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OECD reduces global economic decline to 4.5% from earlier forecast of 6%

The organisation also forecasts that the global economy will grow by 5% in 2021.

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The Organisation for Economic Co-operation and Development says the global economic outlook for the year is less than earlier feared, as the body reduces the global economic decline for the year at 4.5%, compared to previous estimates of 6%. 

This was disclosed in the OECD Interim Economic Outlook published on Wednesday. They also forecast that the global economy will grow by 5% in 2021.

“The Interim Economic Outlook projects global GDP to fall by 4½ per cent this year, before growing by 5% in 2021. The forecasts are less negative than those in OECD’s June Economic Outlook, due primarily to better than expected outcomes for China and the United States in the first half of this year and a response by governments on a massive scale,” the OECD said. 

The group says economic output for most of the world by 2021 will still be bellow pre-COVID-19 levels and “well below what was projected prior to the pandemic”. 

OECD says economic output recovered fast after the collapse in the first half of the year, due to the easing of containment measures and the initial re-opening of businesses. They warn that the pace of economic recovery is dying out due to second outbreaks of the virus leading to newer lockdown restrictions.

“Uncertainty remains high and the strength of the recovery varies markedly between countries and between business sectors. Prospects for an inclusive, resilient and sustainable economic growth will depend on a range of factors including the likelihood of new outbreaks of the virus, how well individuals observe health measures and restrictions, consumer and business confidence, and the extent to which government support to maintain jobs and help businesses succeeds in boosting demand.”

OECD Chief Economist Laurence Boone said: “The world is facing an acute health crisis and the most dramatic economic slowdown since the Second World War. The end is not yet in sight but there is still much policymakers can do to help build confidence.”

She urged that governments must avoid mistakes like tightening fiscal policy too quickly, citing that without government support, “bankruptcies and unemployment could rise faster than warranted and take a toll on people’s livelihoods for years to come.” 

“Policymakers have the opportunity of a lifetime to implement truly sustainable recovery plans that reboot the economy and generate investment in the digital upgrades much needed by small and medium-sized companies, as well as in green infrastructure, transport and housing to build back a better and greener economy,” she added. 

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Business

FinRik Shop is helping you expand your business, taking your brand online and facilitating building of e-commerce websites without writing a line of code

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Nigeria was ranked at 131st out of 190 countries in 2019 when it comes to ease of doing business, therefore doing business in Nigeria is already hard and risky, now you have started, Weldone! Running your business shouldn’t be hard.

That’s why we at FinRik are dedicated to building tools that make doing your business easier from our free hosting infrastructure to crypto payment gateway which also have features that help you save, loan or lend crypto.

The first tool is FinRik Shop, a software built for SMEs that makes taking your business online easy, having full data about your business easier. With FinRik Shop you can create an e-commerce website with zero codes, accept credit cards or bank transfer payment instantly, without third-party involvement, you own everything as regards your business, we don’t take any money from your payment accepted, have access to marketing tools, and every data you need to take your business to the next level.

FinRik Shop is basically a facilitator that helps you to find selling your product on the internet easier and cheaper than it has ever been.
Free hosting, free website, free data management tools, access to cheaper marketing tools, free SSL certificate, free website, customize-able domain, free themes.

FinRik Shop offers access to multiple payment gateway with zero third party involvement, give you an a business owner access to very efficient and affordable next level marketing tool. Sell to anyone, increase productivity.
Free hosting
WhatsApp and email notifications
Online and offline payment integration
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Sell to anyone in the world
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Easily create a master class, connect with more entrepreneurs using FinRik Academy. No-code friendly
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Take you business online and scale simultaneously

Doing business is risky and expensive our job is to help you reduce your amount of monthly debit/liabilities and we have done that by giving you free hosting, crypto infrastructure for businesses, educative tools for entrepreneurs to grow more, marketing tool etc.

 

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Business News

MTN Group seeks to offer for sale shares of MTN Nigeria to the public

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MTN Group Limited has announced plans to offer for sale, the shares of its Nigerian subsidiary, MTN Nigeria Communications Plc.

The Group has disclosed its intention to proceed with a public offer for sale of 575 million shares in MTN Nigeria.

This was made known in a notice signed by the company’s secretary, Uto Ukpanah and filed with The Exchange.

The notice further stated that the offer would be by way of a bookbuild to institutional investors and a fixed price to retail investors.

According to the statement, the offer is expected to open in November 2021 with a bookbuild to institutional investors and after which a fixed price will be announced for retail investors before it closes in December 2021.

It is worth noting that this is the first step towards the Group’s previously communicated statement notifying The Exchange and investing public of its intention to sell down 14% of its current shareholding in MTN Nigeria.

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ENERGY

Shell unveils new business line in Nigeria

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Global energy giant, Shell, has announced the expansion to a new business line in Nigeria with the expansion of natural gas sales and distribution to meet the growing energy needs of wholesale consumers and provide more and cleaner energy across the country. 

The new business line, which is Shell Energy Nigeria will seek to deliver gas-based energy solutions to businesses across the country to help drive economic development while also delivering greater value from the country’s natural resources. 

According to a statement signed by the Media Relations Manager of Shell, Bamidele Odugbesan, the new business is expected to draw on the capabilities and experience of Shell Energy, a leading global provider of reliable, integrated and innovative energy solutions from a portfolio of natural gas, power and environmental products. 

What the General Manager of Shell Energy Nigeria is saying 

The General Manager, Shell Energy Nigeria, Markus Hector, said, “In line with the Federal Government’s ‘decade of gas’ initiative, Shell Energy Nigeria will strive to deliver gas-based energy solutions to a broad range of businesses across the country to help drive economic development and deliver greater value from the country’s natural resources.’’ 

Shell Energy Nigeria’s gas solutions are designed to partner with other sources of energy – including renewables – to provide competitively priced and flexible energy, while helping the country to transition to a lower carbon energy system. 

What the Country Chair of Shell Companies in Nigeria is saying 

The Country Chair of Shell companies in Nigeria, Osagie Okunbor, said, “Shell Energy Nigeria demonstrates our ongoing commitment to powering progress by providing more and cleaner energy solutions in the country. It brings to Nigeria Shell’s decades of marketing and trading experience, a wealth of market knowledge and its ability to integrate energy solutions to support economic development in Nigeria.” 

The new business offers a comprehensive selection of energy solutions available from a single supplier and made possible by one of the industry’s largest trading operations. 

Building on the success of Shell Nigeria Gas, Shell Energy Nigeria, aims to deliver competitive and reliable energy for power generation and industrial users and to develop gas distribution to serve people in new regions. 

What you should know 

This appears to be a new business focus and strategy for Shell in its operations in Nigeria. 

Recall that recently, Shell had intensified its move to drive down carbon emissions as well as deliver value to their shareholders, customers and the general public. 

Meanwhile, Royal Dutch Shell had in July 2021, launched a major divestment of its Nigerian assets as they had engaged Standard Chartered to sell its Shell Petroleum Development Company of Nigeria Limited (SPDC) subsidiary. 

The sources had said that Shell is selling its Nigerian business because it no longer views its activities in the Niger Delta as core to its ongoing strategy, which is driven by the Environmental, Social and Governance (ESG) pressure from its investors. 

Shell Nigeria Gas (SNG) will continue its current operations as part of Shell Energy Nigeria.  

SNG was incorporated in 1998 SNG is a fully owned Shell company for the downstream distribution of gas to over 120 industries and manufacturing plants in Nigeria. The company’s 150-kilometre gas transmission and distribution network serves several distribution systems, including Agbara-Ota industrial cluster in Ogun State, the Aba Cluster in Abia State, and the Port Harcourt Cluster in Rivers State 

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