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news you can trust I ** wednesDAY 29 april 2020 I vol. 19, no 552
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Food crisis looms amid fear of coronavirus spread in north … further spike in food prices ODINAKA ANUDU & JOSEPHINE OKOJIE
T L-R: Oladipupo Jadesimi, chairman, FCMB Group plc; Funmi Adedibu, company secretary/general counsel, and Ladi Balogun, group chief executive, during the 7th Annual General Meeting of FCMB Group plc held in Lagos, yesterday.
Nigeria gets lifeline as IMF approves $3.4bn loan request ONYINYE NWACHUKWU, SOLOMON AYADO (Abuja) & LOLADE AKINMURELE (Lagos)
T
he International Monetary Fund (IMF) has approved Nigeria’s $3.4bn emergency loan request to assist the country tackle anticipated huge impact of the coronavirus pandemic, authorities familiar
Shelves planned external borrowings in 2020 budget Senate approves N850bn bond issuance for FG
with the matter told BusinessDay on Tuesday. Hit by crashing oil prices and the COVID-19-induced
economic standstill, Nigeria requested the total of its existing holding with the IMF under the Rapid Financing Instrument to
stabilise the economy. The programme offers fundContinues on page 31
he rising cases the coronavirus pandemic in Kano State could trigger a food shortage in Africa’s most populous nation if the government fails to take proactive measures to mitigate the severity of a looming food crisis, farmers say. Kano has emerged as one huge burial ground owing to the recent deaths in the state suspected to be linked to COVID-19, although investigations are ongoing to ascertain the true causes of the deaths. Kano/Kaduna axis accounts for 75 percent of Nigeria’s fresh fruits and vegetables, with the rest of Katsina, Benue, Kebbi, Sokoto and Jos sharing the rest 25 percent. The state also controls most of the grains in the market, including rice, maize, beans and millet. With the two-week lockdown already in place, rapid spread of COVID-19 in the ancient city could trigger high food prices and upset a number of manufacContinues on page 31
Inside
FMDQ Exchange admits United Capital, Sterling Bank commercial paper notes to its platform P. 30