Oil Price: A Dead Cat Bounce in the Making? – Amidst weakening global demand for crude and uncertainty over the commitment among OPEC+ producers to extend production cuts, the International Energy Agency (IEA) in its latest forecast expects Brent oil price to average US$33 this year. Source CSL Research Read More
Further Multi-Notch Sovereign Downgrades Are Probable in 2020 – The rapid deterioration in the global sovereign rating outlook due to the coronavirus outbreak and sharp fall in oil prices makes additional multi-notch downgrades likely over the rest of this year, Fitch Ratings says. Source Fitch Ratings Read More
Fitch Ratings Cuts Oil Price Assumptions on Coronavirus Hit, Oversupply – Fitch Ratings has further reduced its oil price assumptions for 2020 and 2021 as the rapid spread of the coronavirus weakens the short-term global economic outlook and oil demand, resulting in very large oversupply. Source Fitch Ratings Read More
Statement by IMF Managing Director Kristalina Georgieva on Nigeria – Nigeria’s economy is being threatened by the twin shocks of the COVID-19 pandemic and the associated sharp fall in international oil prices. President Buhari’s administration is taking a number of measures aimed at containing the spread of the virus and its impact, including by swiftly releasing contingency funds to Nigeria’s Centre for Disease Control and working on an economic stimulus package that will help provide relief for households and businesses impacted by the downturn. Source IMF Read More
Oando, Aiteo, Seplat and Others Collaborate To Fight COVID-19 – Amidst the massive challenge of reining in the health and economic consequences of the novel coronavirus (COVID-19) pandemic and the struggle of global governments to raise resources to combat the problem, a growing number of private sector actors have decided to step into the fray by providing financial and material support to public sector efforts. Source Oando Read More
African Development Bank Group Unveils $10bn Response Facility to Curb COVID-19 – The African Development Bank Group on Wednesday announced the creation of the COVID-19 Response Facility to assist regional member countries in fighting the pandemic. The Facility is the latest measure taken by the Bank to respond to the pandemic and will be the institution’s primary channel for its efforts to address the crisis. It provides up to $10 billion to governments and the private sector. Source AfDB Read More
COVID-19 in Nigeria: Economic Perspectives and Mitigating the Risks – Despite witnessing wars, natural disasters and the Great Recession, this generation is witnessing a unique global health pandemic that has challenged even the most pessimistic of doomsday naysayers. The apocalyptic scenes across the world of desolate streets due to lockdowns seem to evoke Hollywood movie scripts than a true-life scenario. Source Agusto & Co Ltd Read More
FG Slashes Budget, Sends To National Assembly For Review – The Federal Government has revised downward the revenue projection for the 2020 budget by N3.3tn from the initial approved amount of N8.41tn to N5.08tn. The revised revenue projection is contained in a proposal sent to the National Assembly by the executive.