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COVID-19: Buhari orders shut down of all international airports for 4 weeks

he president made these pronouncements via a series of tweets published on Thursday night via his twitter handle.

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The 5 allegations against CAMA, company and allied matters act, COVID-19: Buhari orders shut down of all international airports for 4 weeks, FG suspends evacuation of Nigerians in Diaspora

Nigeria’s President Muhammadu Buhari has shut down all international airports and land borders for the next 4 weeks at the instance. The president made these pronouncements via a series of tweets published on Thursday night via his twitter handle.

The President also announced an immediate grant of N10 billion to Lagos State, the epicenter of the Covid-19 Virus in Lagos, which will be used to aid the capacity to control and contain the outbreak. The president stopped short of shutting the entire country down, however, this move is seen as the first step towards a nationwide lockdown should things get worse.

See tweet below and his message below;


Over the last few days I have received extensive briefings on the state of the nation as it relates to the Covid-19 pandemic, from the relevant Federal Government agencies as well as the Lagos State Government.

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READ ALSO: CBN, private sector form multi billion naira alliance against covid-19

Accordingly, I approved the following:

1. The immediate release of a 10 billion Naira grant to Lagos State, which remains the epicentre of the Covid-19 outbreak in Nigeria. This grant will enable Lagos State increase its capacity to control and contain the outbreak, while also supporting other States with capacity building.

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2. The immediate release of a 5 billion Naira special intervention fund to the Nigeria Center for Disease Control (NCDC) to equip, expand and provide personnel to its facilities and laboratories across the country.

3. The Nigerian Air Force is already making its fleet available to the Presidential Task Force on Covid-19, to enable a better coordinated and more effective response across the country.

4. To protect our homeland from external exposure, I directed the immediate closure of our International Airports and Land Borders for four weeks in the first instance, to enable us put up the appropriate policies, processes and infrastructure to cope with suspected and confirmed cases at home, without risking a compounding of the situation with more imported cases.

5. The inconvenience caused by these flight and travel restrictions to our fellow citizens abroad who want to return home is regrettable, but it is necessary for the greater good, and I thank you all for your understanding and cooperation.

6. I have also directed that only cargo vessels that have been at sea for more than 14 days be allowed to dock in our ports, after the crew have been tested and confirmed disease-free by the Port Health Authorities. This 14-day restriction however does not apply to vessels carrying oil and gas products as by their nature, there is minimal human contact.

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7. We have also suspended the movement of commuter trains to limit the spread of the virus to other parts of the country.

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8. I have directed the NCDC to draft all its recent retirees back into service to beef up our manpower as we respond to the pandemic.

READ MORE: States may owe salaries in coming months, as Governor laments fiscal woes

9. Furthermore, all NCDC staff and experts who are away on training or international assignments are to return immediately. Already the Nigerian Air Force (NAF) are conducting an evacuation mission to bring back some of our specialists in Central Africa, to enable them support the national response.

10. I commend the monetary policy authorities for their financial intervention to support our entrepreneurs and companies as we go through this difficult time. We are also looking at fiscal measures to minimise the negative impact of this pandemic on the livelihood of millions of Nigerians.

11. As you are aware we have begun the process of reviewing the federal budget. We shall communicate our fiscal interventions once the budget review process is concluded.

12. In the meantime, I have directed the Minister of Industry, Trade and Investment, to work with the Manufacturers Association of Nigeria, to ensure that all production of essential items such as food, medical and pharmaceutical products continues unhindered.

13. We are engaging our international friends and partners to share knowledge and to seek their support in our response to the pandemic. We are grateful for the show of support thus far – we have already started receiving goods and supplies intended to help us scale up our efforts.

14. Let me specially thank and commend all of the hard and heroic work being done by our medical personnel, the NCDC, Port Health Authorities, Security Agencies, State Governments, and all ad-hoc staff and volunteers.

15. I urge all Nigerians to be mindful of those among us who seek to spread panic and misinformation, and sow confusion at this time. We must all pay attention only to the relevant government agencies working day and night to make accurate and useful information available to the public.

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16. I will also ask all of us to strictly obey all public health guidelines and instructions issued by the Federal and State health authorities, regarding personal hygiene and social distancing. These guidelines will be updated from time to time as new information and treatments are obtained.

17. In the meantime, I want to assure all Nigerians, that the Federal Government remains committed to protecting all Nigerians. We seek your full support and cooperation as we go through this very difficult time. Together we will triumph over this pandemic.

Muhammadu Buhari
26/03/2020

Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

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Companies

Abbey Mortgage Bank Plc projects N60.13 million profit in Q1 2021

Abbey Mortgage Bank Plc has projected a Profit after Tax (PAT) of N60.13million in its 2021 Q1.

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Abbey Mortgage Bank announce the appointment of substantive Managing Director, and 5 Directors.

Abbey Mortgage Bank Plc has projected a Profit after Tax (PAT) of N60.13million in its 2021 Q1.

According to the earnings forecast issued by the bank and seen by Nairametrics, it projected the 134.7% Q-o-Q rise from a loss of N173.49 million recorded in its most audited financial statement for Q3, 2020.

key highlights of its earnings forecast for Q1 2021 when compared with Q3 2020 figures include;

  • Pre-tax profit increased to N88.4 million, +151.5% Q-o-Q.
  • Interest income increased to approximately N515.9 million, +55.45% Q-o-Q.
  • Net operating income increased to N421.94 million, +79.9% Q-o-Q.
  • Interest expense increased to N208.06 million, +63.95% Q-o-Q.
  • Operating expenses declined to N333.52 million, -17.9% Q-o-Q.
  • Credit loss expense increased to N19.83 million, +100% Q-o-Q
  • Gross earnings of N649.83 million
  • Taxation of N28.3 million
  • Other income of N133.84 million.

Bottom line

Despite recording not too impressive results in its last financial statements, the firm is, however, optimistic going for Q1 2021 as reflected in its forecast.

This optimism might be premised on the news of a positive general economy by Q1 2021, which will trickle down to various sub-sectors of the economy.

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Economy & Politics

Nigeria needs $3trillion in 30 years to reduce infrastructure deficit – Osinbajo

Vice President Yemi Osinbajo has stated that Nigeria will need $3trillion in the next 30 years to reduce its infrastructural deficit.

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Solar, FG to slash import duties on tractors, buses, others in 2020 Finance Bill, Nigeria will not issue Eurobonds, says Vice President Yemi Osinbajo, FG guarantees mortgage loan to low income buyers at low interest rate, FG inaugurates gold refinery project in a landmark event

The Vice President, Yemi Osinbajo has said Nigeria will need $3trillion in the next 30 years to reduce its infrastructural deficit.

He disclosed this while featuring at a webinar organized by the Bureau of Public Enterprises (BPE).

Osinbajo told the webinar that Nigeria needs to adopt new models of investments for infrastructural developments because relying on public expenditure alone is not sustainable.

READ: How digital transformation will impact Nigeria’s projected $8.79 billion economic expansion

The seminar discussed the roles of Public-Private Partnership (PPP) in developing Nigerian infrastructure. The Vice President said Nigeria still face a huge infrastructural deficit, despite government investment which is a roadblock to rapid economic growth.

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The Federal Government recognizes this fact, which is why we are considering other approaches to complement and boost financing for the development and maintenance of infrastructure in Nigeria.

READ: Nigeria’s Broadband subscriptions peak at 82.7m – Prof. Danbatta

“It is clear that this deficit can only be made up by private investment. Private sector is 92 per cent of GDP, while the public sector is mere 8 per cent. So, the synergy between the public and private sector through Public-Private Partnerships (PPP) is really the realistic solution.

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“The fact that only N2.49 trillion was appropriated for capital expenditure in 2020, reflects the importance of deliberate and pragmatic action to boost infrastructural spending.

READ: #EndSARS: Infrastructure and Works, Education, 3 others are prioritised in Lagos’ 2021 budget

“It seems to me to be quite clear that the financial outlay and management capability required for infrastructural development and service delivery outstrip the financial and technical resources available to government.

“In other words, the traditional method of building infrastructure through budgetary allocations is inadequate and set to become harder because of increasingly limited fiscal space,” he said.

READ: FEC okays FMBN’s request to purchase banking application software for N487.39 million

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He revealed that the FG has launched a series of PPP’s to enable Nigeria meet its infrastructure deficit needs, citing the roles of agencies like the BPE with PPP’s.

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The Federal Government has recently issued a circular on the administration of PPP projects in the country to provide the much-needed clarity.

READ: AfDB to support FERMA with $10 billion for roads, others 

“The circular re-emphasises that the BPE shall be responsible for the concession of public enterprises and infrastructure already listed in the First and Second Schedules of the Public Enterprises Act.

“The circular equally stipulates that the BPE shall act on behalf of the Federal Government, as the counterparty on all infrastructure projects being developed on a PPP basis,” he said.

READ: CBN launches Private Sector-led Accelerated Agriculture Development Scheme

He disclosed that the Infrastructure Concession Regulatory Commission (ICRC) would continue to act as the regulatory agency for PPP transactions, with directives including inspections and monitoring PPP projects.

“It is expected that this new policy direction would provide clarity to stakeholders and foster the improvement of PPP programmes in the country.

“Ministries, Departments and Agencies, as well as the multilateral agencies and our development partners are urged to support the PPP policy objectives and institutional arrangements already put up by government,” he said.

READ: FG says vehicle owners to pay N250,000 to convert from petrol to autogas

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What you should know 

  • Nairametrics reported last month that Moody Investors Services revealed that Nigeria needs to spend about $3 trillion in over 30 years to bridge the infrastructural gap experienced in the country.
  • The Minister of Works and Housing, Babatunde Raji Fashola, revealed that the Federal Government needs at least N500 billion annually for the next 3 years to develop and fix its 35,000 kilometres road network, as work continues on 13,000 kilometres of the network.
  • Nairametrics also reported last month that the FG approved the establishment of an infrastructure company that will be wholly focused on critical infrastructural investments in the country.

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Tech News

Stripe plans corporate banking services for merchants, vendors

Stripe Inc is partnering with American elite banks in offering corporate-banking services to its merchants and vendors.

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Stripe plans corporate banking services for merchants, vendors

Stripe Inc, one of the most valuable start-ups on this planet, is partnering with American elite banks such as Goldman Sachs Group Inc. and Citigroup Inc. in offering corporate-banking services.

This is as the fast-rising startup, known for simplifying payment, seeks to diversify its business offering, amid a competitive ecosystem that includes PayPal, Visa, Mastercard, Adyen.

READ: MainOne Cable: A decade-old journey to bridging the digital divide in West Africa

What this means

Stripe, best known for handling millions of online businesses and e-commerce web pages, will soon start offering some of its client’s interest yielding bank accounts, debit cards, and other cash-management services, according to a report credited to WSJ.

However, these service offerings listed are for its merchants and vendors that do business with Stripe.

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READ: Edlyft raises over $1.4 million venture capital during pandemic

  • Recall Nairametrics revealed how Stripe had raised $600 million to invest and acquire payments companies in developing nations. It disclosed that Nigerian startup, Paystack, had been on Stripe’s bucket list for a while since 2018 when Stripe led an $8 million funding round for it.
  •  Stripe acquired Paystack for an undisclosed deal believed to be worth over $200 million, making it the biggest fintech startup acquisition to date to come out of Nigeria, as well as Stripe’s biggest acquisition to date.

READ: America’s biggest food delivery app, DoorDash seeks for IPO approval

Patrick Collison, CEO of Stripe, spoke on the company’s strategy at the time it acquired Paystack. He said:

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“Stripe thinks on a longer time horizon than others, because we are an infrastructure company. We are thinking of what the world will look like in 2040-2050.”

He added that Stripe also planned to understand the ecosystem and keep its eyes open so it would see where help was needed, as the company did not tie up its investments into “complicated strategic investments.”

READ: Kaduna Inland Dry Port woos more partners with better service delivery ahead of 2021

READ: Nigeria owes foreign airlines $53 million as proceeds from ticket sales – IATA

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