On The Low
disbursing $268 million in funding to support agricultural entrepreneurs and young technology innovators.
Corona is Not Just A School in Lagos
Nigeria reported its first case of the coronavirus this week, as confirmed by the Federal Ministry of Health
, marking the first time the virus has been confirmed in sub-Saharan Africa. The coronavirus spread to Nigeria as an Italian citizen returned to Nigeria from Milan, Italy. He is currently being held at the Infectious Disease Hospital in Yaba, Lagos. The Nigeria Centre for Disease Control (NCDC
) has activated its Emergency Operations Centre and is working with Lagos State Health authorities to prevent the spread of the virus. They have begun identifying people who have come in contact with the patient and have issued guidelines to the population - these can be found here
There is also a designated helpline for the coronavirus: You can call either 0802 316 9485, 0805 281 7243, or 0803 356 5529.
Additionally, the Federal Competition and Consumer Protection Commission (FCCPC
) has recently clamped down on price gouging by sellers of face masks, latex gloves, and hand sanitisers. Price gouging
is where a seller raises “the price of goods, services, or commodities to an unreasonable or unfair level…often [in response to]…a sudden increase of demand and shortage of goods.” The prices of these items, which could prevent the spread of the coronavirus were recently increased to an extortionate level
. As a result, it is encouraging to see the FCCPC step in to defend consumers
Even Dangote is Hurting
Dangote Cement said on Wednesday it planned to start exports from its Congo Republic plants
to neighbouring states after its Nigerian exports fell 41% in 2019 when Nigeria’s government closed its borders.
Separately, the company indicated that it will be initiating a share buyback program subject to regulatory approval, and that its dual-listing/IPO on the London Stock Exchange is still under review.
Japan comes to Lagos
Japanese firms are seeking to invest in the Lagos Free Zone
) located at Ijebu-Lekki, one of the fastest-growing Local Government Areas. Some of these firms include: vehicle manufacturers, medical equipment manufacturers, food manufacturers, home appliances manufacturers, overseas traders, and Government agencies. The LFZ is predicted to contribute approximately 3% to the national GDP by 2025 by attracting billions of dollars in foreign direct investments to Nigeria.
Our verdict: More of the same!