FINANCE - 18 JUN 2020

Daily Briefing: New electricity tariffs to take effect from July

Daily Briefing: New electricity tariffs to take effect from July
Daily Briefing via Stears
Power

New electricity tariffs to take effect from July

The Minister of Power, Sale Mamman, has stated that the planned upward review of electricity tariffs will take effect from July. The tariff review was expected to take effect in April, but the impacts of the coronavirus caused a postponement of what will be Nigeria’s first tariff hike in five years. Players in the electricity sector have long complained that current tariffs rates are too low for them to fund their operations effectively.

 

Health

Nigeria signs Healthcare MOU with North Korea

North Korea has signed a Memorandum of Understanding (MoU) with the Federal Ministry of Health for collaboration on primary healthcare and public health. The agreement would involve Nigeria leveraging Korea's knowledge on infection, prevention and control of diseases. North Korea was allegedly able to flatten the curve for COVID-19 and currently has no new cases. However, given their precedence of not reporting accurate facts, their pandemic numbers are questionable.

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Retail

Visa launches campaign to support small businesses

Visa, a digital payment provider, launched its “Where You Shop Matters” initiative encouraging consumers to support small retail businesses in Nigeria. Visa also launched a report showing a shift towards e-commerce. 71% of consumers said the pandemic led to their first-ever online grocery purchase. In Nigeria, small businesses account for 84% of jobs compared to 60% in South Africa. For the last five years, they have contributed to around half of Nigeria's GDP.

 

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