Facebook and Instagram add feature to support businesses
Facebook and Instagram have introduced a section called ‘Businesses Nearby’, also available in Nigeria. It allows users to see latest posts from businesses within a geographic range, adjustable from 1 mile to 500 miles. The feature also includes pick up and delivery options, as well as viewing opening hours. Facebook says users can “quickly find essential products & services” with this feature. Businesses also get “more virtual foot traffic as they move online to stay open.”
Manufacturers unable to access dollars
The Manufacturers’ Association of Nigeria (MAN) have expressed their difficulty in getting dollars from all exchange rate markets to import raw materials and machines required for production. On the 29th of April, the CBN announced the commencement of over $100 million weekly sales to SMEs and Bureau De Change firms in need of foreign exchange for importation of essential products. The CBN governor has met with stakeholders in the manufacturing sector on how to ease its operations.
Saudi Arabia announces oil production cut
Saudi Arabia has announced its intention to cut its oil supply by 1 million barrels per day by June 2020, in a bid to bolster the price of crude oil. This supply cut, which is in addition to supply cuts agreed with OPEC+ in April 2020, brings Saudi Arabia’s production to 7.5 million bpd. Following Saudi Arabia’s announcement, the price of WTI crude oil rose by 2% to $25.18. Under the OPEC+ deal, Nigeria is expected to cut its oil production to 1.4 million bpd.