Liberia’s Largest Palm Oil Project Lays Off 10% of Workforce

AfricaCoronavirusEconomyNewsLiberia’s Largest Palm Oil Project Lays Off 10% of Workforce

PilotnewsMay 17, 2020

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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COVID-19 Fallout: Osinbajo Highlights FG’s Palliative for MSMEs

CoronavirusEconomyNewsNigeriaCOVID-19 Fallout: Osinbajo Highlights FG’s Palliative for MSMEs

PilotnewsMay 16, 2020

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 Crashes Right of Way Charges on Telecoms Infrastructure

EconomyInfrastructureNigeriaEkiti Crashes Right of Way Charges on Telecoms Infrastructure

Adeola Oladipupo (Correspondent)May 15, 2020

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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Coronavirus’ Economic Impact Could Hit $8.8tln, Says Asian Devt. Bank

CoronavirusEconomyWorld NewsCoronavirus’ Economic Impact Could Hit $8.8tln, Says Asian Devt. Bank

PilotnewsMay 15, 2020

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...

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UN Rights Chief Urges Caution in Lifting of COVID-19 Lockdowns

CoronavirusEconomyWorld NewsUN Rights Chief Urges Caution in Lifting of COVID-19 Lockdowns

PilotnewsMay 15, 2020

The UN Human Rights High Commissioner, Ms. Michelle Bachelet, has called for caution as more countries move to lift  COVID-19 lockdowns imposed to contain the spread of the coronavirus. Bachelet, a former medical doctor, Minister of Health, and President of Chile, gave the advice while speaking to newsmen from Geneva on Thursday. She warned of potential risks, including the “danger of a second wave” that could cost many more lives if countries lift restrictions without adequate...

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COVID-19: FEC approves amendments of 2020/2022 Medium Term Expenditure, 2020 budget

EconomyNewsNigeriaCOVID-19: FEC approves amendments of 2020/2022 Medium Term Expenditure, 2020 budget

PilotnewsMay 14, 2020

The Federal Executive Council (FEC), presided over by President Muhammadu Buhari, on Wednesday in Abuja approved the amendment of the Medium Term Expenditure Framework of 2020 to 2022 as well as amendment to the 2020 budget. The Minister of Finance, Budget and National Planning, Hajiya Zainab Ahmed, made this known at the end of the virtual session of the Federal Executive Council (FEC), held at the Council’s Chamber of the Presidential Villa, Abuja, President Buhari...

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Volkswagen to Resume Production at U.S. Plant in Tennessee

EconomyNewsUnited StatesVolkswagen to Resume Production at U.S. Plant in Tennessee

PilotnewsMay 14, 2020

German carmaker Volkswagen plans to resume production at its plant in the U.S. state of Tennessee, it said in a statement Wednesday.  The company said it has implemented more than 90 new health and safety measures ahead of a gradual ramp-up of operations starting on May 17. Some 3,800 Volkswagen employees at the plant have not worked since it suspended operations on March 21 due to the COVID-19 pandemic. Safety precautions include mandatory temperature checks...

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FEC Approves 1.2bn Euros Loan for Agric Mechanisation

EconomyFoodNewsNigeriaFEC Approves 1.2bn Euros Loan for Agric Mechanisation

PilotnewsMay 13, 2020

The Federal Executive Council (FEC) has approved a loan facility of 1.2 billion dollars to finance the mechanisation of agriculture in the country. Mr. Sabo Nanono, the Minister of Agriculture and Rural Development, disclosed this on Wednesday while briefing State House correspondents after the virtual FEC  meeting anchored from the Council Chamber of the Presidential Villa, Abuja. The virtual meeting was presided over by President Muhammadu Buhari. The online  FEC was in line with Nigeria...

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Correctional Service to Establish Shoe, Garment Factories

EconomyNewsNigeriaCorrectional Service to Establish Shoe, Garment Factories

PilotnewsMay 13, 2020

The Nigeria Correctional Service (NCoS) has concluded plans to establish shoe, garment and leather factories in Abia and Kano states through a Public-Private Partnership (PPP). Chidi Izuwah, Director General, Infrastructure Concession Regulatory Commission (ICRC), said this during the presentation of certificate for the production of shoes, garments and leather factories. The News Agency of Nigeria (NAN) reports that the proposed PPP arrangement was between the NCoS and Erojim Investment Limited (a local company), and its...

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Post COVID-19: Economist Urges FG to Create Stimulus Fund for Businesses

CoronavirusEconomyNigeriaPost COVID-19: Economist Urges FG to Create Stimulus Fund for Businesses

PilotnewsMay 13, 2020

Mr Mimshach Obioha, an Economist, has called for the establishment of a fund to serve as a post COVID-19 stimulus package for Micro, Small and Medium Enterprises (MSMEs) to revive the economy after the pandemic. Obioha who is the Executive Director, Ventures Platform Foundation (VPF), an enterprise support and development organisation, made the call in an interview with the News Agency of Nigeria (NAN) in Abuja on Wednesday. He said that the Federal Government should...

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