Why Trading Under the African Free Trade Deal was Postponed

AfricaMarketsNewsWhy Trading Under the African Free Trade Deal was Postponed

Adeola Oladipupo (Correspondent)May 1, 2020

The disruption caused by the COVID-19 pandemic has halted the implementation of the African Free Trade Agreement, forcing officials to postpone it. “It is obviously not possible to commence trade as we had intended on 1 July under the current circumstances,” Wamkele Mene, Secretary-General of the African Continental Free Trade Area (AfCFTA), told Reuters. Although Mene did not say whether there was a new targeted implementation, he was confident the deal would still proceed. “The...

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Lockdown: ABCON Excited to Resume Operations

BusinessMoneyNigeriaLockdown: ABCON Excited to Resume Operations

PilotnewsApril 30, 2020

The Association of Bureau De Change Operators of Nigeria (ABCON) on Thursday said it had sensitised its members and put in place key measures and actions for COVID-19 prevention and control in readiness to resume operations. Alhaji Aminu Gwadabe, President, ABCON, told the News Agency of Nigeria (NAN) in Lagos that operators were happy about arrangements by the Central Bank of Nigeria (CBN) to resume sales of foreign exchange to BDCs. He said the five...

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Shell Cuts Dividend for First Time Since 1940s as Oil Demand Collapses

BusinessCoronavirusWorld NewsShell Cuts Dividend for First Time Since 1940s as Oil Demand Collapses

PilotnewsApril 30, 2020

Royal Dutch Shell RDSa cuts its dividend for the first time in 80 years and suspended the next tranche of its share buyback programme following the collapse in global oil demand due to the coronavirus pandemic. Chief Executive Ben van Beurden said this in a statement issued on Thursday in London. “Given the continued deterioration in the macroeconomic outlook and the significant mid and long-term uncertainty, we are taking further prudent steps to bolster our...

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BOI Implements President Buhari’s Directive

CoronavirusEconomyNigeriaBOI Implements President Buhari’s Directive

Adeola Oladipupo (Correspondent)April 29, 2020

The Bank of Industry (BOI) has announced the palliative measures it has put in place for debtors as the ravaging COVID-19 hits the Nigerian economy. Recall that on March 29, President Buhari had in a national broadcast announcing the measures the government was taking to cushion the effect of COVID-19 on the economy, directed credit institutions to allow a 3-month period moratorium on loan repayment. In line with the directive, the BOI said it had...

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Pan-African Trade Fair Postponed Due to COVID-19

AfricaMarketsNewsPan-African Trade Fair Postponed Due to COVID-19

PilotnewsApril 29, 2020

This year’s Intra-African Trade Fair, initially scheduled to take place in Rwanda in September, has been postponed to next year due to the ongoing COVID-19 pandemic, organisers said in a statement on Wednesday. The event, co-organized by the African Export-Import Bank (Afreximbank), the African Union (AU) and the Rwandan government, will be postponed to Sept. 6-12, 2021, in Kigali to ensure the safety of the host country and the participants, said the statement released by...

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IMF Approves US$3.4bn Emergency Support for Nigeria to Address COVID-19 Pandemic

CoronavirusEconomyMoneyNigeriaIMF Approves US$3.4bn Emergency Support for Nigeria to Address COVID-19 Pandemic

PilotnewsApril 29, 2020

The Executive Board of International Monetary Fund (IMF) has approved US$3.4 billion in emergency financial assistance to support Nigeria in addressing the economic impact of COVID-19 shock and the sharp fall in oil prices. In a statement issued on Tuesday, the Fund said that the support, under the Rapid Financing Instrument, would help limit the decline in international reserves and provide financing to the budget. “The Executive Board of the International Monetary Fund (IMF) approved...

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CBN Gives Greenlight for Cheque Clearing to Resume.

EconomyNewsNigeriaCBN Gives Greenlight for Cheque Clearing to Resume.

Adeola Oladipupo (Correspondent)April 28, 2020

The Central of Nigeria has lifted the suspension on cheque clearing it imposed about a month ago, a statement signed by Sam Okojere, a director at the bank services department, disclosed. “In furtherance of its effort in the development of a safe and efficient payment system in Nigeria, the Bank in collaboration with relevant stakeholders has reviewed the need for cheque clearing to accommodate users of cheque as one of the payment instruments in Nigeria,...

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BREAKING! 2020 Budget: Senate Approves Buhari’s Request To Raise Fresh N850bn Loan

EconomyNigeriaPoliticsBREAKING! 2020 Budget: Senate Approves Buhari’s Request To Raise Fresh N850bn Loan

Ibrahim Abdul' Aziz (Correspondent)April 28, 2020

President Muhammadu Buhari has asked the Senate to approve his request to secure a fresh loan of N850 billion to fund some projects in the 2020 budget. He made the request in a letter read by the Senate President, Ahmad Lawan, on Tuesday on the floor of the upper chamber of the National Assembly in Abuja. According to the letter, President Buhari seeks to raise the loan from the domestic capital market to ensure adequate...

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COVID-19 Pandemic: forecasting future events

BusinessColumnsCoronavirusCOVID-19 Pandemic: forecasting future events

PilotnewsApril 28, 2020

Before social distancing became a trend, we were all planning our social calendars for the Spring and Summer seasons. Over the past two months, major conferences, concerts, festivals, and weddings have been canceled or postponed. Attending the Offshore Technology Conference was the norm and personally, I have always anticipated attending the notable CERAWeek to hear the new trends in energy and discuss the future scope of oil and gas from top leaders in the industry....

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Lockdown: Google Lists Steps Toward Efective Video Conferencing

BusinessNigeriaTechnologyLockdown: Google Lists Steps Toward Efective Video Conferencing

PilotnewsApril 27, 2020

Google on Monday proffered six best ways to enjoy video conferencing with friends and colleagues while on COVID-19-induced lockdown. In a statement made available to the News Agency of Nigeria (NAN), Mr. Taiwo Kola-Ogunlade, West Africa Communication Officer, Google, said that Nigerians have had a rapid transition to working from home. Kola-Ogunlade said this could be a daunting task if one was not familiar with tools like video conferencing. He said that Google had compiled...

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