ABUJA/LAGOS (Reuters) &#8211; A sharp rise in Nigeria’s sovereign debt and a ballooning financing gap could trigger a rating downgrade as policymakers in Africa’s biggest economy struggle to deal with the fallout from a coronavirus-induced oil price crash, a director at Fitch said.



The global ratings agency downgraded Nigeria to “B” in April with a negative outlook from “B+” citing aggravation of pressure on external finances.



Moody’s said in April it would likely downgrade the country if the government was unable to alleviate the damage to its revenue and balance sheet. S&amp;P cut Nigeria’s rating in March on weakening external finances.



Nigeria &#8211; also Africa’s top oil exporter &#8211; is under increasing pressure to stimulate growth and cut debt after its first quarter current account turned negative, overvaluing its naira currency. The oil price slump has slashed government revenues.



“We have two elements that could lead us to take a negative rating action/downgrade on Nigeria. Aggravation of external liquidity pressures and a sharp rise in government debt to revenues ratio,” Mahmoud Harb, sovereign ratings director at Fitch, told Reuters.



The debt to revenue ratio for Nigeria is set to worsen to 538% by the end of 2020, from 348% a year earlier, before improving slightly next year, Harb said. The medium debt ratio for “B” rated countries is 350%, he said.



Nigeria will need $23 billion to meet its external financing needs this year, Fitch estimates, noting that the country only has few options, including running down its reserves, after shelving plans to issue Eurobonds.



Abuja’s foreign currency reserves could fall to $23.3 billion this year if foreign exchange access is normalised, Harb said, from around $36 billion.



Nigeria has been restricting access since the pandemic to boost the naira, similar to a step it took when oil prices crashed in 2015, which worsened a 2016 recession.



The central bank is yet to provide currency to investors that need to leave Nigeria, weakening sentiment. Analysts estimate that around $2 billion needs to exit Nigeria.



Nigeria could avoid a ratings downgrade if it strengthens its finances, reforms its forex policy and shows a path to reducing its deficit by boosting non-oil revenues, Fitch’s Harb said.

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Nigeria’s rating at risk as debt, financing gap rise-Fitch

My colleague Wale sees me return to the office from the site late one afternoon and then says to everyone, &#8220;Hey, Paul is back; let&#8217;s ask him what he thinks on our discussions this morning&#8221;.



Wale is quite witty, funny and knowledgeable about things; so immediately, my attention is spiked.



&nbsp;&#8220;If you were paid N1.5 million per month, would you be able to save up to N1 million every month?&#8221; he asks.



The response that comes out of my mouth is: &#8220;Why not N1.2 million&#8221;?



The entire room goes silent as everyone seems to expect me to answer differently



&#8220;Why do you have to spend as much as N500,000 every month on yourself? In my mind, I wondered, &#8220;One needs a plan to scale-up their financial flexibility,&#8221; I add.



I could never &nbsp;fathom why mostly young, unmarried guys and a few newly-weds, saw the need to spend N500,000 a month on living expenses, if they earned up to N1.5 million (roughly $3,947) monthly (which, by the way, is above the average income).



Well, long story short, a lot of my colleagues disagreed me, saying higher earnings mean more expenses. This sounds logical. However, do we really spend more on our needs, or on our wants? And do we find that we tend to spend more only when we have disposable cash, but spend less and still get by just fine when we’re seemingly out of disposable cash?



One fundamental factor that keeps the middleclass in the middle class is the continuous lack of self-discipline to live within their means, work with a budget, and consistently invest in well-designed schemes to scale up their financial flexibility.



I concur that saving substantially with a salary within the range of N100,000 &#8211; N200,000 ,which is the average income of Nigeria’s younger middleclass, might be tough, but not impossible. I believe that whether you earn N100,000 or N1 million monthly, with the desire to save, you will. Married or single, it all comes down to having a plan and sticking to it.



If you make irresponsible financial decisions, you will pay sooner than later. If you keep being overly generous,(when you really can&#8217;t afford it, one day, you&#8217;ll become broke, and those same people you were &#8220;helping&#8221; will accuse you of spending foolishly. Some of them might even abandon or mock you.



In personal finance, don’t cut your coat according to your size but according to your cloth. Societal pressures shouldn’t determine your spending habit. Understand that there&#8217;s nothing wrong if you&#8217;re the only one among your friends who uses an Android phone. You could also be the only one among them who can afford to make a N1 million in emergency spending. Appearances can be deceiving, and mostly are. You don&#8217;t have to look rich when you know you aren&#8217;t. There’s no wisdom in that. Create a realistic plan and work your way to real financial flexibility. And even if you make mistakes, don’t be too discouraged to try again. Put in the hard work to get it right; and you will.



Chukwubuikem Paul Anunaso, is a civil/structural engineer and writer in Lagos, Nigeria.

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OPINION: “You don’t have to look rich when you know you aren’t”  Why Nigerians should save.

While hosting <a href="https://www.cnbcafrica.com/videos/2020/04/09/afdb-announces-10bn-war-chest-to-fight-covid-19/">African Development Bank</a> (AfDB) President Akinwumi Adesina on a courtesy visit at State House on Tuesday, Nigerian President <a href="https://www.cnbcafrica.com/videos/2020/06/01/grading-buharis-economic-performance-over-the-past-5-years/">Muhammadu Buhari</a> said the country will support Adesina in his bid to get re-elected as President of the multilateral bank.



This follows several <a href="https://www.cnbcafrica.com/west-africa/2020/06/01/stop-this-culture-of-frivolous-allegations-former-world-bank-treasurer-arunma-oteh-defends-african-development-bank-president/">allegations of misconduct</a> against Adesina at the financial institution, of which he has denied.



The following statement provides further details:



PRESIDENT BUHARI TO AfDB PRESIDENT, ADESINA: I’LL STAND BY YOU



President Muhammadu Buhari says Nigeria will stand solidly behind Dr Akinwumi Adesina in his bid to get re-elected as President of the African Development Bank (AfDB)



The President spoke at State House, Abuja, Tuesday, while hosting Dr Adesina on a courtesy visit.



“In 2015, when you were to be elected for the first term, I wrote to all African leaders, recommending you for the position. I didn’t say because you were a People’s Democratic Party (PDP) Minister, and I belonged to the All Progressives Congress (APC), so I would withhold my support. I’ll remain consistent with you, because no one has faulted the step I took on behalf of Nigeria,” said President Buhari.



The President pledged that Nigeria would work with all other leaders and stakeholders in AfDB to ensure that Dr Adesina was elected for a second term built on the record of his achievements during his first term.



The African Union had already endorsed the incumbent AfDB President as sole candidate for the continent, but some other stakeholders are trying to ensure that Dr Adesina is re-investigated on some allegations, and rendered ineligible to run.



Giving a background to what was happening in the bank, Dr Adesina, a former Nigerian Minister for Agriculture, said the 16 allegations raised against him were trumped up, “and without facts, evidence, and documents, as required by the rules and regulations of the bank.”



He added that the Ethics Committee of the bank cleared him of all the allegations, and calls for fresh investigation by the United States of America, were against the rules.



“My defense ran into 250 pages, and not a single line was faulted or questioned. The law says that report of the Ethics Committee should be transmitted to the Chairman of Governors of the bank. It was done, and the governors upheld the recommendations. That was the end of the matter, according to the rules. It was only if I was culpable that a fresh investigation could be launched. I was exonerated, and any other investigation would amount to bending the rules of the bank, to arrive at a predetermined conclusion,” Dr Adesina said.



Stressing that the motive was to soil his name, and that of the bank, the AfDB President said he was proud to be Nigerian, and thanked President Buhari for his unflinching support.



“You helped me to get elected in the first place, and you have supported me robustly all along, and the African Union unanimously endorsed my re-election” he declared.



While commiserating with President Buhari on the death of the former Chief of Staff, Mallam Abba Kyari, Dr Adesina described Professor Ibrahim Gambari, new Chief of Staff as “a man of integrity, and of global standing.”

President Buhari to AfDB President Adesina: “I’ll stand by you”

Former World Bank Treasurer Arunma Oteh has gone into bat for her former colleague Akunwumi Adesina the under pressure president of the African Development Bank. Oteh &#8211; now an academic scholar at the University of Oxford- spoke to Kenneth Igbomor of CNBC Africa’s Lagos bureau.



CNBC Africa: Your take on the recent developments at the African Development Bank?



Arunma Oteh:“Indeed I’ve worked for the African Development Bank for 17 years in a variety of roles and also as you’ve mentioned, most recently as Group Treasurer for the World Bank for little over 3 years.  I do think that the issues that has developed are unfortunate. Particularly because of the difficult times that the world is facing in respect to Covid-19. Also I’ve known Dr Adesina, the President of African Development Bank for several years and I can attest to the fact that he’s not only a great leader but he is a man of upmost integrity.



Most recently, when he was Minister of Agriculture, I was the Director-General of the Securities &amp; Exchange Commission in Nigeria, and he and his team worked with my team and I on leveraging the capital markets to transform the agricultural sector of Nigeria.&nbsp; But I think also important is that we cannot lose sight of the fact that the African Development Bank and multilateral banks generally add credible institutions and highly rated in parts because of the best practice governance and stringent processes. In fact the African Development Bank has more rigorous processes in many cases then some of the other development banks. So let’s take one issue is a critical governance issue which is a selection process for the leadership of the bank.



If you take for example the Asian Development Bank, its President has always been Japanese – its largest shareholder. The World Bank – whose largest shareholder is the United States – the President has always been since 1947 when the World Bank has been established – has always been an American. For the African Development Bank it’s different. The process is a competitive, rigorous process that allows any candidates endorsed by their own country from any of today’s 55 African countries to contest for the elections.



Indeed, Dr Adesina is the first Nigerian that has ever been President of the African Development Bank since its founding. Even though Nigeria is its largest shareholder and so for 50 years because of this process that allows all of the shareholders that are African to submit a candidature, it is a much more rigorous and competitive process.



I was in my last role at the African Development Bank &#8211; Vice President of Corporate Services, and therefore as Vice President of Corporate Services because I was responsible for human resources, for Information Technology, for Administration, for Procurement, for Language Services, and had administrative oversight of the offices around the continent. So I was very involved in hiring processes in procurement and I can also attest to the fact that these processes are by design and by practice very rigorous and involve several levels of decision making.



So by the time something gets to the desk of the President of the African Development Bank it’s gone through rigorous processes. There is also feedback mechanisms to continue to ensure that these governance and best practices and processes remain best practice. I think also important to highlight is that Multilateral Development Banks have been the bastion of collective decision making processes at all levels, I mean if you’re hiring somebody there’s a multi-disciplinary team across departments that get in the selection process – there are different levels in the hiring process. If you take – and for me it’s very representative of one of the essence of what Africa brings to the table – collective collaborative decision making.&nbsp; And if you take for example the fight that I think was had in either January or February that the African shareholders decided through the African Union, through the heads of state that they would endorse Dr Adesina as their sole candidate for the elections which I hear will be held in August this year.



His two predecessors were also re-elected by acclamation. So this principle of collective decision making of best practice – governance practice &#8211; is something that’s associated with the African Development Bank and other development banks. I have had the privilege working in a variety of roles, rising through the ranks. I’ve worked as a loan officer, for West &amp; North Africa as a funding officer, as a portfolio manager, I’ve ran the trading route, I was Treasurer of the African Development Bank, I was Group Vice President of Corporate Services so I’ve worked in operations, I’ve worked in Treasury, I’ve worked in administration.



But as you’ve also mentioned I’ve also worked at the World Bank, most recently from 2015 to 2018. And I can assure you the Multilateral Development Banks are absolutely an amazing institution. They are well-run and they have great impact on society as people have seen and in particularly on the African continent. What I don’t like about them is this pattern of making frivolous allegations of a sitting President just before an election.



I’ve worked with three presidents from 1992 to 2009 when I left the African Development Bank and each of them experienced this. I’ve worked with the President at the African Development Bank (at the World Bank) and he also experience this. So the shareholders must find a way to try and make sure that they stop this issue of these frivolous allegations in trying to undermine the leadership of an institution that’s trying to make a difference on the continent.”



CNBC Africa: I am still trying to understand type of signaling that it gives on the state of governance systems for AAA premise to show, like the African Development Bank, to take the option of an independent probe on cause of a shareholder after the conclusion of the same process by the board of governance.



Arunma Oteh: “What I would like to share with you is that first and foremost, there are rigorous processes and by the time something gets to the board of Directors and the ethics committee has reviewed it; it’s gone through a lot of processes. So I have no doubt that the work of the board ethics committee has been rigorous. But I think we need to go back to something that is unique in terms of the context of the establishment of the African Development Bank. I don’t know if you know this, it was conceptualized by African financial luminaries led by Romeo Horton – the late governor of the Central Bank of Liberia in the 1960s. Their vision was to establish a first class African Institution that will mobilize resources for Africa.



It was also one that ensures that Africa has a leading voice in its economic development. African Development Bank started its operations I think in 1964. It was a decade later that non-African countries joined through the establishment of the African Development Fund which was modelled after the World Bank Group’s international development association. The non-African countries did not join the bank until 1982. So almost two decades later. That said the African Development Bank remains an institution where everybody comes together to focus as a group in advancing Africa’s economic development agenda.



And today I know that there are 81 shareholders. Last year, in that collaborative and cooperative nature there was a replenishment of the fund, there was a capital increase.&nbsp; And I think this is a show of confidence not just by African countries but also by the non-African country shareholders of the excellent work that Dr Adesina and his team have undertaken in the last 5 years. I, of course have looked on with interest and their many, many achievements. Transforming the power sector, revolutionizing agriculture, but importantly putting youth and women at the centre of development. I’ve been struck also by some of the very important initiatives that catalyze resources by the private sector that bring partnerships between the public sector and the private sector. Initiative like the African Investment Forum, which in a short term has catalyzed a lot of resources for the African Development Bank and for Africa’s development more so.



But it’s also focused on trying to make sure that those issues that prevent the acceleration of Africa’s development at tackled that government, private sector and the honest brokers, development banks like the African Development Bank, like the Europe Investment Bank, like IBRD, the Development Finance Cooperation of the United States that they all at the table trying to make sure that the environment that support Africa’s development is taken account of.



I’ve also been struck that this has not distracted Dr Adesina and his leadership team because I’ve seen what they have done in respect to responding and supporting African countries in response to the Covid-19 crises. And I do think that this is extremely important given the difficult times that we face. Permit me to also use this opportunity given to appeal to shareholders and particularly to the Ministers of finance who comprises, who gather the most senior decision-making body of the African Development Bank, the board of governance to speedily bring closure to this issue so that Dr Adesina and his team continue to do the great work that they’ve been doing in supporting African countries at this critical time. I mean these are unprecedented times in terms of the Covid-19. Dr Adesina is someone of the highest integrity. His track record over his 35year career shows that.



The African Development Bank has always had rigor, continues to improve its governance practices, a board, the leadership of the institution, the various organs, the independent mechanisms within the organization, the internal auditor, the inspection mechanisms that report directly to the board. So these institutions are rigorous in terms of cooperative governance. I was the head of the Capital Market Regulator in Nigeria so issues of cooperative governance, understanding where private sector institutions stand. The quality of governance of these institutions are extremely world class and particularly the African Development Bank.



So my appeal really is that we dispense of this issue. That we stop this culture of frivolous allegations around the times of elections. And allow the African Development Bank to support the African continent at this important time.”



CNBC Africa: I would like to look at Nigeria now as the bank’s largest shareholder and try to understand the level recommendations you would have for the Nigerian authorities if they going to response to this issue.”



Arunma Oteh:“I think there is a lot put out by the media and I think that’s one the things that is a bit unfortunate that because of social media there is a lot of amplification of issues. So issues that the governors would’ve taken care of themselves than come out in the media then all of us get to talk about it. So in the media the absolutely well-articulated letter that the minister of finance Ms Zainab Ahmed wrote to the chair of the board of the governor, so the Minister of Planning for Ivory Coast, and she clearly articulates what is clear and I don’t think it’s just a Nigerian position I think that is a position of anybody who understands the governance processes of institutions, Multilateral Development Banks. So I think Nigeria has taken the steps that it should take. I think even important is the collaborative nature in the way that African nation operate because I understand that these allegations were made in January. I think in early February the African Union, chaired by President Cyril Ramaphosa, still endorsed Dr Adesina for the elections. The 55 African countries all of them together. And these people will not endorse who they think is not of integrity, who they think have made riches.



So my message is that we need to allow Africa to turn this Covid-19 crises into an opportunity. There is a lot of work that need to be done. There’s a lot of issues to manage. And this is my message to you, to Nigeria, to Africans, to the non-Africans who have been extremely supportive of this institution including the United States which is the second largest shareholder of the African Development Bank.”

Arunma Oteh on Adesina’s probe & why COVID-19 represents an opportunity for Africa

“Stop this culture of frivolous allegations” former World Bank Treasurer Arunma Oteh defends African Development Bank President

By Uzoma Dozie, Chief Sparkler



Nigerians are some of the world’s most creative, energetic, and entrepreneurial people. We are rich with talent, enthusiasm, and passion.



Nigerians are a global force bursting with potential and an enviable track record of success. But in a more complex and fast-paced world than ever before, many of us struggle to find the time or have the ability to fulfil their potential.



Ultimately, this comes down to the lack of effective solutions in the market to support the lifestyle and finances of Nigerians and our businesses. For too long, we have been underserved by the traditional physical retail environment, which is limited by bricks and mortar infrastructure and legacy technology – the weaknesses of which have been laid bare by the Covid-19 global pandemic.



<h2 class="wp-block-heading">Unlocking Nigeria’s digital economy</h2>



While Nigerians are being underserved by current circumstances, there is also an exciting opportunity to start filling a gap in the market.



Nigeria’s digital economy is thriving, but it remains informal. Nigeria has a population of 198 million people – 172 million have a mobile phone and 112 million have internet access.



Many of us access social media platforms such as Facebook and Instagram through our phones and use them as valuable sales tools, especially female entrepreneurs. Data and digital applications have the potential to revolutionize the daily lives of millions of Nigerians.



Therefore, new digital-only solutions are required. These should not just focus on finances though – they have to be intrinsically linked with everyday lifestyles, rather than thinking about linear processes and transactional outcomes.



Let us take one example. Chatbots powered by artificial intelligence have long been used to provide financial advice. But these chatbots could do so much more and evolve to provide support for more sophisticated usage, such as a personal adviser or lifestyle concierge.



Furthermore, these solutions should not just support Nigerians at home, but the ever-growing diaspora across the world.



<h2 class="wp-block-heading">Introducing Sparkle</h2>



The opportunity to play an integral role in transforming Nigeria’s digital economy and lead the charge in growing the digital economy across Africa inspired the creation of Sparkle.



Sparkle was founded with five core values – freedom, trust, simplicity, inclusivity, and personalisation. We are adopting these values and embedding them in everything we do.



We will be leveraging technology and data to create and apply new digital-only solutions which bring more Nigerians into the formal economy thereby benefitting government, businesses, and individuals.



Starting with the launch of a current account, we will co-create with our customers and collaborate with our partners to improve our services and increase our user base. We embrace collaboration and we are working with some of the world’s biggest companies, including Google, Microsoft, Visa, and PwC Nigeria, to achieve our vision.



In addition, we want to create a more inclusive economy and break down barriers by accelerating the role and influence of female entrepreneurs, many of whom already operate in the informal economy with the help of Instagram and other social media apps.



At present, we are facing a global crisis in the shape of the COVID-19 pandemic. COVID-19 has shown us that we need a strong digital infrastructure to ensure the economy continues to function. It will likely completely change the way we operate and conduct business in the future.



COVID-19 has only reinforced our belief that new digital solutions like Sparkle are required now more than ever before to serve Nigerians, boost the formal economy, and unlock potential in the digital age.

Op-Ed: Supporting the ICT sector in Africa as a cure for the economic crisis

Op-Ed – Uzoma Dozie: How Nigerians can unlock their potential in the digital age

By Chris Bishop



Scores of countries across Europe celebrated VE – Victory in Europe day – today to mark the end of World War Two that saw the slaughter of tens of millions of people of all creeds and colours from the deserts of North Africa to the snows of Scandinavia.



This is a good time also for Africa to reflect on it sacrifice between 1939 and 1945 that also acted as a catalyst for change on the continent. One million people took up arms in Africa to fight the crushing power of Nazi Germany, Japan and Italy. South Africa recruited more than 300,000 men – around 70,000 of them black South Africans who fought, worked and died usually unsung. The rush to the colours was staggering in some African nations – Botswana, then called Bechuanaland, asked for a couple of thousand army volunteers from its far flung villages and saw 10,000 recruits in just over a month. When I wrote a story on those men, in 2000, most then in their late 70s, many had kept proudly their uniforms and war medals and could still salute smartly as any parade ground peacock.



Tens of thousands never came back. Many of the black riflemen who fought hand-to-hand with the enemy received little reward, maybe a new suit and a bicycle, and often died in poverty.



One such overlooked hero was Job Maseko from KwaThema, in Springs near Johannesburg. He was a delivery man in his home town and joined up in the then Native Military Corps. &nbsp;Following his basic training he was shipped to North Africa, in 1942, to face General Erwin Rommel’s tough Afrika Korps that had the allies on the run.



On June 21 1942 Rommel’s tanks swept into Tobruk capturing thousands of allied soldiers including more than 10,000 troops of the South African 2nd Infantry Division. Among the 30,000 prisoners was Lance Corporal Job Maseko.



Italian troops held the black South African soldiers under guard and by all accounts treated them poorly. This angered the feisty Lance Corporal Maseko who swore revenge against his enemy captors. They forced Maseko to work loading an Italian military supply ship. He took a milk tin and filled it with cordite and a fuse. With the help of his fellow prisoners he placed it among petrol drums deep down in the ship and blew it sky high – a big blow to the enemy war effort.



Generals recommended Maseko for a Victoria Cross – the highest award for gallantry in wartime regardless of rank – but the colour of his skin counted against him, in their eyes. Instead, they awarded him a lesser Military Medal.



“In carrying out this deliberately planned action, Job Maseko displayed ingenuity, determination and complete disregard of personal safety from punishment by the enemy or from the ensuing explosion which set the vessel alight,” said the medal citation.



When Lance Corporal Maseko came home there was little waiting for him and he died in poverty. In 1952, a train did what the Germans and Italians couldn’t – it hit Maseko and killed him.



Yet others who went to the war from Africa – from Johannesburg to Kenya to Nigeria – returned to fuel the fires of independence. They had seen how their white comrades-in-arms had bled and screamed for their mothers, too, as they died. It exploded many colonial myths of white supremacy and created a generation of battle hardened patriots ready to question and throw off the shackles of imperial rule.



VE Day is not only a time to reflect on the ending of a world war – it is also a time for Africa to reflect on the sacrifices of its great-grandfathers, who fought toe-to-foe with fascism; and also how it led to hard won freedoms at home.

Job_Masego00

Victory in Europe Day – Time for Africa to reflect on its blood and sweat sacrifice

&nbsp;By Peter Burdin



Fake news and scams have risen dramatically since the outbreak of the Coronavirus. As the number of Coronavirus deaths increases every day around the world – so has the number of conspiracy theorists and hoaxers seeking to use social media to exploit or profit from this terrible crisis.



Populations desperate for news and potential vaccines have clicked their way into a minefield of lies, false information and deliberately malicious posts designed to undermine society’s best efforts for whatever reason.



This deepening addiction to “hearsay” or “gists”, as Nigerians would say, has been mounting rapidly in Africa in recent years as the power of social media grows. And these weeks of lock down and national emergencies have created an eager audience keen to share the latest rumours.



In many ways we’re facing a fake news pandemic which festers alongside the global health pandemic and feeds off it.&nbsp; And it’s also costing thousands of lives.



Now so much fake news activity has switched onto WhatsApp it’s increasingly easy to share and difficult to track or pin down the source of this misinformation. To make matters worse, it is often deliberately undermining government actions for political gain, or for profit by spreading fear and trashing commercial rivals.



According to Kroll’s annual fraud report some 84% of businesses feel threatened by fake news about their products. It’s particularly worrying for African businesses where the practice of targeted misinformation designed to harm a company’s reputation has been more acutely weaponised than on any other continent.



In South Africa, fake news went viral that a company’s covid-19 testing swabs were infected and were being used to spread the virus. That was quickly debunked by the Eastern Cape Health Department but how much damage had already been done to that company’s reputation. And how many people will believe it and refuse to be tested in the future?



There are also widely-shared posts claiming that African people are being used as guinea pigs to test a new Coronavirus vaccine. Such claims are false – there is no vaccine for Covid-19 and only a few tests are taking place, and none of them in Africa.



The danger is sometimes people want to believe this kind of misinformation and it goes viral – and without proper counter measures the damage is lasting. Bad reputations are easy to get but hard to shake off – and in the corporate world that can be the difference between prospering and bankruptcy.



The global pandemic has presented opportunities for criminals. A group of scammers in Nigeria have tried to profit from the desperate shortage of protective face-masks. They’ve been exposed for trying to sell hundreds of thousands of them online – the only problem is they don’t actually have any masks, they only want to take your money and run. Apparently people have lost millions already to these online tricksters.



Corporate entities across the world are familiar with the impact of fake news, with many firms being damaged by misinformation.&nbsp; A prominent case in Nigeria was an attempt to hit the Nigerian Immigration Service and Contec Global, a multi-sector technology and sustainability firm which assists the Nigerian government to deliver its resident permits and process fees. Fake News was spread that the fees for the permits were to be increased without approval, almost certainly generated by individuals or companies who felt they would be disadvantaged by any increase.



Facebook has attempted to tackle such attacks by going local in their fact checking efforts. Their third party fact-checking program in partnership with Africa Check, an independent fact-checking organisation has expanded into Yoruba, Igbo and Hausa in Nigeria, Afrikaans, isiZulu, Setswana, Sotho, Northern Sotho and Southern Ndebele in South Africa, Swahili in Kenya and Wolof in Senegal. It is technology firms like Contec Global and Facebook that are well placed to provide successful solutions for turning the tide against this flood of fake news.



At this time of this global pandemic, it’s understandable that people are desperate for news, however, it’s important that people learn to distinguish between what is true and what is an attempt to deceive, frighten or profit from their anguish. Frankly it’s not always easy to tell the difference.



We need more honest journalism in Africa that audiences can trust to help create a healthier media environment and provide concrete tools to identify fakery and demand greater transparency.



We can all start by remembering the proverb: “If it sounds too good to be true – it probably is.” &nbsp;



Peter Burdin, is a former BBC Africa Bureau Chief

Clarification on COVID-19 “hotspots” as SA moves to level 3 lockdown

COVID-19: Opinion – Fear the fake news that spreads like wildfire and hurts us all

By Chris Bishop



The laboratory in the front line of fight against the deadly COVID-19 outbreak in Nigeria’s remote northern state of Kano has closed down because the disease has struck down a number of its workers.



Kano – the hometown of Nigerian billionaire Aliko Dangote – has seen a spike in mystery deaths in recent as Nigeria battles the pandemic with scant resources. Former Nigerian aviation minister Femi Fani-Kayode tweeted a claim that 150 people had died mysteriously in Kano recently; the official figures say Kano has only 59 cases of COVID-19, but the government health authorities say they will investigated the mystery death claim.



These concerns from Kano were raised with the World Health Organisation at its weekly webinar on Africa. Sani Aliyu, the coordinator for the Presidential Task Force (PTF) on COVID-19 in Abuja, said small teams were struggling, with little money, to test and track data.



“This week the laboratory in Kano was closed in an incident where one or two members acquired COVID-19. We had to disinfect the place and ensure that there are adequate controls for safety. It will take three or four days to reopen it,” says Aliyu &nbsp;



Whatever the outcome of the Kano investigation, officials in Nigeria are clear that the fight against COVID-19 is going to be a tough one.



Nigeria was the first African nation to report a case of COVID-19 and many in the country criticize the government for testing a mere 10,000 people out of a population of 200 million.”



“The truth is we have to work with what we have we did start from scratch the same as South Africa had. We have tested 5,000 people in the last week so we have increase the rate of testing incredibly. Once we have more equipment we will be able to do more tests across the country,” Chikwe Ihekweazu Director General for Nigeria Centre for Disease Control.



“People think of a dipstick test: Is it blue or red? But it is not, it is a very complicated level of extraction  and analysis that takes six to seven hours to complete. It is very complex I would rather go little bit slower and get it right than go at speed and make errors.”



WHO officials agree that more needs to be done to build up equipment and skills to fight the pandemic; when it broke out there were a mere 30 ventilators in Lagos – most at private hospitals – and 360 in the country. WHO officials said another 100 ventilators had been shipped into Nigeria over the last few weeks.



“Everything we do right now is, one, to help us solve the problem and, two, to make for a better tomorrow. We are building people, we are building institutions and we are building to last and we may not get a second chance to do this,” says Ihekweazu. Bold words, in the face of a brutal pandemic.

Mystery deaths as Nigeria tries to hold back an avalanche of COVID-19

By: <a href="https://www.cnbc.com/elliot-smith/">Elliot Smith</a>



 KEY POINTS



<ul><li>The Africa Centers for Disease Control and Prevention (Africa CDC) established the Africa Taskforce for Coronavirus (AFCOR) as early as February 5, before the continent had reported a single case.</li><li>South African President Cyril Ramaphosa on Monday announced the deployment of 10,000 field workers to conduct door-to-door screening and contact tracing.</li><li>The strength and speed of measures deployed by most African governments reflects concern about the potential damage the virus could inflict if allowed to proliferate in high-density urban areas.</li></ul>



As of Thursday morning, there were around 6,400 confirmed cases of the coronavirus in the whole of Africa, and governments across the continent are implementing robust measures in an effort to get out ahead of the pandemic.



However, experts are calling for a more coordinated continental response in order to avoid a profoundly damaging outbreak of the kind sweeping through Europe and the U.S. in recent weeks.



In cooperation with the African Union Commission (AUC) and the WHO, the Africa Centers for Disease Control and Prevention (Africa CDC) established the Africa Taskforce for Coronavirus (AFCOR) as early as February 5, before the continent had reported a single case.



The World Bank and the International Monetary Fund (IMF) have this week called for debt relief for IDA (International Development Association) countries, including 39 African nations, in order to enable them to focus on ”ﬁghting the pandemic and its economic and social consequences.”



<h2 class="wp-block-heading">National responses</h2>



On Monday, Nigeria, Africa’s largest economy, announced 14-day lockdowns of the states of Lagos, Abuja and Ogun and has deployed a 15 billion naira ($38.5 million) relief package to help mobilize public services to prevent the spread in areas with poor living conditions. As of Thursday morning, there were 174 confirmed cases in the country, according to data from Johns Hopkins University.



Ghana’s two most populous cities, Accra and Kumasi, also went into lockdown on Monday, while some form of restriction to movement or dusk-till-dawn curfew is in place in almost every country in the subcontinent. Ghana has confirmed 195 cases so far.



Just a day after recording its first three cases, Botswana announced a state of emergency and a lockdown of 28 days, starting at midnight on Thursday.



The small landlocked state of Lesotho, an enclave within South Africa, on Monday implemented a nationwide lockdown despite having zero reported cases so far. The only other states yet to confirm cases are South Sudan, Comoros, Malawi and Sao Tomé &amp; Principe, though experts have suggested that a lack of reporting capacity could be a factor here.



<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/106451925-1584626497734gettyimages-1207623109.jpeg?v=1584626617&amp;w=678&amp;h=381" alt="GP 200319: Commuters make their way into the Nairobi Train Station."/><figcaption> NAIROBI, KENYA &#8211; 2020/03/18: Commuters make their way into the Nairobi Train Station as a security personnel stands on guard while wearing a face mask as a preventive measure against COVID-19. Kenya has so far recorded seven case of Coronavirus.Dennis Sigwe/SOPA Images </figcaption></figure>



South Africa remains by far the hardest hit, reporting more than 1,300 cases. The country is already under a&nbsp;<a href="https://www.cnbc.com/2020/03/24/south-africa-deploys-police-and-army-for-3-week-coronavirus-lockdown.html">three-week nationwide lockdown</a>, but President Cyril Ramaphosa on Monday announced the deployment of 10,000 field workers to conduct door-to-door screening and contact tracing.



However, Burundi and Sierra Leone both announced their first cases on Tuesday but have yet to deploy strict lockdown measures. Although restrictions are in place to control an inflow of people and cargo into Burundi, sporting events have continued unabated in the tiny Central African state. Meanwhile Tanzanian President John Magufuli has come under fire for refusing to shut down places of worship.



In many cases, lockdowns are being enforced by armed police and military personnel, which has led to instances of police brutality. On Tuesday, a 13-year-old boy was reportedly shot and killed by Kenyan police in the Mathare area of Nairobi. Videos have circulated this week of abuses of civilians by the South African National Defence Force, and police in Uganda have been accused of using their new powers to target LGBTQ people.



<h2 class="wp-block-heading">Coordinated governance</h2>



The strength and speed of measures deployed by most African governments reflects concern about the potential damage the virus could inflict if allowed to proliferate in high-density urban areas.



While demography is on the side of the subcontinent, with a median age of less than 20 and only 3% of the population aged 65 and above, nearly 43.0% of Africa’s population live in densely-packed urban areas, including in mega cities such as Lagos, where resources are already scarce or overburdened, and social distancing is not as readily attainable.



WHO Director-General Tedros Adhanom Ghebreyesus cautioned on Tuesday that the “developing world” will likely be hit hardest by the pandemic unless it can successfully contain the spread early on.



“At this critical moment in history, broad agreement on debt relief will be key to allowing nations with fragile health systems &amp; economies to channel their resources into saving lives,” Ghebreyesus, who is from Ethiopia, said in a tweet.



Sub-Saharan Africa undoubtedly learned from the Ebola outbreak in 2014 and subsequently formed the Africa CDC, while many nations established National Public Health Institutes. However, the region averaged around 2.1 physicians per 10,000 people between 2010 and 2018, the lowest in the world by some distance, according to WHO data aggregated by the Mo Ibrahim Foundation (MIF).



The MIF on Tuesday launched a report calling for coordinated governance, improved health structures and better data across the African subcontinent to mitigate this crisis.



<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/106465856-1585511566900gettyimages-1208498757.jpeg?v=1585511618&amp;w=678&amp;h=381" alt="Coronavirus Emergency In Nigeria"/><figcaption> Commuters wearing a protective face masks walk on the street of Lagos, as a preventive measure against the spread of the new corona virus, COVIC-19, in Lagos, on March 26, 2020.NurPhoto </figcaption></figure>



“Sound and coordinated governance is needed across the continent,” the organization, founded by Sudanese-British businessman Mo Ibrahim, said in the research paper.



“Any pandemic requires by nature a general coordination of efforts across national and regional borders, and with multilateral actors and partners, even more so in a globalized world.”



But the report also addressed what the MIF termed the “elephant in the room” of a lack of data coverage across the continent.



“The lack of statistical capacity thus represents a major obstacle to obtaining quality health data in Africa, consequently making the production of evidence-based policy and responses to health challenges more difficult,” it said.

A security man administers sanitiser to a visitor to a state hospital in Lagos, on February 28, 2020. PIUS UTOMI EKPEI | AFP via Getty Images

Lockdowns, curfews and doorstep testing: Africa’s crackdown on the coronavirus

ABUJA (Reuters) &#8211; The Nigerian president’s chief of staff has tested positive for coronavirus, a source with direct knowledge said. 



The illness of Abba Kyari, who is in his 70s, brings the disease into the immediate circle of 77-year-old President Muhammadu Buhari. 



Kyari has a history of medical complications, including diabetes, and is the gatekeeper to the president. Many who wish to deal with Buhari must go through Kyari, including Nigeria’s top politicians and businessmen. 



He traveled to Germany in early March with a delegation of other Nigerian officials for meetings with Siemens AG. It is unclear if he self-isolated upon his return to Nigeria. 



A presidency spokesman did not comment on whether Buhari has been tested. The president himself has undisclosed medical ailments, and spent five months in London for treatments in 2017. 



(Reporting By Paul Carsten and Alexis Akwagyiram, writing by Libby George; Editing by Angus MacSwan)



This article was first published on Reuters Africa <a href="https://af.reuters.com/article/topNews/idAFKBN21B1H5-OZATP">https://af.reuters.com/article/topNews/idAFKBN21B1H5-OZATP</a> and is republished with its permission.

Nigerian president’s top aide tests positive for coronavirus – source

LAGOS (Reuters) &#8211; Nigeria confirmed its first fatality from coronavirus, the Nigeria Centre for Disease Control said in a tweet on Monday. 



The patient was a 67-year-old man who returned following a medical procedure in the United Kingdom with underlying medical conditions including multiple myeloma and diabetes and was undergoing chemotherapy, the NCDC said. 



(Reporting by Libby George; editing by Jason Neely)



This article was first published on Reuters Africa <a href="https://af.reuters.com/article/topNews/idAFKBN21A1KJ-OZATP">https://af.reuters.com/article/topNews/idAFKBN21A1KJ-OZATP</a> and is republished with its permission.

Nigeria confirms first fatality from coronavirus -NCDC

ABUJA (Reuters) &#8211; Nigeria is looking at reducing its budget by 1.5 trillion naira ($4.90 billion) as the global spread of the coronavirus takes a massive toll on Africa’s largest economy and one of the continent’s biggest oil producers, the finance minister said on Wednesday. 



Roughly 90% of the Nigerian government’s foreign exchange earnings come from sales of oil, prices of which have taken a beating amid lower Chinese demand and a price war between Saudi Arabia and Russia. 



Finance Minister Zainab Ahmed last week said the 2020 budget would have to be cut. The spending plan, which was calculated assuming crude production of 2.18 million barrels a day at a price of $57 per barrel, was passed in December. 



“We are working on a worst-case scenario of an oil benchmark of $30 per barrel and a production of 2.1 million (barrels a day),” Ahmed told reporters at a briefing after a regular Cabinet meeting. 



International benchmark Brent crude on Wednesday reached a 16-year low of about $25 a barrel, dragged down by concerns about the impact of the coronavirus on the global economy, a collapse in oil demand and a supply glut. [O/R] 



Nigeria is still struggling to shake off a 2016 recession, which was caused by the oil price collapse of late 2014, with economic growth currently at around 2%. 



The West African country, which has deep trade ties with China, has also felt the impact of the coronavirus due to disrupted supply chains. 



($1 = 306.0000 naira) 



(Reporting by Felix Onuah; Writing by Paul Carsten; Editing by Alexis Akwagyiram and Leslie Adler)



This article was first published on Reuters Africa <a href="https://af.reuters.com/article/investingNews/idAFKBN2160YK-OZABS">https://af.reuters.com/article/investingNews/idAFKBN2160YK-OZABS</a> and is republished with its permission.

Nigeria eyes $4.9 bln budget cut amid coronavirus

LAGOS (Reuters) &#8211; Annual inflation in Nigeria rose for the sixth straight month to a near two-year high, the statistics office said on Tuesday, as the impact of the country’s closed borders continued to be felt. 



Inflation stood at 12.20% in February, compared with 12.13% in the previous month. It is the highest inflation rate since April 2018, when it stood at 12.48%. 



A separate food price index showed inflation at 14.90% in February, compared with 14.85% in January. 



“This rise in the food index was caused by increases in prices of bread and cereals, fish, meat, vegetables, and oils and fats,” the National Bureau of Statistics said in its report. 



Nigeria closed parts of its borders in August to fight smuggling of rice and other goods. Economists say the move has driven inflation as local food producers have struggled to meet demand for food in the country of around 200 million people, Africa’s most populous. 



The central bank monetary policy committee will meet next week to set its benchmark interest rate. It had said it expected to keep monetary policy tight in 2020 to combat inflation and support the currency amidst slow growth of around 2%. 



But Nigeria, Africa’s biggest economy and top oil producer, has been hit hard by low oil prices and the impact of the coronavirus outbreak on China, with which it has close trade ties. 



(Reporting by Alexis Akwagyiram and Bangalore Newsroom; Editing by Catherine Evans)



This article was first published on Reuters Africa <a href="https://af.reuters.com/article/investingNews/idAFKBN21418M-OZABS">https://af.reuters.com/article/investingNews/idAFKBN21418M-OZABS</a> and is republished with its permission.

Nigerian annual inflation edges up to 12.20% in February

By <a href="https://theconversation.com/profiles/chikwe-ihekweazu-188468">Chikwe Ihekweazu</a>, <a href="https://theconversation.com/institutions/ucl-1885">UCL</a>

The number of reported cases and deaths of coronavirus <a href="https://theconversation.com/coronavirus-outbreak-whos-decision-to-not-declare-a-global-public-health-emergency-explained-130441">is doubling every couple of days</a>, and patients have now been reported from many Asian countries, as well as the Middle East, Europe, Australia and the US. The Conversation Africa asked Dr Chikwe Ihekweazu for a run down on what preparations have been put in place in Nigeria in the event of cases being detected in the country.

What measures need to be put in place to contain the virus?

The novel coronavirus is ‘new’ and we’re learning more about it nearly every day. The Nigeria Centre for Disease Control has established a ‘coronavirus preparedness group’ that includes representatives from Port Health Services of the Federal Ministry of Health and other stakeholders. It meets daily to review the situation globally, assess the risk of spread and improve on Nigeria’s level of preparedness based on new findings and insights. 

<hr>

 
 
 Read more:
 <a href="https://theconversation.com/what-the-latest-coronavirus-tells-us-about-emerging-new-infections-130623">What the latest coronavirus tells us about emerging new infections</a>
 
 

<hr>


At the points of entry, screening has been heightened, particularly for passengers coming from China. This includes temperature checks, specific questions on known symptoms of the novel coronavirus and travel history. 

We have also provided a public health advisory to Nigerians on what to do if they suspect that there is a case of coronavirus as well as how to protect themselves.

Over the last three years, we have focused on strengthening our emergency coordination, surveillance, public health laboratory and risk communications capacities. We continue to build on this to ensure that we are better prepared in the event of an outbreak. 

What systems, already in place to deal with Ebola, will come in handy? What more needs to be done?

One of the key lessons from our response to the Ebola outbreak was the need to build systems in ‘peace time’ that can be used during outbreaks. Over the last three years, we have strengthened capacity at our National Reference Laboratory to provide molecular diagnosis for all epidemic prone diseases and highly infectious pathogens such as the Ebola virus. 

For coronavirus, the capacity to test depends on laboratory equipment, primers specific for pathogens and technical expertise. At the moment, we are receiving advice from the WHO on gaining access to the primers to be used for this ‘new’ virus. Our National Reference Laboratory is the system in place for diagnosis of pathogens such as the coronavirus. 

We have also supported 22 states to establish emergency operations centres. These serve as coordination platforms and are networked to our national incident coordination centre. Each state is better prepared to coordinate within and across their borders in the event of an outbreak. 

We also used lessons from the Ebola outbreak to strengthen our risk communications capacity. We recognise the critical importance of ensuring members of the public are equipped with the right information. In the last week, Nigeria Centre for Disease Control has issued a public health advisory to Nigerians informing them of our preparedness and how to stay protected from coronavirus. 

In December 2019, we completed the training of rapid response teams in all states in Nigeria. All 36 states have a team ready to be deployed in the event of an outbreak. 

Overall, we continue to build strong systems that will enable the prevention, early detection and prompt response to infectious disease outbreaks. 

The Ebola outbreak prompted the governments of many African countries to invest in the establishment of National Public Health Institutes. In these countries including Nigeria, the capacity for outbreak response is better streamlined with a clear coordination platform. 

Large scale outbreaks require a high level of technical expertise, financial resources and other systems to quickly control. These institutes ensure that countries do not have to wait till there is another Ebola outbreak, before identifying resources for response. 

The Ebola outbreak taught us a lot of lessons, including the urgent need for overall health system strengthening. This has improved in many countries, but with a lot of room for improvement.<img loading="lazy" decoding="async" src="https://counter.theconversation.com/content/130704/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important" />

<a href="https://theconversation.com/profiles/chikwe-ihekweazu-188468">Chikwe Ihekweazu</a>, Senior Honorary Lecturer on Infectious Diseases, <a href="https://theconversation.com/institutions/ucl-1885">UCL</a>

This article is republished from <a href="http://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/steps-nigeria-is-taking-to-prepare-for-cases-of-coronavirus-130704">original article</a>.

Here are the steps Nigeria is taking to prepare for more cases of coronavirus

LAGOS (Reuters) &#8211; Nigerian President Muhammadu Buhari has signed into law a new bill that seeks to boost government revenue through a rise in the value-added tax rate while at the same time supporting small businesses in Africa’s biggest economy. 



Nigeria has been trying to boost tax income as part of efforts to diversify its economy to reduce dependence on sales of crude oil.



But raising more money from taxes has proved difficult in a country where most small businesses are not registered. The government has repeatedly said it wants to boost non-oil revenue since oil sales make up 90% of foreign-exchange receipts.



Under the finance bill signed into law on Monday, VAT rates will rise from 5% to 7.5%, which is still one of the lowest rates in the world.



The bill, passed by parliament last year together with the record 2020 budget of 10.59 trillion naira ($34.6 billion), aims to help lift Nigeria’s economy from low growth following a recession four years ago.



Under the new law, the government will introduce a graduated tax scale for small businesses, with firms that generate less than 25 million naira ($70,000) in annual turnover exempt from corporate tax.



Tax experts say the finance bill will seek to tax companies with digital activities that have significant presence in Nigeria and generate profits.



The government hopes the new bill will help to reform its domestic tax laws and provide incentives for investments in infrastructure and the capital markets while supporting small businesses.



Nigerian Stock Exchange chief Oscar Onyema said on Monday he expects the new bill and 2020 budget implementation to have a positive impact on corporate earnings and consumer spending.



So far, stocks are up 9.6% in the first seven days of trading in 2020, thanks to higher oil prices and gains in Nigeria’s second-biggest listed firm, MTN Nigeria.



($1 = 305.95 naira)



 



Reporting by Alexis Akwagyiram in Lagos; Writing by Chijioke Ohuocha; Editing by Matthew Lewis

Nigeria seeks to boost revenue, support small firms with new finance law, what you need to  know…

LAGOS (Reuters) &#8211; MTN Nigeria shares rose 10% on Monday to their highest in two weeks after the country’s attorney general withdrew a $2 billion tax demand against the South African telecoms firm.



The company and attorney general both said on Friday that Nigeria’s attorney general had withdrawn the tax case.



Reporting by Chijioke Ohuocha; Editing by Jan Harvey

MTN Nigeria shares up 10% after government withdraws $2 billion tax case

<ul><li>Saudi oil output edges lower</li><li>Nigeria cuts supply but still exceeds quota</li><li>Angolan output posts biggest rise after maintenance</li><li>Output by country, compliance:</li></ul>



By Alex Lawler



LONDON, Jan 6 (Reuters) &#8211; OPEC oil output fell in December as Nigeria and Iraq adhered more closely to pledged reductions and top exporter Saudi Arabia made further cuts ahead of a new production-limiting accord, a Reuters survey found.



On average, the 14-member Organization of the Petroleum Exporting Countries pumped 29.50 million barrels per day (bpd) last month, according to the survey. That is down 50,000 bpd from November&#8217;s revised figure.



Crude prices have rallied to above $70 a barrel in 2020, extending a 23% gain in 2019, supported by ongoing OPEC-led curbs and increased Middle East tensions after the killing of a top Iranian general. This has increased concern of conflict that could further cut supply.



&#8220;Looking ahead, geopolitical risks will remain front and centre of investor concerns,&#8221; said Stephen Brennock of oil broker PVM.



&#8220;A tense waiting game has begun to see if the fallout will lead to a disruption in regional oil supplies.&#8221;



OPEC, Russia and other allies, known as OPEC+, had an agreement to reduce supply by 1.2 million bpd in 2019. OPEC&#8217;s share of the cut was about 800,000 bpd, to be made by 11 members, with exemptions for Iran, Libya and Venezuela.



At meetings in December, OPEC+ agreed to make an additional cut of 500,000 bpd as of Jan. 1, 2020.



The 11 OPEC members bound by the agreement easily exceeded the pledged cuts, thanks in large part to Saudi Arabia and its Gulf allies cutting more than called for to support the market.



The December survey suggests Nigeria and Iraq, both laggards in making cuts in 2019, achieved some progress. Compliance rose to 158% in December, the survey found, from 153% in November.



NIGERIAN DROP



OPEC&#8217;s largest production drop of 80,000 bpd was in Nigeria, which exported less crude according to ship-tracking data and loading schedules.



Much of this decline came from reduced shipments of Bonga crude, which traders say has been undergoing maintenance.



OPEC&#8217;s two top producers, Saudi Arabia and Iraq, each reduced output by 50,000 bpd. This puts Saudi supply more than 500,000 bpd below its 2019 target. Iraq&#8217;s compliance, at 59%, is far lower than Saudi Arabia&#8217;s but is up from 23% in November.



The United Arab Emirates made a further voluntary curb in December, while Kuwaiti output was steady.



Among countries pumping more, the largest increase was in Angola, which boosted exports after maintenance affecting the Girassol crude stream had curbed supplies.



Venezuela, which is contending with U.S. sanctions imposed on state oil firm PDVSA and a long-term decline in output, managed a small boost to supply with exports increasing in December.



Production from the other two exempt producers Libya and Iran edged lower.



The Reuters survey aims to track supply to the market and is based on shipping data provided by external sources, Refinitiv Eikon flows data and information provided by sources at oil companies, OPEC and consultants.



(Additional reporting by Rania El Gamal; Editing by David Evans)

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