FINANCE - 29 MAY 2020

DB: NCAA guidelines; MPR reduction; Siemens contract

DB: NCAA guidelines; MPR reduction; Siemens contract
Daily Briefing via Stears

 

Travel

NCAA sets guidelines for international flights 

The Nigeria Civil Aviation Authority (NCAA) released a public health protocol as it prepares to reopen airports for international flights. It noted that flight crew will not be quarantined but will undergo compulsory tests every 14 days at the airline’s cost. Only prepackaged meals will be served in-flight, crew members are required to wear PPEs and passengers must wear masks. The government suspended international flights on March 23rd; a reopening date is yet to be announced.

 

Economy

MPR reduced to 12.5%

The Monetary Policy Committee, in its May meeting, reduced the Monetary Policy Rate to 12.5% from 13.5%. Prior to this reduction, the MPR was retained at 13.5% for the last 14 months. The move was aimed at stimulating growth in critical sectors like manufacturing and trade. The CBN hopes the rate cut will reduce the cost of credit and foster investment in the economy so as to prevent a looming recession.

 

Energy

MDAs ordered to finalize Siemens power contracts

President Buhari has ordered government agencies, including the Ministries of Finance, Budget and National Planning, Power and the Bureau of Public Enterprises to finalise arrangements with German power company, Siemens AG. The initiative will look to upgrade Nigeria’s power generation from 5 Gigawatts (GW) to 25 GW by 2023. This order comes one week after the Senate asked the Federal Government to revert the privatisation of Nigeria’s electricity sector.

 

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