FINANCE - 19 MAY 2020

DB: Oil price; Uber's lay-offs; Lagos businesses

DB: Oil price; Uber's lay-offs; Lagos businesses
Daily Briefing via Stears



Crude oil price hits 2-month high


The price of Nigerian benchmark crude, Bonny Light, traded at a 2-month high price of $30 per barrel on Monday. This price increase comes amid production cuts from oil producers and signs of increased demand for oil as countries ease lockdown restrictions. Bonny Light crude is trading above the FG budgeted benchmark oil price of $25 per barrel.



Uber cuts 3000 more jobs


Uber is laying off 3,000 of its global workforce, after cutting 3,700 on May 6th, reducing Uber’s employees to 20,000. Although its food business, Uber Eats, grew 50% year-over-year due to a rise in home deliveries, the main global profit generator, Uber Rides is down by 80%. To manage the pandemic, Uber launched an in-app face mask detection technology yesterday, which will ensure that both riders and drivers are properly equipped.  


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Lagos businesses lose about ₦2.7billion in revenue


According to a survey of 153 businesses by the Lagos Chamber of Commerce and Industry, an estimated ₦2.7 billion in revenue was lost during the 5 weeks of lockdown in Lagos. Majority of the businesses (64%) earn about ₦500,000 daily and 81% claimed to have been severely affected by the lockdown. 72% of the businesses are in the services sector while 18% and 10% are in the industrial and agricultural sectors respectively.



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