World Bank indicates funding support of about $160 billion
The World Bank has indicated its intent to release about $160 billion over the next 15 months. From this, an initial funding of $14 billion has been made available for International Development Association (IDA) countries, under its Fast Track Covid 19 Facility. Nigeria falls under the IDA countries and is therefore eligible for the first round of funding. This means its recent $2.5 billion loan request would be released in phases if approved.
Crude oil prices drop again
The price of Nigeria's benchmark crude, Bonny Light, has fallen to $12 per barrel. Earlier this month, OPEC+ agreed to production cuts of 9.7 million barrels per day despite the loss of roughly 30 million barrels per day in global oil demand due to lockdowns in many countries. Hence, the supply glut persisted. The price of $12 per barrel is worrisome for Nigerian oil producers as the cost of oil production in Nigeria is $22 per barrel.
Covid-19 solidifies Netflix’s global dominance
Analysts expect Netflix to announce 7.8 million new subscribers on Tuesday, amid COVID-19 impacts. This is higher than Netflix’s 7 million forecast for Q1. Already, Netflix’s stock rose by 3.2% last week, bringing its market valuation to $187bn, one billion higher than its media counterpart, Disney. Nigerians are set to enjoy the company’s competitive edge with Nigerian movie releases promised during this period, including Niyi Akinmolayan’s “The Set-up” for April 22.