Global economic growth ‘could stall’ as coronavirus spreads to 64 countries
The Organisation for Economic Cooperation and Development (OECD) says coronavirus outbreak is capable of affecting global economic growth in 2020.
In its interim outlook published on Monday, the Paris-based group said a “longer lasting and more intensive coronavirus outbreak” could slash growth to 1.5 per cent during the year.
It also forecast global growth of 2.4% in 2020, down from the 2.9% it was towards the end of 2019.
Since its outbreak in December, the novel coronavirus has killed more than 3,000 people with 88,000 persons infected, the vast majority in mainland China.
It has also spread rapidly across all the continents except Antarctica, so far hitting about 64 countries as of Monday, with Senegal, Tunisia and Portugal among those with newest cases.
OECD said there is the need for governments to “act immediately to limit the spread of the coronavirus, protect people and businesses from its effects and shore up demand in the economy.”
“Even in the best-case scenario of limited outbreaks in countries outside China, a sharp slowdown in world growth is expected in the first half of 2020 as supply chains and commodities are hit, tourism drops and confidence falters,” the group said.
Borrowing costs to rise as S&P downgrades Nigeria
International credit rating agency, Standard & Poor’s (S&P), has downgraded Nigeria’s outlook for 2020 due to declining foreign exchange reserves. The downgrade could dampen investors’ appetite towards Nigeria’s Eurobond issuance and increase borrowing costs, analysts say.
S&P revised the outlook on Nigeria to negative from stable while at the same time affirming its ‘B/B’ for Nigeria’s long- and short-term sovereign credit ratings.
The New York-based rating agency also lowered its long and short national scale rating for Nigeria to ‘ngA-/ngA-2’ from ‘ngA/ngA-1’.
Long-term and short-term sovereign credit ratings of ‘B/B’ mean Nigeria remains in the non-investment or speculative-grade as an obligor that currently can meet its financial commitments but could face difficulty in doing so in the face of adverse business, financial, or economic conditions.
A Nigeria national scale ratings of ‘ngA-/ngA-2’ means the lowest risk business in the country is susceptible to adverse economic conditions although its capacity to meet its financial commitment on the obligation is satisfactory.
Kaduna DisCo threatens to disconnect customers who reject prepaid meters
The Kaduna Electricity distribution company says it will disconnect the electricity supply of customers who reject the installation of prepaid meters in their premises.
In a statement signed by Abdulazeez Abdullahi, its head of corporate communication, the DisCo said the cap on estimated billing by the Nigerian Electricity Regulatory Commission (NERC) is to accelerate metering of residential and commercial customers.
The regulator had issued a directive reducing estimated billing for unmetered customers on single and three-phase (R2 and C1) tariff class in the 11 DisCos depending on the area until a prepaid meter is installed.
“Yes! The Nigerian Electricity Regulatory Commission (NERC) has put a cap on billing by estimation. But guess what? NERC also said all customers must allow their premises to be metered or else they will be disconnected,” the company said.
UCH running on 75 generators, says CMD
The University College Hospital, Ibadan is currently running on a total of 75 generators to carry out its wide range of medical services.
The Chief Medical Director, UCH, Prof. Jesse Abiodun Otegbayo, made this disclosure on Monday during an event to mark his first anniversary in office.
The CMD, who said power supply was the greatest challenge confronting the medical institution, said the efficiency of the hospital in the area of medical research, training and treatment were challenged by erratic supply.
Otegbayo said, “I would say that the three major challenges we are facing at UCH currently are power, power and light.
“It may interest you to note that we have almost 75 generators in different locations within the premises.
Supreme Court hears Ihedioha’s judgment review application, to rule today
The Supreme Court in Abuja has heard the application for review of its January 14, 2020 judgment which removed Emeka Ihedioha as Imo State Governor and declared Hope Uzodinma as the valid winner of the last governorship election in the state.
A seven-man panel of the apex court led by the Chief Justice of Nigeria, Justice Tanko Muhammad, said the court’s ruling on the application filed by Ihedioha would be delivered at 3pm on Tuesday.
The CJN led the panel when the court in its judgment delivered on January 14, 2020, sacked Ihedioha of the Peoples Democratic Party as the governor and declared Uzodinma of the All Progressives Congress as the true winner of March 9, 2020 governorship election in Imo State.
