Connect with us
SSN
Advertisement
IZIKJON
Advertisement
UBA
Advertisement
forex
Advertisement
Stanbic IBTC
Advertisement
Binance
Advertisement
Esetech
Advertisement
Patricia
Advertisement
Fidelity ads
Advertisement
app

Business

COVID-19: AfDB postpones Africa Investment Forum to 2021

The Africa Investment Forum, scheduled for this November has had to be postponed because of the still raging COVID-19 pandemic.

Published

on

Adesina Probe: US Treasury Secretary praises AFDB’s decision on independent review, Growth must be seen in citizens' lives, AFDB President to African leaders, AFDB launches $3 billion “Fight COVID-19” social bond, Adesina Probe: US Treasury Secretary praises AFDB’s decision on independent review

The Board of Directors of the African Development Bank (AfDB) Group and its partners, the Africa Investment Forum (AIF), have announced the postponement of the AIF Forum scheduled to hold in South Africa in November 2020 to 2021, due to COVID-19.

READ: Fidson Healthcare Plc records 30.28% increase in 2020 9M revenues

This was disclosed in a statement by the AfDB on Wednesday evening, according to the News Agency of Nigeria.

AfDB also acknowledged the rising second wave of the pandemic, affecting global travels and investments as a reason for the postponement.

READ: Fidelity Bank posts N20.41 billion profit in nine months

The Multilateral organization disclosed that the forum has been an opportunity for stakeholders in Africa to close deals, as 2 deals worth $40.1 billion were secured in the 2019 forum. The Bank says despite the postponement, it will continue to deliver deals and investment for the African continent.

What you should know

Nairametrics reported in July that AFDB published its African Economic Outlook 2020 Supplement and warned that the continent’s GDP would fall by at least 1.7%, and if the coronavirus pandemic continues into the second half of 2020, it could contract up to 3.4%. 

“Africa could suffer GDP losses in 2022 between $145.5 billion (baseline) and $189.7 billion (worst case) from the pre-COVID-19 estimated GDP of $2.59 trillion for 2020,” the Bank stated.

The bank warned some losses will be carried over into 2021, as the projected recovery would be partial, and warned of projected GDP losses for 2021, ranging from $27.6 billion to $47 billion (worst case). 

Explore Data on the Nairametrics Research Website

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Business

AfDB signs $400k grant with SEC to strengthen securities market regulation

The AfDB has signed a $400, 000 grant with Nigeria’s SEC to strengthen securities market regulation.

Published

on

unclaimed dividend, SEC restrains fintech company, Chaka from advertising or offering for sale shares

The African Development Bank, AfDB, has signed a $400, 000 grant with Nigeria’s Securities and Exchange Commission to strengthen securities market regulation.

This was disclosed in a statement by the Federal Government on Sunday, as it stated that the grant would also be used to broaden market instruments.

SEC boss, Lamido Yuguda said: “This collaboration further underscores our mutual goal to grow our markets and create viable avenues for sustainable economic development for Nigeria and the region.”

READ: AfDB to assist West African countries deliver on carbon emission reductions

What you should know 

Nairametrics recently reported that the Japan International Cooperation Agency (JICA) and the African Development Fund (ADF) – the concessional arm of the African Development Bank signed a loan agreement of 73.6 billion Japanese yen ($668.1 million) to support the 15th replenishment of the African Development Fund (ADF-15).

Continue Reading

Business

Lagos seals 11 event centres, night clubs, in Ikoyi, Victoria Island, Ikeja, others

The Lagos State Government has shut down 11 facilities in the State for contravening Covid-19 directives.

Published

on

The Lagos State Government, on Saturday and Sunday, shut down 11 facilities which include event centres, lounges and night clubs among others,  for contravening Covid-19 directives.

This follows the reported gathering of a large number of people, beyond the expected number, at those facilities.

This disclosure was made by the Director-General of the Lagos State Safety Commission (LSC), Mr Lanre Mojola, after the sealing exercise in Lagos on Sunday.

According to a report from the News Agency of Nigeria (NAN), Mojola said though the affected event centres originally informed the agency of their intentions to organise parties and events, they failed to meet the expectations of the agency on complying with Covid-19 protocols.

READ: Lagos moves to reopen cinemas, bars, tourism centres as it issues guidelines to be met

He said that those facilities were sealed for non-compliance with Covid -19 Health Protection Regulations of the State and Federal Government.

Mojola, who was represented at the sealing of the property by Dr Wale Adeboje, the Events Safety Administrator of LSC, maintained that the enforcement exercise saw event centres, bars and lounge sealed between Saturday and Sunday.

The event centres, bars and lounges sealed between Saturday and Sunday include UBC Club, VGC, Sapearz Lounge, Awolowo road, Ikoyi, Bravo event centre, Ogba, Ronite Event Centre, Iju Road, Agege.

Other sealed centres are All Season Event Centre, Ipaja, OlaideAdeoluwa Memorial Hall, Carabana Lounge/Bar Isolo, Ajao Estate, DNA Victoria Island, Twist Lounge Kofo Abayomi Victoria Island, Carlsbad Lounge Adeniyi Jones Ikeja and Darts Event Centre, Grammar School, Ifako Ijaiye.

READ: Lagos, Chinese firm to rollout 1,000 SUVs as taxis, to complete auto assembly plant in 12 months

Mojola said, “The facilities were sealed for non-compliance with the Event Safety Clearance that was issued to them by the commission.

“The commission will continue to monitor and enforce compliance across the state while warning that all the Covid-19 violators and perpetrators will be summoned to the commission’s office in Alausa for further directives on what to do as far as their negligence and non-compliance is concerned.’

He urged event owners to register and obtain permits on www.lasgsafetyreg.com, adding that the event facilities visited applied for 50 guests inside and 150 guests outdoor.

The LSC boss said that to the commission’s surprise, they had 150 guests inside and more than 200 guests outside, without following the use of face masks and hand sanitisers.

Binance

What you should know

  • In a bid to curb the spread of the virus in the state, the Lagos state government has taken stern actions which have affected the operations of key relaxation hubs.
  • The government, through the Lagos State Safety Commission, has been on an enforcement drive with the sealing of event centres, night clubs and even religious centres over non-compliance of Covid-19 protocols.

Continue Reading



Advertisement





Nairametrics | Company Earnings

Access our Live Feed portal for the latest company earnings as they drop.