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Coronavirus

COVID-19: Africa’s recovery will need billions of dollars- IMF

Investing in a resilient African future will be more cost-effective than rebuilding after crises.

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IMF raises Nigeria’s growth forecast, Globat trade tension, US-China trade war, International Monetary Fund IMF, IMF, Christine Lagarde resigns

The International Monetary Fund (IMF) has said that Africa will need hundreds of billions of dollars to deal with the economic fall out of the Coronavirus pandemic on continent’s economy. 

This was announced by IMF’s Managing Director, Kristalina Georgieva and Abebe Aemro Selassie, Chief of African operations in a statement titled “Charting a Path for a Resilient Recovery in Sub Saharan Africa”. 

According to the global lender, Africa needs a recovery that raises resilience to not just save lives but also boost higher standards of living; citing studies that showed expanding internet access in sub-Saharan Africa by 10% of the population could increase real per capita GDP growth by as much as 4% points. 

READ: 13.9 million Nigerian youth are unemployed – NBS

To achieve this, fiscal and financial policies need to prioritize investing in people, infrastructure, and coping mechanisms,” IMF said. 

The Bank added that investing in healthcare and education can pay large dividends in terms of growth, productivity, gender equity, and living standards, however investing in people are critical for resilience. 

But investing in people is more than just finding better ways to do existing jobs. It is also about carving out new jobs. Better jobs. It is therefore vital to invest in building digital skills,” it added.

READ: Akinwumi Adesina re-elected as AfDB’s President

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The IMF announced in June’s World Economic Outlook  that “projection for sub-Saharan Africa overall is a negative 3.2 % in 2020 with a recovery in 2021 of 3.4%.”  

For infrastructure the IMF added that infrastructure is needed for a resilient economy, however ina scenario where large scale investments are needed, the focus needs to be smart, green and inclusive 

This means moving towards other renewable energy sources, such as solar and wind power. This shift will help reduce carbon emissions, spread electrification, and create jobs.

“In Kenya, the government increased access to electricity from 40 to 70% of the population in large part through the use of small, off-grid, solar-powered energy plants,” it added. 

IMF forecasts that investing in a resilient African future will be more cost-effective than repeated rebuilding after crises or disasters, as it encourages a more resilient route to development in Africa. 

 

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    Business News

    COVID-19 Update in Nigeria

    On the 7th of May 2021, 39 new confirmed cases were recorded in Nigeria

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    Covid 19 update symptops

    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 165,340 confirmed cases.

    On the 7th of May 2021, 39 new confirmed cases were recorded in Nigeria.

    To date, 165,340, cases have been confirmed, 155,454 cases have been discharged and 2,065 deaths have been recorded in 36 states and the Federal Capital Territory

    A total of 1.94 million tests have been carried out as of 7th May 2021 compared to 1.91 million tests a day earlier.

    COVID-19 Case Updates- 7th May 2021,

    • Total Number of Cases – 165,340
    • Total Number Discharged – 155,454
    • Total Deaths – 2,065
    • Total Tests Carried out – 1,939,165

    According to the NCDC, the 39 new cases are reported from 8 states- Lagos (23), Abuja (4), Kano (4), Zamfara (4), Akwa Ibom (1), Gombe (1), Nasarawa (1), and Plateau(1).

    Meanwhile, the latest numbers bring Lagos state total confirmed cases to 58,547, followed by Abuja (19,806), Kaduna (9,064), Plateau (9,060),Rivers (7,130), Oyo (6,852), Edo (4,902), Ogun (4,678), Kano (3,961), Ondo (3,248), Kwara (3,122), Delta (2,623), Osun (2,575), Nasarawa (2,382), Enugu (2,401), Katsina (2,097), Gombe (2,034), Ebonyi (2,030), Anambra (1,909), Akwa Ibom (1,859), and Abia (1,689).

    Imo State has recorded 1,657 cases, Bauchi (1,548), Borno (1,337), Benue (1,188), Adamawa (1,103), Taraba (974), Niger (930), Bayelsa (886), Ekiti (870), Sokoto (775), Jigawa (528), Kebbi (450), Cross River (394), Yobe (390), Zamfara (240), 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.

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    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

     

     

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    Coronavirus

    Covid-19: WHO approves China’s Sinopharm vaccine

    WHO has announced the approval of China’s Sinopharm vaccine for Covid-19 vaccination.

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

    The World Health Organization (WHO) has announced the approval of China’s Sinopharm vaccine for Covid-19 vaccination.  The vaccine is reported to have 79% efficacy against covid.

    This was disclosed today in a report by Reuters. The vaccine would also be the second Chinese-made vaccine after Sinovac vaccine and would be the first developed outside Europe and North America to receive WHO accreditation.

    “This expands the list of COVID-19 vaccines that COVAX can buy, and gives countries confidence to expedite their own regulatory approval, and to import and administer a vaccine,” WHO Director-General, Tedros Adhanom Ghebreyesus said.

    The WHO added that the easy storage requirements make it highly suitable for low-resource settings.

    “Its easy storage requirements make it highly suitable for low-resource settings,” a WHO statement said while also disclosing that the vaccine has been approved for people above the age of 18 to receive two shots.

    “On the basis of all available evidence, WHO recommends the vaccine for adults 18 years and older, in a two-dose schedule with a spacing of three to four weeks,” the statement added.

    The vaccine was created by Beijing Biological Products Institute, a subsidiary of Sinopharm subsidiary China National Biotec Group, with an efficacy of 79% for all age groups.

    The WHO however, admitted that few older adults (over 60 years) were enrolled in clinical trials, so efficacy could not be estimated in this age group.

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    In case you missed it

    The quest for vaccine efficiency got a major boost earlier this week as Nairametrics reported that the United States government announced that it supports the waiver of Intellectual Property Protections on Covid-19 vaccine development, in a bid to boost the fight against the pandemic, and says it will participate in the Okonjo-Iweala-led WTO negotiation to make it happen.

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