The International Monetary Fund (IMF) has stated that a continued lack of access to vaccines will see Africa’s projected growth at 3.4% compared to the rest of the world at 6%.
The IMF disclosed this in its Regional Economic Outlook for Sub-Saharan Africa, April 2021, which was published on Thursday.
What the IMF said
- Despite turning out better than expected, growth in 2020 is estimated to have been the worst on record at –1.9 %, leading to a sharp spike in poverty.
- In 2021, the region’s economy is expected to resume expansion at 3.4%, weaker than the 6% for the rest of the world, amid a continued lack of access to vaccines and limited policy space to support the crisis response and recovery.
- Macroeconomic policies will in many countries entail some difficult choices. Saving lives remains the first priority, which will require access to affordable vaccines, ensuring that the logistical and administrative prerequisites of vaccination rollouts are in place, targeted containment efforts, and added spending to strengthen local health systems.
The IMF urged that African leaders needed to create more fiscal space and implement transformative reforms to unlock economic growth. These include mobilizing domestic revenue, strengthening social protection, promoting digitalization, and improving transparency and governance.
The body added that the need for reforms is to reduce debt and find a sustainable footing which would be a catalyst for longer-term growth and provide opportunities for the region’s new job seekers.
On growth projections
- IMF forecasts that Nigeria is expected to grow by 2.5% in 2021 and 2.3% in 2022.
- South Africa is expected to grow by 3.1% in 2021 and 2.0% in 2022.
- Kenya is expected to have higher growth at 7.6% in 2021 and 5.7% in 2022.
- Meanwhile, Ghana is forecasted to grow by 4.6% in 2021 and 6.1% in 2022.
In case you missed it
Nairametrics reported earlier this month that the International Monetary Fund had lifted its global growth outlook to 6% in 2021 (0.5% point upgrade) and 4.4% in 2022 (0.2 percentage point upgrade), after an estimated historic contraction of -3.3% in 2020, due to the effects of the COVID-19 pandemic.
COVID-19 Update in Nigeria
On the 6th of May 2021, 28 new confirmed cases were recorded in Nigeria
The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 165,301 confirmed cases.
On the 6th of May 2021, 28 new confirmed cases were recorded in Nigeria.
To date, 165,301, cases have been confirmed, 155,424 cases have been discharged and 2,065 deaths have been recorded in 36 states and the Federal Capital Territory
A total of 1.94 million tests have been carried out as of 6th May 2021 compared to 1.91 million tests a day earlier.
COVID-19 Case Updates- 6th May 2021,
- Total Number of Cases – 165,301
- Total Number Discharged – 155,424
- Total Deaths – 2,065
- Total Tests Carried out – 1,939,165
According to the NCDC, the 28 new cases are reported from 6 states- Lagos (10), Rivers (7), Akwa Ibom (6), Delta (2), Abuja (2), and Kaduna (1).
Meanwhile, the latest numbers bring Lagos state total confirmed cases to 58,524, followed by Abuja (19,802), Kaduna (9,064), Plateau (9,059),Rivers (7,130), Oyo (6,852), Edo (4,902), Ogun (4,678), Kano (3,961), Ondo (3,248), Kwara (3,122), Delta (2,623), Osun (2,575), Nasarawa (2,382), Enugu (2,401), Katsina (2,097), Gombe (2,034), Ebonyi (2,030), Anambra (1,909), Akwa Ibom (1,859), and Abia (1,689).
Imo State has recorded 1,657 cases, Bauchi (1,548), Borno (1,337), Benue (1,188), Adamawa (1,103), Taraba (974), Niger (930), Bayelsa (886), Ekiti (870), Sokoto (775), Jigawa (528), Kebbi (450), Cross River (394), Yobe (390), Zamfara (240), while Kogi state has recorded 5 cases only.
Lock Down and Curfew
In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.
The movement restriction, which was extended by another two weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.
On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.
On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.
Governor Babajide Sanwo-Olu of Lagos State announced the closed down of the Eti-Osa Isolation Centre, with effect from Friday, 31st July 2020. He also mentioned that the Agidingbi Isolation Centre would also be closed and the patients relocated to a large capacity centre.
Due to the increased number of covid-19 cases in Nigeria, the Nigerian government ordered the reopening of Isolation and treatment centres in the country on Thursday, 10th December 2020.
On 26th January 2021, the Federal Government announced the extension of the guidelines of phase 3 of the eased lockdown by one month following the rising cases of the coronavirus disease in the country and the expiration of phase 3 of the eased lockdown.
On 28th February 2021, the federal government confirmed that the first tranche of Covid-19 vaccines will arrive in Nigeria on Tuesday, March 2nd, 2021.
On Tuesday, 2nd March 2021, the National Primary health Care Development Agency announced the arrival of the expected COVX Astrazeneca/Oxford covid-19 vaccines.
On Saturday, 6th March 2021, President Muhammadu Buhari and his vice, Yemi Osinbajo received vaccination against the covid-19 as the State House in Abuja.
COVID-19: US Government to support vaccine intellectual property waiver
The US government has announced that it supports the waiver of Intellectual Property Protections on Covid-19 vaccine development.
The United States government has announced that it supports the waiver of Intellectual Property Protections on Covid-19 vaccine development, in a bid to boost the fight against the pandemic, and says it will participate in the Okonjo-Iweala-led WTO negotiation to make it happen.
This was disclosed in a statement by Ambassador Katherine Tai, the US Trade Rep, on Wednesday evening.
What the statement on Covid-19 IP waiver said
“The administration believes strongly in intellectual property protections, but in service of ending this pandemic, supports the waiver of those protections for Covid-19 vaccines.
We will actively participate in text-based negotiations at the World Trade Organization (WTO) to make this happen.
The Administration’s aim is to get as many safe and effective vaccines to as many people as fast as possible.”
They added that they would continue working with the private sector and all possible partners to expand vaccine manufacturing and distribution.
What you should know
Recall Nairametrics reported earlier that World Trade Organization’s Director-General, Dr Ngozi Okonjo-Iweala, had warned that “vaccine nationalism” could affect the much-expected pandemic recovery, as well as decimate economic growth for all countries – rich and poor.
“A very top priority for me would be to make sure that prior to the very important ministerial conference … that we come to solutions as to how the WTO can make vaccines, therapeutics and diagnostics accessible in an equitable and affordable fashion to all countries, particularly to poor countries,” she added.
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- Afromedia Plc reports a loss after tax of N27.3 million in Q1 2021.
- 2021 Q1 Results: FTN Cocoa Processor Plc reports loss after tax of N162.21 million
- Tantalizers Plc reports a loss after tax of N97.75 million in FY 2020 in Q1 2021.
- Courteville Business Solutions Plc proposes final dividend of 3 kobo per share for FY 2020.
- 2020 FY Results: UPDC Real Estate Investment Trust records over 500% growth in Profit after tax.