FINANCE - 08 JUN 2020

Daily Briefing: AfDB approves $288.5 million loan to Nigeria

Daily Briefing: AfDB approves $288.5 million loan to Nigeria
Akinwumi Adesina, AFDB President and Muhammadu Buhari, Nigeria's President. Source: AFDB Group via Flickr
 
Economy

AfDB approves $288.5million loan to Nigeria

The Africa Development Bank Group has approved a loan of $288.5 million to Nigeria, under its $10 billion Covid-19 Response Facility. The loan is the bank’s initial response to Nigeria’s request for $1 billion in the fight against Covid-19. It is also in line with the new AfDB five-year (2020-2024) strategy for Nigeria. 

 
Energy

OPEC opts to extend production cuts

The Organisation of Petroleum Exporting Countries (OPEC) has agreed to extend its oil production cuts of 9.7 million barrels per day (10% of global output) till the end of July. OPEC had initially planned to ease the cuts to 7.7 million bpd at the end of this month. Nigeria, which currently has the worst compliance rate, at 34% of cuts, has agreed to compensate for its overproduction in the coming three months.

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Retail

PricePally marks a 213% increase in paying users

PricePally, an online grocery store for bulk purchases, launched in November 2019, recorded a 213% increase in its paying users since lockdown measures began. The platform grew from 320 users before the virus hit to more than a thousand today. The growth is part of a trend in the grocery industry where customers have gone online for household items as a result of movements restrictions. 

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