GDP

About 20 million jobs are at risk in Africa as the continent’s economies are projected to shrink this year due to the impact of the coronavirus pandemic, according an African Union (AU) study.

Mexico’s President said there will not be a big economic stimulus package related to the coronavirus pandemic, although the country is facing a crisis unlike anything before.

The Nigerian Communications Commission, NCC, released the statement below on speculations linking the coronavirus disease with 5G telecommunications technology.

Hungary is preparing to announce a roughly $30 billion package of measures to help jump-start the economy amid the coronavirus outbreak, a top government official said on Saturday.

As the human and economic toll of the lockdowns against the coronavirus mount on billions of the world population now left to struggle for their survival, fears that the contagion could reach the threshold of a million in a short spell has become rife.

President of the Senate, Senator Ahmad Ibrahim Lawan, has decried Nigeria’s poor performance in the area of Agricultural Research and Development.

Angola has received, through the Luanda port, the first batch of 75,000 head of cattle from Chad as repayment for $100 million debt.

The Polish government announced a financial package of just around €47 billion in order to help Polish businesses and employees cope with economic turmoil resulting from the coronavirus pandemic.

The federal government Monday declared that unfolding events of the past few months, the coronavirus pandemic and the oil price war have further reinforced its resolve to diversify the national economy.

The Economic Commission for Africa (ECA) has warned that COVID-19 could reduce Nigeria’s total exports of crude oil in 2020 by between US$ 14 billion and US$ 19 billion, even as the body said the spread of the virus could stall economic growth in Nigeria and other African countries.

President of the Senate, Ahmad Lawan, has sought the assistance of the United Nations on the repatriation of looted funds back to Nigeria.

Since the novel coronavirus first emerged in late December, 2019, 110,564 cases have been recorded in 100 countries and territories, killing 3,862 people, according to an AFP toll based on official sources on Monday around 1100 GMT.

President of the Senate, Ahmad Lawan, has assured Nigerians that the National Assembly will take full responsibility for the application of President Muhammadu Buhari’s $22.79 billion loan request to various projects domiciled with Federal Ministries, Departments and Agencies of government.

Nigeria’s re-emergence as Africa’s biggest economy followed South Africa’s slump into its second recession in two years, as severe rolling power blackouts frustrate President Cyril Ramaphosa’s attempt to revive growth.

Singapore was hit a month ago with a surge in novel coronavirus cases that originated in China but capped the spread. Malaysia and Thailand watched beach tourists drain away as Chinese were required to avoid travel. Factory slowdowns in China caused by workers staying home to dodge the disease cut demand for Indonesian commodities.

Nigeria’s economic growth beat forecasts in the fourth quarter, helping its economy to expand the most in four years in 2019 as oil output increased and the central bank took steps to boost credit growth. GDP in the West African country stood at $476 billion or $402 billion, depending on the rate used. =

The Lagos Chamber of Commerce and Industry (LCCI) rated the latest 2.27 per cent Gross Domestic Product (GDP) growth recorded in the nation’s economy as sluggish and incapable of creating jobs and lifting millions of Nigerians out of the poverty trap.

The Manufacturer Association of Nigeria (MAN) has described the lean 0.14 per cent GDP growth rate recorded in the fourth quarter of 2019 as a strong indications that Nigeria was not be ready for the AfCFTA commencing in July 2020.