Category Archives: Nigeria Economy

Fire Guts Delta Market, Properties Worth Millions Destroyed

A midnight fire has reportedly razed down an office/storage building at Burutu Market in Burutu council area of Delta state.

It was learnt that goods and properties worth millions destroyed in the inferno, which started around 3am on Tuesday.

As at the time of filing this report, the cause of the fire was still not known.

Able-bodied men from the community were said to have expended several hours in an effort to put out the raging fire. Though no life was lost in the tragic incident, wares were consumed with traders lamenting and counting their losses.

The financial secretary of Burutu community, Engr. Aminu Suyei, who described the fire as “mysterious,” said the affected building houses the market’s regulatory office, as well as a store for food items.

According to him: “a lot of goods and commodities were lost to the mysterious inferno and up till now, the cause is yet to be ascertained”.

The Delta State Police Command confirmed the development.

Its Public Relations Officer, DSP Onome Onowakpoyeya said: “no, the cause is not yet ascertained. I think they said it is a shop that got burnt or somebody’s office.”

Four Financial Effects of Covid-19 On Nigerians

Things are no longer the same all around due to the coronavirus pandemic. As at Monday night, more than five million cases have been recorded all over the world with thousands of people dying from it.

In Nigeria, as at Monday night, 8,068 people have contracted the virus with, with 233 deaths. There are fears that this figure will continue to rise, until a lasting solution is found.

The pandemic has also taken a toll on the finances of Nigerians. Here are four ways Nigerians are affected financially by the health crisis:

1. Increased fare

One measure to prevent contracting COVID-19 is social distancing. This means one has to be two-meters apart from the other person. Transporters have been forced to adhere to this “new” rule and as such they have increased the transport fare of the few passengers that board their vehicles.

2. More consumption of food

It is becoming increasingly difficult for people to eat three times in a day during coronavirus crisis. Prices of foodstuff are increased, leaving people with little or no income.

3. Salary cuts

This is one sad reality coronavirus has brought to many Nigerian workers. Companies and industries have explained the difficulties they are passing through to operate and have no option than to either lay off some staff or cut salaries. This has left a sour taste in the mouth of Nigerian workers.

4. Fewer working hours

The Federal Government has mandates offices to open only between 8am and 3pm, meaning people work less hours with fewer productivity. When productivity is lower, revenues will be affected, leading to salary cuts and less fulfilment.

Lagos-Ibadan Expressway accidents: 1 dead, several injured

Two accidents that happened along the Lagos-Ibadan expressway on Sunday has led to the death of one person and injured several others.

The disclosure was made by the Sector Commander, Federal Road Safety Corps(FRSC) in Ogun, Mr Clement Oladele, on Monday in Abeokuta.

Mr. Oladele said the first crash occurred about 7 am around Isaara, near Ogere on the Lagos-Ibadan Expressway, involving a Toyota bus marked AG 346 XV.

The FRSC boss, added that the accident involved two male adults and one female adult. He also reported that said the driver drove under the influence of alcohol in excessive speed, which led to loss of control. The second crash was said to have occurred about 11:50am on Sunday, close Fidiwo, near Ogunmakin on the Lagos-Ibadan Expressway.

After the incident the two injured victims were moved to Victory Hospital, Ogere for further care.

Nigeria’s GDP grows in 1st quarter 2020

Nigeria’s Gross Domestic Product (GDP) grew by 1.87 per cent (year-on-year) in real terms in the first quarter of 2020.

This revelation was made by the National Bureau of Statistics(NBS) on Monday while announcing the ‘Nigeria’s Gross Domestic Product’ report for first quarter 2020 .

The reported growth can in the midst of significant global disruptions resulting from the COVID-19 public health crisis, a sharp fall in oil prices, and restricted international trade.

The Q1 2020 growth represents a drop of –0.23 per cent points compared to Q1 2019 and –0.68 per cent points compared to Q4 2019. This are indication of the effects of the global disruption, particularly on the non-oil economy.

Quarter on quarter, real GDP growth was –14.27 per cent compared to 5.59 per cent recorded in the preceding quarter.

In terms of quantities, the aggregate GDP stood at N35.64m in nominal terms of Q1 2020.

This performance was higher when compared to the first quarter of 2019 which recorded N31.82m, with a nominal growth rate of 12.01 per cent year on year.

Relative to the first quarter of 2019, the nominal growth rate was higher by 0.11 per cent points but lower than the proceeding quarter by –0.32 per cent points.

COVID-19: we have given out two billion free SMS – MTN

MTN Nigeria said on Friday that it provided more palliatives as part of its direct contributions to support the fight against COVID-19.

The CEO MTN Nigeria, Ferdi Moolman, said, “Since we began providing 300 free SMS’s per month to our subscribers more than two billion SMS have been sent by more than 44 million subscribers demonstrating the universal appeal and accessibility of SMS as a communications service. We are proud to have been able to reach so many people and committed to continuing to provide this service. As we continue to navigate this pandemic, we are focusing our efforts on trying to ensure no one is left behind.”

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