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FG receives N185m from Islamic Bank to support textile, agric sectors

The FG has secured a technical assistance financing from the Islamic Development Bank.The credit will be disbursed to support the textile and agric sectors.

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Zainab Ahmed, Pres. Buhari to review Finance Bill, tax reform yearly to finance budget 

The Federal Government has secured a technical assistance financing from the Islamic Development Bank (ISDB). The agreement was confirmed today, Monday, in a statement issued by Paul Ella, the Media Adviser to the Minister of Finance.

The Islamic Development Bank signed a pact with the Federal Government during the 44th ISDB Group Annual Meeting, to provide Nigeria with N185.95 million ($523,823). The event was held in Marrakesh, Morrocco.

The Finance Minister, Zainab Ahmed, represented Nigeria at the event which was themed “Transformation in a Fast-changing world: The road to Sustainable Development Goals.” She informed attendees that effort to boost agriculture and food production is ongoing in States across Nigeria.

“State governments in Nigeria are adopting cluster farming which has eased access to funds by farmers, increased growth and allows access to facilities without collateral.”

During the grant signing off, Ahmed signed the agreement on behalf of the Federal Government while the President of ISDB, Dr. Bandar Hajjar signed on behalf of the bank.

Purpose of the grant

The credit will be disbursed to support the textile industry, as well as the agriculture sector which she stated has benefited largely from cheap loan made available to farmers by the Federal Government.

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Also, the grant would be used for the improvement of cotton, textile, and garment value chain in the Federal Ministry of Industry, Trade and Investment.

Another beneficiary of the grant would be the Hajj commission, as the country intends to address capacity building, acquisition of equipment, and logistics upgrade in the Hajj Commission.

Division of the grant among these beneficiaries: Ahmed said $243,823 from the grant will be given to the National Hajj Commission of Nigeria, while $280,000 will be disbursed to the Federal Ministry of Industry, Trade and Investment.

“The Technical Assistant Agreement Grant of $243,823.0 to the National Hajj Commission of Nigeria is for capacity building/equipment and logistics upgrade.

“TA grant of $280,000 to the Federal Ministry of Industry Trade and Investment is for the improvement of cotton, textile and garment value chain.”

Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: [email protected]

4 Comments

4 Comments

  1. Humphrey Onaburekhan

    April 8, 2019 at 6:16 pm

    Government should not be involved in any religious activities. Taking grant or Loan from Islamic Bank means that the country is a 100% Islamic country, which is not the case with Nigeria. Personally, I don’t like this, and I don’t support the Federal Government taking that money, because Nigeria is a circular state.

  2. Temitope

    April 8, 2019 at 7:04 pm

    I hope the grants are judiousily used for the rapid growth of the sectors mentioned

  3. Aluko Mohammed Toyin

    April 9, 2019 at 9:00 am

    I personally support the second speaker that the grants are use judiciouly for the main purpose, not to devices to another thing.

  4. Fellow Naija

    April 9, 2019 at 11:51 am

    This is another way to islamized Nigeria and all the efforts will come to nothing..

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Coronavirus

WHO gives condition for approving Russia’s COVID-19 vaccine as the vaccine gets a name

Russia has named its first approved COVID-19 vaccine, Sputnik V for the foreign markets.

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Vaccine, COVID-19: Russia to roll out vaccine in September ahead of the West 

The World Health Organization (WHO) said that any form of approval of prequalification of the Russian vaccine will require rigorous review and assessment of all required safety and efficacy data.

This disclosure was made by the spokesman of the WHO, Tarik Jasarevic, during a United Nations briefing in Geneva about clinical trials.

He said that the UN health agency and the Russian health authorities are currently discussing the process for possible WHO prequalification for its newly approved COVID-19 vaccine.

Tarik Jasarevic, during the UN briefing in Geneva said, “We are in close contact with Russian health authorities and discussions are ongoing with respect to possible WHO prequalification of the vaccine, but again prequalification of any vaccine includes the rigorous review and assessment of all required safety and efficacy data.”

Meanwhile, in a related development, Russia has named its first approved COVID-19 vaccine Sputnik V and it is available for foreign markets. The name references the world’s first satellite, which marked a symbolic accomplishment for the USSR during the cold war and space race era. Now, the Russian Government basks in its success at becoming the first country to approve a vaccine for COVID-19.

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The head of Russia’s Direct Investment Fund (RDIF) pointed out that Russia had already received requests from more than 20 countries for 1 billion doses of its newly registered COVID-19 vaccine.

Nairametrics had earlier reported today the announcement of the registration of the first COVID-19 vaccine in what could be described as a step ahead of other vaccine developments. The Russian President, Vladimir Putin, who made the disclosure during a televised government meeting, said that Russia had become the first country in the world to grant regulatory approval to a COVID-19 vaccine after less than 2 months of human testing.

However, the speed at which Russia is moving to roll out the vaccine has prompted some western countries and international scientists to question whether the Russian government is putting national prestige ahead of solid science and safety.

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Business

Nigeria signs African Trade Insurance Agency agreement

The African Trade Insurance Agency was launched to provide risk solutions for investors.

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Nigeria signs African Trade Insurance Agency agreement, Xenophobia, FG returns tollgates sixteen years after Obasanjo scrapped it from federal roads

President Muhammadu Buhari has signed the instrument of accession agreement for Nigeria for the establishment of the African Trade Insurance Agency. This was announced by the Federal Government on Monday night.

READ ALSO: Kenyan Candidate emerges as strong contender to Iweala for WTO

READ MORE: Brent crude records minor gain as growing concerns over COVID-19 limit upside

The agreement is coming after the Federal Executive Council ordered that an instrument be prepared and forwarded for execution.

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The African Trade Insurance Agency was launched in 2001, to provide risk solutions for investors, after the East African economic Union (COMESA) executed a World bank funded study to discover why Africa does not attract more Foreign Direct Investments.

READ ALSO: GEEP provides COVID-19 palliative microloans to 87,614 traders

The organization said it added credit insurance to its portfolio in 2006 after its members identified global trade as a major pillar of growth in the continent which has seen it grow as a market leader for risk mitigation in Africa.  The ATI also attracts funding from the African Development Bank and World Bank

Nigeria joining the agreement would provide Nigeria with the necessary insurance financing to increase investment inflows into the country and improve economic productivity.

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Coronavirus

Russia announces the registration of the first COVID-19 vaccine

Russian President made the announcement in a televised government meeting.

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COVID-19 vaccine, In Sochi, Vladimir Putin has proposed a “unique” economic assistance to Africa 

Russia has announced the registration of its first COVID-19 vaccine in what can be described as a step ahead of other vaccine development.

The Russian President, Vladimir Putin, who made the disclosure, called it effective protection against the deadly pathogen and revealed that one of his own daughters had already received it.

Putin in a televised government meeting said, “As far as I know, this morning the first vaccine against the novel coronavirus infection in the world was registered,”

READ MORE: Reasons why a record number of people are giving up their US citizenship

The announcement is seen as a propaganda coup for the Russian government against the west amid a global race to develop vaccines against the coronavirus pandemic that has killed nearly 750,000 people, infected more than 20 million and crippled major global economies.

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Pharmaceutical firms like AstraZeneca Plc and Moderna Inc. are still conducting final-stage trials of their vaccines in studies that are expected to soon yield results.

READ ALSO: WHO admits huge funding gap in pandemic fight, reveals amount needed for vaccine

Nairametrics had about 2 weeks ago reported that Russia had concluded plans to register a coronavirus vaccine between August 10 and August 12 in what would be regarded as the world’s first official approval of a vaccine against the coronavirus pandemic.

It also announced plans for a mass vaccination campaign against the coronavirus disease from October after disclosing that it had completed trials for the vaccine.

READ MORE: Chelsea Football Club owner sells gold mining stake for $1.4 billion

This vaccine which is being developed by Russia’s Gamaleya Institute in collaboration with the Russian Direct Investment Fund started phase 3 trials last week. The Russian Deputy Prime Minister, Tatyana Golikova, who was at the meeting, disclosed that medics could start receiving the vaccine by the end of the month.

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Russia, which is reported to be the fourth most affected country globally, has recorded almost 900,000 COVID-19 cases with over 27,000 coronavirus-related deaths

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