Connect with us

News

COVID-19: Africa’s GDP to Decline by Over $230b in 2020, Says Adesina

Published

on

Africa’s gross domestic product (GDP) is estimated to decline by $173-236billion just as the continent’s economic growth rate will further plunge by 3.4% at the end of the year, no thanks to the ravaging coronavirus pandemic.

Making this revelation at the weekend was Dr. Akinwumi A. Adesina, President of the African Development Bank Group.

Adesina spoke at the Virtual 2020 International Forum on African Leadership held in Abidjan, Ivory Coast, while giving his keynote address at the event with the theme, “Rethinking Global Partnerships and Africa’s Economic Resurgence.”

The AfDB boss while admitting that the parlous state of the continent’s economy was not unconnected with the economic restrictions fueled by COVID-19, however said it was heartening to note that the Bank spearheaded many intervention programmes and initiatives during the early days of the pandemic.

Globally, over 60 million people have been infected and over 1.4 million have died. In Africa, total infections are at over 2 million, with over 45,000 deaths.

See also  Gunmen ‘kill five’ in attack on Imo community

While reiterating that the negative impacts of COVID-19 on economies have been massive, the African Development Bank, Adesina said, “Showed leadership and responsiveness in supporting countries to address the pandemic. The Bank launched a $10 billion crisis response facility to support countries’ immediate needs for liquidity. The Bank also launched a $3 billion fight COVID-19 social bond on the global capital markets, the largest US dollar denominated social bond ever in world history, now listed on the London Stock Exchange, Luxembourg Stock Exchange and Nasdaq.”

The pandemic has further laid bare the divide in the labor market. Those with skills are able to keep their jobs, while low skilled workers, especially those employed in the informal sector lost jobs, worsened by the lockdowns. It’s estimated that up to 30 million jobs will be lost in Africa by the end of the year.

As Africa builds back, Adesina said priority should be put on the quality of growth, not just the quantum of growth. Growth must be more equitable, and focus on sectors that are better able to create jobs.

See also  How some people mocked me when I lost my son – Adeboye

According to him, building back African economies with resilience requires addressing its high debt levels. Total outstanding debt on the continent is over $700 billion while bilateral concessional debt finance has declined from 52% to 27% between 2000 and 2019, commercial debt owed to private creditors increased from 17% to 40% in the same period. Private commercial debtors held some $44 billion in Eurobond debt for 10 African countries at the end of September 2020.

Africa, Adesina maintained, “Will build back faster by also harnessing and better managing the revenue streams from its abundant natural resources, including minerals, metals, biodiversity, blue economy, forest resources, agriculture and oil and gas, in order to boost domestic savings. Going forward, more transparent governance over natural resources must form a key component of financing Africa’s growth.”

The Bank, he further revealed, is providing over $384 million for countries to address immediate food and nutrition issues, including providing access to improved seeds, farm inputs, strategic food reserves and opening up of regional trade corridors to facilitate trade in food just as it hopes to accelerate its efforts to mobilise $5 billion for women through its Affirmative Finance Action for Women.

See also  $6bn Mambilla project: Court grants ex-minister Olu Agunloye N50m bail

The Bank is also supporting the development of the Africa Continental Free Trade Area to create competitive industrial manufacturing capacity and wider trade and investment opportunities for the continent. The Bank provided $4.5 million to help create the secretariat for the free trade area.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Two Oyo commissioner, special adviser resign

Published

on

By

Two senior officials in the Oyo State Ministry of Budget and Economic Planning have resigned their appointments from Governor Seyi Makinde’s administration.

The officials are Ayobami Ojo, the Commissioner for Budget and Economic Planning, and Simeon Oyeleke, the ministry’s Special Adviser on Budget and Economic Planning.

In separate letters dated November 2, and addressed to Mr Makinde, both officials said their resignations would take effect immediately, while thanking the governor for the opportunity to serve but did not give specific reasons for their decisions.

In his letter, Ojo referred to his appointment letter dated 22 June 2026 and formally announced his resignation as commissioner.

“With reference to your letter dated 22nd June, 2026 (SP.S.662/2/VOL.IV/192), I respectfully write to formally resign my appointment as Honourable Commissioner for Budget and Economic Planning, with effect from today, 2nd November, 2026,” he wrote.

He described his time in government as an honour and said he appreciated the opportunity to serve the state.

See also  Immigration, DSS place ‘protest sponsors’ on watchlist, freeze bank accounts

Oyeleke also tendered his resignation with effect from 2 November.

In his letter, he thanked Mr Makinde for the confidence reposed in him and the opportunity to contribute to the administration’s policies and development programmes.

He also expressed appreciation for the governor’s leadership, support and encouragement during his time in office.

“I remain grateful for the opportunity to have been part of this administration and to have contributed to its laudable achievements. I also remain committed to the peace, progress and development of Oyo State,” he wrote.

The latest resignations come amid a series of exits of political appointees and other officials from the Makinde administration in recent months.

It would be recalled that Segun Ogunwuyi resigned as the governor’s chief of staff on 12 October, a position he had held since July 2021. His resignation took immediate effect, although he did not state a reason for his departure.

A few hours after Ogunwuyi’s departure, Makinde appointed Bashorun Akinwole, popularly known as Wolekanle, as his replacement.

See also  $6bn Mambilla project: Court grants ex-minister Olu Agunloye N50m bail

On the same day, Tara Adefope, the Director-General of the Oyo State Due Process Office, also resigned from her position, while in late October, Kabiru Salami, the governor’s Executive Assistant on Security Coordination, also tendered his resignation.

Other officials who have left the administration include Funmi Arulogun, a Senior Special Assistant on Diaspora Matters, who resigned in August, citing personal and political considerations.

Babatunde Oduyoye, a member of the Oyo State Advisory Council, also resigned in July, while Fatai Owoseni, a former Commissioner of Police who served as the governor’s Special Adviser on Security resigned in May.

Continue Reading

News

Good morning! Nigerian Newspapers Headlines: Campaigns: OK Movement insists on independence

Published

on

By

1. The OK (Obi/Kwankwaso) Movement has declared that it will maintain its independent identity while mobilising support for the Nigeria Democratic Congress (NDC) and its candidates ahead of the 2027 general election. 

Movement’s leader John Ughulu said the group remained committed to its original mission of securing the election of former Anambra State Governor Peter Obi and erstwhile Kano State Governor Rabiu Musa Kwankwaso.

Speaking in an interview, Ughulu dismissed suggestions that the movement’s decision to campaign independently would undermine its support for the NDC, insisting that the focus should be on achieving a common  political objective.

2. President Bola Ahmed Tinubu’s re-election bid got a big boost at the weekend with endorsements from across the country. His achievement, the need for consolidation, national cohesion, and other reasons were adduced for the show of solidarity. The presidential election is billed for January 16, 2027

3. The Federal Government has vowed to crack down on inflated public contracts and procurement violations, warning heads of government-owned agencies, corporations, councils, authorities and commissions that they risk sanctions for breaching procurement regulations. The government raised the alarm over contract awards that exceed approved price benchmarks.

See also  External reserves gain $243.83m

4. The African Democratic Congress has rescheduled its presidential campaign kick-off in Sokoto State to Wednesday, November 4, despite alleging threats, attacks on its members and attempts by the state government to frustrate the event. The party said its decision to proceed with the campaign was a demonstration of its determination to exercise its constitutional rights despite what it described as growing political intimidation ahead of the 2027 general elections.

5. Troops of Operation Hadin Kai have neutralised four leaders of the Islamic State West Africa Province, including two Arabs, a commander and several of their foot soldiers in Kukawa Local Government Area of Borno State. The Army said they were neutralised on October 31, 2026, by combined troops of the Joint Task Force deployed to Kukawa following a massive ISWAP terrorists attack on their locations.

6. United States President, Donald Trump, has agreed to grant an immediate visa to the mother of a 15-year-old Ghanaian boy shot dead in New York, following a request by the city’s mayor, Zohran Mamdani.
Mamdani announced the development on Saturday after speaking with Trump, saying the visa would allow the teenager’s mother to travel to the United States and attend her son’s funeral.

See also  My wife is too beautiful, I want divorce, man tells court

7. The National Drug Law Enforcement Agency has arrested two Nigerians based in Europe after they allegedly ingested 200 wraps of cocaine weighing 3.46kg while attempting to travel from Abuja to Paris, France. The suspects, identified as Aliocus Odife and Sam Blackborn, were arrested on Wednesday during the outward clearance of an Air France flight, AF 832, at the Nnamdi Azikiwe International Airport, Abuja.

8. Gunmen suspected to be kidnappers have abducted a 100-level female student of Plateau State University, Bokkos, while another person sustained injuries during an attack on off-campus student residential areas in Bokkos Local Government Area of Plateau State. It was learnt that the incidents, which occurred on Saturday evening at about 8:40pm, had heightened concerns over the safety of students residing outside the university campus.

9. An early-morning fire outbreak at the weekend destroyed no fewer than 110 buildings and structures at Kofar Ruwa Timber Market in the Kano metropolis. The Kano State Fire Service, while confirming the incident in a statement on Sunday, said the inferno razed 75 permanent buildings and 35 temporary structures across different sections of the market.

See also  Immigration, DSS place ‘protest sponsors’ on watchlist, freeze bank accounts

10. The immediate past National Chairman of the Labour Party, Julius Abure, has declared his readiness to align with President Bola Tinubu or former Vice-President Atiku Abubakar ahead of the 2027 presidential election, while ruling out support for the presidential candidate of the Nigeria Democratic Congress, Peter Obi.

Continue Reading

News

Relief as suspected Ebola cases in Adamawa tested negative

Published

on

By

The Nigeria Centre for Disease Control and Prevention (NCDC) has said that there are currently no laboratory-confirmed cases of Ebola  in Adamawa.

The NCDC had on Saturday said that there were two suspected cases of Ebola in the north-east state, adding that the individuals had been isolated while contact identification was ongoing.

But in a statement on Sunday, the director-general of NCDC, Jide Idris,
said samples collected from the two individuals, who had symptoms suggestive of Ebola, tested negative after two rounds of testing.

“The report was received by the Adamawa State Public Health Emergency Operations Centre (PHEOC) in the early hours of 30 October 2026, following the identification of two individuals presenting with symptoms suggestive of Ebola, requiring further investigation,” the statement reads.

“Hence the alert that was released early this evening. The individuals have been isolated, and appropriate public health measures have been initiated.

“Samples were collected for laboratory testing to establish the cause of the illness. Fortunately, the samples turned out negative for EBV after two rounds of testing.”

See also  My wife is too beautiful, I want divorce, man tells court

Idris commended the Adamawa health commissioner and his team for their “proactive approach”, adding that the NCDC was working closely with the state government to investigate the report of suspected Ebola cases.

“Currently, there is no laboratory-confirmed Ebola case in Adamawa state,” he said.

“The index case previously confirmed in the Federal Capital Territory remains the only confirmed case reported in Nigeria to date.”

He urged the public to remain calm and avoid sharing unverified information or speculating about the situation.

“The public is encouraged to obtain information from official government and public health communication channels,” he said.

Idris described Ebola as a serious infectious disease that requires prompt identification, appropriate clinical management and effective infection prevention and control measures.

“Anyone experiencing symptoms such as fever, severe weakness, headache, muscle pain, vomiting, diarrhoea or unexplained bleeding, particularly following relevant exposure, should seek immediate medical attention and inform healthcare workers of any relevant travel or contact history,” he said.

See also  Gunmen ‘kill five’ in attack on Imo community

“Individuals should avoid self-medication and follow the advice of healthcare professionals.”

Nigeriaconfirmed its first Ebola case in more than a decade on October 20, after a 42-year-old Swiss woman tested positive for the Bundibugyo strain in Abuja.

The patient, who had travelled from Uganda to Nigeria, was subsequently isolated and treated by Nigerian health workers.

On Monday, the federal governmentevacuated the patient to Switzerland aboard a medical plane.

Her husband, who was identified as a close contact, was also evacuated to Switzerland.

Ali Pate, coordinating minister of health and social welfare, said the patient was clinically much improved, stable, conscious and communicating, with her laboratory test results approaching baseline levels.

Continue Reading

Trending News