Coca-Cola's sales drop by 25%
Coca-Cola’s sales dropped by 25% in April, due to impacts from the coronavirus shutdown. Sales had been growing at around 3% until the end of February. Now, sales volumes have declined in away-from-home channels like cinemas, restaurants, bars, and stadiums, where half of its sales come from. This shows that even companies which are usually less vulnerable to recessions are feeling the heat of global lockdowns.
March inflation at 12.26%
Nigeria’s inflation rate rose to 12.26% in March, up 0.06 percentage points from February. The highest price rises were in food items like cereal and tubers, air travel and pharmaceutical products. This shows that the impacts of the COVID-19 lockdown and the exchange rate depreciation are yet to be reflected in the inflation rate. Worryingly, food inflation remained high at almost 15%, meaning the poor are most impacted by price rises.
Nigeria reaches peak energy generation
Nigeria has recorded its highest ever daily energy generation output - 111,591MWH. This came after a resolution by stakeholders to ensure adequate gas supply is provided to the thermal power plants. Despite this recent success, supply of gas could be curtailed if Nigerian oil producers are forced to halt production due to low global demand for crude.