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Cross River State eyes AFREXIM’s $500 million funds

Cross River State has sought a partnership with the African Export-Import Bank (AFREXIM) in order to access $500 million Manufacturers Fund.

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Cross River State eyes AFREXIM's $500 million funds

Cross River State has sought a partnership with the African Export-Import Bank (AFREXIM) in order to access $500 million Manufacturers Fund and other intervention funds from the bank in line with the industrialization efforts of the State Government

This was disclosed in a letter signed by a senior aide to the state governor, Prince Michael Abu, addressed to the management of AFREXIM Bank.

[READ MORE: Tony Elumelu discloses the impact of Japanese funds on Africa]

The Details: In addition to the request for funds, the State Governor, Ben Ayade approved a two-day visit that will allow a delegation from the bank assess the industrialization efforts of the Cross River State Government.

Cross River State eyes AFREXIM's $500 million funds

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The letter read:Sequel to a letter requesting partnership for access to funding on behalf of the state and visit to your office by our team members of the Support Group and Community Based, Cross River State, I wish to inform you that the Government of Cross River State under the effective leadership of Sen Prof Ben Ayade, is interested in access opportunities to deepen her massive industrialization strides as aptly captured in the letter earlier sent.

Therefore, the State Government would love, for the President of the Bank or/and her Regional Team to embark on a two (2) days working visit to the state to see first-hand rapid industrialization strides of Sen Prof Ben Ayade scattered around the state (from our nationally patronized seedlings plant in the Ayade industrial park to our Rice Mill in Ogoja and our Cocoa Processing Plant in Ikom.”

In the letter, Abu stated the meeting was important to enable it work out modalities of the $500 million manufacturers funding facility as well as enhance economic growth for the region.

What you should know: The Two-day working visit is scheduled to include a tour of the state’s industrial layouts and ventures, and a round table for meeting with proposed partners and business executive in the state for the purpose of evolving access to your bank opportunities.

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Nairametrics gathers that the $500 million facility Cross River is seeking in this partnership is not different from the same amount the bank gave the Manufacturers Association of Nigeria (MAN) to promote intra-African trade in the continent under the African Continental Free Trade Agreement (AfCFTA) last month.

[READ ALSO: FMDQ Securities to make intervention funds available for SMEs]

Prof. Benedict Oramah, President of the bank said the fund is expected to support the manufacturers and improve their product offerings. It will also enable them to compete against other products that will benefit from the free continental trade agreement and global brands. The implementation will begin in 2020.

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Reincarnated as a lover of stocks, Angel investors, seed funds, and anything aligned to tech or startups raising money, Joseph's work at Nairametrics involves following the money to wherever it leads. Before joining Nairametrics, he won an investigative journalism fellowship with ICIR, appeared in several national dallies, with hard-hitting opinions, features and investigative pieces. He has also engaged in content marketing and copywriting for a top e-commerce firm in Nigeria.

1 Comment

1 Comment

  1. Stefan Anetoh

    June 11, 2020 at 3:36 am

    $500million dollars invested in Cross River? I better hope to see the effects of the investment.

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Coronavirus

COVID-19: Evidence suggests that new variants could pose challenge for vaccines

The research findings show that the new COVID variants may likely not respond well to the vaccines.

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Recent research findings suggest that the new coronavirus variants would likely pose a big challenge for the vaccines, as revealed by studies by several medical researchers.

The new variant was first discovered in South Africa in October but has now been spread to more than a dozen countries all over the world.

According to the most recent findings, as reported by CNN, researchers took antibodies from six people who were hospitalized with Covid-19 before the new variant was discovered. They found to varying degrees, that the antibodies for all six of the survivors were unable to fully fight off the virus.

According to Alex Sigal, a virologist at the Africa Health Research Institute and the Max Planck Institute for Infection Biology, “I think the evidence is building that these mutations — and I think other mutations — will emerge across the globe — and are emerging already — that are escaping antibodies from previous infection. It’s concerning.”

According to Jesse Bloom, a virologist at the Fred Hutchinson Cancer Research Center, “When you see two groups independently arriving at same basic answer, that good — there’s more consonance that they are correct”

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What you should know

  • Sigal’s findings were very similar to those of a recent study by the National Institute for Communicable Diseases in South Africa.
  • A research study has revealed that mutations in the new variant allowed them to evade some of the immunity induced by vaccination, but it was far from a complete escape.
  • One thing that is critically safe for everyone is to get vaccinated, while the researchers are working to confirm whether these variants are dangerous or not to contain with the vaccines.
  • According to Alex Sigal, “I would for sure get it if I could. My father-in-law had the opportunity to fly to Israel and get it, and I was shooing him out of the house because you can’t get it here in South Africa.”
  • In a research study done at Rockefeller University, from a sample of 20 people who had received either the Moderna or the Pfizer vaccine, it was found that different mutations in the viruses did allow some escape from some types of antibodies, but the volunteers’ immune systems threw an army of different types of antibodies at the viruses.
  • According to the research conducted in South Africa, blood was drawn from 44 people who had Covid-19 but the antibodies of about half of the 44 people were powerless against the new variant, while the other half, their antibody responses were weakened, but not totally knocked out.

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Tech News

Facebook Oversight Board to review decision to suspend Trump’s account

The decision to suspend Donald Trump’s Facebook and Instagram accounts will be examined by an oversight board.

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US government to ban WeChat and TikTok from app stores, Reasons why a record number of people are giving up their US citizenship, US approves chloroquine as treatment for coronavirus COVID-19, Nigeria U.S. Donald Trump-oil prices, My COVID- 19 illness, a blessing from God –Trump

Facebook’s Oversight Board has received a proposal to revisit the decision to indefinitely suspend former US President, Donald Trump’s access to Facebook and Instagram.

On January 7, Facebook suspended Trump’s account indefinitely, a decision reached when he incited a violent mob that stormed the U.S. Capitol, leaving the country shaken.

Nick Clegg, Facebook VP of Global Affairs and Communications said that the circumstances around Trump’s suspension was an unprecedented set of events that called for unprecedented action and also explained why the Oversight Board would review the case.

Our decision to suspend then-President Trump’s access was taken in extraordinary circumstances: A U.S. president actively fomenting a violent insurrection designed to thwart the peaceful transition of power; five people killed; legislators fleeing the seat of democracy,” Clegg said. “This has never happened before — and we hope it will never happen again.”

The oversight board was established last year to make the final call on some of the most difficult content decisions Facebook makes. It is an independent body and its decisions are binding — they can’t be overruled by CEO Mark Zuckerberg or anyone else at Facebook. The board itself is made up of experts and civic leaders from around the world with a wide range of backgrounds and perspectives.

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According to the Oversight Board, a five-member panel will evaluate the case soon with a decision planned within 90 days. Members will decide whether the content involved in this case violated Facebook’s Community Standards and values. They will also consider whether Facebook’s removal of the content respected international human rights standards, including freedom of expression.

Trump’s case is a big moment for how impactful the board’s decisions will really wind up being. If the board overturns Facebook’s decision, that decision would likely kick up a new firestorm of interest around Trump’s Facebook account, even as the former president recedes from the public eye.

What you should know

  • Following the violent attack of the US Capitol building by Trump supporters, Facebook announced the suspension of Trump’s account indefinitely, on allegations of inciting his supporters.
  • YouTube also suspended Trump’s channel and removed new content uploaded by Trump’s campaign, citing potential threats of violence.
  • Twitter announced it has permanently suspended Trump, citing the risk of further incitement of violence.
  • Jack Dorsey, the CEO and founder of Twitter, in his statement, said that the decision to ban Trump from the social network was the right decision, but one that sets a dangerous precedent.

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Coronavirus

Covid-19: Buhari approves N6.45 billion to set up 38 oxygen production plants

President Buhari has approved the sum of N6.45 billion for the set-up of 38 oxygen production plants across the country.

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Buhari sacks DG National Directorate of Employment, Nasiru Argungu

President Muhammadu Buhari has announced his approval of N6.45 billion for the set-up of 38 oxygen production plants across the country, in a bid to contain the second wave of Covid-19.

The President disclosed this in a statement on Thursday evening after the first National Economic Council meeting of the year presided over by Vice President Yemi Osinbajo, SAN, with State Governors, Federal Capital Territory Minister, Central Bank Governor, and other senior government officials in attendance.

READ: Covid-19: FG directs universities to suspend academic activities till further notice

“As part of efforts to contain the second wave of Covid-19, we’re setting up new oxygen production plants in 38 locations across Nigeria—to enhance the management of patients in need of oxygen.

“I have equally approved funding for the rehabilitation of oxygen plants in 5 hospitals,” Buhari said.

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The Minister of Finance, Budget and National Planning, Zainab Ahmed said the President said the fund’s release was necessitated by the rising cases of Covid-19 in the country with patients needing oxygen.

READ: Toyota suspends operations in China over Coronavirus outbreak 

What you should know 

  • Recall Nairametrics reported that the Lagos State Governor, Babajide Sanwo-Olu, warned that the rising second wave of the pandemic in Lagos had seen the demand for oxygen rise 5 times from 70 six-liter cylinders per day to 350 six-liter cylinders at Yaba Mainland Hospital alone.
  • He added that the state government had the decentralized provision of oxygen and other services needed for Covid-19 patients, citing the provision of oxygen kiosks.

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