Economy

News and analysis on the Nigerian economy

Xenophobia, FG reacts to inclusion of Nigeria on religious freedom blacklist by United States

Hospitality & Travel

More Nigerians depart US for Nigeria, 3 denied boarding

by Ruth Okwumbu-Imafidon

July 18, 2020

This is the third evacuation flight arranged by the Federal Government from the USA.

COVID-19 vaccine likely to be ready by December - WHO, Virtual hackathon: WHO offers $20,000 to curb Coronavirus with African-tech solution, covid-19, coronavirus

Socio Economic

COVID-19: Nigeria with second largest cases in Africa- WHO

by Abiola Odutola

July 18, 2020

Africa had over 663,000 confirmed COVID-19 cases, 343,000 recoveries and 14,000 deaths.

Nigeria's inflation rate, Nigerians spent N334.3 billion to import foodstuffs, tobacco, others in 6-months, Lagos state to shut down markets

Macros

Nigeria’s inflation rate rises to 12.56% in June, as food prices surge

by Samuel Oyekanmi

July 17, 2020

The report also showed that composite food index rose to 15.18% compared to 15.04% recorded in May 2020.

Vaccine, COVID-19: How the tables turned on Europe, FG travel restrictions on 13 countries: A little too late?, Slack founder takes a swipe at Microsoft, says Teams is not a threat https://www.marketwatch.com/story/slack-ceo-the-week-of-march-9-was-the-most-productive-in-our-companys-history-2020-04-13?mod=investing The founder of Slack, Stewart Butterfield, has taken a swipe at rival, Microsoft after Slack gained 2 million in about two weeks, increasing its connected users to 12.5 million in March 2020. Butterfield said Microsoft is no threat to Slack in the team-messaging app market, citing its performance and customer base. Butterfield said Microsoft has been pushing its rival, Teams, with free service for three years, despite this, no Slack enterprise customer has switched to Teams, “Microsoft has made a huge push the past three years with a free service, but can you find a single Slack enterprise customer who has switched to Teams?” “If Microsoft is such a competitive threat to Slack as it says, we would not have grown in sales and $1 million customers,” Butterfield told MarketWatch. He asserted that Slack's wide breadth, with up to 25,000 channels and security features give it a competitive advantage in the market. It took Slack about four years to move from 1 million simultaneously connected users on its platform to reach 10 million on March 10. The team-messaging app later hit 12.5 million on March 25, “The week of March 9 was the most productive in our company’s history,” he said. How both firms performed in March: Both Teams and Slack have both been having an impressive performance in March following the lockdown. The work-from-home caused by the Coronavirus outbreak has fueled the rise in Teams and Slack usage. Microsoft announced that teams recorded 2.7 billion meeting minutes on March 31, a 200 per cent increase from the 900 million recorded mid-March. Meanwhile, its Total video calls saw a 1000 per cent rise in same March. Before March ending, Teams accounted for 32 million on March 11 2020, but now clocks 44 million people on daily basis; a significant growth from the 20 million in November 2019. One of the biggest feat for Teams is Pentagon, which launched a Microsoft-based teleworking service for 4 million employees. Meanwhile, the cumulative number of minutes of active use of Slack during weekdays by all users globally now exceeds 1 billion. It was revealed that the company added 9,000 new paid customers from February 1 to March 25, an 80% increase over the full quarterly total the preceding two quarters. Slack also saw paid subscribers, which includes the U.S. Department of Veterans Affairs, KPMG and TD Ameritrade AMTD, -4.99 per cent, have climbed to 110,000. Slack experienced a surge in customers that spent more than $1 million annually on its product - the number climbed from 39 year-ago quarter to 70. This reflected in Slack's share, which gained 10 per cent this year, as its fiscal fourth-quarter revenue hit $181.9 million from $122 million a year ago; this is a 49 per cent surged. Scolding Microsoft further, Butterfield said, “I mean, 44 million is an impressive number, but that is out of 200 million Office 365 customers. That’s about a 20% adoption rate.” He added that, “The smaller startup has an advantage against the large, established company because its focus is narrowed on doing one thing better,” Butterfield said.

Diaspora

UK and allies accuse Russia of hacking and stealing COVID-19 vaccine data

by Chike Olisah

July 16, 2020

UK said that vaccine and therapeutic sectors in multiple countries have been targeted by Russian state intelligence.

Vaccine storage, Covid-19: Oxford's covid-19 vaccine, EU, Health: Nigeria records first case of coronavirus

Socio Economic

Covid-19: Oxford’s vaccine is the new frontrunner, to produce 2 billion doses in september

by Chike Olisah

July 15, 2020

The human trials of the Oxford vaccine are expected to be through in September.

Moderna COVID-19 vaccine passes safety test on animals

Socio Economic

Moderna’s shares gain over 16% as COVID-19 vaccine passes first human trial

by Olumide Adesina

July 15, 2020

Participants received two doses of the potential vaccine.

CBN health intervention fund gets new interest rate by March 2012, Nigerian banks’ non-performing loans drop significantly by 41% in 2019, External reserves decline by over 8% in 3 months, Nigeria’s external reserves increase by $1.36 billion in 13 days

Macros

CBN to hold MPC meeting on July 20

by Abiola Odutola

July 15, 2020

Apex bank to hold its 274th Monetary Policy Committee meeting on Monday, July 20, 2020.

WHO vaccinations, Novavax secures $1.6 billion funding for covid-19 vaccine production

Socio Economic

Covid-19: US to start manufacturing vaccine for the virus in next 4 weeks

by Chike Olisah

July 14, 2020

Trump's Operation Warp Programme has helped finance the development of 4 COVID-19 vaccines.

Socio Economic

COVID-19: FG plans safe school reopening, as WHO discloses new guides to contain virus

by Abiola Odutola

July 14, 2020

The best way to reopen schools is once countries succeed in combating the spread of the disease.

Socio Economic

Evacuation: 247 Nigerians arrive home from Malaysia, Thailand

by Ruth Okwumbu-Imafidon

July 12, 2020

The returnees were evacuated with a chartered Air Peace flight APK-7813.

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Africa’s $170 billion infrastructure gap requires global investors – Expert

CBN to raise N850 billion in fresh Treasury Bills auction March 11

NESG warns of growing deindustrialisation as Nigeria’s manufacturing sector remains weak

CBN PMI hits 56.4 in February, marks 15th month expansion

Economy

News and analysis on the Nigerian economy

More Nigerians depart US for Nigeria, 3 denied boarding

COVID-19: Nigeria with second largest cases in Africa- WHO

Nigeria’s inflation rate rises to 12.56% in June, as food prices surge

UK and allies accuse Russia of hacking and stealing COVID-19 vaccine data

Covid-19: Oxford’s vaccine is the new frontrunner, to produce 2 billion doses in september

Moderna’s shares gain over 16% as COVID-19 vaccine passes first human trial

CBN to hold MPC meeting on July 20

Covid-19: US to start manufacturing vaccine for the virus in next 4 weeks

COVID-19: FG plans safe school reopening, as WHO discloses new guides to contain virus

Evacuation: 247 Nigerians arrive home from Malaysia, Thailand

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