TUESDAY 7TH APRIL 2020

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Pandemic: AU Report Predicts $65bn Revenue Loss for Nigeria, Angola Ejiofor Alike with agency reports Sub-Saharan Africa’s biggest oil producers, Nigeria and Angola, alone could lose $65 billion in income this year due to the impact of the COVID-19 pandemic,

according an African Union (AU) study. The study noted that African oil exporters are expected to see their budget deficits double this year while their economies shrink three per cent on average. About 20 million jobs

are also at risk in Africa as the continent’s economies are projected to shrink this year due to the impact of the pandemic, according to the study. Reuters reported that African economies are already facing an impending global economic

downturn, plummeting oil and commodity prices and an imploding tourism sector. Before the outbreak of the pandemic, continent-wide gross domestic product (GDP) growth had been projected by the African Development Bank to reach 3.4 per cent this year.

However, in both scenarios modelled by the AU study and entitled “Impact of the Coronavirus on the Africa Economy” - GDP will now shrink. Under what the AU researchers deemed their realistic scenario, Africa’s

economy will shrink 0.8 per cent, while the pessimistic scenario said there would be a 1.1 per cent dip. Up to 15 per cent for foreign direct investment could disappear. Continued on page 10

Adesina: AfDB Whistleblowers’ Allegation of Misconduct Spurious... Page 6 Tuesday 7 April, 2020 Vol 25. No 9129. Price: N250

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Nigeria Seeks $7bn from IMF, Others to Reflate Economy To augment June FAAC with $150m from NSIA Ndubuisi Francis in Abuja Nigeria is seeking about $7.050 billion, an equivalent of N2.679 trillion, from multilateral

financial institutions and the Nigeria Sovereign Investment Authority (NSIA) to mitigate the impact of COVID-19 on the economy.

A breakdown indicates that $3.4 billion is being sourced from the International Monetary Fund (IMF), $2.5 billion from the World Bank

and $1 billion from the African Development Bank (AfDB) as well as $150 million to be drawn from NSIA, bringing the total to $7.050 billion or

N2.679 trillion at an exchange rate of N380/$. The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, who

briefed journalists in Abuja yesterday on measures being taken in response to the Continued on page 11

COVID-19: Private Sector Relief Fund Hits N21.588bn as FG Lists Chinese Doctors’ Role Says foreign physicians not to practise but install equipment, train Nigerian personnel Unfolds guidelines on use of face masks Cases move to 238 Lagos discharges two more patients Survivor narrates experience British Prime Minister Boris Jonson moves to intensive care unit Olawale Ajimotokan, Onyebuchi Ezigbo, Udora Orizu in Abuja, Obinna Chima, Martins Ifijeh, Funmi Ogundare in Lagos and Hammed Shittu in Ilorin The private sector relief fund, championed by the Central Bank of Nigeria (CBN) to raise funds to combat COVID-19 has rallied to N21.58 billion. According to a CBN update yesterday on the private sector Coalition Against COVID-19 (CACOVID) Relief Fund, domiciled with the apex bank, the cash, which totalled N19.488 billion as at last Friday, rose to N21.588 billion following fresh donations from some individuals and organisations. The federal government also yesterday shed more light on

the mission of Chinese doctors to Nigeria, which has been buffeted by criticisms from some organisations and individuals. The Secretary to the Government of the Federation, Mr. Boss Mustapha, who doubles as the chairman of the Presidential Task Force on COVID-19, told reporters in Abuja that contrary to misconception, the Chinese doctors are not coming to Nigeria to treat COVID-19 patients. Rather, they would superintend over the installation of medical equipment to facilitate the treatment of COVID-19 patients and the training of personnel to handle the Continued on page 10

UK Joins US to Block Bagudu's Claim on Abacha Loot... Page 8

REFLATING THE ECONOMY... Minister of Finance, Mrs. Zainab Ahmed, addressing the press on the federal government's plan to cushion the impact of COVID-19 on nation's economy in Abuja...yesterday


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TUESDAY 7TH APRIL 2020 by THISDAY Newspapers Ltd - Issuu