The Economic Commission for Africa (ECA), has disclosed that between 49 million and 161 million Africans may have fallen under the poverty line due to the effects of the pandemic.
This was disclosed by Vera Songwe, United Nations Under-Secretary-General and Executive Secretary of the ECA at the 53rd ministerial session of the ECA and the Conference of African Ministers of Finance, Planning and Economic Development holding in Addis Ababa, Ethiopia on Monday.
Songwe arrived at the figure based on the growth elasticity of poverty change approach, and with economic growth contractions of 1.8–5.4 per cent in 2020, among other indicators.
She said that one billion Africans, representing more than 80 per cent of the total population, have a mean consumption rate of less than $5.50 per day, citing the fact that two-thirds of Africans reside in countries with a consumption of less than $1.90 a day.
“Globally, social assistance spending ranges from $6.1 billion in Africa to $290 billion in North America.
“On per-capita basis, the 30 countries in Africa, for which data is available, spend only USD 10 per capita on social protection, against USD 361 per capita in East Asia and the Pacific and USD 442 per capita in North America,” Songwe said.
Meanwhile Ghana’s Finance Minister, Ofori-Atta has warned that African economies are contracting, and a sharp increase in infections is overwhelming health systems.
“Africa’s GDP contracted by 2.1 per cent (African Economic Outlook 2021) compared to a 3.5 per cent contraction in global GDP (World Bank).
“However, the second wave has depleted our buffers, our economies are contracting, and we are witnessing sharp increases in infections and deaths. These developments are overwhelming our health systems,” Ofori-Atta said.
“As a result, the Real GDP in Africa is projected to grow by 3.4 % in 2021 compared to the projected global growth of 5.5 %,” he added.
In case you missed it: Nairametrics reported earlier this month that the African Development Bank (AfDB) revealed that the Covid-19 pandemic could push an estimated 39 million Africans into extreme poverty this year, following about 30 million who were pushed into extreme poverty in 2020.
President Buhari restores ownership of OML 123, 124, 126 and 137 to NNPC
The President has ordered the restoration of ownership of OML 123, others to NNPC.
President Muhammadu Buhari has approved the restoration of the leases on OMLs 123, 124, 126 and 137 to the Nigeria National Petroleum Corporation (NNPC) which is in a production sharing contract with the Chinese government-0wned, Addax Petroleum.
This is in line with the current administration’s rule of law, fairness and enabling a stable business environment for businesses.
This disclosure is contained in a statement issued by the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, through a series of tweet posts on his official Twitter handle on Friday, April 23, 2021.
The President directed the Department of Petroleum Resources (DPR) to retract the letter of revocation of the leases, while also directing NNPC to utilize contractual provisions to resolve issues in line with extant provisions of the Production Sharing Contract arrangement between NNPC and Addax.
What the Presidential Media Aide is saying in the statement
The statement from Garba Shehu partly reads, ‘’In line with the current administration’s commitment to the rule of law, fairness and enabling a stable business climate for investment, President Muhammadu Buhari has approved the restoration of the leases on OMLs 123, 124, 126 and 137 to NNPC Group which is in production sharing contract with Addax Petroleum, a company wholly owned by Government of the People’s Republic of China on the blocks. The leases belonging to the Federation were revoked on March 30, 2021.
‘’This development reaffirms the commitment of President Buhari to the rule of law and sanctity of contracts. While directing the Department of Petroleum Resources, DPR to retract the letter pf revocation of the leases, the President also directed NNPC to utilize contractual provisions to resolve issues in line with the extant provisions of the Production Sharing Contract arrangement between NNPC and Addax.’’
Shehu in his statement also said that the restoration of the blocks to NNPC will boost the organisation’s portfolio, thereby making the corporation to, in the long run, boost its crude oil production and in turn increase the revenue it generates to the Federation Account.
In case you missed it
It can be recalled that the Department of Petroleum Resources (DPR), had on March 31, 2021, revoked the 4 assets of Addax Petroleum Exploration Nigeria Limited, namely OMLs 123, 124, 126 and 137 due to the non-development of the assets by the company.
The DPR had earlier said that it has inaugurated a team of experts to evaluate the revoked assets of Addax Petroleum, which was in preparation for the formal handing over to the new operators- Kaztech/Slavic Consortium.
The oil sector regulator also pointed out that the move was in fulfilment of the Federal Government’s commitment to reactivating all moribund oil and gas support facilities across the country.
In line with the current administration’s commitment to the rule of law, fairness & enabling a stable business climate for investment, President @MBuhari has approved the restoration of the leases on OMLs 123, 124, 126 & 137 to @NNPCgroup,…
— Garba Shehu (@GarShehu) April 23, 2021
Dangote acquires 400 trucks from ANAMMCO plant in Enugu, brings total to 4,000
Dangote Group has taken delivery of another set of 400 Shacman trucks from Transit Support Services Limited and assembled in the former ANAMMCO plant in Enugu.
The Dangote Group has taken delivery of another set of 400 Shacman trucks from Transit Support Services Limited and assembled in the former ANAMMCO plant in Enugu.
This brings the total number of trucks bought by the Dangote Group from Transit Support Services Limited to about 4,000 units since the entry of the brand into the country in 2016.
According to a report from the Punch, this disclosure is contained in a statement issued by the Head of Public Relations and Media at the Transit Support Services Limited, Iyere Ikhide.
Ikhide in the statement said that the Dangote-Shacman partnership has led to the resuscitation of the ANAMMCO plant in Enugu.
It described Dangote as the biggest customer of the Enugu-based auto assembler, noting that the partnership had resulted in the provision of more jobs for many youths; rejuvenation of the Onne Port in Rivers State and the attendant economic benefits.
The statement from Transit Support Services Limited partly reads, “Following the partnership deal and commitments to quality, the biggest customer of Shacman brand in Nigeria, Dangote Group, has taken delivery of additional 400 units of Shacman trucks.
Dangote Group has since the entrance of Shacman vehicles into the Nigerian market through Transit Support Services Limited as Shacman Nigeria six years ago, bought over 3,500 units of the brand.’’
What you should know
- It can be recalled that in February 2020, the largest Indigenous Industrial Conglomerate in West Africa, the Dangote Group, invested about N63 billion in a local automaker with an assembling plant in Enugu with the purchase of 3,500 trucks while going into a long-term partnership with them.
- The automaker, which goes by the name Transit Support Services Limited, went into a long-term agreement with Dangote Group and has already supplied 3,500 Shacman trucks to the company from its Anambra Motor Manufacturing Company assembly plant in Emene Enugu State.
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- NASCON Allied Industries Plc posts profit after tax of N723.2 million in Q1 2021.
- LivingTrust Mortgage Bank grows profit after tax by over 260% to N100.6 million in Q1 2021.
- Stanbic IBTC profit plunges by over 45% to N11.3 billion in Q1 2021.
- Nigerian Breweries Plc grows profit by 39% to N7.7 billion in Q1 2021.
- Trans Nationwide Express Plc profit after tax slumps by over 95% in Q1 2021