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Nigeria has formally entered its second economic recession in five years as the severe impact of the COVID-19 pandemic on global crude oil prices and restrictions imposed to curb the virus caused the nation’s economy to contract for the second consecutive quarter by 3.62 percent in the third quarter of 2020.
The Lagos Chamber of Commerce and Industry (LCCI) says the nation’s economic contraction of 3.62 per cent of the third quarter against the 6.1 per cent of the second quarter of the year may indicate that the worst is over.
President Muhammadu Buhari has appealed to the Organisation of Petroleum Exporting Countries (OPEC) to consider Nigeria’s huge population size and physical development deficits when sharing oil production cuts.
A two-day conference aimed at repositioning Nigeria for increased global and regional trade engagements under the African Continental Free Trade Agreement (AfCFTA) opens on Friday.
The Nigerian Agip Oil Company (NAOC) on Thursday said the Nov. 20 explosion at its oil field in Bayelsa would adversely impact crude export to the tune of 30,000 barrels daily.
Vice President Yemi Osinbajo has stated that Nigeria has a key role to play in the successful negotiation process of the Africa Continental Free Trade Area, AfCFTA.
The Central Bank of Nigeria (CBN) has said only farmers who grow improved disease-free cassava stems will have access to the N25 billion facility it has created to boost cassava production in Nigeria.
UN Secretary-General Antonio Guterres has expressed “deep concern” over the unfolding conflict in the breakaway Tigray region of Ethiopia.
Unified Heavyweight Champion of the World Anthony Joshua OBE will defend his IBF, WBA, WBO and IBO World Titles against Mandatory Challenger Kubrat Pulev at The O2 in London on Saturday December 12, live on Sky Sports Box Office in the UK and on DAZN in all of its nine markets including the U.S., on a show promoted by Matchroom Boxing in association with Top Rank and Epic Sports and Entertainment.
The Lagos State Government has announced the closure of Abule railway level crossing along Apapa end between Saturday and Sunday for the ongoing Lagos-Ibadan Standard Guage rail project.
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, on Monday, said the country will exit the current recession by the first quarter of 2021.
A Covid-19 antibody therapy used to treat President Donald Trump was approved by the US drug regulator on Saturday for people who aren’t yet hospitalized by the disease but are at high risk.