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Green economic recovery will create jobs – IMF

The IMF said that a green recovery focus would create income equality opportunities for the future.

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IMF says it can mobilize $1 trillion loan to help countries counter Coronavirus

The Managing Director of the IMF, Kristalina Georgieva, says the IMF’s focus on a green global economic recovery would boost the creation of Jobs in climate resilience, reforestation, dealing with land degradation, improving infrastructure and renewable energy.

Georgieva disclosed this in an interview with Bloomberg BusinessWeek on Saturday.

Recall  Nairametrics reported last month that the IMF said infrastructure is needed for a resilient economic growth in Africa post-covid-19, and in a scenario where large scale investments are needed, the focus needs to be smart, green and inclusive.

READ: Consortium of Western investors to inject upwards of $5 billion in Nigeria’s renewable energy sector

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,” the IMF said.

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Georgieva told BusinessWeek that during the economic downturn caused by the pandemic, the IMF poured money into many sectors of the global economy, and with the rising recovery, the IMF would prioritize a definitive end to the health crisis everywhere to enable emerging economies trade with advanced economies and also move towards a green economic model, which is a job-rich model and can boost GDPs of nations.

READ: AfDB invests $600 million in Africa’s renewable energy, discloses de-risk plan 

When we put the economy into a standstill, the right policy response was to support companies across the board. Central banks, financial authorities, and institutions like mine have poured resources so that there is a floor under the world economy. And at that stage of the emergency response to a very unusual crisis, it would be wrong to try to differentiate. You don’t have the time. And you would do more harm than good if you differentiate,” she said.

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She continued, “We are now at the point where we are seeing the signs of recovery. That is moving us to a different phase where our advice from the fund is threefold: One, prioritize a definitive end to the health crisis everywhere. Even if advanced economies and some emerging-market economies revitalize themselves, if their trading partners are in trouble, that drags the world down. Two, start now thinking about how to gradually move support towards what you want to see in the future. Are jobs being protected? Are jobs being created? Now why is a green recovery very attractive? Because the green recovery can be a job-rich recovery.”

READ: Reps to probe FG’s N3.4 billion failed solar power project

She added that the green recovery will created jobs in climate resilience, reforestation, dealing with land degradation, improving infrastructure to withstand climate shocks, building installations as a lot of renewable energy projects create jobs.

She said that a green recovery focus would create income equality opportunities for the future, through investing “in people, investing in education, and investing in internet accessibility.”

“One thing that I’m eager for the fund to play a role in is this combination between social safety nets and social safety ropes—provide incentives for people, especially young people, women, those that are most affected in this crisis. And it is great for the economy, it is also great for social cohesion,” she said.

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ENDSARS

South-West Governors say attacks in Lagos were attempts to weaken the region’s economy

South West governors have they described the coordinated attacks in the state as an attempt to weaken the region’s economy.

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South-West Governors say attacks in Lagos were attempts to weaken the region's economy

Governors of the South-West states have pledged their supports to their Lagos State counterpart, as they described the coordinated attacks in the state as an attempt to weaken the region’s economy.

This was disclosed by the Chief Press Secretary of the state, Gboyega Akosile, during the visits of the Governors and the Federal Executive Council members from SouthWest to the public assets and private properties destroyed in last Wednesday’s arson in the state.

READ: How to access new N75 billion Nigerian Youth Investment Fund

He tweeted, “Shock! This was the expression on the faces of the Federal Executive Council (FEC) members from Southwest and Governors as they toured the public assets and private properties destroyed in Wednesday’s coordinated arson in Lagos State.

“The delegation of Governors and Ministers was personally received by Sanwo-Olu at the State House in Marina, where the Lagos helmsman showed them the pictorial evidence of the violence before visiting some of the torched assets.”

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READ: President Buhari approves N13.3 billion for Community Policing in Nigeria

At a joint press conference held after the tour, Chairman of Southwest Governors’ Forum and Ondo State Governor, Arakunrin Rotimi Akeredolu, SAN, compared the scenes to a war zone, given the extent of the destruction.

According to him, the violence that resulted from the EndSARS protest left much to be desired, stressing that there was an agenda beyond the youth demonstration against police brutality.

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READ: FEC approves $40 oil benchmark for 2021 budget

He said, “We are deeply concerned with the ease with which public buildings, utilities, police stations, and investment of our people have been burnt despite the proximity of security agencies in those areas.

READ: FG suit may lead to delay in Shell’s Bonga project

What this means: From all indications, it is obvious that the South-West Governors believed that the said attack, which were rumoured to have been carried out by suspected hoodlums, were sponsored by some people to deliberately disorganize the region’s economy.

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#EndSARS Protest: 80 BRT buses worth N3.9 billion were destroyed by hoodlums – LASG 

The Lagos State Government disclosed that the 84 BRT vehicles destroyed by the hoodlums cost a total of about N3.9 billion.

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#EndSARS Protest: 80 BRT buses worth N3.9 billion were destroyed by hoodlums - LASG 

The Lagos State Government has revealed that 27 of the burnt Bus Rapid Transit (BRT) vehicles in the Oyingbo and Ojodu Berger areas of the state cost $200,000 each, while 57 of them cost $100,000 each, all totaling about N3.9 billion.

This statement was made by the Lagos State Government on Friday, after evaluating the extent of damage made to the Bus Rapid Transit (BRT) vehicles.

READ: Arik, Dana Airlines to resume flight operations after curfew

What you should know

Few days ago, hoodlums hiding under the cover of #EndSARS protests allegedly attacked and razed the Oyingbo BRT terminal, with several buses burnt. Nairametrics reported that Primero Transport Services Ltd (PRT), the owners of BRT buses said they have lost over N100 million in 6 days due to the #EndSARS protests.

READ: Lagos Bus Service records 10 million passengers in 10 months

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The State’s Commissioner for Information, Mr. Gbenga Omotosho, in an exclusive interview with Punch, disclosed that:

  • 23 big BRT buses were razed down, while 57 medium-size BRT buses were affected by the violence, which brings the total of the BRT vehicles destroyed to 80. 
  • 23 of the 80 BRT buses burnt by the hoodlums were at Ojodu, while the remaining  57 were at the Oyingbo area.  
  • The big buses cost around $200,000 each, while the medium-size ones cost around $100,000 each.

READ: #EndSARS: Lagos orders investigation of Lekki Toll Plaza shooting

What they are saying 

Mr. Omotosho said, “As I speak, the Governor and some of us are going around the state from one facility to the other. We are also visiting private facilities. Some of the places were the Oregun Vehicle Inspection Service office, the BRT park at Oyingbo, and the terminus at Ojodu Berger. 

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“I don’t know how they planned it; the hoodlums left the old buses and went for the new ones. The new ones were worth billions of naira. 

READ: Operators of BRT suspend operations on Ikorodu-TBS route

“However, the cumulative losses incurred by the state are not ready yet. But it will be mind-boggling. It came on a scale beyond belief. We know that the police have apprehended suspects.”

What this means

The vehicles were purchased in dollars; So, the consistent decrease in the value of Naira is expected to edge the cost of these buses up, when denominated in Naira. 

The Lagos State Commissioner for Information, Mr Gbenga Omotosho explained that with the current foreign exchange rate, the 80 destroyed BRT buses are now valued at N3.929 billion.

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BREAKING: Lagos State reviews curfew again, now from 8pm to 6am

Governor Babjide Sanwo-Olu has once again reviewed the curfew in the state to now commence between 8 pm to 6 am.

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4 key points in the new Lagos 2020 Land Use Charge, Lagos offers tech founders N250 million seed fund, cuts stringent access , Governor Sanwo-olu launches 14 ferries to tackle gridlock, says Okada ban irreversible, ride-hailing

The Lagos State Governor, Babajide Sanwo-Olu, has further reviewed the curfew earlier imposed on the state to help contain the large scale violence following the hijacked #EndSARS protests against police brutality and extra-judicial killings. The curfew now starts at 8 pm and ends at 6 am daily.

This is coming 2 days after the Governor had eased the 24-hour curfew to start from 6 pm to 8 am daily.

This disclosure was made by the Lagos State Commissioner for Information and Strategy, Gbenga Omotoso, on Sunday, October 25, 2020.

The Commissioner in his statement said, “The curfew in Lagos State has been reviewed. Restriction time is now 8 pm to 6 am. Lagosians are enjoined to plan their journey times as they go about their lawful businesses. Public schools remain shut till further notice.”

What this means

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This new review gives Lagosians an extra 4 hours to go about their daily activities.

What to expect

The Lagos State government will keep on reviewing and relaxing the curfew, as long as the security situation does not spike again.

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Details later…

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