COVID-19: Nigeria Crosses 100 a Day Mark with 117 Fresh Cases Nigerian universities working hard on vaccine, says FG Martins Ifijeh, Olawale Ajimotokan in Abuja and Francis Sardauna in Katsina Researchers in federal government universities are working very hard to
find a vaccine and cure for COVID-19, the Minister of State for Education, Mr. Chukwuemeka Nwajiuba, has said on Arise TV, the broadcast arm of THISDAY Newspapers, dousing tension
over the increasing numbers of the pandemic, which crossed 100-mark a day with the fresh 117 cases recorded yesterday. Nigeria now has 782 confirmed cases with 197 patients discharged and 25
dead. The government’s confidence-building statement came against the background of a cheering news from the United Kingdom that clinical trial of a vaccine on infected patients
would begin tomorrow in London. Nigeria Centre for Disease Control (NCDC) in its daily briefing yesterday put the fresh cases at 117 across eight states with 59 of them recorded in
Lagos, Federal Capital Territory (FCT 29, Kano 14, Borno six, Katsina four, Ogun three, Rivers one and Bauchi one. As the tally increased daily, Continued on page 9
Buhari Writes Muhammad on Speedy Trials, Prison Decongestion... Page 5 Wednesday 22 April, 2020 Vol 25. No 9144. Price: N250
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How Nigeria Can Leverage on Negative Oil Prices Ijeoma Nwogwugwu
N E W S A N A LY S I S
With the price of a barrel of West Texas Intermediate (WTI), the benchmark for US crude oil, sinking into negative territory on Monday for May
deliveries, and the price of Brent Crude – the benchmark used by Europe and the rest of the world – down by 25% to $19 yesterday, it was not just
oil producers and traders that were racing to rein in their losses. Governments of oil producers like Nigeria, whose economies were already reeling from the headwinds brought on by COVID-19 must have
been wondering what they would have to do to shore up their revenues from alternative sources. Since 2016, markets have had to deal with a supply imbalance, even as OPEC
introduced a declaration of cooperation with the alliance partners but the scenario today is beyond what OPEC’s market share can handle. In the US, traders stuck with oil future contracts were offering
high discounts to offload the contracts as storage capacity filled up resulting in negative prices for future contracts. The COVID-19 pandemic has not Continued on page 9
With Tumbling Oil Price, Nigeria May Turn Inwards for Market Opens opportunities for local refineries, industries Fuels need to stop Nigeria’s crude exports Analysts ask policymakers to target non-oil revenue Ejiofor Alike and Obinna Chima The slump in crude oil prices in the global market has fuelled the need for Nigeria to stop crude oil exports and feed local refineries to boost the exports of refined products and supplies of fuel to industries, THISDAY has learnt. Following the dwindling oil revenue, analysts have also urged policymakers to target taxes and other non-oil revenues. Crude oil prices plunged again yesterday as oil market panic extended into a second day with no end in sight to a swelling global crude glut as the COVID-19 pandemic has obliterated demand for fuel. Facing a dearth of storage space and a dramatic 30 per cent plunge in worldwide fuel
demand, producers have kept selling oil aggressively. The price of United States’ West Texas Intermediate (WTI) on Monday crashed to negative, implying that US oil producers were paying the buyers to take the products off their hands over fears that the storage capacity for the crude could run out in May. The price drop was its worst since the New York Mercantile Exchange (NYMEX) opened oil futures trading in 1983. With supply looking like it will far exceed demand for weeks, Reuters reported last night that Brent futures for June delivery yesterday fell $6.24, or 24 per cent, to settle at $19.33 a barrel, while WTI crude for June, the front-month contract as of Wednesday, fell $8.86, or 43 per cent, to $11.57. Continued on page 5
Akinjide, Anumudu Pass On... Page 8
HEARTY... Kaduna State Governor, Malam Nasir el-Rufai, in self-isolation in a wing of the Government House, Kaduna, where doctors from the state Ministry of Health are treating him for COVID-19...yesterday