Business News
Nigeria to receive first tranche of World Bank’s $3 billion loan soon
Nigeria is set to receive the first tranche of its $3 billion loan request to World Bank soon as discussions have reached an advanced stage.
Nigeria is expected to receive the first tranche of its $3 billion loan request from World Bank as soon as discussions have reached an advanced stage and the world lender has confirmed the approval of the funds.
Reports have it that the first tranche of the loan is about $1.5 billion. According to the Senior External Affairs Officer, Nigeria, Africa External Affairs of World Bank, Mansir Nasir, the bank is currently in talks with the Federal Government.
Mrs Ahmed Zainab
“The Bank is currently working with the Federal Government to prepare the first operation/loan in the package of financing support discussed at the 2019 Annual Meetings in Washington.
“The first operation/loan is expected to be approved in 2020. However, this is contingent on progress being made on the ongoing preparations with the Federal Government,” Nasir told Daily Trust.
The Media Adviser to the Minister of Finance, Budget and National Planning Mr Tanko Yunusa also confirmed Nasir’s statement. He stated that the meetings were not concluded yet and that once it is done the funds would be disbursed.
[READ MORE: World Bank to lower global growth forecast over Coronavirus outbreak)
Recall that Nairametrics reported when the loan was requested the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed at the annual meetings of the World Bank/IMF in Washington DC, United States of America.
The Federal Government plans to use the funds for the development of transmission and distribution networks to enhance the delivery of electricity and to address some of the challenges that the country is currently facing in the power sector.
“The $3 billion that we are trying to raise from World Bank is for financing the power sector. This financing will include, covering the cost of the gap between what is provided for in the current tariff, and the cost of the businesses,” Ahmed said.
Why this matters: Since the privatisation of Nigeria’s power sector, there have been rising issues in the sector stakeholders are familiar with. Amongst the issues affecting the sector is the lack of adequate funding.
Energy
BREAKING: It makes no sense for oil to be cheaper in Nigeria than Saudi Arabia – President Buhari
Nigeria sells petrol at N161 per litre when the same is sold at higher in Saudi Arabia, Egypt, Ghana, Chad, and Republic of Benin.
The Federal Government has said that it does not make sense for oil to be cheaper in Nigeria than Saudi Arabia, Egypt, Niger Republic and Republic of Benin, other oil-producing nations.
This was disclosed by President Muhammadu Buhari during his Diamond Jubilee Presidential Broadcast to mark the nation’s 60th independence anniversary on Thursday.
He said, “We sell petrol at N161 per litre when same is sold at N168/litre in Saudi Arabia, N211/litre in Egypt, N362/litre in Ghana, N362 in Chad, and N346 in Niger Republic among others.
“It does not make sense for petrol to be cheaper in Nigeria than Saudi Arabia.
“Fellow Nigerians, to achieve the great country we desire, we need to solidify our strength, increase our commitment and encourage ourselves to do that which is right and proper even when no one is watching.”
Tech News
Google launches Chromecast with Google TV
Google unveils the Chromecast device to stream contents from Walt Disney Co’s Disney+ and Netflix.
Alphabet Inc’s Google, some hours ago, launched Chromecast with Google TV, a hardware platform designed to show contents from leading streaming services like Walt Disney Co’s Disney+ and the most popular streaming service company, Netflix.
The tech juggernaut unveiled the Chromecast streaming device that now comes with a remote control. It will cost $49.99 in the U.S, and will be available in other countries by the end of 2020.
The real advantage this device holds looks to be the underlying search smarts that serve as the foundation for so much of what Google does. Here’s the company discussing the new feature in a blog post:
“Google TV’s For You tab gives you personalized watch suggestions from across your subscriptions organized based on what you like to watch—even your guilty pleasure reality dramas. Google TV’s Watchlist lets you bookmark movies and shows you want to save for later.
You can add to your Watchlist from your phone or laptop, and it will be waiting on your TV when you get home.
The new Chromecast with Google TV comes in a compact and thin design and is packed with the latest technology to give you the best viewing experience. It neatly plugs into your TV’s HDMI port and tucks behind your screen.
Hardware composition:
- Switching it on, the new Google Tv comes with a crystal clear video in up to 4K HDR at up to 60 frames per second in no time. With Dolby Vision, you’ll get extraordinary color, contrast, and brightness on your TV.
- The Hardware also supports HDMI pass coupled with Dolby audio content.
Coronavirus
COVID-19 Update in Nigeria
On the 30th of September 2020, 201 new confirmed cases and 1 death was recorded in Nigeria
The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 58,848 confirmed cases.
On the 30th of September 2020, 201 new confirmed cases and 1 death was recorded in Nigeria, having carried out a total daily test of 2,549 samples across the country.
To date, 58,848 cases have been confirmed, 50,358 cases have been discharged and 1,112 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 509,555 tests have been carried out as of September 30th, 2020 compared to 507,006 tests a day earlier.
COVID-19 Case Updates- 30th September 2020,
- Total Number of Cases – 58,848
- Total Number Discharged – 50,358
- Total Deaths – 1,112
- Total Tests Carried out – 509,555
According to the NCDC, the 201 new cases were reported from 13 states- Lagos (77), Rivers (37), Plateau (25), FCT (13), Kaduna (12), Ogun (12), Adamawa (8), Taraba (7), Imo (4), Kwara (2), Osun (2), Abia (1), Oyo (1).
Meanwhile, the latest numbers bring Lagos state total confirmed cases to 19,461, followed by Abuja (5,709), Plateau (3,450), Oyo (3,261), Edo (2,626), Rivers (2,432), Kaduna (2,419), Ogun (1,850), Delta (1,802), Kano (1,737), Ondo (1,631), Enugu (1,289), Ebonyi (1,040), Kwara (1,036), Abia (895), Gombe (883). Katsina (861), Osun (839), Borno (745), and Bauchi (699).
Imo State has recorded 572 cases, Benue (481), Nasarawa (450), Bayelsa (399), Jigawa (325), Ekiti (321), Akwa Ibom (288), Niger (259), Adamawa (248), Anambra (237), Sokoto (162), Taraba (102), Kebbi (93), Cross River (87), Zamfara (78), Yobe (76), while Kogi state has recorded 5 cases only.
READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government
Lock Down and Curfew
In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.
The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.
On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.
On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.
READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous
Nigeria @ 60: How the NSE evolved with key national policies
At 60, can Nigeria keep depending on Crude Oil?
BREAKING: It makes no sense for oil to be cheaper in Nigeria than Saudi Arabia – President Buhari
Google launches Chromecast with Google TV
Exchange rate weakens at NAFEX window as dollar supply continues its decline
COVID-19 Update in Nigeria
Daily Parallel Market Exchange Rate – ₦465/$1
How declining interest rates, others drive a shift in Nigeria’s investment sector
FMDQ Clear gets SEC approval as Nigeria’s premier central counterparty clearing house
Petroleum Industry Bill passes first reading in Senate
