COVID-19 update: Local transmission on the rise in Lagos, 238 infections nation-wide
Community spread of COVID-19 is increasing in Lagos. The number of people that are contracting the disease but have no travel history has risen to 45% at the end of week 5 compared to 18% at the end of week 4.
A two-week FG-enforced Lagos lockdown is on its eight day (since the curfew came into effect just before mid-night on Monday last week). News reports show compliance has so far varied across the metropolis which accounts for slightly more-than-half Nigeria’s COVID-19 cases.
On a national front, six new cases of the COVID-19 were reported in on Monday following the confirmation of 2 infections in Kwara, 2 in Edo, 1 in Rivers and 1 in the FCT.
As at 09:30 pm 6th April there are 238 confirmed cases of COVID-19 reported in Nigeria. Thirty-five have been discharged with five deaths.
Raed also: Nigeria plans $6.9bn war chest to fight Covid-19 as FAAC allocations slump
Fitch sees single-digit for crude oil possible if OPEC+ talks fail again
Crude oil could sell for at least $9 in the coming days should Russia again refuse proposed production cuts when oil producers meet Thursday according to a recent report by Fitch stating Brent could hit “new single lows.”
A previous disagreement between OPEC+ members over production cuts to balance the market led to historic declines in crude oil price in a market already beset by low demand.
Such an outcome would be very inimical to the Nigerian economy said Adedeji Adeniran of the Centre for the Study of Economies of Africa (CSEA).
At single digit, Nigeria would be unable to produce because its unit cost of production would be higher.
It costs Nigeria about $30 for deep-water production of a barrel of crude while it costs between $17-$20 per barrel for offshore production.
At single digit, Nigeria’s $30 per barrel new budget benchmark would become at least 70% overly optimistic with dire consequences for realization of revenue projection and budget implementation.
Nigeria, Angola could lose $65bn as 20m jobs at risk in Africa, says AU
Nigeria and Angola, sub-Saharan Africa’s biggest oil producer, could lose as much as $65bn in come due to the fallout of the coronavirus pandemic that now puts around 20 million jobs on the continent at risk.
An Africa Union (AU) study estimates that African oil exporters are expected to see their budget deficit double this year while their economies shrink 3 percent on the average.
“Nearly 20 million jobs both in the formal and the informal sectors are threatened with destruction on the continent of the situation continues,” the report stated.
5G radiation not different from previous Generation Mobile Networks, says NCC
Nigerian Communication Commission (NCC) has said the radiation from 5G is the same as that of 2G, 3G, and 4G that are already in commercial use.
According to NCC, the new generation of mobile network belongs to the same class of non-ionising radiation stating that there is no correlation between the technology and the COVID-19.
NCC said although 5G has not commercially launched in Nigeria, there are radiation emission limits set by the International Commission for Non-ionising Radiation Protection (ICNIRP) below which the radiation is considered safe for humans and that NCC has been regularly conducting measurements of radiation emission from base stations across the country and they are well below the set limits.
In a press statement, the regulator debunked claims in viral videos suggesting the coronavirus pandemic had any link to 5G, while NCC said video showing people laying fibre wires is only due to the need for more data and telecommunication services.
FG in talks with Innoson, others over ventilator manufacturing
The Federal Government has confirmed that it is in discussion with Innoson and two other automotive firms who had expressed desire to manufacture the much-needed ventilators to fight the coronavirus pandemic.
Niyi Adebayo, minister of industry, trade and investment, who disclosed this to journalists in Abuja on Monday, said Innoson had specifically sent in a proposal seeking government’s support to manufacture ventilator and expressed Federal Government’s willingness to effect the partnership.
Adebayo also noted that the Federal Government, in partnership with the Manufacturers Association of Nigeria, is ramping up local manufacturing of food and pharmaceuticals needed to curb coronavirus, saying the manufacturers are efficiently closing the gap of what is required.
“As you know, world over the coronavirus pandemic has exposed the world to health and economic crisis and countries are shutting down their borders. We’ve thrown that challenge to our manufacturers and they are responding accordingly,” Adebayo said.
