We listened with great interest to four prominent private equity players in Africa in a discussion of prospects during and after COVID-19. The event took place in early November, and so was before the announcement by Pfizer and Moderna on their vaccines to tackle COVID-19. The panel discussion was part of the Africa Debate, an annual event put together by an established London-based business association.
The Simplification of Government processes that removes bottlenecks and bureaucracy will go a long way in effectively managing the impact of the COVID-19 pandemic on Nigeria. Africa's most populous nation. This was part of the key takeaways from the hybrid forum (physical and virtual) of the Socio-Economic Rights and Accountability Project (SERAP) that discussed a "10-Point Programme of Action on Promoting Transparency and Accountability In COVID-19 Spending In Nigeria".
In April 2020, the National Bureau of Statistics (NBS), with support from the World Bank, launched the COVID19 National Longitudinal Phone Survey (NLPS); a monthly survey of a nationally representative sample of 1,950 households to monitor the socioeconomic impact of the COVID-19 pandemic and other shocks.
As much of Europe and the US struggle with the second wave of COVID-19 infections, it seems a good time to share a few opinions on what their governments and their health practitioners have learned from the first wave that broke in March.
Digitalization has in the past few years enabled developing countries in particular to leapfrog on financial inclusion. Countries like Kenya, Ghana, Rwanda and Tanzania have made great advances in connecting their citizens to financial systems by leveraging on mobile phone technology.
The Lagos State Government has once again stressed the need for residents to strictly adhere to precautionary measures against COVID-19 infection transmission to prevent a recurrence of the situation that led to the lock down of the economy.
Where Big Oil, Big Pharma, bulge-bracket investment banks and Coca Cola once dominated US stock markets, their roles have now been usurped by the likes of Alphabet, Amazon, Apple, Facebook and Tesla Motors.
As the COVID-19 pandemic and economic crisis continues to spread, the amount of money migrant workers send home is projected to decline 14 percent by 2021 compared to the pre COVID-19 levels in 2019, according to the latest estimates published in the World Bank's Migration and Development Brief.
Emerging markets and developing economies grew consistently in the two decades before the COVID-19 pandemic hit, allowing for much-needed gains in poverty reduction and life expectancy. The crisis now puts much of that progress at risk while further widening the gap between rich and poor.
Members of the Private Sector-led Coalition Against COVID-19 (CACOVID) wish to call for calm, amidst the looting of COVID-19 palliatives meant for distribution in various State Government warehouses across the country.
When the United States began grappling with COVID-19 in March 2020, the US Securities and Exchange Commission (SEC) Division of Enforcement acted swiftly to make clear to market participants that it was ramping up its efforts to identify and prevent fraud in the wake of the pandemic. Approximately seven months later, statistics released by the SEC bear this out.
Earlier in the year, the world experienced an unprecedent event of COVID-19 outbreak with Africa not being an exception. The incidence of COVID-19 in Africa was followed by stringent measures across the region.
Changes in the trends of business activities and financial transactions precipitated by COVID-19 pandemic inadvertently led to increase in financial crimes globally. This therefore requires financial institutions to adapt rapidly and keep abreast with emerging risks and other developments while taking proactive steps to address the new and emerging ML/TF risks.
According to the latest report by World Bank on the Sub-Sharan African (SSA) economies, many countries within the region are seizing the opportunity created by the COVID-19 crisis to accelerate long-needed structural but unpopular reforms to guarantee more sustainable fiscal positions in the near future.
Nigeria's Banking sector in H1 2020 pulled in its neck and sauntered into the COVID-19-induced headwinds of Q1 and Q2. The brave challenge of a health and economic pandemic saw the sector with lower growth in topline income and decapitation of growth in bottom lines.
The coronavirus pandemic has caused monumental disruptions to health, economies and businesses. Governments around the world responded with different stimulus packages and palliative measures based on each country's fiscal headroom and economic strength.
In April 2020, the National Bureau of Statistics (NBS), with support from the World Bank, launched the COVID19 NLPS; a monthly survey of a nationally representative sample of 1,950 households to monitor the socioeconomic impact of the pandemic and other shocks.
The World Health Organization (WHO) together with the UN, specialised agencies and partners today called on countries to develop and implement action plans to promote the timely dissemination of science-based information and prevent the spread of false information while respecting freedom of expression.
The Monetary Policy Committee (MPC) met on the 23rd and 24th of November, 2020 amidst the announcement of the discovery of several high efficacy COVID-19 vaccines, resulting in stronger optimism for improvement in global output. However, persisting weakness in crude oil prices, soaring global debt and high unemployment persist.
Data from the National Bureau of Statistics (NBS) revealed that the Nigerian economy has officially slipped into recession for the second time in 5 years, as the economy contracted by 3.62% YoY in Q3'20. Nigeria has joined a list of over 30 countries (including the US, Israel, Japan, Germany) to have experienced a recession in 2020, as COVID-19 outbreak weighed heavily on global economic activity.
The Nigerian beer market appears to have rebounded after the first impact of COVID-19. While the sector remains under pressure, fundamentals are quite attractive with a high growth potential. This was highlighted at the Nigerian Breweries Plc Facts Behind the Figures hosted by The Nigerian Stock Exchange (NSE or The Exchange) on Monday, 23 November 2020.
GT Bank recently posted its 9months 2020 results, recording improved performance across broad financial matrices although growth seems to have slowed amidst tough economic headwinds in 2020 majorly caused by industry and trade dislocations related to the global COVID-19 pandemic; the bank, however, appears to be pushing forward.
The Second wave of the Coronavirus is jeopardizing the world economy. The spread of the coronavirus infection and widening COVID-19 Restrictions in the United States and other parts of the world has hampered fuel demand.
The advent of the COVID-19 pandemic created a challenging operating environment for the banking industry, however, Union Bank of Nigeria Plc one of the longest-standing financial institutions in the industry recorded growth in its top and bottom-line earnings as well as witnessing a bulking up of its statement of financial position.
Connectivity has never been more important, and the world's reliance on the internet has never been greater. The COVID-19 pandemic has underscored the importance of the internet and the critical role of mobile, which is the primary way most people access the internet.
One of the casualties of the Covid-19 virus beyond the estimated 1.3 million deaths has been the holding this year in London of Invest Africa's The Annual Debate. The event took place on a virtual basis the week before last.
The Oil and Gas Group of the Nigeria British Chamber of Commerce hosted its 2020 Oil and Gas Webinar themed "Downstream and Mid-stream Sectors - The Way Forward". Mr. Kayode Falowo, President and Chairman of Council, giving his thoughts on the oil & gas industry in his opening address said the Chamber believes that the overwhelming sentiment around the oil & gas sector in Nigeria are at best cautious optimism following the disruptions that have occurred as a result of the COVID-19 pandemic.
During the Covid-19-induced financial stress in March 2020, central banks in emerging market economies (EMEs) departed from their monetary policy playbook by cutting rates even in the face of sharp currency depreciations and massive capital outflows.
Women in Management, Business and Public Service (WIMBIZ) held its 19th Annual " first virtual Conference on Friday, November 6, 2020. This annual conference held every November was this year specifically themed "The Shift: Recalibrate", to highlight the impact of the Covid-19 disruption that characterized the year 2020.
As economic activities pick up post-lockdown, the group posted an impressive performance for its 9 months 2020 results. Strategic decisions were taken in H1 2020 to protect the group from the adverse effect of the COVID-19 pandemic which positioned the Lagos-based cement company for stronger financial performance in 9 Months 2020.
Recently, the price of onions, one of the most commonly used vegetables in Nigeria has risen by about 200%. Added to the fact that onions are usually not widely available towards the end of the year, our findings show that the significant increase in price can be attributed to flooding, poor harvest, COVID-19 disruptions and poor storage facilities.