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CBN and other industry stakeholders establish N1 billion Bankers’ Charitable Endowment Fund 

The CBN, in collaboration with other stakeholders in the banking industry, have established N1 billion Bankers’ Charitable Endowment Fund.

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The Central Bank of Nigeria (CBN), in collaboration with other stakeholders in the banking industry, have established N1 billion Bankers’ Charitable Endowment Fund in order to improve the standard of living across the nation.

According to Leadership, the CBN Governor, Mr Godwin Emefiele at the 2019 Bankers’ Dinner, disclosed that the Fund would cater to social programmes across the different communities in Nigeria. The governor encouraged other sectors of the economy to follow suit and put in efforts to better the standard of living in the country.

The Fund was created after a critical discussion with industry stakeholders, who desired to increase their support for social causes that are beneficial to society. Emefiele said that the banking industry has a critical part to play in the growth of the economy, as access to credit can boost household consumption and domestic production of goods and services.

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Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN).

According to him, the Bankers’ Charitable Endowment Fund, would fund a major charitable initiative every year starting from next year.

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As we push forward on our priorities to drive economic growth, it is also critical that the banking industry remains focused on having a positive social impact on society. I am glad that the banking sector is making significant contributions in this direction, as 5% of its annual profits are dedicated to the Agric-Business/Small and Medium Enterprises Investment Scheme.

“The scheme has supported farmers, entrepreneurs and small businesses in engaging in productive activities. This contribution does not mean that we should relent in supporting social causes that are beneficial to society. If we all work together, we will be able to generate double-digit growth numbers in the near future,” Emefiele said.

[READ MORE: 2020: CBN eyes $4 billion non-oil revenue)

However, on the issue of border closure, the governor said there’s a need for Nigeria to eliminate the culture of importation so as to reduce unemployment and support growth of local industries.

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This is because if we do not reduce imports, the same imports will kill us knowing full well that such activities do not aid our efforts in creating jobs and supporting the growth of our local industries.

“If we choose to support excessive imports of goods that can be produced in Nigeria, we will lose jobs, our industries will die and insecurity and other social vices in our land will continue to increase. We must choose this alternative path of improving domestic production, which will support the growth of our local economy.

“While errors have been made in the past, we must forge ahead knowing that it is indeed still possible to attain a great Nigeria. But this can only be achieved if we work together and engage in activities that support improved production and consumption of goods and services that can be produced here.

“As the monetary and fiscal authorities continue to work tirelessly to support the recovery of our economy, I would like to reiterate that Nigeria is indeed open for foreign investors who are keen to support our efforts at unlocking the immense opportunities in our economy, knowing that it offers mutual gains to both the investors and the nation.

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“Investors can be assured that their investments in Nigeria would be duly protected by the authorities, as we are fully aware of the various advantages they can provide to our economy in terms of capital and technological know-how. We hereby reaffirm our commitment to investors that Nigeria is indeed open for business,” said Emefiele.

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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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