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Business News

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.

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.

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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Tech News

Twitter launches Clubhouse competitor, Spaces

Twitter has launched Spaces, an app that could rival the popular Clubhouse.

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Square buys $50 million worth of Bitcoins, Twitter warns political figures to abstain from fake, misleading statements, Has Twitter's Jack Dorsey changed the popular narrative attached to Nigerians?, Twitter forecasts future drop in revenue after milestone record in 2019 Q4 , Twitter founder, Jack Dorsey invest N2.3 million in Nigerian startup, DevCareer , Some Verified accounts may not be able to tweet, as Twitter freezes password reset to address cyberattack

Social media giant, Twitter has announced the launch of a voice content app for use mainly on iOS. Several users have been invited to join the Spaces feature for testing so far.

Twitter disclosed this in a statement on Wednesday announcing product updates and then during a Q&A session for the Spaces feature.

“Spaces is a place to come together, built around the voices of the people using Twitter, your Twitter community. Spaces are live for as long as they’re open; once ended, they will no longer be available publicly on Twitter,” Twitter said.

It added that the feature would be rolled out to a select few to learn and gather feedback from a variety of communities on Twitter.

“While anyone on iOS will be able to join a Space, only people in the small group will be able to create Spaces. We will expand the list of people who can create Spaces over time,” Twitter added.

What you should know 

  • Twitter is not the only social media giant working on a Clubhouse competitor. Nairametrics reported that Facebook is creating an audio chat similar to the popular audio chat app, Clubhouse.

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Corporate Press Releases

Finishing 2020 strong, United Capital records double digit growth with profit rising by 61%

Delights shareholders with a proposed dividend of N0.70k per share.

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Foremost Pan-African financial and investment services group, United Capital Plc has announced its audited results for the full year ended December 31, 2020, recording double-digit growth across all its major income lines.

Despite the Covid-19 pandemic and the resultant challenging operating environment, the investment institution leveraged on increased efficiency to deliver an impressive 61 per cent year-on-year growth in profit before tax to N7.95 billion compared with N4.95 billion at the end of 2019; while profit after tax stood at N7.81 billion, showing an increase of 57 per cent above the N4.97 billion it closed in 2019.

United Capital also recorded a 50 percent year-on-year growth in gross earnings to close at N12.87 billion in December 2020, compared to N8.59 billion recorded in the similar period of 2019.

On account of a significant 54 per cent increase in investment in financial assets, United capital’s total assets also rose by 48 per cent to N224.75 billion in the period under review, compared to N150.46 billion recorded at the end of the 2019 financial year; while shareholders’ funds grew to N24.43 billion rising by 25 per cent from 19.59 billion a year earlier.

On the back of the strong performance, the Directors of United Capital have proposed a dividend of 70k per share, amounting to a total of N4.2 billion dividend to be paid upon ratification by shareholders at its forthcoming AGM. The 70k dividend per share, which is higher than the 50k per share declared in 2019, is payable to shareholders whose names appear on the Register of Members at the close of business on March 5, 2021.

The Group Chief Executive Officer, United Capital Plc, Mr. Peter Ashade, expressed delight on the performance, which according to him is cheering news despite the challenges that most companies faced in the year 2020.

He said, “I am pleased to inform all stakeholders that United Capital delivered impressive returns amid the unprecedented environment worsened by the pandemic during the 2020 financial year with remarkable double-digit growth in Revenue, PBT and PAT and solid performance across key business parameters.

“This empowers us to adopt a more positive outlook for the year 2021 as we navigate the tough terrain compounded by a second wave of the COVID-19 pandemic among other severe economic challenges,” Ashade noted.

Speaking on its plan for the 2021 financial year, Ashade said, “Despite the tough operating environment, all stakeholder groups can be assured of our commitment to providing best-in-class solutions to diverse client segments and delivering superior returns to shareholders even as we work with regulatory authorities to strengthen the broader financial system as the domestic economy continues on the path to recovery in the year 2021.”

United Capital Plc is a leading Pan-African financial and investment services group, with a mission to provide bespoke and innovative value-added services to its client. The group aims to transform the African continent by providing innovative and creative investment banking solutions to governments, companies, and individuals

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