FINANCE - 20 MAY 2020

DB: Electricity demand; Dellyman's growth; Nigeria vs P&ID

DB: Electricity demand; Dellyman's growth; Nigeria vs P&ID
Daily Briefing via Stears

 

Energy
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Lockdown reduces electricity demand by 20% per month
 

The International Energy Agency (IEA), has reported that lockdowns have cut electricity demand by an average of 20% per month. Demand in residential areas increased, but it has been outweighed by reduced demand for electricity by commercial and industrial operators. In April, Nigerian electricity distribution companies (Discos) expressed that the lockdown almost halted demand for electricity in recreational, religious and industrial clusters within Nigeria.

 


Retail

Dellyman grows customers by 91% January-April 2020
 

Dellyman, Nigeria’s first marketplace for logistics companies, established last year, disclosed its active customers grew by 91%, from 830 in January to 1586 in April —an average monthly growth of 145%. Dellyman launched with an aggressive strategy to reach 50,000 deliveries per day, and the lockdown is accelerating its growth. The company also reported that revenue grew by 20 times in the same period, and aims to reach 5,000 orders this month.

 

Macroeconomy
 

Nigeria given access to documents in P&ID case
 

Nigeria has been granted permission to access hedge fund documents in the arbitration suit against P&ID, an engineering and project management company. Nigeria had been instructed to pay $9.8billion (interest inclusive) against P&ID in 2017 for failure to meet its obligations on a 20-year gas processing project. However, Nigeria claimed that P&ID destroyed documents which prove that the contract was a sham.

 

 

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