (NBS) on Monday.

According to numbers contained in the Bureau’s report, the performance recorded in Q1 2020 represents a drop of 0.23% points compared to Q1 2019 (2.10%) and 0.68% points decline compared to Q4 2019 (2.55%), reflecting the earliest effects of disruption caused by Covid-19 pandemic and crash in oil price.

FAAC: FG, States, LGs share ₦606.196b for April

The Federation Accounts Allocation Committee (FAAC) has shared N606.196 billion to the three tiers of government for the month of April, 2020.

The Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Dr. Mahmoud Isa-Dutse, who chaired the virtual conference explained that the Federal Government received N169.831 billion, the States received N86.140 billion, and Local Government councils got N66.411 billion.

Experts seek initiatives, incentives against recession

Experts in the financial sector have said that an economic recession looms in the third quarter of 2020 due to the coronavirus pandemic currently ravaging the global economy.

The experts, who spoke at an advocacy dialogue Webinar, organised by the Centre for Financial Studies (CFS) of the Chartered Institute of Bankers of Nigeria (CIBN), titled: ‘COVID-19: Tough Choices for Banking and other Businesses’, said banks needed to maintain diversified portfolio, while leveraging on digital and technology solutions to be up to speed.

NLC urges FG, States not to deduct workers’ salaries

The Nigeria Labour Congress (NLC) has urged federal and state governments to neither stop nor deduct workers’ salaries amidst the fight against COVID-19 pandemic, the News Agency of Nigeria reports.

Mr Ayuba Wabba, the NLC President made the call on Tuesday in commemoration of the 2020 International Workers’ Memorial Day with the theme: “Stop the Pandemic at Work”.

“On this occasion, we make the point that labour is not a commodity to be taken, trampled, and tossed aside.