Nigeria's Federal Executive Council has approved a transit plan between the country's Economic Recovery Growth Plan which elapses this year and a successor plan - the Nigeria Economic Sustainability Plan. The 2.3 trillion naira 12-month stimulus plan looks to combat recession projections and cushion COVID-19 impact on the economy. Winston Osuchukwu, Co-Founder of Trans-Sahara Incorporated joins CNBC Africa for more.
In an interview with FRANCE 24, the UN High Commissioner for Human Rights Michelle Bachelet warned that some governments were taking advantage of emergency powers imposed amid the Covid-19 crisis to stifle dissent. She also called for the response to the pandemic to be "driven by science-based facts", rather than politics or the economy.
The global economy is facing its worst recession since the 1930s. That’s according to the International Monetary Fund, which has sharply cut its 2020 forecast because of the coronavirus pandemic and lockdowns. The IMF predicts a 3 percent contraction for the global economy this year - describing "The Great Lockdown" as a crisis "like no other". The Fund has called on governments to take "swift and sizable" action to support the economic recovery.
The French government expects the economy to shrink by 8 percent in 2020, according to Finance Minister Bruno Le Maire. The budget deficit will also balloon to around 9 percent of GDP, as the government pumps €100 billion into its economic rescue plan. These latest forecasts come after President Emmanuel Macron announced some French shops and businesses would be allowed to re-open after May 11, but bars, restaurants and hotels would remain closed to limit the spread of Covid-19.
The Nigerian economy is beginning to feel the pinch of the lockdown imposed in late March in Lagos and Abuja to slow the spread of the coronavirus. Millions of people working in the informal sector have been particularly affected; we tell you more. Meanwhile in Madagascar, thousands rush to travel back to their hometowns and flee the capital - our correspondent reports. And in Senegal, musicians from a pro-democracy political movement are trying to encourage people to do their bit in the fight against co
The banking sector is in the red today, even as the Central Bank of Nigeria announced moves to soften the impact of the coronavirus pandemic on Nigeria’s economy. Ebunoluwa Babarinde, Manager at Financial Derivatives joins CNBC Africa to review the performance of the Lagos bourse amid current macro realities.