UPDATE 1-China in the Driver’s Seat Amid Calls for Africa Debt Relief

AfricaEconomyWorld NewsUPDATE 1-China in the Driver’s Seat Amid Calls for Africa Debt Relief

PilotnewsApril 13, 2020

* G20 likely to endorse debt moratorium this week-sources * African nations pushing for broad debt relief * China now Africa’s largest bilateral creditor * Beijing finds itself in an unfamiliar role (Adds comment from Chinese foreign ministry) April 13 (Reuters) – Support is growing for debt relief to help the world’s poorest, indebted nations – most of them in Africa – confront the economic havoc wreaked by COVID-19. But there is one big question...

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OPEC+ Countries Agree on Output Reduction

BusinessWorldOPEC+ Countries Agree on Output Reduction

PilotnewsApril 13, 2020

Ministers of the OPEC+ countries agreed in a video conference on Sunday to boost oil prices by cutting production by 9.7 million barrels a day for May and June, Mexico’s Energy Minister Rocio Nahle tweeted. The reduction is 300,000 barrels below the production cut which the Organisation of the Petroleum Exporting Countries (OPEC) and all its allies within the expanded OPEC+ format had agreed on Friday. Mexico refused to reduce its production by 400,000 barrels as...

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COVID-19: Don’t Restrict the Movement of Food Items, Medications, Poultry Farmers Tells FG

BusinessNewsNigeriaCOVID-19: Don’t Restrict the Movement of Food Items, Medications, Poultry Farmers Tells FG

Ibrahim Abdul' Aziz (Correspondent)April 11, 2020

As Nigeria’s government plans to extend lockdown order slammed in the wake of coronavirus pandemic, the National Poultry Association of Nigeria (NPAN) has called on the Federal and state governments not to restrict the movement of food items, medication, poultry, and poultry feeds in a bid to contain the spread of the deadly virus. The Association observed that there was a need to change the current approach, as the approach is causing more panicking that...

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Nigeria Joins OPEC+ to Cut Supply By 10mb/d- Sylva

EconomyWorld NewsNigeria Joins OPEC+ to Cut Supply By 10mb/d- Sylva

PilotnewsApril 10, 2020

The Minister of State for Petroleum Resources, Chief Timipre Sylva, said Nigeria joined the OPEC+ to cut crude oil supply by 10 million Barrel Per Day. Sylva disclosed this at the ongoing 9th Organisation of Petroleum Exporting Countries (OPEC) and Non OPEC ministerial webinar meeting. “Nigeria joined OPEC+ to cut supply by up to 10mbpd between May and June 2020, Eight Million Barrels per day between July and December 2020 and Six Million barrels per...

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JUST IN: COVID-19: ICPC Sets Up Funds Monitoring Team

CoronavirusMoneyNigeriaJUST IN: COVID-19: ICPC Sets Up Funds Monitoring Team

Ibrahim Abdul' Aziz (Correspondent)April 10, 2020

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has set up an independent COVID-19 Funds Monitoring Team charged with the prevention of possible financial abuses that may arise in the management of the Covid-19 special intervention funds. Spokesperson for the Commission, Mrs. Rasheedat A. Okoduwa, who dropped the hints in a statement said that the team will monitor the disbursement and utilization of the funds, donations and other receipts mobilised towards combating the...

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Saudi Energy Minister Calls for Affordable Energy Supply at G20 Meeting

BusinessWorld NewsSaudi Energy Minister Calls for Affordable Energy Supply at G20 Meeting

PilotnewsApril 10, 2020

DUBAI, April 10 (Reuters) – The Saudi energy minister told a conference of the G20 group of the world’s largest economies on Friday that ensuring affordable energy supply is key to facilitating a global economic recovery. “Having affordable, reliable, accessible energy supply is considered a necessity to enable basic services, including health care, and help our efforts in assisting economic recovery,” Prince Abdel Abdulaziz bin Salman said in an opening speech to a video-conference of...

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FG Set to Legalise Modular Refineries – Sen Enang

InvestingNewsNigeriaFG Set to Legalise Modular Refineries – Sen Enang

PilotnewsApril 9, 2020

Sen. Ita Enang, the Senior Special Assistant to the President on Niger Delta Affairs, has said that the Federal Government was planning to legalise Modular Refineries in the country. Enang made this known when he featured on a News Agency of Nigeria (NAN) Forum on Thursday in Abuja. He said that his office had, over a period of time, engaged some artisanal (illegal) oil refiners in the Niger Delta region and had seen the need...

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AfDB Unveils $10bn Response Facility to Curb COVID-19 in Africa

AfricaCoronavirusEconomyAfDB Unveils $10bn Response Facility to Curb COVID-19 in Africa

PilotnewsApril 9, 2020

The African Development Bank (AfDB) Group has announced 10 billion dollars COVID-19 Response Facility to assist regional member countries to fight the pandemic. The bank’s Communication and External Relations Department made this known in a statement on Wednesday. The bank noted that the facility was the latest measure taken by it to respond to the pandemic and would be the institution’s primary channel for its efforts to address the crisis. The AfDB said the fund would...

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Why Nasarawa LGs Didn’t Pay March Salaries in Full – Gov. Sule

CoronavirusEconomyNigeriaWhy Nasarawa LGs Didn’t Pay March Salaries in Full – Gov. Sule

PilotnewsApril 8, 2020

Gov. Abdullahi Sule of Nasarawa State has explained why some local government councils in the state were not able to pay the March salaries in full. The governor, who offered the explanation while hosting officials of the Nasarawa State Students Association (NASSA) on Tuesday in Lafia, said it was due to the economic challenges posed by the outbreak of COVID-19 pandemic. Sule said even though the state government was able to pay its workers and...

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COVID-9: Our 10,000 Are Now Suffering–Taraba Keke NAPEP Riders Tell Gov. Ishaku

BusinessCoronavirusNigeriaCOVID-9: Our 10,000 Are Now Suffering–Taraba Keke NAPEP Riders Tell Gov. Ishaku

Ibrahim Abdul' Aziz (Correspondent)April 8, 2020

As economic strains continue to bite amidst ravaging COVID-19 pandemic, commercial tricycles riders in Taraba state are lamenting that with the lockdown order imposed many are now finding it difficult to feed their families. The riders regret that contrary to claims that government palliative was doled out in some states, residents are yet to get a dime. In a statement, the Association of Tricycle Riders in Taraba appealed to Governor Darius Ishaku to review the...

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