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Nigeria’s Vice President Yemi Osinbajo says prompt pre-emptive measures need to be taken otherwise Nigeria&#8217;s unemployment rate could rise to about 33.6 per cent, by the end of the year. Osinbajo made this statement while presenting a post-COVID-19 Economic Sustainability Plan to President Muhammadu Buhari. Wilson Erumebor, Senior Economist at the Nigerian Economic Summit Group joins CNBC Africa for more.

How Nigeria plans to tackle unemployment during the COVID-19 crisis

ABIDJAN (Reuters) &#8211; The <a href="https://www.cnbcafrica.com/west-africa/2020/06/03/nigerias-president-backs-embattled-african-development-bank-chief/">African Development Bank’s (AfDB)</a> board on Thursday said it stood by an internal investigation that had cleared its president of improper conduct, but it would carry out an independent review of the report in the interest of due process.



AfDB President Akinwumi Adesina has been accused of abuse of office by a whistleblower at the bank, including favouritism in hiring. He has denied the allegations and a report by the bank’s ethics board cleared him of wrongdoing.



The United States, AfDB’s second-largest shareholder, has demanded a new independent probe into the allegations, rejecting the bank’s investigation over reservations about the integrity of the bank’s process. Meanwhile, top shareholder <a href="https://www.cnbcafrica.com/videos/2020/06/04/understanding-nigerias-debt-strategy-4/">Nigeria</a> has voiced its support for Adesina.



In a statement, AfDB’s board of governors said it believed the bank’s ethics committee, which produced the report, had carried out its role correctly. But the board has nevertheless agreed to authorise a review.



“The independent review shall be conducted by a neutral high caliber individual with unquestionable experience, high international reputation and integrity,” it said.



On Tuesday, Nigerian President Muhammadu Buhari gave his backing to Adesina in his bid for a second term as AfDB president despite the allegations.



Adesina later this year plans to pursue a second term as the head of the multilateral lender, which is headquartered in Ivory Coast’s commercial capital Abidjan.



The board said the review of the investigation would take no more than four weeks and not interfere with the bank’s electoral calendar.



The bank’s whistle-blowing and complaints handling policy will also be reviewed at a later date to ensure it is being properly implemented, it said.



(Reporting by Bate Felix; Additional reporting by Ange Aboa; Writing by Alessandra Prentice; Editing by Sam Holmes)



This article was first published on Reuters <a href="https://www.reuters.com/article/us-africa-bank-idUSKBN23B3HG">https://www.reuters.com/article/us-africa-bank-idUSKBN23B3HG</a> and is republished with its permission.



For more coverage on COVID-19 visit: <a href="https://www.cnbcafrica.com/covid-19/">https://www.cnbcafrica.com/covid-19/</a>

AfDB board stands by embattled President Adesina

African Development Bank board stands by embattled President Adesina

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”

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May 29th marked five years since President Muhammadu Buhari took over leadership in Nigeria. One year into his second tenure as president, Vincent Nwani, a Business and Investment Consultant joins CNBC Africa for an economic scorecard of Buhari’s lead administration.

Grading Buhari’s economic performance over the past 5 years

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Nigeria’s President Muhammadu Buhari is seeking the House of Representatives approval for fresh external borrowings of about $5.513 billion. Amid current local and global economic realities, can Nigeria bear more debts? Winston Osuchukwu, Co-founder of Trans-Sahara Incorporated joins CNBC Africa for more.

Buhari seeks Senate’s approval for fresh loans

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With a further revised 2020 budget and crude oil benchmark, how is Nigeria bracing up to the challenge of the Covid-19 pandemic? Tilewa Adebajo, CEO of CFG Advisory joins CNBC Africa for the discussion ahead of president Buhari&#8217;s address to the nation today.

How Nigeria’s economy is bracing up to the COVID-19 shock

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President Muhammadu Buhari has directed the Presidential Task Force on COVID-19 to procure and validate Madagascar’s touted herbal cure for coronavirus as the number of cases in Nigeria reaches 4,641. Kayode Akindele, Partner at TIA Capital joins CNBC Africa for more.

TIA Capital on Nigeria’s COVID-19 strategy & implication for economy

Nigeria’s President Muhammadu Buhari on Monday evening announced the gradual phasing out of the country&#8217;s lockdown in Ogun States, Lagos and Abuja from the 4th May.



Below is his full statement&#8230;



ADDRESS BY H.E. MUHAMMADU BUHARI,



PRESIDENT OF THE FEDERAL REPUBLIC OF NIGERIA ON THE CUMULATIVE LOCKDOWN ORDER OF LAGOS AND OGUN STATES AS WELL AS THE FEDERAL CAPITAL TERRITORY ON COVID- 19 PANDEMIC AT THE STATE HOUSE, ABUJA MONDAY, 27th APRIL, 2020



1.            Fellow Nigerians



2. I will start by commending you all for the resilience and patriotism that you have shown in our collective fight against the biggest health challenge of our generation.



3. As at yesterday, 26th April 2020, some 3 million confirmed cases of COVID-19 have been recorded globally with about 900,000 recoveries. Unfortunately, some 200,000 people have passed away as a result of this pandemic.



4. The health systems and economies of many nations continue to struggle as a result of the coronavirus pandemic.



5. Nigeria continues to adapt to these new global realities on a daily basis. Today, I will present the facts as they are and explain our plans for the coming months fully aware that some key variables and assumptions may change in the coming days or weeks.



6. Exactly two weeks ago, there were 323 confirmed cases in 20 States and the Federal Capital Territory.



7. As at this morning, Nigeria had recorded 1,273 cases across 32 States and the FCT. Unfortunately, this includes 40 deaths.



8. I am using this opportunity to express our deepest condolences to the families of all Nigerians that have lost their loved ones as a result of the COVID-19 pandemic. This is our collective loss and we share your grief.



9. Initial models predicted that Nigeria will record an estimated 2,000 confirmed cases in the first month after the index case.



10. This means that despite the increase in the number of confirmed cases recorded in the past two weeks, the measures we have put in place thus far have yielded positive outcomes against the projections.



11. The proportion of cases imported from other countries has reduced to only 19% of new cases, showing that our border closures yielded positive results. These are mostly fellow Nigerians returning through our land borders. We will continue to enforce land border arrival protocols as part of the containment strategy.



12. Today, the Nigeria Centre for Disease Control (NCDC) has accredited 15 laboratories across the country with an aggregate capacity to undertake 2,500 tests per day across the country.



13. Based on your feedback, Lagos State Government and the FCT with support from NCDC have established several sample collection centers. They are also reviewing their laboratory testing strategy to further increase the number of tests they can perform including the accreditation of selected private laboratories that meet the accreditation criteria.



14. Several new fully equipped treatment and isolation centres have been operationalised across the country thereby increasing bed capacity to about three thousand.



15. I commend the State Governors for the activation of State-level Emergency Operation Centres, establishment of new treatment centres and the delivery of aggressive risk communication strategies.



16. Over 10,000 healthcare workers have been trained. For their protection, additional personal protective equipment have been distributed to all the states.



17. Although we have experienced logistical challenges, we remain committed to establishing a solid supply chain process to ensure these heroic professionals can work safely and are properly equipped.



18. In keeping with our Government’s promise to improve the welfare of healthcare workers, we have signed a memorandum of understanding on the provision of hazard allowances and other incentives with key health sector professional associations.



19. We have also procured insurance cover for 5,000 frontline health workers. At this point, I must commend the insurance sector for their support in achieving this within a short period of time.



20. Nigeria has also continued to receive support from the international community, multilateral agencies, the private sector and public-spirited individuals. This support has ensured that critical lifesaving equipment and materials, which have become scarce globally, are available for Nigeria through original equipment manufacturers and government-to-government processes.



21. The distribution and expansion of palliatives which I directed in my earlier broadcast is still ongoing in a transparent manner. I am mindful of the seeming frustration being faced by expectant citizens. I urge all potential beneficiaries to exercise patience as we continue to finetune our logistical and distribution processes working with the State Governments.



22. Our Security Agencies continue to rise to the challenge posed by this unusual situation. While we feel deeply concerned about isolated security incidents, I want to assure all Nigerians that your safety and security remain our primary concern especially in these difficult and uncertain times. 23. As we focus on protecting lives and properties, we will not tolerate any human rights abuse by our security agencies. The few reported incidences are regrettable, and I want to assure you that the culprits will be brought to justice.



24. I urge all Nigerians to continue to cooperate and show understanding whenever they encounter security agents. Furthermore, for their protection, I have instructed that the personnel of all the security agencies be provided with the necessary personal protective equipment against infection.



25. As we continue to streamline our response in the centers of Lagos and the FCT, I am gravely concerned about the unfortunate developments in Kano in recent days. Although an in-depth investigation is still ongoing, we have decided to deploy additional Federal Government manpower, material and technical resources to strengthen and support the State Government’s efforts, with immediate effect.



26. In Kano, and indeed many other States that are recording new cases, preliminary findings show that such cases are mostly from interstate travel and emerging community transmission.



27. Drawing from these, I implore all Nigerians to continue to adhere strictly to the advisories published by the Presidential Task Force and the Nigeria Centre for Disease Control.



28. These include regular hand washing, physical distancing, wearing of face masks/coverings in public, avoidance of non-essential movement and travels and avoidance of large gatherings.



29. Fellow Nigerians, for the past four weeks, most parts of our country have been under either Federal Government or State Government lockdown. As I mentioned earlier, these steps were necessary and overall, have contributed to slowing down the spread of COVID-19 in our country.



30. However, such lockdowns have also come at a very heavy economic cost. Many of our citizens have lost their means of livelihood. Many businesses have shut down. No country can afford the full impact of a sustained lockdown while awaiting the development of vaccines.



31. In my last address, I mentioned that Federal Government will develop strategies and policies that will protect lives while preserving livelihoods.



32. In these two weeks, the Federal and State Governments have jointly and collaboratively worked hard on how to balance the need to protect health while also preserving livelihoods, leveraging global best practices while keeping in mind our peculiar circumstances.



33. We assessed how our factories, markets, traders and transporters can continue to function while at the same time adhering to NCDC guidelines on hygiene and social distancing.



34. We assessed how our children can continue to learn without compromising their health.



35. We reviewed how our farmers can safely plant and harvest in this rainy season to ensure our food security is not compromised. Furthermore, we also discussed how to safely transport food items from rural production areas to industrial processing zones and ultimately, to the key consumption centers.



36. Our goal was to develop implementable policies that will ensure our economy continues to function while still maintaining our aggressive response to the COVID-19 pandemic. These same difficult decisions are being faced by leaders around the world.



37. Based on the above and in line with the recommendations of the Presidential Task Force on COVID-19, the various Federal Government committees that have reviewed socio-economic matters and the Nigeria Governors Forum, I have approved a phased and gradual easing of lockdown measures in FCT, Lagos and Ogun States effective from Monday, 4th May, 2020.



38. However, this will be followed strictly with aggressive reinforcement of testing and contact tracing measures while allowing the restoration of some economic and business activities in certain sectors.



39. Furthermore, new nationwide measures are to be introduced as follows; a. There will be an overnight curfew from 8pm to 6am. This means all movements will be prohibited during this period except for essential services; b. There will be a ban on non-essential inter-state passenger travel until further notice; c. Partial and controlled interstate movement of goods and services will be allowed for the movement of goods and services from producers to consumers; and d. We will strictly ensure the mandatory use of face masks or coverings in public in addition to maintaining physical distancing and personal hygiene. Furthermore, the restrictions on social and religious gatherings shall remain in place. State Governments, corporate organisations and philanthropists are encouraged to support the production of cloth masks for citizens.



40. For the avoidance of doubt, the lockdown in the FCT, Lagos and Ogun States shall remain in place until these new ones come into effect on Monday, 4th May 2020.



41. The Presidential Task Force shall provide sector specific details to allow for preparations by Governments, businesses and institutions. 42. In respect to the above guidelines, State Governors may choose to adapt and expand based on their unique circumstances provided they maintain alignment with the guidelines issued above. 43. To support our businesses and traders, the monetary and fiscal authorities shall deploy all the necessary provisions needed for production to continue and thus, jobs restored.



44. These revised guidelines will not apply to Kano State.



45. With regards to Kano, I have directed the enforcement of a total lockdown for a period of two weeks effective immediately. The Federal Government shall deploy all the necessary human, material and technical resources to support the State in controlling and containing the pandemic and preventing the risk of further spread to neighboring States.



46. I wish to once again commend the frontline workers across the country who, on a daily basis, risk everything to ensure we win this fight. For those who got infected in the line of duty, rest assured that Government will do all it takes to support you and your families during this exceedingly difficult period. I will also take this opportunity to assure you all that your safety, wellbeing and welfare remain paramount to our Government.



47. I will also recognise the support we have received from our traditional rulers, the Christian Association of Nigeria, the Nigerian Supreme Council for Islamic Affairs and other prominent religious and community leaders. Your cooperation and support have significantly contributed to the successes we have recorded to date.



48. I will urge you all to please continue to create awareness on the seriousness of the coronavirus among your worshippers and communities while appealing that they strictly comply with public health advisories.



49. I also thank the Nigeria Governors’ Forum and the Presidential Task Force for all their hard work to date. Through this collaboration, I remain confident that success is achievable.



50. I also wish to thank corporate organisations, philanthropists, the UN system, the European Union, friendly nations, the media and other partners that have taken up the responsibility of supporting our response.



51. And finally, I will thank all Nigerians again for your patience and cooperation during this difficult and challenging period. I assure you that government shall continue to take all necessary measures to protect the lives and livelihoods of our citizens and residents.



52. I thank you for listening and may God bless the Federal Republic of Nigeria

Central Bank of Nigeria cuts benchmark lending rate to 12.5%

Nigeria to phase out lockdown in Abuja, Lagos & Ogun States, these are the details

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The 14-day lock-down of businesses in Lagos, Abuja and Ogun states, announced by President Muhammadu Buhari will begin tonight at 11 pm. This is less than 48 hours to the planned hike in electricity tariffs announced earlier in the year, which kicks in on the 1st of April? Should the tariff hike still hold bearing in mind recent development around the COVID-19 outbreak and lockdown? Sam Amadi, Former Director General of the Nigeria Electricity Regulatory Commission joins CNBC Africa for more.

Sam Amadi on Nigeria’s planned electricity tariff hike & COVID-19 impact

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President Muhammadu Buhari says he has directed the Minister of Industry, Trade and Investment to work with the Manufacturers Association of Nigeria to ensure that all production of essential items such as food, medical and pharmaceutical products continues unhindered. Mansur Ahmed, President of the Manufacturers Association of Nigeria joins CNBC Africa for more.

The impact of COVID-19 on Nigeria’s business community

READ: <a href="https://www.cnbcafrica.com/article/2020/03/21/covid-19-rwanda-on-lockdown/">COVID-19: Rwanda on lockdown </a>



READ: <a href="https://www.cnbcafrica.com/news/2020/03/23/breaking-nationwide-lockdown-announced-in-south-africa/">Nationwide lockdown announced in South Africa </a>



ADDRESS BY H.E. MUHAMMADU BUHARI, PRESIDENT OF THE FEDERAL REPUBLIC OF NIGERIA ON THE COVID- 19 PANDEMIC SUNDAY 29TH MARCH, 2020



Fellow Nigerians,



2. From the first signs that Coronavirus, or COVID-19 was
turning into an epidemic and was officially declared a world-wide emergency,
the Federal Government started planning preventive, containment and curative
measures in the event the disease hits Nigeria.



3. The whole instruments of government are now mobilized
to confront what has now become both a health emergency and an economic crisis.



4. Nigeria, unfortunately, confirmed its first case on
27th February 2020. Since then, we have seen the number of confirmed cases rise
slowly.



5. By the morning of March 29th, 2020, the total
confirmed cases within Nigeria had risen to ninety-seven.



6. Regrettably, we also had our first fatality, a former
employee of PPMC, who died on 23rd March 2020. Our thoughts and prayers are
with his family in this very difficult time. We also pray for quick recovery
for those infected and undergoing treatment.



7. As of today, COVID-19 has no cure. Scientists around
the world are working very hard to develop a vaccine.



8. We are in touch with these institutions as they work
towards a solution that will be certified by international and local medical
authorities within the shortest possible time.



9. For now, the best and most efficient way to avoid
getting infected is through regular hygienic and sanitary practices as well as
social distancing. 



10. As individuals, we remain the greatest weapon to
fight this pandemic. By washing our hands regularly with clean water and soap,
disinfecting frequently used surfaces and areas, coughing into a tissue or
elbow and strictly adhering to infection prevention control measures in health
facilities, we can contain this virus.



11. Since the outbreak was reported in China, our
Government has been monitoring the situation closely and studying the various
responses adopted by other countries.



12. Indeed, the Director General of the Nigeria Centre
for Disease Control (NCDC) was one of ten global health leaders invited by the
World Health Organisation to visit China and understudy their response
approach. I am personally very proud of Dr Ihekweazu for doing this on behalf
of all Nigerians.&nbsp; 



13. Since his return, the NCDC has been implementing
numerous strategies and programs in Nigeria to ensure that the adverse impact
of this virus on our country is minimized. We ask all Nigerians to support the
work the Federal Ministry of Health and NCDC are doing, led by the Presidential
Task Force.



14. Although we have adopted strategies used globally,
our implementation programs have been tailored to reflect our local realities.



15. In Nigeria, we are taking a two step approach.



16. First, to protect the lives of our fellow Nigerians
and residents living here and second, to preserve the livelihoods of workers
and business owners to ensure their families get through this very difficult
time in dignity and with hope and peace of mind.



17. To date, we have introduced healthcare measures,
border security, fiscal and monetary policies in our response. We shall
continue to do so as the situation unfolds.&nbsp;




18. Some of these measures will surely cause major
inconveniences to many citizens. But these are sacrifices we should all be
willing and ready to make for the greater good of our country.



19. In Nigeria’s fight against COVID-19, there is no such
thing as an overreaction or an under reaction. It is all about the right
reaction by the right agencies and trained experts.



20. Accordingly, as a Government, we will continue to
rely on guidance of our medical professionals and experts at the Ministry of
Health, NCDC and other relevant agencies through this difficult time.



21. I therefore urge all citizens to adhere to their
guidelines as they are released from time to time.&nbsp; 



22. As we are all aware, Lagos and Abuja have the
majority of confirmed cases in Nigeria. Our focus therefore remains to urgently
and drastically contain these cases, and to support other states and regions in
the best way we can.



23. This is why we provided an initial intervention of
fifteen billion Naira (N15b) to support the national response as we fight to
contain and control the spread.



24. We also created a Presidential Task Force (PTF) to
develop a workable National Response Strategy that is being reviewed on a daily
basis as the requirements change. This strategy takes international best
practices but adopts them to suit our unique local circumstances. 



25. Our goal is to ensure all States have the right
support and manpower to respond immediately.



26. So far, in Lagos and Abuja, we have recruited
hundreds of adhoc staff to man our call centers and support our tracing and
testing efforts.



27. I also requested, through the Nigeria Governors
Forum, for all State Governments to nominate Doctors and Nurses who will be
trained by the NCDC and Lagos State Government on tactical and operational
response to the virus in case it spreads to other states.



28. This training will also include medical
representatives from our armed forces, paramilitary and security and
intelligence agencies.&nbsp; 



29. As a nation, our response must be guided, systematic
and professional. There is a need for consistency across the nation. All
inconsistencies in policy guidelines between Federal and State agencies will be
eliminated.



30. As I mentioned earlier, as at this morning we had
ninety-seven confirmed cases. Majority of these are in Lagos and Abuja. All the
confirmed cases are getting the necessary medical care.



31. Our agencies are currently working hard to identify
cases and people these patients have been in contact with.



32. The few confirmed cases outside Lagos and Abuja are
linked to persons who have travelled from these centres.



33. We are therefore working to ensure such inter state
and intercity movements are restricted to prevent further spread.



34. Based on the advice of the Federal Ministry of Health
and the NCDC, I am directing the cessation of all movements in Lagos and the
FCT for an initial period of 14 days with effect from 11pm on Monday, 30th
March 2020. This restriction will also apply to Ogun State due to its close
proximity to Lagos and the high traffic between the two States.



35. All citizens in these areas are to stay in their
homes. Travel to or from other states should be postponed. All businesses and
offices within these locations should be fully closed during this period.



36. The Governors of Lagos and Ogun States as well as the
Minister of the FCT have been notified. Furthermore, heads of security and
intelligence agencies have also been briefed.



37. We will use this containment period to identify,
trace and isolate all individuals that have come into contact with confirmed
cases. We will ensure the treatment of confirmed cases while restricting
further spread to other States.



38. This order does not apply to hospitals and all
related medical establishments as well as organizations in health care related
manufacturing and distribution.&nbsp; 



39. Furthermore, commercial establishments such as; a.
food processing, distribution and retail companies; b. petroleum distribution
and retail entities, c. power generation, transmission and distribution
companies; and d. private security companies are also exempted.



40. Although these establishments are exempted, access
will be restricted and monitored.



41. Workers in telecommunication companies, broadcasters,
print and electronic media staff who can prove they are unable to work from
home are also exempted.



42. All seaports in Lagos shall remain operational in
accordance with the guidelines I issued earlier. Vehicles and drivers conveying
essential cargoes from these Ports to other parts of the country will be
screened thoroughly before departure by the Ports Health Authority.



43. Furthermore, all vehicles conveying food and other
essential humanitarian items into these locations from other parts of the
country will also be screened thoroughly before they are allowed to enter these
restricted areas.



44. Accordingly, the Hon. Minister of Health is hereby
directed to redeploy all Port Health Authority employees previously stationed
in the Lagos and Abuja Airports to key roads that serve as entry and exit
points to these restricted zones.



45. Movements of all passenger aircraft, both commercial
and private jets, are hereby suspended. Special permits will be issued on a
needs basis.



46. We are fully aware that such measures will cause much
hardship and inconvenience to many citizens. But this is a matter of life and
death, if we look at the dreadful daily toll of deaths in Italy, France and
Spain.



47. However, we must all see this as our national and
patriotic duty to control and contain the spread of this virus. I will
therefore ask all of us affected by this order to put aside our personal
comfort to safeguard ourselves and fellow human beings. This common enemy can
only be controlled if we all come together and obey scientific and medical
advice.



48. As we remain ready to enforce these measures, we
should see this as our individual contribution in the war against COVID-19.
Many other countries have taken far stricter measures in a bid to control the
spread of the virus with positive results.



49. For residents of satellite and commuter towns and
communities around Lagos and Abuja whose livelihoods will surely be affected by
some of these restrictive measures, we shall deploy relief materials to ease
their pains in the coming weeks.&nbsp; 



50. Furthermore, although schools are closed, I have
instructed the Ministry of Humanitarian Affairs, Disaster Management and Social
Development to work with State Governments in developing a strategy on how to
sustain the school feeding program during this period without compromising our
social distancing policies. The Minister will be contacting the affected States
and agree on detailed next steps.



51. Furthermore, I have directed that a three month repayment moratorium for all TraderMoni, MarketMoni and FarmerMoni loans be implemented with immediate effect.



 For more coverage on COVID-19 visit: <a href="https://www.cnbcafrica.com/covid-19/">https://www.cnbcafrica.com/covid-19/</a> 



52. I have also directed that a similar moratorium be
given to all Federal Government funded loans issued by the Bank of Industry,
Bank of Agriculture and the Nigeria Export Import Bank.



53. For on-lending facilities using capital from
international and multilateral development partners, I have directed our
development financial institutions to engage these development partners and
negotiate concessions to ease the pains of the borrowers.



54. For the most vulnerable in our society, I have
directed that the conditional cash transfers for the next two months be paid
immediately. Our Internally displaced persons will also receive two months of
food rations in the coming weeks.



55. We also call on all Nigerians to take personal
responsibility to support those who are vulnerable within their communities,
helping them with whatever they may need.



56. As we all pray for the best possible outcome, we
shall continue planning for all eventualities.



57. This is why I directed that all Federal Government
Stadia, Pilgrims camps and other facilities be converted to isolation centers
and makeshift hospitals.



58. My fellow Nigerians, as a Government, we will avail
all necessary resources to support the response and recovery. We remain
committed to do whatever it takes to confront COVID-19 in our country. 



59. We are very grateful to see the emerging support of
the private sector and individuals to the response as well as our development
partners.



60. At this point, I will ask that all contributions and
donations be coordinated and centralized to ensure efficient and impactful
spending. The Presidential Task Force remains the central coordinating body on
the COVID-19 response.



61. I want to assure you all that Government Ministries,
Departments and Agencies with a role to play in the outbreak response are
working hard to bring this virus under control.



62. Every nation in the world is challenged at this time.
But we have seen countries where citizens have come together to reduce the
spread of the virus.



63. I will therefore implore you again to strictly comply
with the guidelines issued and also do your bit to support Government and the
most vulnerable in your communities.



64. I will take this opportunity to thank all our public
health workforce, health care workers, port health authorities and other
essential staff on the frontlines of the response for their dedication and
commitment. You are true heroes.



65. I thank you all for listening. May God continue to
bless and protect us all.



President Muhammadu Buhari

COVID-19: Lagos, FCT & Ogun State to go into lockdown

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

Key Points



<ul class="wp-block-list"><li>The International Monetary Fund (IMF) on Thursday said it will be working closely with the Nigerian authorities in the coming days to assess any vulnerabilities which may be exposed by the sharp decline in crude prices.</li></ul>



<ul class="wp-block-list"><li>Nigerian dollar bonds sank to record lows stocks on Thursday hit a new four-year low, as fears grow over the devaluation of the naira currency.</li></ul>



With oil prices plunging amid concerns over a <a href="https://www.cnbc.com/2020/03/12/oil-the-losers-of-the-price-war-between-saudi-arabia-and-russia.html">price war between Russia and Saudi Arabia</a>, and the coronavirus outbreak obliterating stock markets, Africa’s largest economy is in a precarious position.



The International Monetary Fund (IMF) on Thursday said it will be working closely with the Nigerian authorities in the coming days to assess any vulnerabilities which may be exposed by the sharp decline in crude prices, as Nigerian and Angolan dollar bonds sank to record lows.



Nigerian stocks on Thursday headed for their fifth straight day of losses to a new four-year low, and a fall in <a href="https://www.cnbc.com/quotes/?symbol=@LCO.2">oil prices</a> to just over $30 per barrel, rising external debt and a depreciating currency pose a threat to economic stability in the country of more than 190 million people. Nigeria is Africa’s largest economy in terms of GDP (gross domestic product).



While markedly lower oil prices will undoubtedly have broad adverse consequences for the Nigerian economy, the country is not quite as dependent on oil exports as the likes of Angola, which analysts expect to suffer a substantial blow this year.



<h2 class="wp-block-heading">Currency concerns</h2>



However, a prime concern for economists is Nigeria’s managed naira exchange rate, since even prior to the fallout from OPEC’s failure to reach an agreement with Russia on oil production cuts, the country’s foreign exchange reserves were in steady decline.



After the official exchange rate was devalued in 2016, foreign exchange reserves were approaching $25 billion, and the move failed to stop the slide of the parallel market exchange rate, which meant the Central Bank of Nigeria (CBN) was forced to act again the following year when the Nafex (Nigerian Autonomous Foreign Exchange Rate) was implemented. Reserves held just below $30 billion during this period.



“Extrapolating the trajectory observed thus far this year (the foreign exchange buffer shrunk by $2.3 billion during the first two months of 2020) suggests reserves could fall below the $30 billion mark by Q3 (the third quarter) and end the year just above $25 billion,” NKC African Economics Chief West Africa Economist Cobus de Hart said in a note earlier this week.



Capital Economics Senior Emerging Markets Economist John Ashbourne on Wednesday echoed this projection, suggesting that reserves will soon fall below the $30 billion mark, which Nigerian policymakers had identified as a key benchmark.



Ashbourne predicted that the naira will end the year down 8% to 400 NGN against the U.S. dollar. He added that in Nigeria’s case, a weaker currency will not provide a boost to competitiveness, since the country does not have significant non-oil exports or the “domestic manufacturing base needed to substitute for imported goods.”



Reuters reported Thursday afternoon that the naira was being quoted at 370 to the dollar on the over-the-counter spot market.



<h2 class="wp-block-heading">‘Severe adverse consequences’</h2>



Parliament recently green lighted President Muhammadu Buhari’s request for $22.7 billion in foreign borrowing, but while external debt accumulation would usually be expected to support reserves, de Hart suggested that the sharp fall in global oil prices could potentially “more than offset” the boost.



“Firstly, should Brent crude oil prices average roughly $40pb (per barrel) for the remainder of the year, it would reduce Nigeria’s goods export receipts by roughly $14 billion (as opposed to our February baseline for oil prices to average $62.4 billion in 2020) — this may also be a conservative estimate, as it does not take into account any adverse impact on non-oil exports,” he said in the note Monday.



What’s more, Nigeria may have difficulty accumulating external debt following the fall in oil prices and its impact on the macroeconomic outlook, while the jittery investment environment raises the risk of a capital flight, de Hart highlighted.



Having previously backed the authorities to ride out the storm and maintain its foreign exchange rate at current levels in the immediate future, NKC analysts now believe that the naira’s prospects have “deteriorated markedly” and remains set for a “sharp fall” this year if current conditions persist.



The CBN will again be faced with the choice of whether to let the Nafex buckle or continue to artificially prop it up.



“We believe the CBN will continue to provide support in the near term, with a more drastic adjustment more likely in Q3,” de Hart projected.



“If the Nafex is not permitted to buckle, then the black-market rate should, and this might hold more severe adverse consequences for an economy that is now facing a gloomier outlook on multiple fronts.”



This article was first published on CNBC <a href="https://www.cnbc.com/2020/03/13/africas-largest-economy-braces-for-big-hit-as-oil-prices-plummet.html">https://www.cnbc.com/2020/03/13/africas-largest-economy-braces-for-big-hit-as-oil-prices-plummet.html</a> and is republished with its permission.

Africa’s largest economy braces for big hit as oil prices plummet

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Nigeria has rolled out a new visa policy, which President Muhammadu Buhari says will improve the business environment, attract foreign investment and boost tourism without compromising national security. James Sunday, the Deputy Comptroller of Immigration and Public Relations Officer of the Nigeria Immigration Service joins CNBC Africa to breakdown the features of the new policy.

Nigeria seeks to attract foreign investment

Nigeria seeks to attract foreign investment, boost tourism with new Visa policy

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In his New Year speech, Nigeria’s President, Muhammadu Buhari stated that the revolution in the agricultural sector is already a reality in all corners of the country adding that new agreements with Russia and Morocco will fasten transformation in farming. So what areas should Nigeria prioritise to ensure food security this year? Kola Masha, Managing Director at Babban Gona joins CNBC Africa for more.

This is what Nigeria must prioritise in order to grow its agricultural sector in 2020

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Nigeria’s President, Muhammadu Buhari has signed the country’s record N10.59 tn 2020 budget. Bismarck Rewane, CEO of Financial Derivatives joins CNBC Africa to explore funding options for the budget and recap the highlights of Nigeria’s economy in 2019.

Financial Derivatives CEO Rewane on Nigeria’s 2020 budget & its impact on the economy

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Nigeria&#8217;s Senate President told journalists in Abuja that the Senate will approve President Muhammadu Buhari&#8217;s $29.9 billion loan request. Meanwhile, Nigeria&#8217;s President is expected to sign the 2020 appropriation bill into law. This comes as Nigeria&#8217;s Statistics Office records another uptick in headline inflation for the month of November. Taiwo Oyedele, Partner and West Africa Tax Leader at PwC Nigeria joins CNBC Africa for a recap of Nigeria&#8217;s revenue drive this year.

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Muhammadu Buhari

How Nigeria plans to tackle unemployment during the COVID-19 crisis

African Development Bank board stands by embattled President Adesina

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Grading Buhari’s economic performance over the past 5 years

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COVID-19: Lagos, FCT & Ogun State to go into lockdown

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

Africa’s largest economy braces for big hit as oil prices plummet

Nigeria seeks to attract foreign investment, boost tourism with new Visa policy

This is what Nigeria must prioritise in order to grow its agricultural sector in 2020

Financial Derivatives CEO Rewane on Nigeria’s 2020 budget & its impact on the economy

Senate to approve Buhari’s $29.9bn loan request: What impact will this have on Nigeria’s economy?

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