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Business News

Afreximbank conclude $100 million pact with CDC Group Plc

Afreximbank, CDC Group Plc sign deal

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Afreximbank

Amr Kamel, Executive Vice President for Business Development and Corporate Banking, African Export-Import Bank (Afreximbank) has lauded a $100 million master risk participation agreement the bank signed with CDC Group Plc.

The agreement is to support Afreximbank’s Trade Facilitation Programme and was signed in Casablanca, Morocco. Under the agreement, the CDC Group which is a United Kingdom development finance institution will provide unfunded risk participation to Afreximbank as the Bank provides trade finance products.

The trade finance products include trade confirmation services; trade confirmation guarantee; and irrevocable reimbursement undertakings.

According to Amr, the agreement will support Afreximbank’s trade confirmation services under which the bank provides confirmation lines to African financial institutions to support their trade businesses and increase capacity to undertake trade finance transactions.

Nairametrics had reported that Afreximbank partners the African Development Bank (AfDB) to provide a $500,000 grant scheme through the AfDB’s African Private Sector Assistance (FAPA) programme.

The grant would enable the advancement of 20 emerging factoring firms on the continent and increase their financing opportunities.

The agreement was signed on behalf of Afreximbank by the Managing Director of Intra-African Trade, Kanayo Awani, while the Senior Director, Nigeria Country Office, Ebrima FAAL, signed for the AFDB.

The signing was in the presence of Chargé d’Affaires, Embassy of Austria in Nigeria, Elfriede Geisler, and Ambassador of Japan to Nigeria, Yutaka Kikuta, who represented the FAPA donor countries.

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About CDC and Afreximbank

CDC Group plc is a development finance institution owned by the UK Government. The Department for International Development is responsible for CDC, with shareholder duties managed by the Shareholder Executive.

Afreximbank, on the other hand,  is the foremost pan-African multilateral financial institution devoted to financing and promoting intra and inter African trade. The bank was established in October 1993 by African governments, African private and institutional investors and non-African investors.  The bank has its headquarters in Cairo.

Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ).Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

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Coronavirus

COVID-19 Update in Nigeria

On the 5th of March 2021, 371 new confirmed cases and 3 deaths were recorded in Nigeria

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Covid 19 update symptops

The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 158,042 confirmed cases.

On the 5th of March 2021, 371 new confirmed cases and 3 deaths were recorded in Nigeria.

To date, 158,042 cases have been confirmed, 137,025 cases have been discharged and 1,954 deaths have been recorded in 36 states and the Federal Capital Territory.

A total of 1.54 million tests have been carried out as of March 5th, 2021 compared to 1.49 million tests a day earlier.

COVID-19 Case Updates- 5th March 2021,

  • Total Number of Cases – 158,042
  • Total Number Discharged – 137,025
  • Total Deaths – 1,954
  • Total Tests Carried out – 1,544,008

According to the NCDC, the 371 new cases are reported from 20 states- Lagos (101), Rivers (54), Anambra (31), Ebonyi (23), Imo (23), Kwara (22), Kano (20), Taraba (17), Akwa Ibom (16), FCT (15), Abia (13), Kaduna (13), Osun (5), Edo (4), Oyo (4), Kebbi (3), Ogun (3), Ekiti (2), Nasarawa (1), and Zamfara (1).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 56,374, followed by Abuja (19,328), Plateau (8,939), Kaduna (8,623),  Oyo (6,761), Rivers (6,651), Edo (4,645), Ogun (4,419), Kano (3,830), Ondo (3,066), Kwara (2,953), Delta (2,582), Osun (2,449), Nasarawa (2,248), Enugu (2,078), Katsina (2,060), Gombe (2,010), Ebonyi (1,951), Anambra (1,811), Akwa Ibom (1,588), and Abia (1,568).

Imo State has recorded 1,551 cases, Borno (1,297), Bauchi (1,232), Benue (1,188), Adamawa (942), Niger (917), Taraba (863), Ekiti (825), Bayelsa (779), Sokoto (769), Jigawa (496), Kebbi (401), Cross River (334), Yobe (288), Zamfara (221), while Kogi state has recorded 5 cases only.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

The movement restriction, which was extended by another two weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.

On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.

Governor Babajide Sanwo-Olu of Lagos State announced the closed down of the Eti-Osa Isolation Centre, with effect from Friday, 31st July 2020. He also mentioned that the Agidingbi Isolation Centre would also be closed and the patients relocated to a large capacity centre.

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Due to the increased number of covid-19 cases in Nigeria, the Nigerian government ordered the reopening of Isolation and treatment centres in the country on Thursday, 10th December 2020.

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On 26th January 2021, the Federal Government announced the extension of the guidelines of phase 3 of the eased lockdown by one month following the rising cases of the coronavirus disease in the country and the expiration of phase 3 of the eased lockdown.

On 28th February 2021, the federal government confirmed that the first tranche of Covid-19 vaccines will arrive in Nigeria on Tuesday, March 2nd, 2021.

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READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

 

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Hospitality & Travel

MMA2 imports new x-ray machines from US

MMA2, Lagos took delivery of new x-ray machines ordered by Bi-Courtney Aviation Services Limited (BASL) to upgrade its facilities.

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The Murtala Muhammed Airport, Terminal 2, Lagos has taken delivery of new x-ray machines ordered by Bi-Courtney Aviation Services Limited (BASL) to upgrade its facilities on Friday.

This was disclosed by the Group Corporate Affairs Manager of BASL, operator of MMA2, Mikail Mumuni, in a statement on Friday.

He said, “The equipment imported from the US arrived the Murtala Muhammed International Airport, Lagos Wednesday night from where they were later moved to MMA2.

”Installation of the x-ray machines and air conditioners will commence on Friday evening and that this would be completed within one week.”

The BASL spokesperson quoted the acting Head of Business of the company, Mr. Ralph Uchegbu as saying that “the installation of the new X-ray machines and air conditionals will further reinforce the status of MMA2 as the nation’s pre-eminent airport terminal in terms of customers security and comfort.”

What you should know

  • BASL recently announced that it had invested over $500,000 massive upgrading of its X-ray machines and air conditioning systems for passengers safety, security and comfort.

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