WB predicts the worst recession since WWII
The World Bank predicts that the global economy will shrink by 5.4% this year - the deepest recession since the Second World War in 1945. The Nigerian economy is also expected to shrink by 3.2%, the largest contraction in almost forty years. This is due to a projected contraction of 10.6% in the oil sector and a 2.1% in the non-oil sector.
NERC increases meter prices
The Nigerian Electricity Regulatory Commission (NERC) has increased the price of electricity meters by 21% to ₦44,986 and ₦82,855 for single-phase and three-phase meters, respectively. The increase was due to the rise in the price of foreign exchange for importers of meters and meter components. The most recent NERC report revealed that there were roughly 6.5 million electricity consumers who are yet to be metered.
BUA Cement Plc announces 25% revenue increase in Q1 2020
BUA Cement Plc, Nigeria’s second-largest cement company, announced a 16% increase in profit before tax in the first quarter of the year. Profits rose from ₦17 billion in Q1 2019 to ₦20 billion, while revenue increased to ₦54 billion from ₦43 billion. The strong performance, despite the COVID-19 pandemic, was due to an increase in production capacity and its growing distribution network across markets.
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