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Afreximbank Unveils $3m COVID-19 Grant for African Countries

Afreximbank Unveils $3m COVID-19 Grant for African Countries

Economy
The African Export-Import Bank (Afreximbank) has announced a $3 million grant to complement efforts to combat the COVID-19 pandemic across African countries. Afreximbank President, Prof. Benedict Oramah, who made the announcement in Cairo, recently, said the fund was in response to a request by African heads of state, through the auspices of the African Union Chair Person, Cyril Ramaphosa, President of South Africa, for the mobilisation of resources to address the pandemic. He said a significant proportion of the grant would go to the COVID-19 Special Fund set up by the African Union (AU) as well as to the African Center for Disease Control (Africa CDC). Oramah said: “We hope that our modest contribution will help to address some of the immediate needs. We encourage other African...
COVID-19: Moghalu Calls for Urgent Fiscal Reforms

COVID-19: Moghalu Calls for Urgent Fiscal Reforms

Economy
The Convener of To Build A Nation (TBAN) and presidential candidate of the Young People’s Party (YPP) in the 2019 general elections, Prof. Kingsley Moghalu, has listed policy actions that should be the main focus of the federation government in the fight against COVID-19 pandemic and its economic impact on the nation. He further opined that Nigeria needs urgent fiscal reforms immediately after the virus, stressing that our economy must become truly diversified away from crude oil. Moghalu, specifically advised that the budget of the federal and state governments should be, “completely re-programmed to focus on COVID-19,” saying, with the exception of security and payment of salaries, nothing else should matter at the moment. The former Deputy Governor of the Central Bank of Niger...
NANTA Gets New President

NANTA Gets New President

Business
The National Association of Nigerian Travel Agencies (NANTA) has sworn in Mrs. Susan Akporiaye as the 44th president of association. Akporiaye took over from Mr. Bankole Bernard, the immediate past president of the association. Speaking after she was sworn in, Akporiaye assured NANTA members and its stakeholders of continuity, since she was a member of the immediate past executives. “On one hand you are assured of continuity because I was one of the outgoing executives of the last administration. COVID-19, which is currently ravaging the world has become an impediment to reach out physically in the engagement process, but we shall overcome the challenge” Akporiaye said. According to her, this is the birth of a new beginning as the incoming executive takes over under her leader...
Customs Joint Border Operations Intercept Smuggled Goods Worth N802m

Customs Joint Border Operations Intercept Smuggled Goods Worth N802m

Economy
The Zonal Coordinator, Joint Border Drill Operations in charge of the North Central zone, Mr. Mohammed Uba Garba, said his team has intercepted 151 smuggled goods worth over N802 million since its inception. He also said it also arrested 23 suspects and repatriated 106 illegal migrants during the period under review. Speaking with journalists in Ilorin at the weekend, on the activities of the operation, Mr. Garba said the development was due to the commitment of the men of the operations to rid the country from the activities of smugglers in the country. According to him, the seizures were made around Jebba-Mokwa, Okuta, Alapa and Kotangora axis of the sector. He said that, “out of over N802 million worth of goods intercepted, a sum of N98 million worth of smuggled goods were ...
Sirika Receives Award

Sirika Receives Award

Aviation
The Minister of Aviation, Sen. Hadi Sirika has received the ‘Excellence in Public Service Award 2019,’ bestowed on him by the Businessday Newspaper in Abuja. According to the newspaper, the award was based on the outstanding performances of the minister and was determined through painstaking selection process by its award committee. Among the achievements of the minister which qualified him for the award, as listed by the organisation, included the rehabilitation of the Abuja airport runaway, the certification of the Murtala Muhammed International airport, Lagos and the Nnamdi Azikiwe International airport Abuja by the International Civil Aviation Organisation (ICAO). Other achievements, according to the newspaper, are the completion and commissioning of the terminal buildings of Mu...
Workers may lose $3.4 trillion income to COVID-19, says ILO

Workers may lose $3.4 trillion income to COVID-19, says ILO

Business
The International Labour Organisation (ILO) has disclosed that about 25 million people would become unemployed, while over $3.4 trillion income would be lost to the novel coronavirus globally. The ILO stated that the ravaging Coronavirus has exposed how vulnerable the global economy is to unanticipated shock. Director General of ILO, Guy Ryder, said the human dimensions of the COVID-19 pandemic reach far beyond the critical health response. He added that all aspects of the global future will be affected – economic, social and developmental.AdvertisementAdvertisement He insisted that the global response to the pandemic must be urgent, coordinated and on a global scale, and should immediately deliver help to those most in need. It stated that: “All aspects of our future will ...
Wema Bank Supports Abule-Ado Victims

Wema Bank Supports Abule-Ado Victims

Growth & Insight
Wema Bank Plc said it has made a financial donation to the Lagos State government as part of its contribution to the victims of the recent pipeline explosion in Abule Ado community. Accompanied by senior executive staff, the Managing Director/Chief Executive Officer, Wema Bank Plc, Ademola Adebise made the donation recently. Adebise, who commended the state government for taking rapid efforts in providing relief for the victims of the tragic incidence, said it was necessary for the bank to support the effort of the government. “While our thoughts and prayers are with the families of the victims, those who lost their lives and those recuperating in the hospitals, we commiserate with them and have decided to contribute to the fund set up by the Lagos state government to help amelio...
‘Efficient air cargo supplies central to coronavirus fight, control’

‘Efficient air cargo supplies central to coronavirus fight, control’

Growth & Insight
The International Air Transport Association (IATA) and its members yesterday renewed their call on governments to take urgent measures to ensure that vital air cargo supply lines remain open, efficient and effective.  Though the Federal Government has exempted medical supplies and other cargoes from the closure of all international airports in Nigeria, IATA said more needed to be done, especially in the area of support for efficient freight services. IATA’s Director General and Chief Executive Officer (CEO), Alexandre de Juniac, said air cargo is a vital partner in the global fight against covid-19, but “we are still seeing examples of cargo flights filled with life-saving medical supplies and equipment grounded due to cumbersome and bureaucratic processes to secure slots a...
‘Robust economy, financial system critical to reversing nature’s depletion

‘Robust economy, financial system critical to reversing nature’s depletion

Economy
To achieve the global nature conservation and biodiversity across African countries, Africa Executive Director for Wide World Fund for Nature (WWF), Alice Ruhweza has said the transformation of the world’s economic and financial systems remains critical to reversing nature’s depletion and achieving SDGs.  Ruhweza also said the continent must strengthen international mechanisms including engagement of local communities to protect and restore nature. The recommendations are especially important for countries like Nigeria where oil exploration has made negative impact on nature. Indeed, the Nigeria’s Department of Petroleum Resources (DPR) had also estimated that about 1.89 million barrels of petroleum were spilled in the Niger Delta between 1976 and 1996 out of a total of 2....
Investors lose N2.3tr in three weeks of first COVID-19 case in Nigeria

Investors lose N2.3tr in three weeks of first COVID-19 case in Nigeria

Economy
Stock market investors have lost over N2.3 trillion barely three weeks after the first case of coronavirus, which is currently ravaging the whole world, was confirmed in Nigeria on January 28, 2020. Specifically, the market capitalisation of listed equities, which stood at N13.657 trillion as at Friday, February 28, 2020 depreciated by N2.349 trillion to N11.308 trillion yesterday, while the All-share index which measures the performance of quoted companies closed at 21,700.98 from 26,216.46 representing 4,515.48 points or 20.8 per cent drop. Nigeria has recorded fewer confirmed cases of Covid-19, when compared to other countries, but the global pandemic’s impact on the economy is far more significant. While global oil demand drops drastically in the wake of the outbreak, Nige...