Business News
World Bank, IFC show interest to develop Akwa Ibom Free Trade Zone
The World Bank and the IFC have expressed their interest in the development of the Akwa Ibom Free Trade Zone project.
The World Bank and the International Financial Cooperation (IFC) have announced their intentions to partner with relevant agencies in the development of the Akwa Ibom Free Trade Zone project.
The institutions made their intentions known through a delegation sent from the Bretton Woods institution and IFC to pay a courtesy visit to Nigeria Export Processing Zones Authority (NEPZA) boss, Mr Bitrus Dawuk in Abuja.
The leader of the delegation, Mr Feyi Boroffice pointed out that certain massive projects in the country could not be possible without international collaborations. He shed light on how the World Bank had been part of the Dangote Refinery and fertilizer plant project in Ibeju Lekki and suggested replication of such massive projects across other zones in the federation.
“We are also very interested in the Akwa Ibom Free Trade Zone project which we understand is under your authority’s supervision as we appeal to you and the authority to give us the opportunity to participate in the project for the total economic benefit of Nigeria,” Boroffice said.
[READ MORE: World Bank commits $12 billion to curb coronavirus, defend developing nations’ economy)
He noted that the multi-billion-dollar zone in Lekki was witnessing huge economic activities with zones and investors, a project he said would not have been possible without such partnerships.
Boroffice harped on the need for a legal framework across the zones to improve the union between NEPZA and the World Bank and encourage foreign investors to replicate projects of great economic impact across the country.
Dawuk, in his response, told the delegation that the NEPZA’s obsolete legislation as contained in the 1992 establishment decree, was currently undergoing amendments by the National Assembly, to remove the bottlenecks militating against optimal performance of existing economic zones.
He added: “NEPZA is ever ready to work with the World Bank and the IFC in giving Nigeria a world class free zones as there are already measures in place to review the outdated regulations of NEPZA to make it more favourable for Foreign Investors to come in and invest in the country.”
Dawuk noted that he hopes to attract more Foreign Direct Investment (FDIs) to the economy through a new partnership with the World Bank and the International Financial Cooperation (IFC), and boost infrastructural development of free trade zones across the country.
[READ ALSO: World Bank’s IFC partners Nigerian bank to boost trade with $40 million)
What you should know: The IFC representative, Bambo Kunle-Salami, said what the World Bank does is to provide funding and advice to the public sector and government while IFC focuses on providing funding and financial advice to the private sector, the same thing the World Bank does for the public sector.
Active for over three decades, the IFC has partnered with and financed projects in Nigeria including the Dangote cement plant which was done at a time the country had little or no cement capacity.
Coronavirus
COVID-19 Update in Nigeria
On the 7th of March 2021, 269 new confirmed cases and 5 deaths were recorded in Nigeria
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 158,506 confirmed cases.
On the 7th of March 2021, 269 new confirmed cases and 5 deaths were recorded in Nigeria.
To date, 158,506 cases have been confirmed, 137,875 cases have been discharged and 1,969 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 7th, 2021 compared to 1.49 million tests a day earlier.
COVID-19 Case Updates- 7th March 2021,
- Total Number of Cases – 158,506
- Total Number Discharged – 137,890
- Total Deaths – 1,969
- Total Tests Carried out – 1,544,008
According to the NCDC, the 269 new cases are reported from 19 states- Enugu (78), Bauchi (37), Rivers (22), Imo (18), Ogun (16), FCT (15), Akwa Ibom (13), Kaduna (13), Kebbi (11), Kwara (9), Edo(7), Ekiti (6), Borno (5), Yobe(5), Kano (4) Nasarawa (3), Osun (3), Anambra (2) and Plateau (2).
Meanwhile, the latest numbers bring Lagos state total confirmed cases to 56,444, followed by Abuja (19,350), Plateau (8,944), Kaduna (8,658), Oyo (6,766), Rivers (6,680), Edo (4,670), Ogun (4,437), Kano (3,844), Ondo (3,066), Kwara (2,962), Delta (2,582), Osun (2,457), Nasarawa (2,251), Enugu (2,156), Katsina (2,060), Gombe (2,010), Ebonyi (1,951), Anambra (1,813), Akwa Ibom (1,610), and Abia (1,588).
Imo State has recorded 1,569 cases, Borno (1,308), Bauchi (1,274), Benue (1,188), Adamawa (942), Niger (919), Taraba (863), Ekiti (834), Bayelsa (779), Sokoto (769), Jigawa (496), Kebbi (412), Cross River (334), Yobe (293), Zamfara (222), 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.
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.
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.
On Tuesday, 2nd March 2021, the National Primary health Care Development Agency announced the arrival of the expected COVX Astrazeneca/Oxford covid-19 vaccines.
On Saturday, 6th March 2021, President Muhammadu Buhari and his vice, Yemi Osinbajo received vaccination against the covid-19 as the State House in Abuja.
READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous
Tech News
Twitter CEO auctions his first-ever tweet on Twitter, bidding at $2.5 million
Jack Dorsey is auctioning his first-ever tweet on a website that sells tweets as non-fungible tokens.
