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South Africa’s rand raced to its highest in more than eight weeks against the U.S. dollar on Tuesday, as optimism about a global recovery from the COVID-19 pandemic boosted riskier assets, with investors looking past Sino-U.S. trade tensions. At 0605 GMT, the rand traded at 17.4700 per dollar, 0.91 per cent firmer than its previous close. The currency was at its strongest since March 27. “The optimistic recovery narrative is holding within markets, keeping the...

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President Muhammadu Buhari has challenged Nigerian farmers on the need to embark on massive productive agricultural activities this farming season as Nigeria has no money for food importation. The president gave the challenge shortly after observing this year’s Eid prayer alongside members of his family and few presidential aides at the presidential villa, Abuja, on Sunday. The News Agency of Nigeria (NAN) reports that Eid-El-Fitr prayer was observed in line with the protocol against mass...

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For every COVID-19 test carried out on suspected persons, Lagos, Nigeria’s epicenter of the viral infection with a population of over 20 million, spends between N40,000 and N50,000 ($102.56 – $128.21), Professor Akin Abayomi, Lagos State Commissioner for Health disclosed. The revelation by Prof. Abayomi highlights the magnitude of the burden of the disease and raises question about the sustainability of the fight against COVID-19. With estimated population of 200 million and a virus that...

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The Governor of Lagos State, Babajide Sanwo-Olu has said although the State was committed to tackling COVID-19 by breaking the cycle of transmission, it would not hastily reopen the economy. Mr Sanwo-Olu said this at a webinar organized by First Securities Discount House Group, which also had in attendance governors of Kaduna and Edo States, Mallam Nasir el-Rufa’I and Godwin Obaseki respectively as co-panelists. The Governor of Lagos said the state battles the reality of...

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The realities of the impact of COVID-19 on the economy have forced Lagos State to slash its 2020 budget which was initially approved by the State House of Assembly to N920.5 billion from N1,168.6 trillion, this was disclosed by the Commissioner for Economic Planning and Budget, Sam Egube. The Commissioner said the budget was revised to help mitigate the economic and social headwind precipitated by the novel Coronavirus pandemic in the state, according to Premium...

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The Nigeria Centre for Disease Control (NCDC), says it will provide guidance for businesses to take responsibility and re-open safely, as it continues to work to stop the spread of Coronavirus (COVID-19). The Director-General (DG), of NCDC, Dr. Chikwe Ihekweazu, said this at the Presidential Task Force (PTF), media briefing on Monday, in Abuja. Iheakweazu said President Muhammadu Buhari, had expressed concerns over the re-opening of the economy when the PTF briefed him on the...

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MONVROVIA – Liberia’s largest palm oil company, Golden Veroleum, has laid off 443 employees, more than 10% of its workforce, due to persistently low prices and the economic fallout from the coronavirus pandemic, a company spokesman said on Saturday. Golden Veroleum is owned by the U.S.-based Verdant Fund LP, whose sole investor is Singapore-listed palm oil giant Golden Agri-Resources (GAGR.SI), the world’s second-largest palm oil plantation company. Golden Veroleum spokesman Alphonso Kofi told Reuters that the...

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Vice President Yemi Osinbajo, says the Federal Government has set up palliatives to assist Micro Small and Medium Enterprises(MSMEs) survive the economic fallout of the COVID-19 pandemic. The vice president said that the palliatives reflected the President Muhammadu Buhari administration’s determination to support MSMEs and the priority the Federal Government placed on small businesses. Osinbajo’s spokesman, Laolu Akande, in a statement, said the vice president performed the virtual launch of palliatives for MSMEs by the...

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Ekiti has become the first state in Nigeria to comply with the National Executive Council approved the right of way charges related to telecommunications infrastructure. Governor Kayode Fayemi, in an executive order, crashed the right of way charges on telecommunications infrastructure by N4,355 from N4,500 to N145. “The right of way charges related to the laying of broadband or any other telecommunications infrastructure in Ekiti State shall not exceed One Hundred and Forty-Five Naira (N145)...

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Global economic losses from the coronavirus pandemic could reach up to 8.8 trillion dollars, or nearly 10 per cent of the world economy’s output, the Asian Development Bank (ADB) said on Friday.  The Manila-based bank said the forecast for the pandemic’s impact under a long containment period of six months was more than double its assessments in March and April, as well as the projections by the World Bank and the International Monetary Fund. Under...