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Coronavirus

AfDB discloses emergency funds given to Nigeria, others to curb COVID-19

As of June 12, COVID-19 emergency packages have reached the continent’s five geographic regions.

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African Development Bank (AfDB) has said that it has responded swiftly to the needs of its member countries to curb the spread of the COVID-19 pandemic.

In a statement issued by the AfDB and seen by Nairametrics, it stated that the pandemic is forecast to cause Africa’s GDP to drop by between $22.1 billion and $88.3 billion.

It stated, “African countries, with the experience of having fought off Ebola, are working to adapt to this new threat and looking to the Bank for an effective, multilateral response to the crisis.”

As of June 12, the Bank’s COVID-19 emergency packages have reached the continent’s five geographic regions.

READ ALSO: Nigeria loses N150 billion annually to shipping tariffs

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West Africa

Before the advent of the COVID-19 pandemic, West Africa was home to at least four of the continent’s fastest-growing economies, and it has felt the impact of the disease hard, as borders remain closed and economic and social distress deepens.

It has given Nigeria about 288.5 million euros, Senegal – 88 million euros, Côte d’Ivoire – 75 million euros, Cabo Verde – 30 million euros, ECOWAS – $22 million.

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“Gambia, Mali and Niger will benefit from an ECOWAS support package to bolster national health systems in response to the pandemic. Much of the funds to this region will seek to address shortages in personal protective equipment (PPE), ventilators and other emergency equipment.

“The support will also enable governments to provide shortfall cash to the millions of people who have been affected by mass layoffs or are unable to work because of lockdowns.”

READ ALSO: AfDB institutes fiduciary measures to monitor COVID-19 funds for Nigeria

North Africa

The North African region is the worst hit by the COVID-19 pandemic, with over 60,000 cases as at 12 June.

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It stated, “The disease has already triggered a sharp drop in household incomes in North Africa, as export and tourism earnings suffer. The region will be assisted with a series of emergency operations to boost containment measures and help to ensure the supply and distribution of laboratory tests and reagents.”

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The package for the region include Morocco – 264 million euros, Tunisia – 180 million euros and Egypt – $500,000.

East Africa

East Africa, the continent’s fastest-growing region economically, has been simultaneously struck by the coronavirus outbreak and an infestation of desert locusts – a double whammy for the region’s farmers and economies.

In a region of climate change and water scarcity, post-harvest losses and poorly developed agricultural markets could threaten the promise of economic reforms and investment.

Ethiopia, Kenya and Rwanda are the top-performing countries, which have all seen a sharp fall in tourism revenue.

● Kenya – 188 million euros

READ MORE: AfDB’s Akinwumi Adesina hits back, denies allegations against him

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South Africa

A decisive lockdown has been effective in stemming the spread of COVID-19 in the region’s economic powerhouse, South Africa. However, the spread of the virus is by no means curtailed. Measures taken across the region to contain the pandemic have affected millions of people, many of whom work in the informal economy.

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Assistance to this region comes in the form of preventive and protective measures as well as financial assistance to the vulnerable beyond the end of the epidemic.

• Mauritius – 188 million euros
• Zimbabwe – $13.7 million

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Central Africa
In Central Africa, Cameroon has reported over 8,000 cases as at 12 June and significant community transmission.

The package approved for this region, $13.5 million, will target the provision of PPEs, testing kits and healthcare and laboratory facilities, for Chad, the Democratic Republic of Congo and the Central African Republic, which is among the countries with the least number of ventilators on the continent.

• CEMAC/RDC – $13.5 million

Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper. The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference. The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

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Coronavirus

#EndSARS: FG expects increase in Covid-19 cases in the next 2 weeks

FG has warned that the ongoing #EndSARS protest may spark up a second wave of coronavirus.

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FG approves reopening of NYSC camps, extends tenure of PTF on COVID-19, FG commences process of resumption of international flight operations in weeks, COVID-19: Reactions trail FG travel ban on 13 countries

The Federal Government has warned that Nigerians should expect an increase in the number of Covid-19 cases across the country in the next 2 weeks.

This is due to the total disregard of the preventive measures against the virus during the ongoing nationwide #EndSARS protest which has been witnessing huge gatherings.

READ: Covid-19: CDC revises guidance, says virus can spread through airborne transmission

This disclosure was made by the Chairman of the Presidential Task Force (PTF) on Covid-19, who is also the Secretary to the Government of the Federation (SGF), Boss Mustapha, at the national briefing of the task force in Abuja on Monday, October 20, 2020.

He said despite the appreciable success recorded so far in the fight against COVID-19, the ongoing protest may spark up a second wave of the virus.

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READ: COVID-19: Spike in new cases suggests a looming second wave of the pandemic

Mustapha said, “I can say it authoritatively that with the ongoing protest across the country, in the next two weeks the cases of COVID-19 would have increased. Each and everyone that attended the protest and did not put up any form of protection is likely going to spread the virus. When people contract the virus during the protest gathering, they will go back home and spread it.

READ: 1 billion students in developing nations may be out of school due to second wave of COVID-19 – World Bank

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“This is one of the reasons why we must be extremely careful when we congregate because when you gather together in such an atmosphere where people don’t wear face masks or maintain the social distance you are creating a potential opportunity for carriers to spread the virus.

“So far we have done pretty well as a country but this protest is like a setback and we must avoid a situation where we will have a resurgence. Countries that thought they have overcome are dealing with the second wave. We are extremely lucky as a nation and we should be careful of any situation that can warrant the second wave.”

He said any mass gathering that does not adhere to the non-pharmaceutical interventions that have been put in place, like wearing of face masks, social distancing, and keeping personal hygiene, becomes a super spreader event.

READ: COVID -19: Nigerian companies have records of innovation to turn pandemic challenge to gold

What it means: With the expected spike in the number of Covid-19 cases due to these protests across the country, Nigeria runs the risk of having a second wave of the coronavirus outbreak which had before now been on a decline. This could lead to the resumption of lockdown measures by the government, in order to contain the spread of the pandemic.

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Coronavirus

COVID-19 Update in Nigeria

On the 19th of October 2020, 118 new confirmed cases were recorded in Nigeria

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The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 61,558 confirmed cases.

On the 19th of October 2020, 118 new confirmed cases were recorded in Nigeria, having carried out a total daily test of 11,794 samples across the country.

To date, 61,558 cases have been confirmed, 56,697 cases have been discharged and 1125 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 590,635 tests have been carried out as of October 19th, 2020 compared to 578,841 tests a day earlier.

COVID-19 Case Updates- 19th October 2020,

  • Total Number of Cases – 61,558
  • Total Number Discharged – 56,697
  • Total Deaths – 1,1125
  • Total Tests Carried out – 590,635

According to the NCDC, The 118 new cases are reported from 10 states – Lagos (51), Rivers (26), Imo (12), Osun (8), Plateau (6), FCT (5), Kaduna (4), Ogun (3), Edo (2), Niger (1)

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 20,696, followed by Abuja (5,923), Plateau (3,587), Oyo (3,415), Rivers (2,735), Edo (2,645), Kaduna (2,532), Ogun (1,983), Delta (1,812), Kano (1,741), Ondo (1,657), Enugu (1,313),  Kwara (1,050), Ebonyi (1,049), Osun (916), Katsina (904), Abia (898), Gombe (883).  Borno (745), and Bauchi (710).

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Imo State has recorded 610 cases, Benue (484), Nasarawa (478), Bayelsa (403),  Ekiti (329), Jigawa (325), Akwa Ibom (295), Anambra (275), Niger (274), Adamawa (248), Sokoto (162), Taraba (117), Kebbi (93), Cross River (87), Zamfara and Yobe (79), 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.

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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.

READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

 

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Coronavirus

China’s economy bounces back from COVID-19 slump, with a growth of 4.9% in Q3 2020

The Chinese economy has seen a growth of 4.9% between July and September, rising from the slump of the COVID-19 pandemic.

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Hudson Mining Limited, China's economy bounces back from COVID-19 slump, with a growth of 4.9% in Q3 2020

The Chinese economy has continued to show stronger recovery from the COVID-19 pandemic, as its economy saw growth of 4.9% between July and September – Q3 2020, compared to the same quarter last year. However, the figure is lower than the 5.2% projected by most international economists.

China is now leading the charge for a global recovery based on its latest Gross Domestic Product (GDP) data. The near 5% growth is a far cry from the slump the Chinese economy suffered at the start of 2020 when the pandemic first emerged.

READ: COVID-19: How CBN policies helped prevent the collapse of the Nigerian economy – Oscar Onyema

READ: TiKTok to take legal actions against President Trump’s ban

China’s trade figures for September also pointed to a stronger recovery, with exports growing by 9.9% and imports growing by 13.2% compared to September last year.

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It appears to be a broadening recovery with the important services sector rebounding. Domestic tourists and travelers have probably helped the recovery continue by spending their money at home because global restrictions mean they can’t yet go abroad. With international travel severely restricted, millions of Chinese have been traveling and spending domestically.

READ: OECD reduces global economic decline to 4.5% from earlier forecast of 6% 

What you should know

  • While the COVID-19 pandemic has hampered the year’s growth targets, China remains in a trade war with the US and it has relatively hurt its economy.
  • For the first three months of the year, China’s economy shrank by 6.8% when it saw nationwide shutdowns of factories and manufacturing plants. It was the first time China’s economy contracted since it started recording quarterly figures in 1992.
  • Over the previous two decades, China had seen an average economic growth rate of about 9%; although, the pace has gradually been slowing.
  • There were 637m trips in China over the eight-day holiday which generated revenue of 466.6bn RMB ($69.6bn, £53.8bn), according to data from its Ministry of Culture and Tourism.
  • Duty-free sales in the tropical island province of Hainan more than doubled from last year, soaring by nearly 150% according to the local customs data.

READ: China joins WHO vaccine programme as it fills huge gap left by United States

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What they are saying

According to Iris Pang, Chief China Economist for ING in Hong Kong, “I don’t think the headline number is bad. Job creation in China is quite stable which creates more consumption.”

According to Robin Brant, BBC China correspondent, “China’s economy continues to grow at rates unimaginable in other Covid-hit countries. Draconian lockdown measures to control the virus combined with some government stimulus appeared to have worked well. While the growth of 4.9% is slightly below some forecasts, industrial output – a good barometer of state-controlled activity, came in above expectations”

READ: Many Billionaires became richer by 27% during the COVID-19 pandemic – Swiss Bank UBS

READ: Access Bank gets regulatory approval to become a Holding Company

According to Yoshikiyo Shimamine, Chief Economist at the Dai-Ichi Life Research Institute in Tokyo, “China’s economy remains on the recovery path, driven by a rebound in exports, but we cannot say it has completely shaken off the drag caused by the coronavirus.”

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