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.
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.
Please take a moment to tell us what you think about Stears Business. This survey takes less than 4 minutes.
Read our latest articles here and here. And subscribe to our weekly newsletter.
