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Coronavirus

CBN/NIRSAL reopens portal for MSMEs, individuals to access up to N25 million

CBN reopened the portal for MSMEs and households affected by COVID-19 to access up to N25 million.

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parallel market, Covid-19: N3.5 trillion disbursed as stimulus package for the Nigerian economy, CBN Vs NESG: Waving the white flag for the benefit of Nigerians, Exchange Rate Unification: CBN devalues official rate to N380/$1, Nigerian banks have written off N1.9 trillion impaired loans in past 4 years, CBN sandbox operations, Stirling Trust Company Limited, Key highlights of the October 2020 Business Expectations Survey Report, A Total of N3.5 trillion was disbursed in the wake of the COVID-19 pandemic, in addition to several other interventions to reflate the economy - CBN, BOFIA 2020: Steps forward or backwards for Nigerian banks, Total credit to the economy rose to N19.54trillion – CBN Governor

The Central Bank of Nigeria (CBN), through NIRSAL Microfinance Bank, has reopened its portal for Micro Small and Medium Enterprises (SMEs) and households affected by COVID-19 to access up to N25 million.

This was disclosed by the Personal Assistant to President Muhammadu Buhari on New Media, Bashir Ahmad, via his Twitter handle on Wednesday.

He tweeted, “The CBN, through @NirsalMFB introduces a stimulus package to support households and MSMEs affected by the COVID-19 pandemic. An individual can access up to N25million.”

READ: Nigerian Stock Exchange unveils e-filing portal

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READ: CBN disburses N10bn intervention funds to Kano industries affected by pandemic

What you should know

  • The Federal Government had announced that the MSME Survival Fund Payroll Support Portal would be exceptionally reopened for 30 states that had been unable to meet their quotas, according to Nairametrics.
  • The government, in its announcement, said that the scheme is aimed at supporting vulnerable MSMEs in the payroll obligations of over 500,000 employees.

Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper.The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference.The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

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        Business News

        COVID-19 Update in Nigeria

        On the 17th of April 2021, 60 new confirmed cases were recorded in Nigeria

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        Covid 19 update symptops

        The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 164,207 confirmed cases.

        On the 17th of April 2021, 60 new confirmed cases were recorded in Nigeria.

        To date, 164,207 cases have been confirmed, 154,325 cases have been discharged and 2061 deaths have been recorded in 36 states and the Federal Capital Territory.

        A total of 1.84 million tests have been carried out as of April 17th, 2021 compared to 1.81 million tests a day earlier.

        COVID-19 Case Updates- 17th April 2021,

        • Total Number of Cases – 164,207
        • Total Number Discharged – 154,325
        • Total Deaths – 2,061
        • Total Tests Carried out – 1,838,174

        According to the NCDC, the 60 new cases are reported from 9 states- Lagos (22), Rivers (15), Bayelsa (7), Kaduna (5), Ogun (4), Akwa Ibom (3), Osun (2), Kano (1) and Ebonyi (1).

        Meanwhile, the latest numbers bring Lagos state total confirmed cases to 58,110, followed by Abuja (19,756), Plateau (9,035), Kaduna (9,014), Rivers (7,060), Oyo (6,839), Edo (4,897), Ogun (4,639), Kano (3,942), Ondo (3,226), Kwara (3,120), Delta (2,617), Osun (2,572), Nasarawa (2,380), Enugu (2,281), Katsina (2,097), Gombe (2,034), Ebonyi (2,020), Anambra (1,909), Akwa Ibom (1,843), and Abia (1,683).

        Imo State has recorded 1,655 cases, Bauchi (1,540), Borno (1,337), Benue (1,188), Adamawa (1,063), Niger (930), Taraba (910), Bayelsa (885), Ekiti (869), Sokoto (775), Jigawa (527), Kebbi (450), Cross River (394), Yobe (365), Zamfara (240), 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.

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        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.

        Governor Babajide Sanwo-Olu of Lagos State announced the closed down of the Eti-Osa Isolation Centre, with effect from Friday, 31st July 2020. He also mentioned that the Agidingbi Isolation Centre would also be closed and the patients relocated to a large capacity centre.

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        Due to the increased number of covid-19 cases in Nigeria, the Nigerian government ordered the reopening of Isolation and treatment centres in the country on Thursday, 10th December 2020.

        On 26th January 2021, the Federal Government announced the extension of the guidelines of phase 3 of the eased lockdown by one month following the rising cases of the coronavirus disease in the country and the expiration of phase 3 of the eased lockdown.

        On 28th February 2021, the federal government confirmed that the first tranche of Covid-19 vaccines will arrive in Nigeria on Tuesday, March 2nd, 2021.

        On Tuesday, 2nd March 2021, the National Primary health Care Development Agency announced the arrival of the expected COVX Astrazeneca/Oxford covid-19 vaccines.

        On Saturday, 6th March 2021, President Muhammadu Buhari and his vice, Yemi Osinbajo received vaccination against the covid-19 as the State House in Abuja.

        READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

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        Coronavirus

        Lack of vaccine access will reduce Africa’s economic growth compared to rest of world – IMF

        IMF forecasts that Nigeria is expected to grow by 2.5% in 2021 and 2.3% in 2022.

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        IMF discloses immediate priority , Reduce funding oil subsidy - IMF to Nigeria , IMF: 40% of African countries can't pay back their debts , Nigeria among countries that pushed Global debt to $188 trillion - IMF , Coronavirus: World Bank, IMF to support Nigeria and other member countries affected, IMF, World Bank to hold meetings via conference call over Coronavirus epidemic, IMF advises banks to suspend dividend payment

        The International Monetary Fund (IMF) has stated that a continued lack of access to vaccines will see Africa’s projected growth at 3.4% compared to the rest of the world at 6%.

        The IMF disclosed this in its Regional Economic Outlook for Sub-Saharan Africa, April 2021, which was published on Thursday.

        What the IMF said

        • Despite turning out better than expected, growth in 2020 is estimated to have been the worst on record at –1.9 %, leading to a sharp spike in poverty.
        • In 2021, the region’s economy is expected to resume expansion at 3.4%, weaker than the 6% for the rest of the world, amid a continued lack of access to vaccines and limited policy space to support the crisis response and recovery.
        • Macroeconomic policies will in many countries entail some difficult choices. Saving lives remains the first priority, which will require access to affordable vaccines, ensuring that the logistical and administrative prerequisites of vaccination rollouts are in place, targeted containment efforts, and added spending to strengthen local health systems.

        The IMF urged that African leaders needed to create more fiscal space and implement transformative reforms to unlock economic growth. These include mobilizing domestic revenue, strengthening social protection, promoting digitalization, and improving transparency and governance.

        The body added that the need for reforms is to reduce debt and find a sustainable footing which would be a catalyst for longer-term growth and provide opportunities for the region’s new job seekers.

        On growth projections

        • IMF forecasts that Nigeria is expected to grow by 2.5% in 2021 and 2.3% in 2022.
        • South Africa is expected to grow by 3.1% in 2021 and 2.0% in 2022.
        • Kenya is expected to have higher growth at 7.6% in 2021 and 5.7% in 2022.
        • Meanwhile, Ghana is forecasted to grow by 4.6% in 2021 and 6.1% in 2022.

        In case you missed it

        Nairametrics reported earlier this month that the International Monetary Fund had lifted its global growth outlook to 6% in 2021 (0.5% point upgrade) and 4.4% in 2022 (0.2 percentage point upgrade), after an estimated historic contraction of -3.3% in 2020, due to the effects of the COVID-19 pandemic.

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