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COVID-19 Update in Nigeria
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Business News
It would be difficult to find loans to finance rail to Niger Republic – Cheta Nwanze
Finding loans to finance rail to the Niger Republic would be difficult, says Cheta Nwanze.
Cheta Nwanze, Lead Partner at socioeconomic research firm, SBM Intelligence, says that it would be difficult to find loan financiers for the proposed $1.9 billion rail project from Kano to Maradi in Niger republic.
Cheta, in an interview with Nairametrics on Friday, explained that it appears that Nigeria is more keen on the project than Niger Republic.
READ: Ghana blows hot over Nigeria’s $2 billion rail project that involves Amaechi
Back story: Nairametrics reported this week that the Federal Executive Council has approved the disbursement of $1.96 billion, for the railway line from Kano in Nigeria to Maradi in Niger Republic.
According to the report, the President is also expected to commission the Warri-Itakpe standard gauge rail line, running through Kogi, Edo, and Delta States.
“Nigeria is investing so much in this rail line, given that we are Niger’s 4th largest trading partner,” Cheta said.
READ: FG threatens to disconnect Togo, others from electricity over $16 million debt
He added that Niger, although being landlocked already, has an existing infrastructure for its imports and export services, which is much better utilized than Nigeria’s export infrastructure.
“The majority of their imports from France, China, and the USA come in via the port of Lome, precisely because the port in Lome works, and the rail link in Togo is much better than ours.
“Nigeria, on the other hand, has let its Apapa port to become a wreck, while transportation between Lagos and Kano/Jibia is a nightmare, if we’re being charitable with words.”
(READ MORE: Trade and Investments, a way out of Nigeria’s economic troubles – Fola Fagbule)
According to him, with the reality of the Apapa congestion and other factors, finding fund for such project, when debt to service ratio is high and amidst reduced oil revenue, will be difficult.
READ: Local refining; A panacea for Nigeria’s reliance on imported refined products
“With these realities in mind, I find it difficult to imagine who will extend such a loan to Nigeria, especially since, as far as all the information available to me indicates, Niger does not seem as keen on pushing this as Nigeria does,” he added.
However, the media aide to President Buhari, Garba Shehu, disclosed that the Federal Government is not constructing a rail line from Nigeria linking Kano-Dutse-Maradi into the Niger Republic, as it will only stop at the designated border point.
READ: NDDC Probe: Senate orders IMC to refund N4.9 billion illegal payments
Maradi is 55km from the Katsina border Town of Jibia.
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.
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.
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.
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%.
Coronavirus
Covid-19: Global deaths surpass 2 million
Global casualty record for the Covid-19 pandemic surpassed 2 million deaths on Friday.
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.”
- “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.
