Traffic in Lagos state – Lagosians are wailing!
When a circular came out on closing one side of the Bonny Camp bridge for 2 months, there was more panic as Lagosians said only two words “Oh My”. This is because Lagosians have been groaning over the massive build-up of traffic and hike in transportation costs within the city. The circular is coming after the State government banned the movement of tricycles and motorcycles in the city. This is also coupled with the construction of major highways and roads like the Lagos-Ibadan expressway and Ikorodu road.
COVID-19 in Nigeria – Needed as much as a bullet in the head
The Giant of Africa has recorded its first case of the COVID-19 epidemic, in Lagos state precisely. Lagos is the commercial nerve centre and the most densely populated city in Nigeria. The State and the Federal governments have joined forces with NGOs and efforts are well underway to curb the spread of the virus. However, in the event of an outbreak, it could degenerate into a crisis as it remains unclear if the healthcare facilities available in Lagos and beyond are capable of combating an epidemic. This could trigger a lull in economic activity and a decline in productivity.
Oil prices plunge and recovering slowly: Nigeria’s fiscal position at risk
Brent prices have dipped to approximately $50pb and the COVID-19 epidemic is solely to blame. To offset the devastating effect of the virus, OPEC is meeting to deliberate on further output cuts. This could mean lower oil production for Nigeria, lower oil receipts and further depletion of external reserves (currently close to $35bn). These, coupled with the rising inflation trend are likely to be front burner issues at the upcoming Monetary Policy Committee meeting on March 23/24.
In this edition of the FDC Bi-Monthly publication, the FDC Think-Tank analyzes these issues and their implications on businesses and the economy at large.
Enjoy your read!