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Nigeria has over 40 million people without access to bank accounts – Access Bank 

Access Bank Plc has disclosed that there are over 40 million Nigerians who are currently without bank accounts in the country.

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Nigeria has over 40 million people without access to bank accounts – Access Bank, Access Bank Surulere branch engulfed by fire

Access Bank Plc has disclosed that there are over 40 million Nigerians who are currently without bank accounts in the country. The situation has limited the growth and development of the country over the years.

According to This Day, Access Bank’s Group Head Retail Operations, Mr. Abraham Aziegbe, at the opening of a new branch of Access Bank at Apomu,  in Isokan Local Government Area of Osun State, said that the most realistic approach to solving Nigeria’s economic flaws was to institutionalize financial inclusion in various communities across the country, giving opportunities for small business owners to grow and contribute immensely to national economy.

Mr Aziegbe disclosed that Access bank was working with the Central Bank of Nigeria to develop Small and Medium Enterprises (SMEs) in order to boost the Nigerian economy. According to him, the banking sector has a huge role to play in transforming both the micro and macro economy of the nation into posterity and sustainable growth.

Nigeria has over 40 million people without access to bank accounts – Access Bank 

” We recognise the fact that there are still many Nigerians who are still under-banked. By estimation, over 40 million Nigerians do not have bank account, it is on this note that our bank embarked on aggressive branch network to redirect the mindsets of many Nigerians towards active banking activities.

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“Asides millions of individuals who involve in daily economic activities outside banking system, there are thousands of small and medium business owners who are transacting without banks. This situation informed our resolve to entrench financial inclusion mechanism in the urban centres and remote communities to incorporate Nigerians into banking creed.

“We are working in collaboration with the Central Bank of Nigeria to transform the economy and make people, especially small and medium business owners to see a brighter future of huge prosperity through active banking,” said Mr Abraham Aziegbe.

[READ MORE: Access Bank gets new directors]

Meanwhile, Aziegbe said the benefit of the closure of Nigeria’s land borders could only be felt in the long run, adding that the policy might not immediately have effect on the macroeconomy. He stated that the policy would, however, stimulate local productivity in the end, by regulating the inflow of goods coming into the country.

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For those who make policies, there are several factors that always inform their decision. Obviously, the effect of border closure is long-time.”

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Economy & Politics

Uganda Elections: Museveni re-elected for 6th term with 58.6% of the votes

Uganda’s President Museveni has won a 6th term in office as the opposition alleges wide-scale rigging.

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The President of Uganda, Yoweri Museveni, has been re-elected as President, gathering 5.85 million votes compared to 3.48 million votes by main opposition leader, Robert Kyagulanyi, a.k.a Bobi Wine.

According to Reuters, this victory represents 58.6% of the vote cast while Bobi Wine got 34.8%

Bobi Wine announced that the election results show this is the most fraudulent election in the history of Uganda and urged his followers to reject the result.

What you should know

  • Yoweri Museveni, aged 76, has been President of the East African nation since 1986.
  • Bobi Wine claimed via his official Twitter handle that military men jumped over his fence and took control of his home yesterday.

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Coronavirus

Combined Vaccine Manufacturing capacity to hit 6.8 billion doses in 2021

COVID-19 vaccine manufacturing capacity is expected to hit 6.8 billion doses in 2021.

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Covid-19: First world nations oppose waiving intellectual rights for vaccine development

Meristem Group disclosed that the combined effort in manufacturing COVID-19 vaccines for global use is expected to yield about 6.8 billion doses in 2021.

This was revealed in the Annual Outlook 2021 report presented by Meristem Group, titled Bracing for a different future.”

According to the report, the existing manufacturing capacity will only be sufficient enough to immunize about 44% of the global population, which would create obvious vaccination gap and make the pandemic last longer than necessary.

The report states,

  • The cold temperature requirements for vaccine storage pose major logistics concern particularly in Sub-Saharan Africa and other low-income countries. WHO estimates that about 50% of vaccines are wasted every year, largely due to a lack of temperature control.”

According to the report, the estimated 6.8billion doses are expected to be collaboratively manufactured as follows:  CanSino – 0.2billion, AstraZeneca – 3.0 billion, Gamaleya – 0.3billion, Moderna – 0.4billion, Pfizer-BioNtech – 1.3billion, SinoPharm – 1billion, and SinoVac – 0.6billion.

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What you should know

  • The global population as of 2020 is 7.8billion and 70% is required to achieve herd immunity (otherwise called herd protection)
  • Herd Immunity or herd protection is achieved when you have most of the population immunized against an infectious disease.
  • 2 doses of the vaccines are required for each person for immunity.
  • It is expected that between 11 and 15 billion doses would be required to achieve the desired herd immunity, globally.
  • From all indications, herd immunity may not be achieved until mid or late 2022, with the subsisting 100% vaccine production capacity utilization in 2021 – with neither production nor distribution losses.
  • To achieve regulatory approval, a vaccine must undergo a three-stage clinical development process after the exploratory and pre-clinical stages and the U.S Food and Drug Administration (FDA) sets a phase 3 efficacy benchmark of 50%.

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Coronavirus

Covid-19: Global deaths surpass 2 million

Global casualty record for the Covid-19 pandemic surpassed 2 million deaths on Friday.

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Nigeria blows past 40,000 COVID-19 cases

The Global casualty record for the Covid-19 pandemic surpassed 2 million deaths on Friday, with the United States accounting for 1 in every 5 deaths, as it has recorded over 386,000 casualties so far.

This was disclosed in a report by Reuters in its Covid-19 tally reported on Friday evening.

After the United States, Brazil, Mexico, India and the U.K contribute nearly 50% of the combined casualties.

The report also disclosed that an average of 11,900 casualties are recorded per day in year 2021, despite the fact that it took 9 months for the world to record 1 million casualties.

United Nations Secretary-General, Antonio Guterres, said the 2 million death count was “a heart-wrenching milestone.”

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  • “Behind this staggering number are names and faces: the smile now only a memory, the seat forever empty at the dinner table, the room that echoes with the silence of a loved one,” he added.

The WHO warned that 2021 could be tougher due to the nature of new variants which transmit the disease faster.

  • “We are going into a second year of this. It could even be tougher given the transmission dynamics and some of the issues that we are seeing,” WHO Chief, Mike Ryan, said.

Analysts expect the global death toll to surpass 3 million by April 2021.

What you should know 

  • Nairametrics reported that the total number of covid-19 cases in Nigeria had surpassed the 100,000 mark on Sunday 10th January 2021, according to the Nigeria Centre for Disease Control.
  • The African Union stated that it secured 270 million Covid-19 vaccine doses for the continent from drug manufacturers to supplement the COVAX programme, a step towards the commencement of the complex task of vaccinating over 1.2 billion people with limited financial resources.
  • The Nigeria Centre for Disease Control on Friday 15th January 2021, announced that 1,867 new cases of the covid-19 virus were recorded across 24 states in the country. This represents the highest number of cases recorded in a single day.

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