APM Terminals Contributes N300m to Fight Against Pandemic Eromosele Abiodun Nigeria’s leading terminal operators, APM Terminals in Apapa and the West Africa Container Terminal (WACT) in Onne, have jointly committed more than N300 million to the battle against the spread
of COVID-19 in the country. APM Terminals has contributed N150 million into the federal government’s COVID-19 Relief Fund Account created by the Central Bank of Nigeria (CBN), while WACT gave N50 million. APM Terminals also donated
1,000 units of nose masks; 500 disposable protective coveralls; 400 litres of hand sanitisers; protective goggles and hand gloves to Lagos Port Complex of the Nigerian Ports Authority (NPA) towards curtailing the pandemic. The donations came barely
two weeks after the company donated $200,000 (over N75 million) into the United Nations Basket Fund for the fight against COVID-19 in Nigeria and committed another N25 million to community awareness through radio, social media as well as
fliers to sensitise the Apapa community on how to curb the spread of the pandemic. Speaking on the donations, the Managing Director of APM Terminals Apapa, Mr. Martin Jacob, said: “This is one battle we must join hands together to fight and with the strong
leadership being provided by the federal government, Nigeria will overcome these difficult times.” Jacob said the items donated were aimed at preventing the spread of the virus at the Continued on page 9
With 30 New Cases in One Day, Oyewole Foresees Prolonged Lockdown... Page 5 Wednesday 15 April, 2020 Vol 25. No 9137. Price: N250
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Emefiele: COVID-19 Presents Opportunity to Transform Nigeria Lists post-pandemic measures to rejig economy Plans N15tn take-off equity for InfraCo To partner banks, others on healthcare intervention Obinna Chima Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, has said despite the damage the COVID-19 pandemic is causing nations around the world, it presents an opportunity to birth “a new
Nigeria.” Emefiele, in a 27-page speech obtained by THISDAY yesterday, described the disruptions caused by the pandemic as an opportunity to re-echo “a persistent message the CBN has been sending for a long time.”
The message, he said, was the need for Nigerians to start looking inwards as a nation to guarantee food security, high quality and affordable healthcare and cutting-edge education for citizens. According to him, for a country of over 200 million
people, projected to be almost 450 million in a few decades, “we can no longer ignore repeated warnings about the dangers that lie ahead if we do not begin to depend largely on what we produce locally because the security and well-being of our nation
is contingent on building a well-diversified and inclusive economy.” Emefiele noted that when he assumed office in June 2014, importation of fish, rice, wheat, and sugar alone consumed N1.3 trillion worth of foreign exchange but the apex bank
under his leadership took steps to reduce the amount. “In line with the vision of President Muhammadu Buhari, CBN has indeed created several lending programmes and provided hundreds of Continued on page 9
Buhari Excited as EU Donates N21bn to Nigeria Trump cuts aid to WHO Omololu Ogunmade in Abuja The European Union (EU) yesterday donated €50 million, an equivalent of N21 billion, to support Nigeria’s fight against COVID-19 to the excitement of President Muhammadu Buhari. This came as the United States President Donald Trump yesterday announced an immediate cut of funding to the World Health Organisation while his administration reviews the United Nations agency's handling of the Coronavirus. The move followed weeks of Trump’s escalating attacks on WHO, accusing it of bungling the response and failing to communicate the Continued on page 9
L-R: Minister Counsellor and Head of Cooperation, Mr. Kurt Cornelis; Head of Delegation, Ambassador Ketil Karlsen, and President Muhammadu Buhari during the visit of the delegation in Abuja…yesterday godwin omoigui
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NEWS With 30 New Cases in One Day, Oyewole Foresees Prolonged Lockdown
Group News Editor Ejiofor Alike
Email Ejiofor.Alike@thisdaylive.com, 08066066268
Incidence rise to 373 with 99 discharged, 11 dead Targets testing capability of 4,000 daily, over 9,000 contacts traced NCDC advises use of face masks Olawale Ajimotokan, Kasim Sumaina in Abuja, Chinedu Eze, Martins Ifijeh and Rebecca Ejifoma in Lagos With the number of COVID-19 cases rising by 30 in a single day yesterday, bringing the tally to 373, panelists on an Arise TV programme, including Professor of Virology and former Vice Chancellor, Redeemer’s University, Prof. Tomori Oyewole, have warned that the nation may be in for a prolonged shutdown. The panelists, who spoke during the Arise News Channel Global Briefing on COVID-19, a programme on Arise Television, the broadcast arm of THISDAY Newspapers, described Nigeria’s testing rate for the pandemic as poor, warning that with the slow pace, the country’s lockdown might last for several months. President Muhammadu Buhari had on Monday signed the COVID-19 Regulations No 2, extending the lockdown in the Federal Capital Territory (FCT), Lagos and Ogun states which started on March 30, 2020, by another 14 days. But the World Health Organisation (WHO) has said countries should consider protecting human health first while making decisions on whether to lift restrictions or impose them. Lagos State Government has also discharged eight more COVID-19 patients from its Infectious Disease Hospital in Yaba, and listed one more patient as dead. The state government has also identified 119 people with COVID-19 symptoms during its house-to-house search that has so far covered a total of 118,000 households in communities. The pandemic has also claimed the life of the Chairman of the defunct Sosoliso Airline, Mr. Victor Ikwuemesi, who died yesterday in London. The Arise TV News panelists urged the Nigeria Centre for Disease Control (NCDC) to reduce its criteria for testing if it does not want the country’s COVID-19 infection rate to snowball in the coming weeks. Sharing his thoughts, Oyewole said the case definition protocol of the federal government made it difficult for NCDC to test a high number of Nigerians who have been clamouring to have their samples tested for the disease. He said: “NCDC said you must have come down with one or more symptoms of the disease before you can be tested. The problem with this case definition is that there are a lot of persons who will not come down with the symptoms even though they are infected. “These categories of persons have the capacity to infect people around them. So, if the government ignores such persons, be rest assured that our infection rate will increase and the lockdown will continue for several months. “The incubation period for the disease is one to 14 days. It can fully incubate in any of those days. So, there is no point waiting for the 14th day or when symptoms are obvious before testing can
be done. This has limited a lot of Nigerians from being tested, and this is dangerous for our fight against the disease.” He advised the federal government to review the criteria for testing so that anyone who has had contact with a positive person or who came into the country from a high-risk nation should be tested. A security analyst, Mr. Seyi Adetayo, said one of the challenges federal and state governments must be ready to tackle during the lockdown was insecurity, adding that most of the criminals are people who depend on the daily income to feed. On why Nigerians are not totally observing the sit-at-home order by the federal government, he said the mistake was made from the onset, noting that religious leaders would have been carried along from the first day. He said: “Nigerians have no much faith in the government. They respect their imams and pastors more than the government. "Government should have liaised with these religious leaders, who in turn would have talked to their subjects before the government declared the lockdown.” Another security analyst, Mr. Kabiru Adamu, said the Inspector General of Police should identify the hotspots and beef up security around such areas, adding that in the coming days there would be more cases of insecurity unless the security agencies step up their game. He said: “I am not in support of bringing the military to the streets to tackle the rising insecurity, except the police, say they do not have the capacity to tackle the challenges. "If government must bring in the military, there must be templates and standard operating procedure so they do not infringe on the rights of the people.”
Cases Grew to 373 Nigeria yesterday recorded 30 new cases of COVID-19, bringing to 373 the total number of confirmed cases in the country. Giving a breakdown yesterday, NCDC said 25 of the new cases were recorded in Lagos, two in FCT, and one each in Kano, Akwa Ibom and Edo states. According to NCDC, 99 patients have been discharged while 11 have died. A breakdown of the total figures showed that Lagos has 214 cases; FCT 58; Osun 20; Edo 15; Oyo 11; Ogun nine; Bauchi and Kaduna six each; Akwa Ibom six; Katsina five; Kwara four; Kano, four; Ondo, and Delta three each; Enugu, Ekiti and Rivers two each while Benue, Niger, and Anambra have one each. However, NCDC has projected that the testing capacity would soon ramp up to 4,000 per day with over 9,000 contacts traced.
WHO Warns against Slowing Down Measures WHO yesterday warned countries to ponder over whether or not to relax restrictions before they take a decision either way. It said priority should be given
ACADEMICS AT CREEK HAVEN... L-R: Permanent Secretary, Bayelsa State Ministry of Education, Mr. Walton Liverpool; Vice Chancellor, University of Africa, Prof. Kingston Nyamapfene; Deputy Governor, Senator Lawrence Ewhrudjakpo; Governor Douye Diri; Vice Chancellor, Bayelsa Medical University, Prof. Ebitimitula Etebu; and his Niger Delta University counterpart, Prof. Samuel Edoumiekumo, during a courtesy visit of VCs and heads of state-owned tertiary institutions to the Government House, Yenagoa...yesterday to protecting human health first while making decisions on whether to lift restrictions or impose them. The Director-General, Dr. Tedros Ghebreyesus, made the recommendations during the virtual briefing in Geneva while updating journalists on the status of COVID-19 across the world. Ghebreyesus said: “Some countries are considering when they can lift these restrictions; others are considering whether and when to introduce them. “In both cases, these decisions must be based first and foremost on protecting human health and guided by what we know about the virus and how it behaves.” While some countries are considering how to ease restrictions, others are considering whether to introduce them, especially many low and middleincome countries in Africa, Asia, and Latin America. According to him, some countries and communities have now endured several weeks of social and economic restrictions. He said countries with large poor populations were likely to practise the stay-at-home orders and other restrictions used in some high-income countries.
Lagos Discharges Eight More Patients, Loses One Lagos State Government has discharged eight more COVID-19 patients from its Infectious Disease Hospital in Yaba, bringing to 69 the total number of persons successfully treated from the disease in the state. However, a 56-year-old Nigerian has died as a result of COVID-19 complications in Lagos. Lagos State Governor, Mr. Babajide Sanwo-Olu, said six of those discharged were males and two females. He said: "This brings the number of patients successfully managed and discharged from our facilities to 69. "Please, let us continue to adhere to all the safety advice from our health institutions.” Lagos State Commissioner for Health, Prof. Akin Abayomi,
also announced the death of a 56-year-old Nigerian. He said yesterday that the male patient, who died on Monday, returned from the United States recently. This brings the number of COVID-19-related deaths in Lagos to six. The state has recorded 192 COVID-19 cases with 120 still active.
Lagos Identifies 119 People with COVID-19 Symptoms Abayomi also said a total of 118,000 households had been reached in the house-to-house active case search for possible cases in communities. “We have embarked on an active case search in communities. The idea is to go to hot spots and go from door to door with our health personnel. So far, in the last two days, we’ve visited 118,000 households and we’re looking for the typical symptoms of COVID-19. We’ve identified about 119 people who have the symptoms that are suggestive of COVID-19. “But let me remind you that COVID-19 is one of the viruses that can cause respiratory symptoms. There are many viruses. So, the idea is to take samples from these 119 and analyse them and that would give us an idea of how much COVID-19 activity is happening in the communities,” he stated.
Sosoliso Airline Chairman Die in London The Chairman of the defunct Sosoliso Airline, Mr. Victor Ikwuemesi, died yesterday in London, a few days after he was diagnosed with COVID-19. A source close to the family said Ikwuemesi was admitted to an unnamed London hospital following a brief illness. He later tested positive for COVID-19 in the result that was released yesterday. The source said he was in Intensive Care Unit (ICU) on oxygen since he arrived the London hospital. “But when the oxygen was
removed for him to eat he couldn't breathe on his own. So, they put him on a ventilator and he died shortly after,” the source said.
FG Takes Delivery of Medical Equipment Donated by UN The federal government yesterday took delivery of medical equipment donated by the United Nations to aid its efforts at combating the virus. The Minister of Aviation, Senator Hadi Sirika, who took the delivery on behalf of the Presidential Task Force (PTF) on COVID-19 at the Nnamdi Azikiwe International Airport in Abuja, thanked the United Nations and Allied Air Cargo for transporting the equipment free of charge to Abuja. According to him, the equipment, which included, among other things, 50 ventilators, would help in boosting the nation’s capacity to contain the spread of the pandemic. Earlier, the United Nations Resident Coordinator for Nigeria, Mr. Edward Kallon, had noted that the consignment, which is likely to be the first of several to come, included 50 A30 ventilators and personal protective supplies and was procured with funds from the recently launched COVID-19 Basket Fund, including $2 million mobilised within the UN system in Nigeria and $200,000 contribution from APM Terminals.
Police IG Mobilises AIGs, CPs to Fight Criminals The Inspector General of Police, Mr. Mohammed Adamu, has asked all Assistant Inspectors General of Police in charge of zonal command and Commissioners of Police to deploy all resources to fight hoodlums, who are taking advantage of the lockdown in FCT, Lagos and Ogun states to rob citizens. Adamu gave the order yesterday at the Presidential Task Force on COVID-19 media briefing. The order followed the
reported spate of robbery attacks by criminals in Lagos and Ogun states. He also warned the hoodlums terrorising Lagos mainland and other parts of the country to desist from the criminal acts. Minister of Humanitarian Affairs and Social Development and Disaster Management, Ms. Sadiya Farouq, also explained the disparity in the distribution of rice palliative received by the Nigeria Customs Service and sent to some of the states. Farouq said although NCS pledged to release 150 trucks, what was actually available was 40 trucks. She said her ministry had only redeemed 20 trucks of rice from the allocation. The Chairman of the PTF, Mr. Boss Mustapha, in his address at the press conference, said he planned to hold a video conference today with Northern states’ governors on the need to continue to support the lockdown measures put in place by the federal government to curb the spread of COVID-19.
NCDC Recommends Face Masks for Nigerians Meanwhile, NCDC has recommended face masks for Nigerians as part of its new guidelines for halting the community spread of COVID-19. In its latest advisory released yesterday, it said this should serve as an added layer of physical distancing, and that they should be disposed of properly after use. The advisory reads in part: "Masks should be used while in crowded settings, like markets. They should be used in combination with social distancing, handwashing, respiratory hygiene and disinfection of surfaces. "It is critical to ensure proper handling of masks. Improper disposal and frequent touching can increase risk of infection with the COVID-19 virus." It, however, said due to a global shortage of face masks, medical masks were best preserved for patients and healthcare workers who need them most.
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80,000 Apply for CBN's N50bn Pandemic Support Facility Disbursement begins next week Ndubisi Francis in Abuja No fewer than 80,000 loan seekers have applied for the N50 billion Targeted Credit Facility introduced by the Central Bank of Nigeria
(CBN) as a stimulus package to support households and micro, small and medium enterprises (MSMEs) affected by the COVID-19 pandemic. The objective of the facility is to allow firms to remain
UK to Evacuate Nationals from Nigeria Saturday Chinedu Eze The United Kingdom's Mission in Nigeria is to begin evacuating British nationals, who wish to leave the country over the COVID-19 pandemic from Saturday. It said in a statement yesterday that the evacuation would continue till Monday, adding that more flights might follow if the already scheduled flight did not airlift all those intended to leave Nigeria. In its travel advisory, the UK Mission said Britons would be evacuated from Murtala Muhammed International Airport (MMIA) in Lagos and Nnamdi Azikiwe International Airport in Abuja. It added that to be eligible for all flights, the primary residence has to be in the UK and that it would prioritise helping the most vulnerable and those who have an underlying medical condition, which places them at greater risk of serious illness if they contract COVID-19. Intending evacuees are expected to pay for their seats. The UK Mission noted that the federal government had assured it that people who exceeded their authorised
visa expiry date as a result of travel restrictions linked to COVID-19 would not be penalised as over-stayers when they depart. It stated: "There are currently no commercial options available to return to the UK from Nigeria. All airports in Nigeria are closed to all international commercial flights until 23 April. We know this concerning British people trying to leave Nigeria. The UK government has been working closely with airlines and has now secured agreement for charter flights to start from Nigeria to the UK, from both Abuja and Lagos. "The Nigerian authorities have told us that people who exceed their authorised visa stays as a result of travel restrictions linked to COVID-19 will not be penalised as overstayers when they depart." So far, over 2,000 foreign nationals from the US, Canada, Germany, Israel, Lebanon, Egypt, South Africa, and France have been evacuated from Nigeria. The Nigerian Mission in the UK has also received over 140 applications from Nigerians resident in Britain who are interested in being evacuated.
afloat, ensure that people stay employed as well as to mitigate the negative impact of COVID-19 on the economy. The Managing Director of Nirsal Micro Finance Bank (NMFB), which is disbursing the special facility, Mr. Abubakar Kure, told journalists yesterday in Abuja that so far, 80,000 applications had been received from households and MSMEs. Kure stated that 40,000 of the applicants were households, adding that the microfinance bank was already processing the applications with disbursements billed to commence next week. He, however, added that the loan was not a grant but
President Muhammadu Buhari last night condemned the latest ethnic violence in Taraba State, which left scores of people dead. Taraba State Police Command has confirmed that 25 persons were killed and several others injured in a bloody clash between Shomo and Jole ethnic groups in Lau Local Government Area of the state. Speaking in a telephone interview with the News Agency of Nigeria (NAN) in Jalingo yesterday, Public Relations Officer, Taraba State Police Command, Mr. David Misal, said about 100 houses were burnt down during the clash which took place in the area on Monday. According to a statement by Senior Special Assistant to the President on Media and Publicity, Malam Garba Shehu, the president, while reacting to the incident, said: "I am deeply disturbed by the resort to violence over disagreements that could be resolved through
dialogue." Shehu also quoted the president as saying, "these frequent incidents of ethnic and communal violence is a failure of community leadership and the refusal to embrace dialogue as a means of conflict resolution." He explained that "disagreements over lands or fishing ponds shouldn't be allowed to degenerate into violence and destruction of life and prosperity." According to him, the president said "violence has never settled any problem and, on the contrary, it makes a bad situation worse and lay the seeds of future conflicts." He sympathised with victims of the violence and their families and appealed to leaders at all levels in Taraba State "to seize the initiative in order to forestall outbreaks of deadly violence by thugs." He added: "Life is so precious that leaders in the area should take urgent and decisive actions to halt this disgraceful slaughter of people."
Bank welcomes statement applications from credible businesses and households to mitigate the effects of COVID-19 and consequently continue to accept the business plans people submit independently." Also speaking at the press briefing, CBN Director, Corporate Communications, Mr. Isaac Okoroafor, said the apex bank was not charging any extra apart from the maximum nine per cent interest, which encompasses all charges. He stated that the process was being ramped up to enable people to access the facility quickly and appealed for patience and support to ensure the success of the programme. The apex bank had in
a statement on Monday debunked social media reports that loan seekers and owners of small-scale businesses who apply for the loans are required to pay a certain amount as application processing fee. CBN said: "For the avoidance of doubt, there are clearly spelt out procedures for accessing the N50 billion Targeted Credit Facility (TCF) stimulus package to support households and micro, small and medium enterprises (MSMEs) affected by the COVID-19." It urged members of the public, particularly households and owners of small-scale businesses, to disregard any message requiring them to pay to process their applications.
WORKING ON PALLIATIVES... L-R: Lagos State Commissioner for Agriculture, Prince Gbolahan Lawal; Special Adviser, Agriculture, Ms. Abisola Olusanya; Deputy Governor, Dr. Obafemi Hamzat; Commissioner for Finance, Dr. Rabiu Olowo; Commissioner for Information and Strategy, Mr. Gbenga Omotoso; and Deputy Chief of Staff, Mr. Gboyega Soyannwo, after a meeting with Governor Babajide Sanwo-Olu on the government's palliative measures in Lagos… recently.
Buhari Condemns Killing of 25 People in Taraba Communal Clash Omololu Ogunmade in Abuja
repayable. According to him, the submission of a business plan is no longer a mandatory requirement to benefit from the loan and CBN does not charge application fees. Kure noted that in order to stem further controversy over alleged payment of fees to access the fund, NMFB had resolved that business plan would no longer be a mandatory requirement, while the third party provision of a business plan is no longer compulsory. He added: "We assure Nigerians of adhering to the guidelines as laid down by the Central Bank of Nigeria and NIRSAL Micro Finance
Although Taraba State police spokesperson could not immediately ascertain the cause of the conflict, reliable sources from the area said disagreement over the ownership of some ancestral fish ponds was the cause of the problem between the two fishing communities. The police also confirmed that the conflict had since become an annual occurrence between Shomo and Jole fishing communities. “The Commissioner of Police, Mr. Ahmed Azare, has stationed patrol teams on ground already and the situation has been brought under control,” he said. NAN reported that conflicts between Shomo and Jole had been lingering for decades over claims and counter-claims of ownership of the disputed fish ponds. At a point, the government had to ban fishing activities in the disputed ponds for a period of 10 years, but the communities resumed conflicts as soon as the ban was lifted at the return of democracy.
Private Sector’s COVID-19 Donations Not Cash, Says FG Peter Uzoho The federal government yesterday clarified that donations by the private sector towards fighting COVID-19 were not in cash but in the form of development of healthcare infrastructure and, therefore, could not be shared or used to provide palliatives during lockdown. The Minister of Information and Culture, Alhaji Lai Mohammed, made these clarifications yesterday when he featured on a Radio Nigeria programme, “Politics Nationwide,” monitored by the News Agency of Nigeria (NAN). Mohammed was responding to comments from Nigerians requesting that part of the billions of naira being donated by public-spirited individuals and private institutions should be shared with the people to cushion the effect of the extended lockdown. The minister said the Presidential Task Force for the Control of COVID-19 was neither with the money nor in control of it, and could not share a penny from the fund to anyone. He said: “The private sector donors are not giving any cash
to the federal government and they have made this clear to the people. “They said they will support the fight against the pandemic by asking government where they want healthcare infrastructure to be provided. “What government has done is to request them to build a 30-bed isolation ward and a 10-bed Intensive Care Unit in each state in the country. “In addition, the federal government has given them a list of equipment and commodities that will also be needed. “Therefore, the issue of using their donations to provide palliative cannot arise.” Mohammed added that in addressing the issue of palliative, every country adopted a peculiar strategy that was workable and acceptable. He said Nigeria was leading and remains the best in the whole of Africa in the area of provision of palliative to citizens as the world battles the scourge. The minister said the federal government had taken a lot of measures to cushion the effects of COVID-19 on Nigerians, including food distribution, cash transfers and loans
repayment waivers. He recalled that on March 18, the government reduced the price of petrol from N145 per litre to N125 per litre, with that reduction going further down to N123.50 per litre. The minister added that President Muhammadu Buhari had directed a three-month repayment moratorium for all TraderMoni, MarketMoni and FarmerMoni loans as well as federal government-funded loans issued by the Bank of Industry, Bank of Agriculture and the Nigeria Export-Import Bank. He said interest rates for intervention fund had been slashed from nine to five per cent, while CBN put aside N50 billion fund to help SMEs. The minister said to cushion the effect of the lockdown, satellite towns around Lagos and Abuja were being given relief materials while the vulnerable and those in IDP camps are being taken care of. He noted that besides the two-month payment of Conditional Cash Transfer monthly stipend, the president ordered that the social register be expanded from 2.6 million households to 3.6 million households in the next two weeks.
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IMF Projects Negative GDP Growth for Nigeria in 2020 Predicts rebound to 2.4% in 2021 Obinna Chima International Monetary Fund (IMF) has predicted a negative Gross Domestic Product (GDP) of -3.4 per cent for Nigeria in 2020, due to the ongoing disruptions caused by the COVID-19 pandemic. IMF Chief Economist and Director of the Research Department, Ms. Gita Gopinath, gave the projection during an online press conference on the latest World Economic Outlook (WEO) released yesterday, at the ongoing virtual Spring Meetings of the IMF/World Bank in Washington DC. The Nigerian economy grew by 2.27 per cent in full-year 2019. According to Gopinath, subSaharan Africa is also projected to record a negative GDP growth of -1.6 per cent, with GDP growth in the continent’s second largest economy, South Africa, also
expected to weaken to –5.8 per cent. Nevertheless, IMF predicted that in full-year 2021, GDP growth for Nigeria would rebound to 2.4 per cent She noted that following the dramatic decline in oil prices since the beginning of the year, nearterm prospects for oil-exporting countries have deteriorated significantly, adding that a much larger fraction of countries would experience negative per capita income growth in 2020 than at the time of the 2009 financial crisis. “These countries account for a broadly similar purchasing-powerparity share of the world economy compared with the group that experienced negative per capita income growth in 2009,” she explained. She stated that among emerging market and developing economies, all countries faced a health crisis, severe external demand shock,
dramatic tightening in global financial conditions and a plunge in commodity prices, which would have a severe impact on economic activity in commodity exporters. “Overall, the group of emerging market and developing economies is projected to contract by one per cent in 2020; excluding China, the growth rate for the group is expected to be –2.2 per cent. “Even in countries not experiencing widespread detected outbreaks as of the end of March (and therefore not yet deploying containment measures of the kind seen in places with outbreaks) the significant downward revision to the 2020 growth projection reflects large anticipated domestic disruptions to economic activity from COVID-19. “The 2020 growth rate for the group excluding China is marked down 5.8 percentage points relative to the January WEO projection,” she added.
IMF also projected global growth to rebound to 5.8 per cent in 2021, well above trend, reflecting the normalisation of economic activity from very low levels. IMF estimated that the GDP of the group of advanced economies would grow at 4.5 per cent. The fund noted that a rebound in GDP growth for the world in 2021 would depend “critically on the pandemic fading in the second half of 2020, allowing containment efforts to be gradually scaled back and restoring consumer and investor confidence.” It added: “Significant economic policy actions have already been taken across the world, focused on accommodating public health care requirements while limiting the amplification to economic activity and the financial system. “The projected recovery assumes that these policy actions are effective in preventing
EMEFIELE: COVID-19 PRESENTS OPPORTUNITY TO TRANSFORM NIGERIA billions to smallholder farmers and industrial processors in several key agricultural produce. “These policies are aimed at positioning Nigeria to become a self-sufficient food producer, creating millions of jobs, supplying key markets across the country and dampening the effects of exchange rate movements on local prices,” he explained. This philosophy, according to Emefiele, has been the consistent theme of the CBN’s policies over the last couple of years, just as he cited the restriction of access to foreign exchange from some items at its window. Emefiele said: “Many times, the bank has been accused of promoting protectionist policies. My answer has always been that leaders are first and foremost accountable to their own citizens. “And if the vagaries of international trade threaten their well-being, leaders have to react by compelling some change patterns of trade to the greater good of their citizens. “That is why in response to COVID-19, we are strengthening the Nigerian economy by
providing a combined stimulus package of about N3.5 trillion in targeted measures to households, businesses, manufacturers and healthcare providers.” He said the measures were deliberately designed to both support the federal government’s immediate fight against COVID-19 and also build a more resilient, more self-reliant Nigerian economy. “We do not know what the world will look like after this pandemic. Countries may continue to look inwards, and globalisation, as we know it today may be dead for a generation,” he stated. Therefore, he stressed the need for Nigerians to support the federal government in its quest to deliver high-quality infrastructure, support largescale production of staple and cash crops in the country and develop the educational sector, among others. He also said the apex bank had designed policy response timeline to guide the management of the crisis and help in rebooting the economy. Emefiele explained that once
the health authorities determine that the COVID-19 transmission curve had been flattened and the ongoing restrictions were eased, CBN would unfold policies to help reposition the economy. He said the bank would reinvigorate its financial support for the manufacturing sector by expanding intervention all through its value chain. In addition, he said with the support of the federal government, CBN would embark on a project to get banks and private equity firms to finance home-grown and sustainable healthcare services that would help reverse medical tourism. CBN would also promote the establishment of a N15 trillion InfraCo Plc, which he said would be wholly focused on Nigeria and managed by an independent infrastructure fund manager. “This fund will be utilised to support the federal government in building the transport infrastructure required to move agriculture products to processors, raw materials to factories and finished goods to markets, as envisaged by
the CBN ‘Going for Growth’ roundtable in March 2020.' He said the bank would also focus on four sectors to stimulate job creation. He listed them to include light manufacturing, affordable housing, renewable energy, and cutting-edge research. “In manufacturing, for example, it is pertinent to note that Nigeria’s gross fixed capital formation is currently estimated at N24.55 trillion, made up of residential and non-residential properties, manufacturing and equipment, transport equipment, land improvement, research and development and breeding stocks,” he explained. Additionally, he said CBN would pursue the creation of a fund that would target housing construction for developers as well as support the financing of energy production over the next three years. “COVID-19 may have plunged us into a crisis of unprecedented proportions, but as Winston Churchill once admonished, we must never let a crisis go to waste,” Emefiele said.
widespread firm bankruptcies, extended job losses and systemwide financial strains. “Nonetheless, the level of GDP at the end of 2021 in both advanced and emerging market and developing economies were expected to remain below the pre-virus baseline.” The report also stated that as with the size of the downturn, there was extreme uncertainty around the strength of the recovery. “Some aspects that underpin the rebound may not materialise and worse global growth outcomes are possible - for example, a deeper contraction in 2020 and a shallower recovery in 2021 - depending on the pathway of the pandemic and the severity of the associated economic and financial consequences. “With the world facing a dramatic health and economic crisis in 2020, the policy response needs to be commensurate with the challenge. “Effective policies are essential to forestall worse outcomes. As a first priority, resources should be made available for health care systems to cope with the surging
need for their services. “This means expanding public spending on additional testing, rehiring retired medical professionals, purchasing personal protective equipment and ventilators and expanding isolation wards in hospitals.” IMF advised that trade restrictions on medical and health products should be avoided to ensure that they are able to go to where they are most critical, adding that international aid to provide support to countries with limited health care system capacity and resources would be needed to help them prepare for and weather the pandemic. It called on countries with large informal sectors, often emerging market and developing economies, to expand support programmes and introduce new ones where feasible. Further development of digital payments systems, which have seen rapid growth in many emerging market and developing economies may provide an opportunity to improve the delivery of targeted transfers to the informally employed, IMF added.
BUHARI EXCITED AS EU DONATES N21BN TO NIGERIA disease’s threat. US contributes more than any other country to WHO, at more than $400 million per year. Cutting off funds to the group, which has a $4.8 billion annual budget, would be a major blow to the organisation as it conducts vaccine trials, distributes test kits and advises governments around the world. EU Ambassador Kelti Karlsen, who led the delegation to the State House in Abuja to make the presentation to the president, described the fund, which was said to have been channelled through the UN COVID-19 basket fund, as the largest single contribution and support that EU is providing anywhere outside Europe. The ambassador said the gesture was a swift response to Nigeria's call for assistance and a demonstration of EU's partnership with Nigeria.
‘‘We heard your call for assistance and EU has reacted swiftly as a demonstration of our true partnership,’’ he said. A statement by the president's media adviser, Mr. Femi Adesina, said Karlsen congratulated Buhari for ‘‘a very powerful address to the nation last night,’’ adding: ‘‘Indeed, the current situation is no joke and we wish to commend you for taking bold and necessary measures.’’ Karlsen stated that the EU was still mobilising other sources of funding, while the union had already paid €1.2 million Euros to UNICEF and goods purchased through such funding are expected in the country soon. Reacting to the donation, the president said it would help in supporting Nigeria’s efforts at combating and containing the virus and assist in revitalising the national health care system.
APM TERMINALS CONTRIBUTES N300M TO FIGHT AGAINST PANDEMIC port, since “there is currently no vaccine to prevent it.” “The only option available to us all at this trying time is prevention. The responsibility lies on all of us to protect ourselves and render all possible assistance within available resources. The basic precautionary measures to take such as not touching our eyes, nose, or mouth; regular washing of hands with soap and water or alcohol-based sanitiser; maintaining social distancing and avoiding large gatherings must be respected by all, including ports, where we provide essential services,” Jacob said. The General Manager, External Relations of APM Terminals Apapa, Mr. Daniel Odibe, who handed over the nose masks and other items to the Port Manager of Lagos Port Complex Apapa, Mrs. Funmilayo Olotu, called for cooperation to curtail the spread of the virus. “As a responsible corporate citizen of Nigeria, APM Terminals has complied with the directive of the federal government and the Nigerian Ports Authority (NPA) to maintain continuity in port operation. “In line with the directive, our terminal is in full operation. We have also adopted stringent safety measures in line with the guidelines of the World Health Organisation (WHO), the Nigeria
Centre for Disease Control (NCDC) and the Port Health Services to ensure that the supply chain remains uninterrupted and availability of essential supplies is maintained in the face of the pandemic,” he said. Olotu, who received the items in company with other top NPA officials attached to the port, thanked APM Terminals for the donation. APM Terminals recently launched its COVID-19 Emergency Response Plan in line with the presidential directive to keep Nigerian seaports open. The terminal has remained fully operational. However, to reduce the risks of possible exposure to COVID-19, staff on non-essential services have been directed to work from home. Internally, several measures have been implemented to safeguard the health and lives of APM Terminals employees. These include the provision of handwash stations and hand sanitisers. Temperature checks and hand washing are compulsory when entering the terminal. Other measures instituted by the terminal operator include continuous employee engagement/enlightenment; limiting the number of people in the terminal shuttle to one person per row; while at the staff canteen, employees queuing for meals must observe a spacing
of one metre apart. Also, only one customer at a time is allowed at the customer service counter; a maximum of 20 customs agents at a time allowed within the waiting area and one seat spacing between customers waiting to be attended to. The firm has also ensured that only customers for terminal delivery order (TDO), exit and booking access are allowed to the customer service agent waiting area, while others have been directed to send an email and make use of online platforms. In addition, computers have been provided to enable customers access Termview while at customer service. Customers have also been notified to access Termview from their various offices or via phone. Appropriate Personal Protective Equipment (PPEs) including 95 nose masks and disposable clinical hand gloves have been provided to identified groups of employees, while the company has ensured continuous decontamination/disinfection of all office spaces and equipment. APM Terminals, which operates one of the world’s most comprehensive port networks, is positioned to help both shipping lines and landside customers grow their business and achieve better supply chain efficiency, flexibility and dependability. APM Terminals’ team of 22,000 industry professionals
operates a network of 78 terminals globally. This equates to handling around 250 vessel calls per day and 40 million TEUs per year. Part of A.P.Moller-Maersk, APM Terminals leverage more than a century of industry experience to design and build high-quality container terminals and provide port and inland services for cargo handling and transportation between port facilities and inland locations. APM Terminals Apapa was awarded the concession in 2006 to manage, operate and develop the Apapa container terminal at Lagos Port Complex after the federal government concessioned Nigerian ports in a bid to improve port services through private investment and expertise. The 55-hectare facility concessioned to APM Terminals has 1005m quay length, 13.5m draft alongside with an annual handling capacity of 1.2million TEU. APM Terminals Apapa has, since the commencement of operation, contributed positively to the growth of the Nigerian economy through the generation of economic activity and channeled almost half of its turnover back to its host societies. An analysis of APM Terminals Apapa financials from 2013–2016 shows that 50 per cent of its
turnover was funneled back to the Nigerian economy through employees, suppliers, financiers, and tax payments. This means that APM Terminals has created a significant impact on trade, jobs, and GDP in Nigeria, due to its contribution in improving Nigeria’s connectivity to global trade. So far, APM Terminals Apapa has invested $500 million in infrastructure, information technology upgrades and modern handling equipment to improve both quayside and landside operations. APM Terminals has also transformed the Apapa container terminal into a modern and efficient terminal, resulting in more capacity for trade and higher vessel productivity. Shipping lines get consistent quayside productivity along with guaranteed timely operations through berthing window schemes. This has made shipping lines deploy bigger vessels (e.g. WAFMAX vessels) and increase service frequency to Apapa, seizing opportunities from international trade. The economy of scale enabled shipping lines offer Nigeria’s trade competitive rates, thereby increasing Nigeria’s foreign trade, both in terms of volume and value, helping to boost Nigeria’s GDP and employment. The company is set to boost
its operations further with the acquisition of additional container handling equipment, which would be deployed before the end of this month.
TOP GAINERS NGN NGN % OANDO 0.24 2.64 10 NIGBREW 2.20 24.40 9.9 CONOIL 1.30 14.45 9.8 STANBIC IBTC 2.50 28.50 9.6 CHAMS PLC 0.02 0.23 9.5 TOP LOSERS NGN % PZ 0.40 4.00 9.0 REDSTAR 0.17 2.73 5.8 LASACO 0.01 0.22 4.3 TRANSCORP 0.03 0.67 4.2 NEIMETH 0.02 0.50 3.8 HPE Nestle Nig Plc ₦830.20 Volume: 557.819 million shares Value: N2.617 billion Deals: 5,310 As at yesterday 14/4/2020 See details on Page 27
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NEWS
China Explains Selective Approach against Africans Says nine Nigerians tested positive for COVID-19 Adedayo Akinwale in Abuja China has explained that its approach in the fight against COVID-19 was selective against Africans because statistics have shown that African countries are very vulnerable in the fight against the pandemic. China had been widely criticised after some video clips that went viral on social media
showed Nigerians being forced out of their houses and hotels, rounded up and their passports seized by the Chinese police in Guangzhou, China. But, the Chinese Ambassador to Nigeria, Mr. Zhou Pingjian, while addressing a joint press conference alongside the Minister of Foreign Affairs, Mr. Geoffrey Onyeama yesterday in Abuja, said that China would never
forget the invaluable support of the government and people of Nigeria during its most challenging stage in China’s fight against COVID-19 The ambassador reiterated that nothing has changed in China’s policy on friendship towards Africa, stressing that China cherished and is fully committed
to secure its partnership with Nigeria. Pingjian stated categorically that China has full confidence in Nigeria’s capacity and capability to eradicate the pandemic. He stated: “Guangzhou is fighting against the virus, not any Nigerian, not any African, not any foreign national, not
any Chinese, they are fighting the virus. “Let me put it this way, I will not complain about the extension of the lockdown in FCT, why,? Why did the government select FCT, Lagos, Ogun? Is the government of Nigeria selective? I won’t say so. The government is protecting you all; the government is not
discriminating against the residents, the same logic goes in Guangzhou.” The ambassador explained that the policy to fighting the disease in Guangzhou has been evolving, saying that decisive action has to be taken against the virus, hence, the need for policy change in tackling the virus.
BBOG Berates Buhari over Alleged Deceitful Speech on Chibok Girls Peter Uzoho The BringBackOurGirls movement (BBOG), the main rights group fighting for the release of the other Chibok school girls currently in Boko Haram captivity, has berated President Muhammadu Buhari and his administration for issuing an alleged copied and deceitful statement claiming to have the abducted girls in mind. The Abuja, Lagos and New York chapters of BBOG
stated this in joint statement issued yesterday and signed by 13 of its members, as part of the activities marking the sixth anniversary of the abduction of 276 school girls from Government Secondary School, Chibok, Borno State. Buhari had on Monday in a statement by his chief spokesman, Mallam Garba Shehu, said the remaining Chibok girls in Boko Haram captivity would never be forgotten.
Fayemi Engages Buhari in Web Conference The Chairman of the Nigeria Governors Forum (NGF) and Governor of Ekiti State, Dr. Kayode Fayemi, has held his first teleconference meeting with President Muhammadu Buhari where both leaders engaged each other on current issues of national importance. Fayemi told the president that the two weeks extension of the lockdown in the FCT, Lagos and Ogun states even though tough,
Governor Seyi Makinde of Oyo State, yesterday kicked off a rapid testing initiative for COVID-19 in the state, saying the outcome of the exercise would help contain the spread of the virus. The governor who declared open the COVID-19 DriveThrough/Walk-Through Testing, an initiative that is expected to test 2,000 samples within two weeks, at the Lekan Salami Stadium, Adamasingba, Ibadan, said the rapid testing initiative aligned to his administration’s commitment to test at least 10,000 residents within a short time.
Apparently toeing President Muhammadu Buhari’s decision to the lock down Ogun and Lagos States as well as Abuja, Delta State Governor, Dr. Ifeanyi Okowa, yesterday asked the people of the state to stay at home for more two weeks as his government intensified efforts to stamp out COVID-19 from the state. Okowa said in a broadcast aired from Government House in Asaba that the extension had
FG to Build COVID-19 Treatment Centres at Borders Targets 4,000 daily testing target Uche Nnaike The Minister of Health, Dr. Osagie Ehanire yesterday disclosed that the federal government will build treatment centres at the borders. Speaking yesterday at the press briefing by the President Task Force on COVID-19 in Abuja, Ehanire, said the federal government was concerned about the prevalence of COVID-19 in the neighbouring counties
“Prevalence of COVID-19 in neigbouring states is a new concern. There is a plan to build treatment centres near the legal entry borders. The borders are closed, but when Nigerian citizens turn up, they are allowed in. “What we do is to take them to a facility where they can be isolated, screened and go through the protocol of 14day observation before they are released. Those who are positive
are taken to the isolation centres.” “We have increased daily testing capacity by activating more COVID-19 capable laboratories and we shall work with the private sector to outsource and diversify more sample collection sites and also improve logistics support,” the minister said, On his part the Director General of the Nigeria Centre for Disease Control (NCDC), Dr. Chikwe Ihekweazu, stated
that the federal government it has activated 12 molecular laboratories in less than two months and traced over 9,000 people exposed to COVID-19. He disclosed that the country is targetting a testing capacity of 4,000 daily, adding that 2,000 tests would be conducted in Lagos, 1,000 in Abuja and 1,000 in other parts of the country. He described logistics and low turnout of people for testing as NCDC’s major challenge.
Court Grants Bail to Caverton Helicopters’ Pilots, Passengers
A statement by the Chief Press Secretary to the governor, Mr. Taiwo Adisa, quoted Makinde as saying that the state was scaling up testing in alignment with expert opinions that the best way to contain and control the spread of the novel Coronavirus is by ensuring mass testing. Makinde appreciated the Citizen for Citizen, a nongovernmental organisation headed by the chairman of First Bank Nigeria, Mrs. Ibukun Awosika, which provided the 2,000 testing kits and the LifeBank Nigeria, for partnering with the state on rapid testing for COVID-19.
Okowa Extends Lockdown By Two Weeks Omon-Julius Onabu in Asaba
L-R: President of the Senate, Dr. Ahmad Lawan; President Muhammadu Buhari; and Speaker, House of Representatives, Hon. Femi Gbajabiamila, during a meeting with the president at the Presidential Villa, Abuja ...yesterday GODWINOMOIGUI
was “the right way to go”. The NGF chairman further told the president that the targeted testing strategy adopted by the country has done a lot, however the Ekiti State Governor stated that there was need for more testing. He added that the governors were desirous of having some more testing facilities so as to deepen the gains already made by the NCDC. Ernest Chinwo in Port Harcourt
Makinde Kicks off Testing of 2,000 Oyo Residents Kemi Olaitan in Ibadan
LEGISLATIVE VISIT...
become necessary to enable the ongoing contacts tracing process reach meaningful conclusion in the light of the reported three cases of COVID-19 in the state. The governor had last Wednesday announced a lockdown of the state but about 10 days into the exercise, three persons had tested positive for the disease with the second patient reportedly died a day before the result of his laboratory specimen was received.
A Chief Magistrate’s Court in Port Harcourt, Rivers State capital, has granted bail to Mr. Samuel Ugorji and Mr. Samuel Buhari, both pilots with Caverton Helicopters, who were accused of contravening the Executive Order issued by the Rivers State Governor, Mr.
Nyesom Wike, to check the spread of COVID-19 in the state. The court also granted bail to 10 passengers of Caverton Helicopters who were flown into Rivers State by the two pilots. Chief Magistrate D.D. IhuaMaduenyi yesterday granted the two pilots bail after hearing the bail application by their counsel.
Ihua-Maduenyi in granting the two pilots bail stated that they must present a surety who must be a management staff of Caverton Helicopters. The court ruled that the surety must own a landed property in Port Harcourt and must ensure that the two pilots attend the trial. He added that the surety will
sign a bail bond of N1 million each for the two pilots. Earlier, the court had granted a motion abridging the time for the bail application to be filed following a motion moved by Caverton Helicopters. It deemed the bail application as properly filed. The magistrate adjourned the matter till May 19 for trial.
Military Investigates Alleged Bombing of Civilians in Borno Kingsley Nwezeh in Abuja The Nigerian Military High Command said yesterday it has launched an investigation into an alleged bombing of civilians by the Air Task Force of Operation
Lafiya Dole in Borno State. It said the bombing of Shokotoko village in Damboa Local Government Area of Borno State inadvertently killed some civilians. The war update by the military, however, said the air
strike was based on credible intelligence reports provided by land forces and other security agencies, which indicated that the target was a legitimate one occupied by terrorists. The update signed by the
Coordinator of the Directorate of Defence Media Operations, Major General John Enenche, said pilots of the Nigeria Air Force by training do not attack any location occupied by noncombatants.
FG Terminates Cash Transfer Contracts in Four States Olawale Ajimotokan in Abuja
The Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar Farouq, has approved the immediate termination of the contract of two Payment Service Providers (PSPs) following their inability to meet the contractual agreement to
commence Conditional Cash Transfer to beneficiaries in four states of the federation. The affected states are: Bayelsa, Akwa Ibom, Abia and Zamfara. She said the immediate termination of the contract would be with the newly launched World Bank procurement guidelines to
ensure that payments commence in the affected states on or before April 28, 2020. Farouq also added that the federal government cannot accept delays in the current payment round of N20,000 stipends to beneficiaries in poor and vulnerable households under any excuses in the four states or any other states of the
federation. “The failure of any payment service providers to meet their contractual agreement is unacceptable. The federal government through the Ministry cannot allow contractors to derail the immediate Conditional cash transfers to the poor and the vulnerable,” she said.
Ayade Offers 8,000 Instant Jobs to Indigenes of Cross River As part its of sustainable livelihood palliatives to cushion the effect of economic difficulties occasioned by the global pandemic, COVID-19, the Cross River State government has stated that it is poised to employ thousands of youths on some sectors of the state’s
economy. A statement released yesterday by the Secretary to the State Government, Tina Banku Agbor listed the sectors as health, security, environment and agriculture. The government said it will not allow Cross River youths
suffer the unsavoury economic consequences of the pandemic. “In view of the COVID-19 lockdown and its attendant consequences on livelihoods leading to job losses, daily income difficulties, waste of youthful energy, and in order to reduce public anxiety,
youth restiveness and lower social tension, the Cross River State Government is set to recruit young men and women from the ages of 18-35 years, with the exception of those in the health sector, on a flat monthly salary of N30,000”, the statement said.
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COVID -19 UPDATE...
COVID -19 UPDATE...
Lawan, Gbajabiamila Task Buhari on Accountability in Mgt of COVID-19 Fund Urge president to act on proposal for free electricity Omololu Ogunmade in Abuja The two presiding officers of the National Assembly yesterday in Abuja tasked President Muhammadu Buhari to put the machinery in place that will ensure transparency and accountability in the disbursement and management of donations made by individuals and organisations in support of the fight against COVID-19.The Senate President, Dr. Ahmad Lawan and the Speaker of the House of Representatives, Hon. Femi Gbajabiamila, made the call during a closed-door meeting with the president in the State House. The two leaders also implored the president to implement the proposal for provision of free electricity for Nigerians for two months to cushion the effects of the lockdown on the poor. Speaking with State House
reporters after the meeting, Lawan said as a follow-up to the earlier engagement of the leadership of the National Assembly with the Presidential Task Force, he and Gbajabiamila met with the president on resolutions at the meeting. According to him, they advocated the need for donations made to be put into a single account and a fund management committee set up to oversee the releases. He insisted that in the spirit of accountability and transparency, the donations must be kept in a separate account and its management and coordination made effective in a way that no one is left in doubt. He said: “The leadership of the National Assembly has been holding series of meetings with ministers and the Presidential Task Force on COVID-19 and
Ganduje Imposes Total Lockdown for Seven Days Ibrahim Garba inKano Governor Abdullahi Ganduje of Kano State has ordered a lockdown of the state for seven days beginning from Thursday as part of efforts to curb the spread of COVID-19. The governor made the announcement during a meeting with Islamic scholars. “Following the outbreak of this disease, COVID-19 in Kano and the subsequent cases we recorded, Kano State Government has resolved to lockdown the state for a duration of seven days starting from Thursday, April 16,” he said.
“We want to however call on the scholars that Kano residents should start purchasing food stuff, as that would help curtail the spread of the disease in the state. The lockdown would start at 10p.m, no more markets, no more gatherings and mosques.” The state recorded a fresh COVID-19 case yesterday, bringing the total number of patients in Kano to four. Ganduje’s decision to restrict movement in Kano is coming a day after northern governors said they could not lock down the region because doing so will come at a high cost.
this afternoon, we had an engagement with the president to
discuss with him what we have resolved as leaders of the National
Assembly and our opinion on various issues regarding the fight
against COVID-19 in Nigeria as well as going forward.
GIVING BACK TO THE SOCIETY…
General Manager, External Relations , APM Terminals Apapa, Mr. Daniel Odibe (left), handing over nose masks and other safety items donated by the company to the Port Manager, Nigerian Ports Authority (NPA), Lagos Port Complex Apapa, Mrs. Funmilayo Olotu in Lagos...recently
Localise Lockdown Strategy, ANAP Tells States, LGs Martins Ifijeh The Anap Foundation COVID-19 Think Tank has called on states and local government authorities to localise their lockdown and social distancing strategy as part of measures to halt the spread of COVID-19. In a statement made available to THISDAY yesterday, the Chairman, Anap Foundation, Mr. Atedo Peterside said the think tank was recommending this since each location has
its unique circumstances and peculiarities. He said: “We endorse President Muhammadu Buhari’s extension of the lockdown in Lagos, Ogun and the Federal Capital Territory (FCT), as well as his important guidance on the urgent need for the entire nation to embrace social distancing. “Among other supportive measures, critical attention must be given to providing an enhanced safety net for the poor; beyond what the federal government itself has offered.
“Certainly, our understanding is that the federal government is not stopping other tiers of government, the private sector, nongovernmental organisations, among others from doing more for the poor and needy; for there is a risk in having the latter become increasingly marginalised or uncooperative at this time on account of hunger and other unmet basic needs. The police (and not the army) should also be on guard to nip the risk of looting and violence in the bud because it is the right
thing to do.” He argued that messages about handwashing and other hygiene protocols should be intensified through the various forms of the media. “Furthermore, while isolated in communities, people can be put to productive work, including distributing health and safety information, sewing masks, gowns, as well as supporting farming and the transportation and distribution of food and other essential needs”.
be the single largest health and humanitarian donor for both long-term development and capacity building efforts with partners, and emergency response efforts in the face of recurrent crises. This money has saved lives, protected people who are most vulnerable to disease, built health institutions, and promoted the stability of communities and nations. America funds nearly 40% of the world’s global health assistance programs, adding up to $140 billion in investments in the past 20 years – five times more than the next largest donor. Since 2009, American taxpayers have generously funded more than $100 billion in health assistance and nearly $70 billion in humanitarian assistance globally. It’s also why the U.S. government is providing $6.7 million to Nigeria in USAID International Development Assistance health and humanitarian funding for the COVID-19 response. These funds will go toward risk communication, water and sanitation activities, infection prevention and control, and coordination. This assistance is in addition to the more than $5.2 billion in U.S. health assistance and more than $8.1 billion in total assistance the State Department and USAID have provided Nigeria over the past 20 years. Our help is much more than
money and supplies. It’s the experts we have deployed worldwide, and those still conducting tutorials today via teleconference. It’s the doctors and public-health professionals trained, thanks to U.S. money and educational institutions. And it’s the supply chains that we keep open and moving for U.S. companies producing and distributing high-quality critical medical supplies around the world. Of course, it isn’t just our government helping the world. American businesses, NGOs, and faith-based organizations have given at least $1.5 billion to fight the pandemic overseas. American companies are innovating new technologies for vaccines, therapeutics, diagnostics, and ventilators. This is American exceptionalism at its finest. As we have time and time again, the United States will aid others during their time of greatest need. The COVID-19 pandemic is no different. We will continue to help countries build resilient health care systems that can prevent, detect, and respond to infectious disease outbreaks. Just as the U.S. has made the world more healthy, peaceful, and prosperous for generations, so will we lead in defeating our shared pandemic enemy, and rising stronger in its wake.
US HEALTH AND HUMANITARIAN AID It’s also why the U.S. government is providing $6.7 million to Nigeria in USAID International Development Assistance health and humanitarian funding for the COVID-19 response. These funds will go toward risk communication, water and sanitation activities, infection prevention and control, and coordination. This assistance is in addition to the more than $5.2 billion in U.S. health assistance and more than $8.1 billion in total assistance the State Department and USAID have provided Nigeria over the past 20 years. Our help is much more than money and supplies. It’s the experts we have deployed worldwide, and those still conducting tutorials today via teleconference. It’s the doctors and public-health professionals trained, thanks to U.S. money and educational institutions. And it’s the supply chains that we keep open and moving for U.S. companies producing and distributing high-quality critical medical supplies around the world. Of course, it isn’t just our government helping the world. American businesses, NGOs, and faith-based organizations have given at least $1.5 billion to fight the pandemic overseas. American companies are innovating new technologies for vaccines, therapeutics, diagnostics, and ventilators. This
is American exceptionalism at its finest. As we have time and time again, the United States will aid others during their time of greatest need. The COVID-19 pandemic is no different. We will continue to help countries build resilient health care systems that can prevent, detect, and respond to infectious disease outbreaks. Just as the U.S. has made the world more healthy, peaceful, and prosperous for generations, so will we lead in defeating our shared pandemic enemy, and rising stronger in its wake. The story of U.S. leadership in the global battle against Covid-19 is a story of days, months, and decades. Every day, new U.S. technical and material assistance arrives in hospitals and labs around the world. These efforts, in turn, build on a decades-long foundation of American expertise, generosity, and planning that is unmatched in history. The United States provides aid for altruistic reasons, because we believe it’s the right thing to do. We also do it because pandemics don’t respect national borders. If we can help countries contain outbreaks, we’ll save lives abroad and at home in the U.S. That generosity and pragmatism explains why United States was one of the first countries to help the Chinese people as soon as reports emerged from Wuhan of another
outbreak. In early January, the United States government offered immediate technical assistance to the Chinese Centers for Disease Control. In the first week of February, the U.S. transported nearly 18 tons of medical supplies to Wuhan provided by Samaritan’s Purse, The Church of Jesus Christ of Latter Day Saints, and others. We also pledged $100 million in assistance to countries to fight what would become a pandemic – including an offer to China, which was declined. Our response now far surpasses that initial pledge. Since the outbreak of COVID-19, the U.S. government has committed nearly $500 million in assistance to date. This funding will improve public health education, protect healthcare facilities, and increase laboratory, disease-surveillance, and rapidresponse capacity in more than 60 of the world’s most at risk countries– all in an effort to help contain outbreaks before they reach our shores. Our aid helps people in the most dire circumstances. For instance, the U.S. government works with NGOs to deliver medicines, medical supplies, and food to the Syrian people, including those living in regimeheld areas. We are helping United Nations agencies and nongovernmental organizations build more water, sanitation and health facilities across northern Syria to prevent the spread of
the virus. We are aiding friends from Africa to Asia, and beyond. America’s unsurpassed contributions are also felt through the many international organizations fighting Covid-19 on the front lines. The U.S. has been the largest funder of the World Health Organization since its founding in 1948. We gave more than $400 million to the institution in 2019 – nearly double the second-largest contribution and more than the next three contributors combined. It’s a similar story with the U.N. Refugee Agency, which the U.S. backed with nearly $1.7 billion in 2019. That’s more than all other member states combined, and more than four times the second-largest contributor, Germany. Then there is the World Food Program, to which the U.S. gave $3.4 billion last year, or 42% of its total budget. That’s nearly four times the second-largest contributor, and more than all other member states combined. We also gave more than $700 million to the United Nations Children’s Fund (UNICEF), more than any other donor. We are proud that when these international organizations deliver food, medicines, and other aid all around the world, that too is largely thanks to the generosity of the American people, in partnership with donor nations. Our country continues to
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T H I S D AY ˾ WEDNESDAY APRIL 15, 2020
MIDWEEKPOLITICS
Group Politics Editor NSEOBONG OKON-EKONG Email nseobong.okonekong@thisdaylive.com 08114495324 SMS ONLY
A N A LY S I S
Unnecessary Tug of War in Rivers Davidson Iriekpen writes that at a time when the Federal Government was supposed to be putting heads together with the Rivers State government to curb the spread of COVID-19, both governments are engaged in an unnecessary tug of war
Wike
Buhari
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fter much ado, the Federal Government has disclosed that it has commenced talks with the Rivers State government to release Caverton Helicopters pilots who were arrested in Port Harcourt on the orders of the state government for flouting its lockdown order put in place to curb the spread of COVID-19 in the country. Giving an update on the controversy at the daily briefing of the Presidential Task Force on COVID-19 on Tuesday, the Permanent Secretary of the Ministry of Aviation, Mr. Hassan Musa, said there was a need to fast track their release considering threats by various unions in the aviation sector to embark on strike. Musa said, “The Federal Government is in consultation with the Rivers State government to have them released as soon as possible because their arrest is taking a different dimension as Air Traffic Union and other unions in the aviation sector are threatening to go on strike. We hope that this misunderstanding will soon be resolved so that we can have them out as their operation was legal.” To many people in Rivers State, this route of reconciliation is what expected of the Federal Government instead of its earlier controversial step. It was surprising that at a time when the two governments were supposed to be putting heads together on how to curb the spread of COVID-19, they were engaging in an unnecessary tug of war. Recall that two pilots working with Caverton Helicopters and 10 passengers were arrested and arraigned before a Chief Magistrate’s Court in Port Harcourt. The arrest was sequel to the Executive Order RVSG - 01 2020 Pursuant to Sections 2, 4 And 8 of Quarantine Act, Cap. Q2 Laws of the Federation of Nigeria 2004 and Regulation 11 of the Quarantine (Coronavirus (Covid-19) and Other Infectious Diseases) Regulations 2020 signed into law by Governor Nyesom Wike recently, as a preventive measure against the spread of COVID-19 in the state. The order, among others, bars vehicles and flights from entering the state during the period the state is trying to curtail the deadly virus. The state government had said that during the lockdown, Caverton Helicopters illegally flew in over 220 passengers to the state without allowing health professionals from the state to ascertain their Coronavirus status. The state Commissioner for Information and Communication, Mr. Paulinus Nsirim, said that the firm also refused to avail the state government of the contacts of the passengers so that they could be traced and tested. He urged the Federal Government to direct its business associates to subject themselves to
health checks to ascertain their COVID-19 status, pointing out that before the arrest of the two pilots and 10 passengers, the state government had warned Caverton Helicopters and other operators to make sure that their pilots and passengers were tested by Rivers State health officials, adding that the company (Caverton) disregarded the warning. “Before their arrests, the Rivers State Government issued several warnings to Caverton and other operators to ensure that their pilots and passengers were tested by Rivers State health authorities. It disregarded the warnings. “They were arrested because they constantly contravened the Executive Order issued by the Governor of Rivers State, Nyesom Ezenwo Wike, which requires that everyone coming into the state for essential duties subject themselves to mandatory health checks to ascertain their Coronavirus status. At the last count, Caverton Helicopters ferried over 220 passengers into the state without allowing health professionals of the Rivers State Government ascertain their coronavirus status. They also refused to avail the state government their contacts; so, they can be traced and tested,” he said. But the Minister of Aviation Hadi Sirika, had vehemently rejected the arrest and detention of the pilots, chiding Wike for indulging in illegality. He said Caverton Helicopters which provides support services for oil and gas companies in Nigeria, including the Nigerian National Petroleum Corporation (NNPC), Total, Shell, ExxonMobil, and Chevron, had permission to fly to the state. Speaking in Abuja, the minister argued that civil aviation was on the exclusive list as was the Nigerian Air Force and Armed Forces, adding that besides the Federal Government, no other person has the legal right to legislate on civil aviation. According to him, the exemption was part of strategies put in place by the Federal
Government to rake in some revenue at this time of global oil price crisis, of which the Rivers State was a beneficiary. “Civil aviation is on exclusive list item number three there. So no other person but the federal government has authority to legislated upon. The air force officer who jumped the Commander in Chief (President) also jumped the chief of defense staff, also jumped the chief of air staff and ignored him, to call a governor to come into the property of the federal government of Nigeria to make an arrest, exhibited dangerous ignorance and incompetence grossly. “The police that followed the governor to go in there, exhibited dangerous ignorance from our perspective in civil aviation,” he said. He also said permission was granted to the pilots “as a matter of national interest,” adding that “Whether we have approval for the flight, yes we did and we did in national interest. All of these flights are for the purposes of improving the national revenue to which Rivers State is the greatest beneficiary. “Those flights by Caverton, Aero Contractor, Arik, Bristow were for national interest and improved national revenue. At a time when oil has gone below $30 per barrel and the cost of production is $30. In the wisdom of President Muhammadu Buhari, he thought that this be allowed so that the nation will not be crippled and national revenue will not be lost. It was against the background that we have the authority and being on the exclusive list and we have the powers in civil aviation, guided by the civil aviation act 2016 to approve such flights,” Sirika said. But Wike who would have none of that, countered the minister, saying that while nobody said the Federal Government cannot come to the state, due process must be properly followed in order not to compound the spread of the deadly COVID-19 disease. “If they come to Rivers without us knowing their status, what will be the implication
Observers have equally argued that the action of the federal government amounted to encouraging private businesses to compromise the health security system of Rivers State at this critical time. They also pointed to how Federal Government had quarantined the Chinese experts that are in the country to carry out medical outreach in the country
assuming they have the virus?,” he asked. Though the governor admitted that he does not have the right to close the airport in Rivers, he said it was his duty to prevent people from entering the state under the circumstance. He also contended that the state government did not know the health status of the pilots and those who were aboard the flight, if they were positive or negative of the COVID-19 disease, noting that his administration is duty-bound to protect the lives of Rivers people. “Nobody says that you can’t go to any state but now we are in a war situation. This COVID-19 is even worse than a conventional war. We want to know who are those people you brought in, so that we have to trace them to know their identity and status. Luckily we have seen the pilot and the co-pilot. They will assist the police in identifying them. “The company wrote to us about bringing people which I forwarded to Commissioner of Police to perform security checks and the health officials to perform their duties before allowing them to come on. That is for those performing essential duties. But they decided to violate the regulations,” Wike said. While some Nigerians have joined the minister in bashing Wike, others have equally described his outburst as an attempt to blackmail the state government by bringing in national interest and improved national revenue as a reason for flouting the directive of the state government. They averred that if the minister had followed due process by informing the state government or subjecting the passengers to COVID-19 tests, the feud would have been averted. They further imagined the spiral effect if one or two of the passengers ferried to the state were carrying the deadly virus, adding that while working on oil facilities in the state, the passengers could have infected other, leading to community transmission of the virus. To show that the federal government deliberately wanted to undermine Wike, those who spoke with THISDAY referred to a similar scenario in Cross River State where the state government stopped 35 American expatriates working with the NNPC from entering the state except they show evidence of the COVID-19 test and nothing happened. The 35 Americans who were billed to carry out repair works on Bonga Oil platform, were stopped from coming into the state following the flight and land movement restrictions imposed on the state and advised them to either remain in Lagos or move to Abuja without much ado. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com
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Editor, Editorial Page PETER ISHAKA Email peter.ishaka@thisdaylive.com
THE POWER OF CIVIL SOCIETY
Civil society organisations are bulwark against societal injustices, writes Sonnie Ekwowusi
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ivil society dominates modern political thought and the political space under different names and varying acronyms - village assemblies, town unions, neigbourhood associations, non-governmental organizations (NGOs), Not-for-profit organization (NPO), charities, company limited by guarantee, civil society organizations (CSOs), social structures, sociocultural organizations, mediating structures (as they are called in the U.S) and so forth. Historically the aforesaid are as old as man. In fact they pre-date government. What could be ascribed to them as their first project in human history was the Tower of Babel which was destroyed by God. Between government and civil society the latter comes first. In fact the existence of government does not belong to it. Government owns its existence from civil society. Government does not exist in vacuum. The raison d’etre of government is to promote the welfare of members of civil society. Civil society mandates government to carry out this function. In this context, the government is accountable to civil society. It is important to stress that by temporarily giving its mandate to the government to serve the civil society, the civil society has not relinquished its power to the government or lost its superiority to the government, for the part cannot be greater than the whole. In the past the civil society wielded strong political power and socio-cultural and religious influences in Nigeria under, for instance, the Ekpe Masquerades, Egbe Omo Oduduwa, the Aba women warriors who organized the famous Aba Women Riot of 1929, Igbo State Union, the Northern Elements Progressive Union (NEPU) and many others. Today the civil society, if you like, has crystalized and reached its crescendo in strengthening the social fabric and erecting the necessary formidable blocks for alleviating human suffering especially in providing food, clothing, housing and medical care and necessary social services in disaster situations and providing assistance and succor in the event of sickness, disability, widowhood, old age or other lack of livelihood in other circumstances which we normally assume are beyond our control. In line with the principle of subsidiarity, multiple organizations and bodies within civil society have become veritable and viable safety nets. They are mini-governments. They protect the lives and property of their members. They are bulwarks against societal injustices. These days they provide health and life insurance schemes for their financial members. They offer life support for widows and free education for children of widows and the bereaved. For instance, prompted by the need to strengthen the Nigerian families in order to strengthen the nation, the National Association for Family Development (NAFAD) has been organizing the Family Enrichment Programs for married and marriageable couples in Nigeria. Spurred on by the need to promote the character of secondary school students, the Project for Human Development (PHD) has established the PHD School Character Clubs in some schools in Lagos State with the objective of inculcating in the young students pristine character and values necessary for them to imbibe and become responsible members of the Nigerian society. In order to preserve and strengthen positive cultural values in their relations with other members of the society with a view to promoting the moral wellbeing of society, the Muslim Rights Concern Association, Foundation for African Cultural
I WILL NEVER FORGET THE FRIENDS OF THE SICK INTERNATIONAL. THIS NGO HAS BEEN VISITING THE SICK IN DIFFERENT LAGOS HOSPITALS AND BRINGING THEM WORDS OF SUCCOR, ENCOURAGEMENT AND CONSOLATION
Heritage (FACH), Association of Concerned Mothers, Project for Human Development, pursuant to Article 29 of the African Charter on Human and Peoples’ Rights as was ratified and domesticated and reenacted as part of the Nigerian law by the National Assembly on 17th March, 1983 and other laws, have recently instituted a law suit at the Federal High Court, Lagos, against the Federal Republic of Nigeria, Multi-choice Nigeria Limited and National Broadcasting Commission (NBC) praying the court to, inter alia, ban the airing of the Big Brother Nigeria TV Reality Show (BBNaija) or, alternatively, make an order that rather than display sexual perversity, the TV Show should promote diverse Nigeria’s cultural heritage, decency and truth. If you ask me, this is one publicinterest litigation in Nigeria that ought to be of interest to the public. Its outcome would likely shape TV and DSTV contents in Nigeria. I will never forget the Friends of the Sick International. This NGO has been visiting the sick in different Lagos hospitals and bringing them words of succor, encouragement and consolation. In the course of their visit to the sick in some hospitals in Lagos, the members of this NGO came across some patients who, even though they had been cured of their ailments, were nevertheless “detained� by the hospital managements for their inability to defray the costs of their medical treatments. To secure the release of these “detained� patients, the NGO solicits for monetary donations from public-spirited individuals. Kind-givers like Dr. Olisa Agbokaba SAN has consistently been making monetary donations towards the release of these “detained� patients. At my last check, the Catholic Relief Services, a humanitarian aid organization which began working in Nigeria in the 60’s, have noiselessly been battling to ensure that under-five children in five in the North are rid of the polio virus. Of course, there are numerous Motherless Babies Homes, Leprosy Centres, Crisis Pregnancy Centres, Homes for the elderly, the blind and others across Nigeria. Former Delta State Governor, Dr. Emmanuel Uduaghan will be most remembered today for his firm belief that there is ability in disability. As governor, he announced that 5% of the job vacancies in Delta State’s public service should be reserved for qualified disabled or handicapped persons in the state. This solidarity with the physicallychallenged springs from the perennial truth that all human beingswhether mentally-retarded, the elderly, children en ventre san mere (in their mothers’ wombs), the infirm, the dying, the dumb, the disabled, the blind, the crippled, the vulnerable-are full human beings and members of our human family. Happily, with the growing new poverty and human misery in Nigeria occasioned by the global coronavirus lockdown, many NGOs, CSOs, Charities, Bank, corporate bodies, Churches, Mosques, philanthropists, wealthy individuals in Nigeria had donated monies, COVID-19 kits, relief materials, foodstuffs, and other things in aid of needy. At the time of writing I read somewhere that the corporate institutions in Nigeria had so far donated the sum of N20 billion to assist Nigerians currently trapped in the coronavirus poverty. Is this not a triumph of humanitarianism? The idea is to come out of our comfortable cocoons and assist our stranded fellow human beings in their various needs. And by so doing we would, in partnership with government, be tackling the socio-cultural and political dimensions of poverty, human misery and frustration in Nigeria.
COMMUNICATING COVID-19 MESSAGES Tajudeen Kareem writes that the country is doing relatively well in tackling the pandemic
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n communication theory and practice, the medium is as good as the message. The efficacy and fidelity of any message is largely influenced by the choice of the medium employed. It remains unclear and quite surprising why officials of government believe that messages on coronavirus are best communicated to Nigerians through the traditional media - radio, television and newspapers. The medium remains the message. But messages on the pervasive coronavirus require quite a holistic strategy, especially against the obvious constraints of the traditional media. No matter the message and the messenger, attenuating factors are always present, namely selective perception and selective interpretation. A great opportunity to reach a large segment of the population is the hand washing message and television images from President Muhammadu Buhari. An ingenuous instrument. Alas, we have seen this only on NTA channels. Why are other TV and radio channels not broadcasting this testimonial in local languages? Did our policymakers see Mallam say ba korona video from Kano? Have we estimated the damage such trending video has done to the efforts of the Presidential Task Force on Covid-19? Watching the Chairman of the PTF on Covid-19, Boss Mustapha on the podium cuts the picture of a classroom teacher as he took time to lecture the class on the text, nuances and import of the message contained in the March 29 broadcast of President Buhari to Nigerians. Every day, he tried strenuously to persuade press men, as the mirror of the society, to read and make a meaning of the message sent by PMB. The sore point is the penchant of journalists, both on-beat and studioanalysts, to keep asking same questions that have been repeatedly answered on ‘grey’ areas on the strategy and
measures to combat Covid-9. If you ask me, na who I go ask? Mustapha was at pains, severally, persuading journalists to digest the president’s speech to enable them inform Nigerians correctly and adequately. The question kept recurring, but what did PMB told Nigerians. “We are fully aware that such measures will cause much hardship and inconvenience to many citizens. But this is a matter of life and death, if we look at the dreadful daily toll of deaths in Italy, France and Spain. “However, we must all see this as our national and patriotic duty to control and contain the spread of this virus. I will therefore ask all of us affected by this order to put aside our personal comfort to safeguard ourselves and fellow human beings. This common enemy can only be controlled if we all come together and obey scientific and medical advice.� The president was certainly not oblivious of the hardship and sacrifice of those who earn their income and livelihood on a daily basis. But the questions kept coming! “For the most vulnerable in our society, I have directed that the conditional cash transfers for the next two months be paid immediately. Our internally displaced persons will also receive two months of food rations in the coming weeks. “We also call on all Nigerians to take personal responsibility to support those who are vulnerable within their communities, helping them with whatever they may need,� the president promised, but journalists and analysts on TV stations keep asking how the poor will feed during the lockdown. The following submissions by members of the PTF are quite instructive. First the Minister of Humanitarian Affairs, Disaster Management and Social Development, Hajiya Sadiya Farouq, speaking at Kwali Area Council in the FCT: “As we know, the CCT is for poor and vulnerable households in the country. Beneficiaries are
entitled to N5, 000 every month; however, the payment of N20, 000 now to each beneficiary is for four mouths. It is going to happen all over the country, but we are starting with FCT, Lagos and Ogun. These are the frontline states. Other states will follow. “With the current pandemic and circumstances on ground, this amount will go a long way to support the families in their daily lives. Today, we are giving out N20,000 each to about 190 beneficiaries in Kwali Area Council. The total beneficiaries in FCT are 5, 000,’’ Farouq said, emphasising that the beneficiaries were chosen without any form of bias and that political party affiliation was never a criterion for selection of beneficiaries. The Minister of Health, Dr. Osagie Ehanire disclosed that: “The NCDC has expanded its capacity by engaging hundreds of ad-hoc staff to support various areas of response including the call centres, contact tracing and follow-up of persons of interest. To meet the demand that will arise as a result of this expansion of the case definition, the NCDC has added a new laboratory to its network of molecular laboratories for COVID-19. This is the Virology Laboratory of University College Hospital, Oyo State. We project that in three weeks, seven more labs in Abakaliki, Kaduna, Kano, Maiduguri, Port Harcourt and Sokoto will be added to this network to further expand testing capacity nationwide. “As the situation evolves, we shall need to focus our limited resources on those persons, who actually need them most critically; from testing to treatment of confirmed cases. I wish to remind citizen of the importance of following the recommended protocol to request testing, so as to prevent further exposure and spread of the virus, by those infected with COVID-19.� From Lagos, Prof. Akin Abayomi, the commissioner for health, has also explained in full view of TV cameras that ventilators are not in urgent need as Nigeria
continues to battle the spread of the COVID-19 disease. At a briefing recently, Dr. Abayomi said most of the cases being treated in Lagos are not severe and not in need of ventilators. “Most of our patients are experiencing a very mild to moderate degree of illness. In fact, we don’t have anybody that is requiring ventilation at the moment which is a symptom of what you would describe as severe disease,� the commissioner stated. While members of the PTF provide updates daily to keep Nigerians abreast of developments in combating Covid-19, a very sore point remains lack of elucidation and clarification on the exemptions to the lockdown. Security men have molested those on essential duties, including journalists, even when people who reside in the FCT Area Councils continue their daily business as if they are immune to coronavirus. Another slow response and inaction is lack of definite pronouncement on how the restriction affects the banks. Banks have remained shut despite a circular by the Central Bank of Nigeria promising skeletal operations. As scientists and researchers continue seeking how to cure coronavirus, Nigeria may also be in contention in finding a cure. The Minister of Science and Technology, Dr Ogbonnaya Onu has confirmed that the United States is conducting tests on a ‘chemical compound’ isolated by former Chairman of the Independent National Electoral Commission, Prof. Maurice Iwu,. Although Iwu had submitted his chemical compound to cure SARS, the feat may turn out as a possible cure for coronavirus. Perhaps the most striking testimony to the giant strides of the PTF and Nigeria’s deft handling of the global pandemic is the recent pronouncement of the United Nations Secretary-General, Antonio Guterres. At a virtual news briefing in New York penultimate Thursday, the UN boss praised Nigeria’s response to the coronavirus pandemic in the country. Kareem wrote from Abuja
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EDITORIAL THE LOCKDOWN RELIEF PACKAGE There should be transparency in the distribution of the relief package
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n Monday, President Muhammadu Buhari extended the lockdown in Lagos and Ogun States as well as the Federal Capital Territory by another 14 days in response to the unfinished war against the COVID-19 pandemic. In his national broadcast, the president acknowledged “the great difficulties experienced especially by those who earn a daily wage,” but added that the stay-at-home order and other restrictions were necessary to beat the virus. While we agree with the president on the necessity for the lockdown, the relief package offered in many of the states for the vulnerable and less privileged Nigerians to cushion its harsh effects has become another tragic issue. The distribution of this package has further exposed the insatiable level of greed among some public officials. Social media pictures and videos of ridiculous items presented to Nigerians in the name of palliatives across the country are quite disturbing. Yet, if we IT IS EMBARRASSING are to win the war THAT GOVERNMENT against coronavirus OFFICIALS COULD ENGAGE in Nigeria, the chalIN SHARING MONEY BY lenge of the moment HANDS DURING A PERIOD is in the enforcement of the stay-at-home OF LOCKDOWN AND order in Lagos, Abuja CAMPAIGN FOR SOCIAL and many of the 36 DISTANCING states. Before the extension on Monday, the lockdown was almost caving in under the weight of disorder and corruption. Without any means of survival, many Nigerians were already risking the wrath of the police and soldiers rather than wait at home in hunger. On one particular day, traffic build-up at the Lekki toll gate in Lagos was so bad that people spent upwards of two hours there at a time they were supposed to be at home. The situation is not different in many of the
other states. Aside some governors storming markets to physically and personally dismantle kiosks and makeshift trading tables of poor market women and harassing innocent people on the roads, there has been no coordinated plan to keep people at home.
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T H I S DAY EDITOR BOLAJI ADEBIYI DEPUTY EDITOR YEMI AJAYI, DAVIDSON IRIEKPEN, MANAGING DIRECTOR ENIOLA BELLO DEPUTY MANAGING DIRECTOR KAYODE KOMOLAFE CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN MANAGING EDITOR JOSEPH USHIGIALE
T H I S DAY N E W S PA P E R S L I M I T E D EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, ISRAEL IWEGBU, IJEOMA NWOGWUGWU, EMMANUEL EFENI DIVISIONAL DIRECTORS BOLAJI ADEBIYI, PETER IWEGBU, ANTHONY OGEDENGBE DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI SNR. ASSOCIATE DIRECTOR ERIC OJEH ASSOCIATE DIRECTORS PATRICK EIMIUHI, SAHEED ADEYEMO CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO HEAD, COMPUTER DEPARTMENT PATRICIA UBAKA-ADEKOYA
o address the issue of welfare, the Task Force empaneled by President Buhari announced the release of N3.5 billion for the provision of relief package for vulnerable Nigerians following the lockdown. However, reports from the field indicate nothing but callousness. Some citizens were given loaves of bread to take care of their families for two weeks. Others had handfuls of rice tied in nylons while some others got some miserable packs of food items like Semovita. Yet, they are expected to stay at home for weeks. Nigerian officials have always exploited the misfortune of the less privileged to enrich themselves. Over the years, any donations or provisions aimed at ameliorating the conditions of the poor have always been hijacked by some highly placed persons who ensure that such provisions do not get to the target audience. Only recently, President Buhari, while constituting the National Humanitarian Coordination Committee to address the plight of the internally displaced persons (IDPs) in the North-east, lamented his experience when he visited three IDPs’ camps. He expressed sadness at the level of deprivation. While we call on those charged with the responsibility of managing the funds meant to cushion the effects of the pandemic to be more transparent in their dealings, we also demand proper accountability of the relief package. It is embarrassing that senior government officials could engage in sharing money by hands during a period of lockdown and campaign for social distancing. If, as we have seen in the past two weeks, it has been very difficult for many Nigerians, the next two weeks will even be more challenging. Nobody should be allowed to profit from the misery of our people.
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5G, Covid-19, And Globalisation
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onspiracy theorists are not to blame for the flags linking 5G to COVID-19. Life abhors a vacuum and conspiracy theorists are providing an alternate narrative to the current global hysteria. In 2013, the mainstream media lost her virginity by promoting fake news, Iraq’s supposed weapons of mass destruction. A caption on the Cable News Network (CNN) was spot-on. “Media’s failure on Iraq still sting”. Elite-centric governments are complicit. They failed to leverage goodwill, good times and globalisation to build resilient infrastructure, sovereign wealth and their people. Citizens of oligarchies are thus distrustful and susceptible to viral conjectures such as 5G radio frequency radiation (RFR) leads to COVID-19. 5G is the latest addition to the technology ecosystem. In the United States (U.S.), Accenture says 5G will add three million jobs and $500 billion to the economy. There is a new cash cow in town, not without a debate. Is 5G RFR harmful to human health? The launch of 5G began in 2019 and extant data is statistically insignificant to make valid conclusions. A rational stride is to peruse the older generations of wireless communications technology. The National Toxicity Program (NTP), an arm of a U.S. health agency conducted a study into radiation from cell phones. Findings show that “high exposure to 3G RFR led to some cases of cancerous heart tumors, brain tumors, and tumors in the adrenal glands of male rats”. The Washington Post reports that this male pattern is consistent with COVID-19. In Italy, men make up 60 percent of those infected with COVID-19 but 70 percent of mortality. As of April 7th, 1,310 women had died of COVID-19 as against 2,230 men in New York. COVID-19 is said to have emerged from Wuhan, China. Wuhan happens to have
5G coverage. A few other countries such as Lesotho have unveiled 5G and are coronavirus free. The timelines of 5G rollout and COVID-19 advent in China are suspect. Coincidence maybe. Conspiracy theorists are adamant, COVID-19 is an upshot of exposure to 5G RFR. The news media differs, COVID-19 is zoonotic and the Chinese eat exotic animals like bats and snakes. On the economic and technological front, the United States and China are fighting for global dominance. Huawei, the world’s largest supplier of 5G network equipment, has become the first casualty. President Donald Trump signed an executive order that set to blacklist Huawei. In escalation, Trump tweeted the Chinese virus in place of COVID-19. Zhao Lijian, the spokesman for the Chinese Foreign Ministry retaliated with a tweet. “It might be US army who brought the epidemic to Wuhan”. It is premature to predict the winner of the COVID-19 chronicles. COVID-19 is borderless and 5G is wireless. The alignment of 5G and COVID-19 is proof that the world has achieved equilibrium in globalisation. In the 1940s, the cold war was on military terms. The Chinese and American cold war is commercial. 5G is the perfect race to demonstrate global influence. Conspiracy theorists believe exposure to 5G RFR is a killer and the root cause of COVID-19. The fourth estate has been consistent. COVID-19 emanated from the animal market in Wuhan, China. 5G is still in its infancy and data-poor. A rational stride was to peruse data-rich, 2G and 3G. Results show that exposure to 3G RFR made some male rats develop tumors. Critics claim the rats were exposed to 18 hours of 3G RFR per day, so extreme and the tumors could be due to chance. Men have also recorded the highest fatalities with COVID-19. Data will tell.
Dr. Enameguolo Orugbo, jetageNG@gmail.com
Zooming Into The Future
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hen my mum went on a holiday in the 1950s to Ireland from Australia there were prearranged phone calls home. The calls were at an exact time so the whole family could be there and were only for a few minutes as these calls were so, so expensive. For the last few days, I have been out and about, not physically due to COVID-19, but by video conferences. There really is no cost apart from some data usage and it can be used by anyone. I have been one of 30 volunteers discussing the week, one of five in a family catch up, one of six in a writer’s group and soon one on one with my violin tutor. The app I am using allows me to ‘Touch Up My Appearance’ but there doesn’t seem to be a ‘play in tune’ version for the violin playing. One of the participants mentioned that it only takes about a month for something to become an ingrained habit. Will the future mean that far more of our communication will be virtual or will we go back to face-to-face contact? In how many ways will we change the habits of a life? Will life ever be the same as it was, the same way I like it? I want my life to go back to what it was. Dennis Fitzgerald, Melbourne, Australia
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WEDNESDAY APRIL 15, 2020 • T H I S D AY
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FEATURES
Group Features Editor: Chiemelie Ezeobi Email chiemelie.ezeobi@thisdaylive.com, 08038901925
COVID-19: Cititrust Donates Foodstuff to Lagos State Govt
L-R: Mr Kunle Adewole, Hon Folajimi Lai-Mohammed, Dr Yomi Finnih, and Chief (Mrs) Kemi Nelson, during the presentation of foodstu to the Lagos State government in support of the ďŹ ght against COVID-19 Chiamaka Ozulumba
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eading investment management company, Cititrust Group, has donated foodstuff to the Lagos State government to support its efforts to curb the spread of coronavirus in the state. Cititrust team, led by the Chairman of its COVID-19 Response Committee, Mr. Kunle Adewole, presented the items to Ikeja Constituency 1 of the state, through the member representing
the constituency, Honourable Folajimi Lai Mohammed, on Friday, April 10, in Ikeja. Dignitaries who witnessed event include Chief of Staff to Lagos State governor, Mr. Tayo Ayinde; leading politicians, Dr. Yomi Finnih and Chief (Mrs) Kemi Nelson; and Hon. Folajimi Lai-Mohammed, among others. Adewole, who spoke on behalf of the company's Group Chief Executive Officer, Mr. Yemi Adefisan, said Cititrust had made similar donations to the Osun State government and
governments of Kenya, South Africa and eight other African countries. Adefisan said Cititrust donated the foodstuff comprising 1000 bags of rice, 100 cartons of noodles and 20 cartons of vegetable oil to support the state government's efforts in providing palliatives for the vulnerable to cushion the effect of the lockdown. He further emphasised that it has been shown the world over that citizens' attitude is very crucial to stopping the spread of the virus, and therefore urged Nigerians to adhere
strictly to all the directives of government, particularly with regards to movement restriction, social distancing and hand hygiene. "We urge our fellow citizens to adhere strictly to the precautionary measures prescribed by the World Health Organization, the Federal Government, the Nigerian Centre for Disease Control and the Lagos State Government to successfully contain outbreak of coronavirus pandemic in the country and completely eradicate it," Adefisan added.
Covid-19 Lockdown: Tompolo Donates Food Items to Kinsmen Sylvester Idowu in Warri
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ompolo Foundation, a brain child of former G.O.C of MEND and Niger Delta agitator, High Chief Government Ekpemupolo, a.k.a Tompolo, has donated food items worth several millions of naira to Gbaramatu Communities in Warri South West Local Government Area of Delta State to cushion the effects of the 14 days locked down over the COVID-19 pandemic. Executive Secretary of Tompolo Foundation, Dr. Paul Bebenimibo, handed the donation on behalf of
Chief Ekpemupolo to the communities through their chairmen in Warri. Bebenimibo while handing over the items said the the foundation was identifying with the pains of their people at these trying times that everyone is suffering from the effects of the COVID-19 pandemic one way or the other. "Our founder is a passionate lover of his people, despite the challenges, we decided to show our concern and love. We know that these food items cannot meet the needs of all but it is a succour in such times. "We urge the chairmen to distribute the items to their people to alleviate
their pains. We urge them to abide religiously to the declaration of our dear governor. “We thank the government for taking proactive steps to stem the spread of the virus. Everyone should maintain a healthy living style to ensure they are safe", he said. Responding on behalf of the communities, Chairman, Oporoza Community, Demebi Johnbull, expressed happiness that the foundation came in provide succour for the people of the riverine areas. "We are indeed grateful to High Chief Government Ekpemupolo and his foundation for coming to support
us. We are elated that despite the challenges and harsh economy, Tompolo Foundation still considers our welfare very seriously, we are indeed happy and we pray that God will reward him and protect every members of the foundation. "The food items will help us as palliatives, we shall made judicious use of it, we urged other meaningful individuals and government agencies to come to our aids in these moment of lockdown.� The food items donated included bags of rice, garri, salt, beans, several tubers of yam, many gallons of vegetable oil and palm oil.
COVID-19: Royal Father Distributes Food Items to Residents Oluchi Chibuzor
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n a bid to reduce the hardship this lockdown has caused on the populace, the Royal Father of Ojora Land has distributed food items to its residents. This was done to complement government pallaitives exercise with the distribution of 5kg rice and meat. Speaking at the distribution exercise in Lagos, Oba Fatai Aromire Ojora, advised his people to comply with all the bio-security measures as stipulated by government.
According to him, "the essence of doing this is just to support what the federal and the state government are doing. When we ask people to stay at home we must give them food as not everybody has the power to stay at home. “So as a leader I have to support my people. My advice to the my community members is to corporate with governments at this trying times of the nation. “Let us obey all the rules and regulations. If you have been coming to my palace before we have been doing this
for the past 26 years.� He, however, expressed satisfaction on the state government’s effort in giving people succor, given that the stay-at-home order means no economic activities to survive. "Because they asked people to stay at home which means no economic activities to survive. We must provide them with food to eat and stay at home." Meanwhile, the royal father also stated that the global emergency of COVID-19 validated his argument on the need to increase government activities at grassroots levels.
"You see not every graduate can work in ministries, or governments parastatals. We must go back to agriculture. Let federal government empower the local government by giving them land so that they can go into intesive farming, all this youths roaming about the streets now they will find something to do." Done in strict compliance to biosecurity measures with the provisions of hand sanitisers to people and hand washing centre, residents applauded the royal gift saying it will go a long way to aid them in this trying period.
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Quick Takes Stanbic Retains AAA Rating
CSR-IN-ACTION
L – R: General Manager, Marketing and Corporate Communications, Coscharis Group, Mr. Abiona Babarinde; Director, Lagos State Ministry of Agriculture, Mrs.TokunboEmokpae;ExecutiveDirector,CoscharisGroup,Mr.CosmasJuniorMaduka;andDirector,AgricBusiness,MinistryofAgriculture,LagosState, Mrs. Aramide Ganzallo, during the donation of a trailer load of rice to the state government to cushion the effects of stay at home order Lagos‌recently
Fitch Ratings has retained its National Long-Term Ratings of AAA (nga) and F1+(nga) assigned to Stanbic IBTC Holdings Plc and its banking subsidiary, Stanbic IBTC Bank. The report also showed that Stanbic IBTC Bank was excluded from Fitch’s Rating Watch Negative (RWN) list of Nigerian banks, even in the midst of the COVID-19 pandemic’s impact on businesses. Fitch stated that its ‘AAA(nga)’ ratings signiďŹ ed the highest score in its National Rating scale for Nigeria and it is given to issuers with the lowest expectations of default risk, compared to other issuers. “Furthermore,issuersorobligationsthathavethestrongestcapacity fortimelypaymentofďŹ nancialcommitmentsrelativetootherissuers in the same country are rated F1+(nga). The Long and Short-term Issuer Default Ratings (IDRs) of Nigerian banks are driven by their stand-alone credit proďŹ les as determined by their Viability Rating (VRs). “AccordingtotheFitchRatingsreport,Nigeria’sCountryCeiling Rating of B+ will not aect both Stanbic IBTC Holdings PLC and Stanbic IBTC Bank PLC’s National LongTerm Ratings. The National Ratings reect the creditworthiness of the Nigerian banks relative to other issuers, and both Stanbic IBTC Holdings PLC and Stanbic IBTC Bank PLC are rated the highest in the country in this regard. “The strong liquidity proďŹ le of Stanbic IBTC Holdings company and its banking subsidiary stems largely from their aďŹƒliation to, and ability to get, potential support from the parent company, Standard Bank Group,â€? a statement from the bank explained.
Mr Bigg’s Supports COVID-19 Fight
WTO Predicts 32% Plunge in Global Trade in 2020 Obinna Chima World trade is expected to fall by between 13 per cent and 32 per cent in 2020 as the COVID- 19 pandemic disrupts normal economic activity and life around the world, a report by the World Trade Organisation (WTO) has estimated. The Director General, WTO, Roberto AzevĂŞdo, stated this in an international trade statistics forecast posted on the organisation’s website. The report anticipated a recovery in trade next year. This, it, however, pointed would be dependent on the duration of the outbreak and the effectiveness of the policy responses. “Nearly all regions will suffer double-digit declines in trade volumes in 2020, with exports from North America and Asia hit hardest. “Trade will likely fall steeper in sectors with complex value chains, particularly electronics and automotive products.
ECONOMY “Services trade may be most directly affected by COVID-19 through transport and travel restrictions,� it stated. According to the report, merchandise trade volume already fell by 0.1 per cent in 2019, weighed down by trade tensions and slowing economic growth. It noted that the dollar value of world merchandise exports in 2019 fell by three per cent to $18.89 trillion, while the value of commercial services exports rose two per cent to $6.03 trillion in 2019. “The wide range of possibilities for the predicted decline is explained by the unprecedented nature of this health crisis and the uncertainty around its precise economic impact. “But WTO economists believe the decline will likely exceed the trade slump brought on by the global financial crisis of 2008
2009,â€? it added. Furthermore, the report stated that estimates of the expected recovery in 2021 are equally uncertain, with outcomes depending largely on the duration of the outbreak and the effectiveness of the policy responses. “This crisis is first and foremost a health crisis which has forced governments to take unprecedented measures to protect people’s lives,â€? WTO DirectorGeneral Roberto AzevĂŞdo said. “The unavoidable declines in trade and output will have painful consequences for households and businesses, on top of the human suffering caused by the disease itself.â€? “The immediate goal is to bring the pandemic under control and mitigate the economic damage to people, companies and countries. But policymakers must start planning for the aftermath of the pandemic,â€? he said. It added: “These numbers are ugly – there is no getting around that. But a rapid, vigorous
rebound is possible. Decisions taken now will determine the future shape of the recovery and global growth prospects. “We need to lay the foundations for a strong, sustained and socially inclusive recovery. Trade will be an important ingredient here, along with fiscal and monetary policy. “Keeping markets open and predictable, as well as fostering a more generally favourable business environment, will be critical to spur the renewed investment we will need. And if countries work together, we will see a much faster recovery than if each country acts alone.� The report revealed that global trade was already slowing in 2019 before the virus struck, weighed down by trade tensions and slowing economic growth. It showed that world merchandise trade registered a slight decline for the year of 0.1 per cent in volume terms Continued on page 20
Dangote Cement N100bn Bond Excites Market Stakeholders Goddy Egene The N100 billion bond being raised by Dangote Cement Plc is exciting some capital market stakeholders, as they have said it helped in broadening investment options in the fixed income market. The Dangote Cement Series 1 5-year Fixed Rate Senior Unsecured Bond was issued under the company’s N300 billion shelf bond programme. Its book-building process commenced April 3 and closed yesterday,
CAPITAL MARKET April 14, 2020. The stakeholders believed that the bond further reinforced the potential depth of the Nigerian debt capital market and the ability of local corporates to fund long term projects from the domestic debt market. For instance, Chief Executive Officer of Central Securities Clearing System Plc (CSCS), Mr. Haruna Jalo-Waziri, said: “With this debut N100 billion
debt note, Dangote Cement Plc is once again reinforcing the capacity of the Nigerian debt capital market and setting a new benchmark in terms of size and pricing of corporate bonds. CSCS, being the depository to about half a trillion-naira outstanding corporate bonds from 23 issuers, we are excited to onboard Dangote Cement bonds into our depository post the SEC-approval of allotments.� According to him, the management of CSCS was excited working with all stakeholders
including the issuer, joint lead arrangers, exchanges and more importantly esteemed investors, pension fund administrators, banks, asset managers, trustees, custodians, and brokerage firms who would be participating in this landmark transaction. “We earnestly look forward to the approved allotment schedule to promptly credit investors’ accounts and provide a consolidated view of all their investments across the capital Continued on page 20
MrBigg’s,oneoftheleadingquickservicerestaurantsthatisoperated byUACRestaurantsLimited,saiditrecentlysharedover400alcoholbased sanitisers, surgical mask and hand gloves to Lagosians at Ile-epomarketintheOke-OdoAgegeLocalGovernmentDevelopment Area, as part of its corporate social responsibility in response to the ďŹ ghtagainstCoronaviruspandemicunderthecodenameCOVID-19. According to the company, hundreds of market women, men and shoppers thronged Mr Bigg’s stand amidst strict observation of the social –distancing guideline to curb the spread of the novel virus among the market people. Speakingduringtheexercise,themarketingmanagerofMrBigg’s,Mrs. Ethel Mba said, “As a responsible organisation, Mr Bigg’s is only keeping its brand promise of ‘doing good’. We are supporting the government to ďŹ ght and curb the spread of this virus that is ravaging the world.â€? “The country is going through a rough path at the moment and for this reason, we are sharing these products to help protect Nigerians from contracting this virus. Our desire is to see this pandemic come to an end in Nigeria and indeed the world,â€? she said. Some of the shoppers and traders at the market who shared their experiences said, Mr Bigg’s has done well to pick the market as one of the markets in the state to share sanitizers, medical mask and hand gloves. Mrs. Udeme Bassey, a shopper said, “There is scarcity of sanitizers, nose mask and hand gloves at the stores within Agege therefore, this initiative by Mr Bigg’s is welcome development. We are unable to purchase these products that are being given out free of charge.
Chain Reactions Wins SABRE Awards
Chain Reactions, one of Nigeria’s leading public relations agencies hasemergedtheoverallwinnerofamajorprizeandthreecertiďŹ cates of excellence at the 2020 SABRE Awards Africa. Commenting on the awards, Managing Director/Chief Strategist of Chain Reactions Nigeria, Israel Jaiye Opayemi, said: “I am glad to receive the news of Chain Reactions Nigeria winning more awards at SABRE this year. I cherish this latest haul of winnings awarded our consulting ďŹ rm by the jury and the organisers. “These awards coming at this period in time aďŹƒrm our unwavering commitment to continuously oer our clients the best-in-class professional consulting services that are second to none. We are persuaded, as always that the works and solutions that we oer must be the gold standard because the world will always recognise and celebrate excellence.â€?
“Most countries in the continent don’t have fiscal buffers. So, the crisis would hit us severely more than the developing countrie� Former DG,WAIFEM
Prof. Akpan Ekpo
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WTO PREDICTS 32% PLUNGE IN GLOBAL TRADE IN 2020 after rising by 2.9 per cent the previous year. Meanwhile, the dollar value of world merchandise exports in 2019 fell by three per cent to $18.89 trillion. In contrast, world commercial services trade increased in 2019, with exports in dollar terms rising by two per cent to $6.03 trillion. Nevertheless, the pace of expansion was slower than in 2018, when services trade increased by nine per cent. The WTO noted that the economic shock of the COVID-19 pandemic inevitably invites comparisons to the global financial crisis of 200809, adding that the crises are similar in certain respects, but very different in others. “As in 2008-09, governments have again intervened with monetary and fiscal policy to counter the downturn and provide temporary income support to businesses and households. “But restrictions on movement and social distancing to slow the spread of the disease mean that labour supply, transport and travel are today directly affected in ways they were not during the financial crisis. DANGOTE CEMENT N100BN BOND EXCITES MARKET STAKEHOLDERS market,� Jalo-Waziri said. Some market analysts expect the transaction to close at a tight spread to comparable Nigerian sovereign debt note (i.e the 5-Year FGN Bond), given the strong investment grade rating of the Dangote Cement Series 1 Bonds, AA+ from Global Credit Rating (GCR) and Aa2.ng from Moody’s. Market analysts also said the debt offering to be positive for the company’s equity valuation, as the fund is expected to finance expansion projects and refinance existing commercial bank debt, with expected cost-savings and a better realignment of the company’s capital structure. With over 70 per cent market share of the Nigerian cement market and increasing earnings contribution from the African operations, Dangote Cement is positioned for growth, particularly as increasing adoption of the concrete option for road construction is expected to drive overall market demand, going forward.
NAMA: We Fully Complied with Cat 3 ILS Installation Chinedu Eze The Nigerian Airspace Management Agency (NAMA) has said that it fully complied with the procurement of Category 3 Instrument Landing System (ILS) installed at the Runway 18R of the Murtala Muhammed International Airport (MMIA), Lagos, contrary to reports that indicated otherwise. The agency said it also procured the ILS that met international standards and approval of the International Civil Aviation Organisation (ICAO) and also that of the industry regulatory agency, the Nigerian Civil Aviation Authority (NCAA). The Managing Director and Chief Executive of NAMA, Captain Fola Akinkuotu, explained that in procuring the ILS the agency met the conditions given by the Bureau of Public Procurement (BPP), which is statutorily responsible for approving procurements by ministries and agencies of federal government and has its laid down rules for such approvals. Akinkuotu, also explained that the use of different procurement methods by MDAs was within the law establishing BPP, therefore approving, modifying or denying a request is entirely at the discretion of the BPP. “We would however like to set the records straight on the Instrument Landing Systems (ILS) CAT III that were installed in Lagos and Abuja late 2019 by NAMA. The aviation industry
is a highly regulated sector with international standards and regulations guiding installation and operation of all categories of equipment, including ILS and other navigational aids. “Compliance to these standards and rules cannot be doctored as insinuated in some reports, because the International Civil Aviation Organisation conducts annual audits on all safety related facilities of member states and receives detailed updates from Civil Aviation Authorities; in this
case the Nigerian Civil Aviation Authority, at regular intervals. “Furthermore, there are mandatory channels such as Notice to Airmen (NOTAM), Aeronautical Information Publication (AIP), etc. by which flight crews are updated on the true status of all navigational aids from time to time.� He explained further: “For avoidance of doubt, a newly installed ILS is required by international standards to be flight commissioned (Flight calibrated) and a duly signed
certificate issued to attest to its status (pass or fail) before it can be put to flight operation. “Only this certificate is credible to show the correct status of any navigational aid equipment. This is the practice all over the world.� Akinkuotu also said NAMA successfully installed Category III ILS/DME in Abuja airport and in one of the two runways in Lagos Airport; specifically, on Runway 18 right (RWY 18R) in November last year, in furtherance of its commitment
to improving Communication Navigation and Surveillance (CNS) equipment in Nigeria’s airspace. “At the kick-off of the exercise, flight commissioning of ILS/DME(Distance Measuring Equipment) CAT III on RWY 18R and routine calibration of ILS/DME CAT II on RWY 18L became a top priority. At the first attempt to carryout calibration on the two runways in Lagos airport, the calibration aircraft encountered a peculiar problem,� he added.
LEADERSHIP FORUM
L-R: Executive Director, Women Economic and Leadership Transformation Initiative (WELTI), Ifeoma Okonji; Head, Claims/ Reinsurance, FBN GeneralInsuranceLtd,JacquellineAgweh,and NollywoodActress,UfuomaMcDermott,attheWELTIWomen’sforumonleadershipheldinLagos‌ recently ETOPUKUTT
Youths Urged to Acquire Digital Skills Emma Okonji The Special Adviser to Enugu State Governor on Information and Communications Technology (ICT), Mr. Nnaemeka Ani, has called on youths in the state to see themselves as leaders of tomorrow and to embrace entrepreneurship and digital skills to remain relevant in the future economy. He also stressed that young people must prepare themselves to face emerging digital revolution. He said more than ever, it was vital for Nigeria to prepare her youth for the digital economy and the future of work.
Ani said with 60 per cent of the country’s population identified as young people, it became pertinent to note that the labour market of the future would require new skills including digital fluency, creative thinking, problem-solving, collaboration, empathy and adaptability. Ani, who made the remarks while fielding questions from journalists in the state, said appropriate action would help the country to harness the country’s promising demographic dividend. Speaking specifically on the position of the state to reduce the risk of massive labour substitution and unemployment, especially at the post-COVID-19 pandemic
era, he said the administration of Governor Ifeanyi Ugwuanyi of Enugu State would be enabling the youths to leverage the new entrepreneurial and economic opportunities associated with the digital economy. Ani, who until his appointment was the Chairman of Mexygabriel Nig Ltd; Chairman, Njalo Technologies Limited – promoters of Njalo.ng; Co-founder of GrassRoots.ng and other businesses, said, while some steps were been adopted at the country level in preparing the youth for the digital economy and the future of work, Enugu State Government has taken meaningful actions
to address the skills-gap and digital infrastructure inadequacies bedeviling the state. According to Ani, “The future economy demands that Governments at different levels wear their thinking cap. “In Enugu State, we are fortunate to have an administration that is given to creating responsive education systems. This entails serious reviewing and updating of the education apparatuses at primary, secondary and tertiary levels. “Equipping our young people with technical skills like digital fluency will empower them to assume responsibilities like coding and virtual designing,
which will be in demand in the digital economy. He promised that the state government would keep expanding digital infrastructure, while stating the government’s willingness to work with ICT companies to connect the state with digital infrastructure, such as fibre optic networks, and improving access to electricity and digital devices. He called for more collaboration between governments, multinational development banks and the private sector to create room for innovative financial models that promote digital skills among entrepreneurs.
COVID-19: NOVA Merchant Bank Donates Relief Materials
Group Business Editor
ĂŒĂ“Ă˜Ă˜Ă‹ Ă’Ă“Ă—Ă‹ Capital Market Editor
ÙÎÎã Ă‘Ă?Ă˜Ă? Comms/e-Business Editor
Ă—Ă—Ă‹ Ă•Ă™Ă˜Ă”Ă“ Senior Correspondent
NOVA Merchant Bank said it has donated various relief materials to vulnerable persons in Lagos State, in response to the fight against the COVID-19 pandemic. According to a statement, initiative was part of the bank’s effort to limit the spread of virus in in Nigeria. It listed the beneficiaries of its intervention to include Pacelli School of the Blind, Surulere,
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Reporters
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Bank, we believe in supporting the society as this gesture is to complement the efforts of government in providing relief to Nigerians. “I would also like to use this opportunity to commend the government for its deliberate response to limit the spread of the scourge and will like to call on other corporate organisations and highly placed Nigerians to
join the government in the fight against COVID-19.� Handing over the items to the beneficiaries on behalf of the board, its Head, Brand Marketing and Corporate Communications, Omolara Abiola, expressed the bank’s commitment to the fight against COVID-19. “COVID-19 is a global pandemic and it is our responsibility to protect our communities by
taking deliberate steps to limit the spread of this virus,� she added. NOVA Merchant Bank offers an integrated suite of financial solutions covering wholesale banking, investment banking, asset management, wealth management, trade services, transaction banking, cash management and digital banking.
IBEDC Supports COVID-19 Fight
Correspondents
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Lagos; Vigilant Heart Orphanage, Lekki, Lagos; Heritage Home Foundation, Ikota, Lagos; and Old Peoples Home, Yaba, Lagos. NOVA Merchant Bank Group Chairman, Phillips Oduoza, who spoke on the bank’s corporate social responsibility effort, said: “Communities around us should benefit from our presence especially at times like this. Even though we are a relatively new
Kemi Olaitan in Ibadan As part of its contribution towards mitigating the hardships caused by the global pandemic COVID-19, the Ibadan Electricity Distribution Company (IBEDC), has donated food items worth N100 million to five of its
franchise states. The company also donated N5 million to the University College Hospital (UCH), Ibadan, for the purchase of critical medical supplies needed to fight the COVID-19 pandemic. This was as it pledged not to disconnect supply from non- pay-
ing customers during the period to support customers and make the stay at home worth it. The Chief Operating Officer (COO), IBEDC, Mr. John Ayodele, while presenting the relief materials to the Oyo State government at the state Secretariat, Ibadan, said the effort is part of the company’s
corporate social responsibility and contributions towards mitigating the health hazards and hardships caused by the global pandemic COVID-19. Represented by the Ibadan Regional Head of the distribution company, Mr. Peter Oyelami, he applauded the proactive
measures the federal and states’ governments have put in place in the fight against the pandemic, stating that the power company realised that it needs to join hands with the government like other public spirited Nigerians and organisations have done in the fight against COVID-19.
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Lafarge Africa Turns the Corner Goddy Egene writes that after two years of losses, Lafarge Africa Plc has returned to profitability, rewarding shareholders with dividend
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he 2017 and 2018 ďŹ nancial years, were very bad for Lafarge Cement Plc, an old cement manufacturing company in Nigeria. Those years the company went through a rough patch, with losses. The ďŹ rm, formerly known as WAPC Cement Company Plc, posted a loss of N35 billion in 2017 and N8.8 billion in 2018. However, going by the 2019 audited results, Lafarge has turned the corner and bounced back to profitability. It has also recommended a dividend of 100 kobo per share for the shareholders. Specifically, Lafarge Africa Plc reported a revenue of N213 billion for the year ended December 31, 2019, as against N218 billion in 2018.Operating expenses were reduced from N29.89 billion to N23.42 billion. Financing cost fell 51 per cent from N41,6 billion to N20.2 billion. Other income improved 70 per cent from N1.38 billion to N2.35 billion. The company ended 2019 with a profit after tax (PAT) of N15.5 billion compared with a loss of N8.1 billion in 2018. Based on the positive performance, the board has recommended a dividend of 100 kobo per share. A further analysis of the results showed that Lafarge Africa reduced its total debt from N208 billion in 2018 to N52.6 billion in 2019, while total equity jumped from N135 billion to N345 billion in 2019. Commenting on the performance, the Managing Director/Chief Executive Officer of Lafarge Africa Plc, Mr. Khaled El Dokani, said: “Our turnaround and cost-reduction strategy in 2019 and the divestment of the South African business, have delivered strong results. The decrease in net debt has significantly strengthened our balance sheet and has placed us in a vantage position to face the future.â€? Looking ahead, Dokani said the COVID-19 pandemic now impacts Nigeria, Lafarge Africa had taken the necessary measures to protect the health of its employees, customers, suppliers and other stakeholders. He said: “As the coronavirus pandemic now impacts Nigeria, Lafarge Africa has taken the necessary measures to protect the health of its employees, customers, suppliers and other stakeholders. The construction sector and construction sites are generally more resilient than other sectors and Lafarge Africa has a strengthened balance sheet and is well equipped to weather the storm. However, we are closely monitoring the evolving situation and the impact of the COVID-19 pandemic on the Nigerian market.
“The Nigerian cement industry growth momentum is expected to slow down in FY 2020 compared to 2019 on the back of the COVID-19 pandemic and the challenging global macro-economic environment.� We have launched an action plan “Health, cost & cash� and will continue to focus on the implementation of our cost optimisation initiatives during this period to minimise the impact on the business.� Analysts’ assessment Assessing the results, analysts at Cordros Securities Limited, said the result showed that the company’s 2019FY earnings per share (EPS) settled N7.15 per cent, up from a loss position in the previous year. According to Cordos Securities, the positive out turn was driven by the one-off gain from the sale of Lafarge South Africa Holdco (LSAH) in the third quarter (Q3) of 2019. “We understand that the comparative year now excludes the profit and loss statement of LSAH. Adjusting for the gains from the discontinued operation, Lafarge’s core EPS grew marginally by 2.8 per cent, supported by the blend of lower finance charges, higher other operating income, and lower operating expenses. On the 2019FY reported EPS, the board has proposed a final dividend of NGN1.00/share, which implies a dividend yield
The construction sector and construction sites are generally more resilient than other sectors and Lafarge Africa has a strengthened balance sheet and is well equipped to weather the storm. However, we are closely monitoring the evolving situation and the impact of the COVID-19 pandemic on the Nigerian market
of 10.2 per cent on today’s closing price (N9.80 per share),� the analysts added. According to them, Lafarge Africa’s impressive 2019 standalone earnings cemented their long-held view that Lafarge South Africa Holdco. (LSAH) has been the major drag to the group’s business over the last few years. “Prior to the disengagement, LSAH had reported a loss of N9.4 billion over seven months -19. At that run-rate and assuming no divestment, the group would have reported another loss after tax of N570.0 million, by our estimate. Nonetheless, unlike the start of the year, we are now cautious about the company’s earnings outlook, owing to the COVID-19 induced economic downturn, with its negative pass through to private sector cement demand. More so, we believe the recent fiscal pressures faced by the federal government due to the collapse in the price of Brent crude oil, should lead to the rescheduling of infrastructure projects, and subsequently weigh on public investments,� Cordros Securities said. The analysts explained that the disengagement from the margin-dilutive LSAH will allow management of Lafarge Africa to fully focus on the more profitable Nigerian business in 2020. “Nonetheless, the COVID-19-induced economic downturn is expected to significantly affect volume this year. The company anticipates the impact of the economic shutdown on cement volume to be more evident from Q2-20, since it’s volume growth in Q1-20 are already ahead of last year,� they said. The analysts noted that the repayment of all the company’s forex related borrowings means that its earnings are now less volatile despite the recent oil price collapse-induced currency pressure. “The proceeds from LSAH disengagement have been used to offset all its FCY debt of $293 million, including accrued interest of $23 million. From N266.20 billion in 2018FY, debt (ex-overdraft) has declined to N64.19 billion, paving the way for a 56.1 per cent decline in finance charges over 2019FY. We forecast total debt to reduce further to N48.2 billion, due to the maturity of one of its bonds in 2019 (N26 billion). Thus, we forecast 2020E interest expense to decline further by 69.8 per cent,� Cordros Securities said. Way out of losses The company’s return to profitability came after its auditors, KPMG Professional Services, expressed concerns about the high level of liabilities of Lafarge
Africa Plc last year. According to the auditors, the group incurred a loss after tax for the year ended 31 December 2018 of N8.8 billion (2017: N34.6 billion), noting that as of that date, the group’s current liabilities exceeded its current assets by N119.3 billion (2017: N189.6 billion) while the company’s current liabilities exceeded its current assets by N114.2billion (2017: N174.1 billion). However, the auditors said the decision of Lafarge to LSAH was a major rescue strategy. “The disposal was negotiated and the sales price was agreed at $ 316.3 million (N115.2 billion). The proceeds from the sale will be used to settle the company’s shareholder loan which represents the only existing foreign currency loan in the books of the company. The full repayment of the Shareholder Loan will result in a significant reduction in debt, interest charges and foreign exchange exposures which will in turn enhance the company’s profitability, financial position and cash flows. Additionally, the deconsolidation of LSAH which has been loss making and in a net current liabilities position will further enhance the Group’s financial performance and position,� the auditors said. The company raised equity through a right issue last year. The combination the proceeds from the rights issue and divestment deleveraged Lafarge Africa significantly. Chairman of Lafarge Africa Plc, Mr. Bolaji Balogun had last year assured shareholders of better performance going forward following the reduction in its debt to very low level. He had said with the proceeds from the divestment, Lafarge Africa’s shareholder loan as at July 31, 2019, will be completely paid off. According to him, the loan represents the only existing foreign currency loan in the books of the company. Balogun, explained that the balance restructuring would impact on the company positively as cost of finance will reduce by N168 billion, while net debt at the end of July 2019 will be about N56 billion. “With the sale of LSAH as proposed by the Board to shareholders the only debt that will remain on the books of the company will be the second tranche of the corporate bond due for redemption in June 2021 and the subsidised loan in respect of Central Bank of Nigeria (CBN) Power Intervention Funds through the Bank of Industry(BoI). This significant reduction in debt holds prospects for dividend distribution in future,� he said.
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Agusto: Financing SMEs Now Riskier The Founder, Agusto & Co, Mr. Bode Agusto, in this interactive session at the end of a webinar, spoke about how the COVID-19 will impact the Nigerian economy and businesses in 2020. Obinna Chima presents the excerpts: What are the key sources and application of funds that government needs to execute in order to ensure that we get out of this crisis with limited economic damage? First of all, I believe that this is the season when the two big arms of government need to be working together. The monetary policy that is controlling money supply, inflation, exchange rate, that is, the Central Bank of Nigeria and the government which controls the spending, they need to work together. So, in terms of sources of foreign to Nigeria that are important. The biggest one for me is workers’ remittances. And I believe that government must continue to do things to encourage diaspora people bringing monies to Nigeria, to put such monies through official channels. If the difference between the official exchange rate and the parallel market rate is very huge, the incentive would encourage people to be sending their monies through the parallel market and not through official channels. That would significantly deplete the amount of foreign exchange that we are likely to have to heal the economy. The second one that we have are people who earn dollars and who have naira expenses as well. A good example is the oil and gas companies in Nigeria. They export their oil and they earn dollars. But they have local currency expenses. For example, the salaries and wages of their workers. So, they would always need to change dollars to naira. Of course, the government can pressure them and force them to take below market exchange rate. But, then, they may decide to be bringing their monies in trickles, in anticipation of a better exchange rate. So, we need to find ways of managing these people. Then, with respect to application of foreign exchange, this is a season where we are going to be seeing rationing of foreign exchange. But as long as we direct it towards the important sectors and do things in a fair manner, then we would be able to influence things positively. But I would like to sound a word of caution. That is that, there would be damage, whether we like it or not. But the objective should be to limit the damage and the timing of our intervention can be very important. I would liken this, to a war situation and people are bombing factories and places, we should then ask ourselves if that would be the right time to be throwing monies into factories? No. We should wait a little bit and see how this is going to pan out before we begin to intervene. There are few places where we can intervene right away to make sure that people stay alive and are fed. Damage to businesses would occur, but let us make sure that we dimension the extent of the damage and we can prescribe the right medicine for the damage. MSMEs in Nigeria are bleeding. How can we lessen their pain? One way to lessen their pain is to look at their cost of financing and improve their access to financing as well. But then, I will wait a little bit and see how things would pan out. We also need to look at each business critically. The economics of these business, does it make sense? Can this business thrive if it has resources? If my answer is yes, that the business can thrive, then I would support the business. But if my answer is no, I would enjoin the business to protect its assets, try and realise the assets and invest it in businesses that can thrive. But how can government support them? One way is towards helping them with the rate at which they borrow money and their access to money. But simply instructing banks to reduce their interest rate is further eroding the profitability of banks and weakening banks. It is in my view that this is the season when government should step forward and bear some of the risks as well. For example, they can decide that a fair interest rate must be higher than the rate of inflation. Otherwise, the banks would be losing money. So, if you say a fair interest rate is 14 per cent, and we want the businesses just to bear only seven per cent, as government, I would bear the difference. So, the businesses would pay seven per cent and I as government would pay the remaining seven per cent to the banks. That is to ensure that the banks also stay alive. That is because the banks are important to
viable? Do people make money in the industry and what is the position of the borrower? Is the firm in a strong or weak position in the industry? I would generally go for strong industries. Do you think Nigeria will be able to get the money it is requesting from the IMF? My view is that we are likely to encounter difficulties unless we address the issue in a proactive manner. What are the concerns and issues that the IMF is likely to raise if they want to loan us money? They are going to talk about subsidies on petrol, electricity tariff, they are going to talk about exchange rate, even though we have started seeing some convergence. Also, they are going to talk about different rates in the treasury bills market, reducing the size of government, they are going to talk about improving non-oil tax revenue, they are going to talk about trade barriers, even though on that one you can ask them to look towards America, which is a bigger offender. But then, these are things that are of concern to everybody including the government. If government can craft its response to all these things and how it is going to address them and come up with what can be described as its home-grown way of addressing these issues, then we have a greater likelihood of success. But for them to go to the IMF and think there won’t be conditions for the loan request, then we are deceiving ourselves.
Agusto the economy and when there is a banking crisis, it is the government that goes to carry the can at the end of the day. So, let us try to do things to protect the banks. What would be the effect of the current global pandemic on Nigeria’s pension industry and what do you think should be done to mitigate the impact? I would like to highlight that our pension assets are at risk. Why do I think our pension assets are at risk? That is because if you look at the nature of those assets, they are totaling about N10 trillion now and two-third of it are in government securities and the Pension Fund Administrators (PFAs) have been barred from the Open Market Operations (OMO) market and can only invest in the Nigerian Treasury Bills market and earn three per cent return. That means, in substance, they are subsidising the federal government, because the three per cent return in significantly below the rate of inflation. So, we are gradually eroding the purchasing power of our pensioners. This must not be allowed to continue for some considerable future period, otherwise, we are going to significantly impair pension assets. So, that is the risk that I see. The government should allow fair prices in the market.
But I would like to sound a word of caution. That is that, there would be damage, whether we like it or not. But the objective should be to limit the damage and the timing of our intervention can be very important
With the COVID-19 and signiďŹ cant drop in crude oil prices, would banks still be willing to grant loans to SMEs? My view is that SMEs are going to be riskier. Then, banks have to manage those risks. And when a business becomes riskier, you either say you are not going to lend to them or that you want to lend at a higher interest rate. This can be managed. The government can help to de-risk the SMEs, to lower their risks. That is what I think we should be doing. By giving SMEs grants, which would help them to de-leverage. Government can also buy partial risk on the credit or bear a portion of the interest. Those are options. Whether we like it or not, the government should step in and help. Why? That is because banks in Nigeria are owned by investors, not government. If banks were owned by government, then the government can unilaterally reduce the interest rate, lend to specific sectors and tell them what to do. But, once a bank is owned by private sector, they have to be managed in the interest of shareholders and we need to have the right balance there as well. Yes, depositors’ interest is important, yes, the growth of the economy is important, but we need to strike the right balance so that we don’t ask the shareholders to bear all the losses. The government needs to step in and do something as well. Do you foresee the risk of default in terms of coupon payment on bonds? The issuer of the bond will give me an idea of how to respond to this question. That is, was the instrument issued by the federal or state government or by companies and what currency was it issued in? So, first of all, if you are talking about government securities that the FGN issues, the government will continue to meet its obligations as at when they fall due in my view, be it in local currency or in foreign currency. Because really and truly, even in foreign currency, Nigeria is not as highly leveraged as its peers such as Angola, Ghana or Kenya. So, the federal government would continue to meet its obligation. What about sub-national governments? For sub-national governments, I will like them to pledge some of their revenue as security before I can invest at sub-national level, because the risk of default is high. What about corporates, I will look at businesses, the industry and the economics of the industry. Is the industry
What can the banks do to sustain the cost of doing business and even make proďŹ t? Forget about profit. This is the time when you protect your equity, I would say. Profit should not be the priority because the banks are going to get hit. The banks are going to make less profit because the impairment charge is going to be higher. And the banks are going to have pressure from the regulator to lend at lower rates. They are not going to make much money. What they are going to do is to look at their cost and to protect the quality of their loan book, so that the size of the impairment charge is not going to be bigger. What opportunities do you see for the agriculture sector with this crisis? This is an era where we are seeing that the so-called leaders of the world are saying every man for himself, God for us all. We have to look inward. People talk about agriculture a lot. For me, if you don’t add value to your agricultural products, you are not going to get any significant benefit. Translate it to the food we eat and the things we need to power other sectors, if we don’t add value to agriculture, it is unlikely that the economy is going to see any significant benefit. We are also seeing other areas that are important. We must be able to power our industries. We must have a reliable rail system that can move people around. What suggestion do you have for entrepreneurs in the building industry? The construction industry will be hit big time in my view. But then, like everything, when we need to adjust, we would adjust. If the amount of money that people are committing to capital expenditure is reduced, would they spend money on maintaining their assets? If I cannot build, but can I do some maintenance work for them that would earn me small money to cover my cost and protect my equity, such that when the good time comes again, I would be able to trade. The key thing in any business is the need to conserve capital in ant business that we are in. That is because the biggest threat that entrepreneurs face is erosion of capital. If our capital is eroded, we are not going to be able to trade when the good time comes. So, whatever steps we are taking should be focused on that principal objective - how am I going to conserve my capital. And in terms of capital, think of money as well as people. There are some industries where their people are so critical. Therefore, you need to take good care of them. For example, people are talking about the premier league players, that their salaries should be reduced. But we must understand that they are the core assets.
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Photo Editor ĂŒĂ“Ă™ĂŽĂ&#x;Ă˜ ÔËÖË Email Ă‹ĂŒĂ“Ă™ĂŽĂ&#x;Ă˜Ë›Ă‹Ă”Ă‹Ă–Ă‹ĚśĂžĂ’Ă“Ă?ĂŽĂ‹ĂŁĂ–Ă“Ă Ă?Ë›Ă?Ù×
Kwara State Governor AbdulRahman AbdulRazaq (right) and his Special Adviser on Health Matters Professor Wale Sulaiman; during a brief ceremony to hand over the revamped state’s oxygen plant in Ilorin,recently
L-R: Head Industrial Chemistry Laboratory, Enugu State University of Science and Technology (ESUT), Dr Cyril Ogbuanu; Vice Chancellor, ESUT, Prof. Luke Anike; Registrar ESUT, Mr Leonard Khama and Director Biotechnology Research Centre, ESUT, Prof. Floretta Tasie during the Presentation of Ethanol based hand sanitizer by the Institute held at Agbani Community in Nkanu-West LGA of Enugu State...recently
Members of free readers of newspapers gathering at Ile-ile news stand, Ketu, Lagos against the directive given on social distance by National Centre of Diseases Control (NCDC) to prevent the spread of Coronavirus (COVID-19) pandemic..recently PHOTO: KOLAWOLE ALLI
Lagos State Governor, Mr. Babajide Sanwo-Olu and his wife, Dr. Ibijoke worshipping online during Easter Service in Lagos...recently
A make-shift tricycle branded Dangote Cement, carrying market women who have come to purchase food stus to cushion the eect of Covid-19 pandemic during the extended 14 days lockdown by Federal Government in Lagos...recently PHOTO: ABIODUN AJALA
L-R:Focal Person, Edo State Social Investment Programme (ED-SIP), Osayuwamen Aladeselu presenting items to the Coordinator, Uhogua Internally Displaced Persons (IDP) camp, Pastor Solomon Folorunshoin in Ovia North East Local Government Area, Edo State...recently
R-L; Minority Leader, House of Rep Ndudi Elumelu; Speaker of the House of Representatives, Mr. Femi Gbajabiamila; Chinese Ambassador to Nigeria, Zhou Pingjian and Deputy Minority Leader, Rep Toby Okechukwu after a meeting with the Ambassador at the National Assembly, Abuja on the inhuman treatment of some Nigerians in Beijing, China...recently
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EDUCATION COVID-19: Nigeria Can Avert Economic Crisis with Robotics Mrs. Stella Uzochukwu-Denis is a master educator with Technovation, a STEM evangelist and enthusiast with Odyssey Educational Foundation. In this interview with Funmi Ogundare, she explained how the deployment of robotics can help boost investment for the Nigerian economy, among other issues. Excerpts:
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experience has proven to be the cheapest way to get people to experience things as real as possible. This will begin to replace expensive travel and simulations of real life experiences, it will help to bring reality as closer as never before.
s a master educator with Technovation, how many school girls have been trained in the course of developing mobile apps and where are they from? I have had the opportunity to work with over 4,000 girls and they have developed several apps, but the in thing for me is that these girls between the ages of 10 and 18 years are able to ideate. They understand the fact that they matter in their communities and they learn compassion as they understand what people and girls in their communities are going through. The usual experiences for a young person is to realise that they have the power, the ability to make their world better, and that they can do that without any permission or the right age and experience to do so. Most of these girls are drawn from various government schools across the country. How has the effort impacted their lives? Their lives have changed and perspective too has changed. As a matter of fact, they have learnt to dream big. I have worked with some of these girls from primary school and some of them are sophomores and we are still working with them. You were involved in the after-school STEM programme for girls, how were you able to develop the curriculum to build the capacity of the girl-child? When I came back from India where I saw the after-school programme for the first time where kids gather after school to learn a skill in STEM career, I went straight to the Lagos Ministry of Education to inform them that I want to implement that in schools. I was told since the children already have much to do and they close about 3pm, they may not allow me carry out the programme. I never relented, but kept going back to their office until recently when I got approval to start a pilot programme in one of the federal government colleges. While I was going to the ministry, I also approached the State Universal Basic Education Board (SUBEB) and was given express approval to work with some students after the close of school on our programme. I also got approval to work with senior secondary schools in Abuja after about three years. In what ways have you been able to reach underserved girls in the society to ensure that they are equipped in the area of STEM education? I have done so much with these girls. We go with our laptops and internet to their schools to teach them things like coding, development of mobile apps, robotics, introduction to the use of technology and virtual reality, augmented reality, development of IoT devices, and most of our work have been with girls in the govern-
Uzochukwu-Denis ment schools. Some of these girls have emerged winners in regional competitions and have gone to represent Nigeria and came back with the gold medal dangling on their necks. I have done a lot with girls in underserved communities. I noticed that some of the girls I worked with were not coming to school after their junior school exams and I visited their communities and found out that they were kept at home to be married away soon. So I had to talk to their mothers to allow them come back to school.
as students can have experience with things and environment as if they were in it in the real world. There was this experience where a stylus is used on a laptop and the image of the animal comes out of the system. Once you wear the googles, you almost see the object and you can turn it in any direction, the sound tallies with the animal your stylus touches and it looks so real. So we would want to bring this to the classroom so that the students can learn better and as real as possible.
As a 2019 Techwomen alumnus with an experience in virtual reality/augmented reality, mixed reality and gaming, how do you think these can be deployed in the classroom to impact learning? Mixed reality can transform the way educational content is delivered; it works on the premise of creating a virtual world - real or imagined, and allows users not only see it but also interact with it. The mixed experience is the best thing that has happened to us. The experience during my internship with Unity Technology in California as Techwomen emerging leader was one where I was exposed to how these technologies were deployed in the classroom to aid learning. But one thing I have been working on is how to develop local content for schools in Nigeria. These mixed experiences help to reduce cost at the long run
Do you see schools in Nigeria deploying this kind of technology for the 21st century classroom? Absolutely, it is a matter of time. We have even started deploying it during summer classes, most of the schools even in the western world began with Google cardboard which is least expensive. It was produced by Google for the classroom and were first deployed for that purpose. Before they moved to Google daydream and now oculus quest and rift, our schools can begin to use the classroom editions which are cheap and they can learn to make it themselves. Google has been benevolent enough to put up the prototype drawing and instructions on how you can print, cut and fold the headset as demonstrated by them. Students made their headsets and are using them in the classroom. The future is here. Mixed
What is the signiďŹ cance of training students on the use of technology and teachers on YouTube for 21st century skills? There is a huge gap in Nigeria digital world if we are to compare the rate of download to upload. In Nigeria, we like to search the internet for content, but we are not in the habit of uploading content. These contents are created by humans so there is need to teach the teachers and students the importance of being among the community of people who will help to ensure that there is content for people to access when they come to the internet. The Youtube team also has some handsome reward for people who are uploading content and attracting a lot of traffic on their site. It is also necessary because we need people to help upload our local content online. When I was teaching a group of students, I found out that we were only getting videos uploaded by Indians and before long, the students began to have Indian accent. I was worried in search for what to do and I had to get involved in teaching students and their teachers how to upload content on the internet and the reward you also get for doing what you love. Look at what is happening at this time of the coronavirus pandemic, Why is it that we do not have local content for the students in our schools? Most of the sites we use in keeping our children busy during this lockdown have foreign content. As an expert in robotics, how do you think this can impact the Nigerian economy? Robotics will help economies become digital. It is something we should embrace. I know that after this COVID-19 pandemic, a lot of organisations would be looking to invest in robots seeing that humans can actually work from home. With robots as your workforce, even in the face of lockdown or pandemic, the factories and offices would still be operational. They would consider that it would be only the initial cost that would be large and after that, the maintenance would be a lot cheaper and no over heads as salaries, insurance and other allowances will be paid to robots. So countries with the technological know-how or individual with such knowledge would be sought after because it would enhance businesses and things would be done differently after this pandemic. The Nigerian economy would become robust if we have a lot of people who could deploy humanoid robots. Countries that would want to invest in this would have been looking that way right now and there would be a boost in the economy.
Jolly Phonics: UK Firm Launches NEED to Support Homeschooling Universal Learning Solutions, a UK not-for-profit organisation has unveiled the Nigerians Educate Everywhere at a Distance (NEED) initiative, designed to support the Universal Basic Education Commission (UBEC) in developing programmes that would ensure that children learn at home while schools are closed. Universal Learning Solutions and UBEC deliver Africa’s largest and most effective English literacy programme in Nigeria, named the Jolly Phonics. The Country Director of the
organisation, Mr. Patrick Uzu said the jolly phonics usually focuses on providing face-to-face training and support to public primary school teachers using this fun and effective English literacy method, which has been proven to dramatically raise early grade literacy levels in Nigeria and globally. He said his organisation has changed its approach due to the COVID-19 pandemic and has created a range of amazing free distance learning solutions that can be accessed in a variety of
ways. “As soon as school closure was announced, Universal Learning Solutions produced a 50 episode Jolly Phonics TV lessons series to directly benefit Nigerian children; Nigerian Jolly Phonics trainers recorded a 42 part radio show for the north and south of the country and a free Jolly Phonics app and Africa-based story reading apps have been made available on a dedicated website - www.jollphonics.ng; where all the audio, video and app contents can be accessed.�
There are also a range of free worksheets and activities to keep children occupied in the home, as Uzu said for families with no electricity, the organisation will be sending SMS messages to as many parents as possible including a full Jolly Phonics lessons course, developed in bite-sized chunks for parents. “Already State Universal Basic Education Boards (SUBEBs) in Zamfara, Kaduna, Kano, Katsina, Abia, Anambra, Jigawa, Niger, Lagos, Benue, Adamawa, Kebbi, Yobe, Ebonyi Nasarawa and Ekiti
States are embracing the project through airing the radio show or television lesson on a range of stations.� The Kaduna SUBEB Chairman, Abdullahi Sani, highlighted the benefits of Jolly Phonics in his introduction to the radio broadcast, saying, “Jolly Phonics is a fun and multisensory programme for teaching young learners how to read and write with confidence. It is packed with activities that children love. They feel like they are playing, yet they are learning. As it helps
to read words in English, it also helps them learn how to read Hausa words.� The CEO of Universal Learning Solutions, Mr. Gary Foxcroft said: “The NEED project has been developed quickly as part of our response to the COVID-19 crisis. We wish to implore all state government and wider development partners to work with us to promote this Jolly Phonics distance learning programme and enable children to access the right to literacy from home.
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COVID-19: Leaders Urged to Re-tool in Time of Crisis Peter Uzoho The Financial Institutions Training Centre (FITC) has demonstrated its corporate purpose and leadership role in knowledge and capacity building space when it brought together leaders and luminaries from a broad spectrum of industries for a leadership summit held online in Lagos, recently. The program with the theme: ‘Leading in the time of Crisis’ was opportunity to provide leaders and decision makers with insights to navigating a crisis for which no playbook had hitherto been envisioned or developed. The speakers at the event were Senior Vice Chairman, Africa Standard Chartered Bank Group, Mrs. Bola Adesola who was the keynote speaker; among others. In her opening remarks, Managing Director/CEO, FITC, Mrs. Chizor Malize, said the summit was an opportunity for the industry to learn from individuals who have done great things in the past, and still doing great things at present. This, she said, would enable companies and individuals to
hold on to their portfolios, achieve desired goals and prepare for the post COVID-19 crisis period. According to her, the challenges being faced by companies have never been seen before, and there is a need for collaboration on the way out of the crisis. The event attracted participants from Europe, America, Nigeria, Tanzania, Nairobi, Asia, across other African countries. According to Malize, COVID-19 pandemic presented an opportunity for business leaders to build confidence in their workforce, show empathy and leverage on technology. She believes that ICT has a big role to play in the success of today’s business while training of staff on the use of technology to enable work from home remains crucial. On her part, Adesola, described the theme of the webinar as apt. According to her, the world has changed, including the way people live and do business. She said the pandemic has had an enormous impact on people’s lives and businesses, hence the need for organisational leaders to effectively lead their teams to ensure continuity and profitability.
Also, the Group Executive, Tech & Services at First Bank, Mr. Callistus Obetta, gave insights on what leaders could do with technology, the fourth industrial revolution, and how FirstBank was responding to COVID-19 pandemic, using technology to connect with its customers and workforce. He said organisations needed to build resilient business operations beyond the lockdown period, and technology would continue to play a dominant role in achieving this. In her presentation at the event, Country Head, Human Capital, Stanbic IBTC Holdings Plc, Mrs. Funke Amobi, explained that crisis management was about organising, directing, and implementing actions that minimise the impact of a threat. Similarly, the Chief Finance Officer (CFO), Rand Merchant Bank, Adebayo Ajayi, gave insights on CFOs’ roles in the crisis era. He said CFOs needed to dimension the effects of the COVID-19 pandemic on their businesses in the medium term, while carefully reviewing demand and supply requirements.
PEBEC Postpones NAP Accelerator Programme Nume Ekeghe The Presidential Enabling Business Environment Council (PEBEC) yesterday said it has paused its National Action Plan (NAP 5.0) accelerator program due to disruption caused by the COVID-19 pandemic. PEBEC had commenced its fifth 60-day NAP 5.0 aimed at the rapid implementation of targeted reforms for the improvement of Nigeria’s business environment and had covered 38 days since its inception from February 5, 2020. The agency also said it would be using this period to intensify its support for small and medium scale businesses nation wide The Special Adviser to the President on Ease of Doing Business and Secretary to the PEBEC, Dr. Jumoke Oduwole, in a statement explained that, “while the NAP 5.0 reform window is on hold for now, the implementation of outstanding
reforms will resume in earnest immediately after the COVID-19 pandemic lockdown comes to an end. “During the lockdown, the PEBEC Secretariat has maintained close contact with small and medium sized businesses and key organised private sector bodies nationwide, and have spoken to over 650 SMEs by phone so far to listen to their most pressing needs during this crisis as well as communicate relief measures already being implemented by the federal government to support SMEs at this critical time.� It further stated that despite disruptions to work due to the COVID-19 pandemic, some ministries, departments and agencies were still able to implement key targeted reforms successfully. For example, it cited the Lagos State Inland Revenue Service (LIRS) that has achieved full automation of tax registration, filing and electronic payment
of Personal Income Tax and corporate taxes, making it easier for MSMEs to file their taxes. “Furthermore, the Kano State Judiciary updated the publications of judgements and performance reports for all five of the small claims courts established in the State in 2019 on the website of the Kano State Judiciary, thereby facilitating the enforcement of contracts. “The availability of performance reports and copies of judgments will also improve transparency and engender confidence and trust in the judicial system in Kano State.� “The Enabling Business Environment Secretariat (EBES) also provided technical support to the Edo State Judiciary for the establishment of 11 small claims courts in Edo State. These small claims courts, the first to be established in the South South, which were launched in Benin on March 2, 2020,� she added.
Time for Nigeria to Start Looking Beyond Oil, Says Expert Hamid Ayodeji A development and governance expert, Dr. Chiwuike Uba, has expressed satisfaction with the decision of the Organisation of Petroleum Exporting Countries (OPEC) under the OPEC+ platform to cut down oil production in the coming months. Uba, who is also the Board Chairman of Amaka ChiwuikeUba Foundation (ACUF), in a statement yesterday, said if there was any lesson Nigeria to be learnt from the COVID-19 pandemic ravaging the world and its attendant economic implications, it was for the country to start looking beyond oil. Therefore, he advised the federal and state governments to commence immediate diversification of the economy. He said whereas the changes in oil production may lead to a marginal increase in the global oil
price, the market would experience a glut almost immediately, due to the continuing decline in oil demand. He added: “According to analysts from Goldman Sachs, the coronavirus crisis will slash demand by 19 million barrels per day (bpd) in April and May. “The forecasted figure is way too big compared to the 9.7 million bpd agreed as oil production cut; hence, too little and too late to prevent a decline in prices in the coming weeks as storage capacity becomes saturated. “There is huge doubt if the cuts would be enough to compensate for a collapse in demand expected to be at least twice the size of the OPEC+ supply reductions. “Truthfully, the agreed global cut of about 10 per cent in oil production will not offset the recent huge drop in demand occasioned by COVID-19
pandemic,� he added. This, according to him was made worse by the lack of pronouncement by the President of the USA to cut US oil production after he had said OPEC had not asked him to push domestic oil producers to cut production. “More so, American oil producers may not cooperate with this cut as it would amount to controlling prices, which would amount to violating the competition law in the US. The USA is currently the world’s biggest crude producer,� he added. He stated that, according to history, previous oil production cut deals were typically violated by oil producers a few weeks after the commencement of implementation. Mexico already disagreed with the quota allocated to the country and instead opted to reduce the country’s production by 100,000 bpd, Uba revealed.
MARKET INDICATORS MONEY AND CREDIT STATISTICS
(MILLION NAIRA)
SEPTEMBER 2019 Money Supply (M3)
35,029,779.72
-- CBN Bills Held by Money Holding Sectors
7,374,356.91
Money Supply (M2)
27,655,422.82
-- Quasi Money
116,533,891.21
-- Narrow Money (M1)
11,121,531.60
---- Currency Outside Banks
1,625,047.69
---- Demand Deposits
9,496,483.91
Net Foreign Assets (NFA)
13,911,335.83
Net Domestic Assets(NDA)
21,118,443.89
-- Net Domestic Credit (NDC)
35,918,179.45
---- Credit to Government (Net)
10,452,199.38
---- Memo: Credit to Govt. (Net) less FMA
11,007,422.79
---- Memo: Fed. and Mirror Accounts (FMA)
25,465,980.07
---- Credit to Private Sector (CPS)
-14,799,735.56
--Other Assets Net
7,000,253.07
Reserve Money (Base Money
2,005,600.83
--Currency in Circulation
4,677,530.81
--Banks Reserves
317,121.43
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Money Market Indicators (in Percentage) Month
March 2018
Inter-Bank Call Rate
15.16
Minimum Rediscount Rate (MRR) Monetary Policy Rate (MPR)
14.00
Treasury Bill Rate
11.84
Savings Deposit Rate
4.07
1 Month Deposit Rate
8.82
3 Months Deposit Rate
9.72
6 Months Deposit Rate
10.93
12 Months Deposit Rate
10.21
Prime Lending rate
17.35
Maximum Lending Rate
31.55
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OPEC DAILY BASKET PRICE Ëœ Íś Í°ÍŽÍ°ÍŽ
The price of OPEC basket of thirteen crudes stood at $21.19 a barrel on Wednesday, compared with $22.67 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), ZaďŹ ro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela) SOURCE: OPEC headquarters, Vienna
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T H I S D AY Ëž Ëœ ÍŻÍłËœ 2020
MARKET NEWS
NSE All-Share Index Rises 2.3% as Market Sustains Positive Trend Goddy Egene Trading at the stock market resumed yesterday on a bullish note as the Nigerian Stock Exchange (NSE) All-Share Index (ASI) gained 2.32 per cent to close higher at 21,879.95, while market capitalisation added N257.5 billion to be at N11.4 trillion. The market began its recovery last week after a bearish session that drove prices to record lows the previous week. Bargain
hunting by investors led to a recovery in the prices of stocks last week, a trend that continued yesterday as more investors took advantage of low valuations. Consequently, about 29 stocks appreciated yesterday compared to 12 stocks that depreciated. Gains posted by Dangote Cement Plc, MTN Nigerian Communications Plc and Guaranty Trust Bank Plc contributed to the positive close yesterday. But Oando Plc led the price
P R I C E S MAIN BOARD
F O R DEALS
gainers’ chart with 10 per cent, trailed by Nigerian Breweries Plc with 9.9 per cent. Conoil Plc rose 9.8 per cent, followed by Stanbic IBTC Holdings Plc with 9.6 per cent. Chams Plc and Sterling Bank Plc appreciated by 9.5 per cent and 9.3 per cent. Dangote Sugar Refinery Plc, Honyewell Flour Mills Plc and Jaiz Bank Plc went up by 9.3 per cent, 8.8 per cent and 8.5 per cent in that order. GTBank Plc, Unity Bank Plc and Caverton Offshore Group Services Plc
S E C U R I T I E S MARKET PRICE
QUANTITY TRADED
VALUE TRADED ( N )
chalked up 8.4 per cent, 7.1 per cent, 6.3 per cent respectively. Dangote Cement Plc, which is currently raising N100 billion bond from the debt market also gained 4.0 per cent yesterday. . The Dangote Cement Series 1 5-year Fixed Rate Senior Unsecured Bond is being raised under the company’s N300 billion shelf bond programme. Its book-building process commenced April 3 and closed yesterday, April 14, 2020. The bond has already elicited
T R A D E D MAIN BOARD
A S
excitement among market operators, who said it would help broaden local investors’ investment options in the fixed income market. The stakeholders believe that the N100 billion bond will further reinforce the potential depth of the Nigerian debt capital market and the ability of local corporates to fund long term projects from the domestic debt market. Meanwhile, PZ Cussons Nigeria Plc led the price losers’ chart with a decline of 9.0 per
O F
cent, trailed by Redstar Express Plc with 5.8 per cent. LASACO Assurance Plc and Transcorp Plc shed 4.3 per cent and 4.2 per cent in that order. Activity level was mixed as volume advanced 77.2 per cent to 557.8 million units while value traded declined 47.9 per cent to N2.6 billion. The most active stocks by volume were FBN Holdings Plc (51.8 million shares), UBA (35.6 million shares units) and Zenith Bank Plc (35.6 million shares).
0 8 / 0 4 / 2 0 2 0 DEALS
MARKET PRICE
QUANTITY TRADED
VALUE TRADED ( N)
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WEDNESDAY APRIL 15, 2020 •T H I S D AY
WEDNESDAY APRIL 15, 2020 • T H I S D AY
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WEDNESDAY APRIL 15, 2020 Ëž T H I S D AY
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COVID -19 UPDATE...
COVID -19 UPDATE...
Sanwo-Olu Rolls out Palliatives as Lagos Begins Extended Lockdown Lagos State Government yesterday introduced a bumper scheme to cushion the effect of the ongoing lockdown of the state on its residents. The new palliatives were rolled out by Governor Babajide Sanwo-Olu less than 24 hours after President Muhammadu Buhari, in a nationwide
broadcast on Monday night, extended the cessation of movement in Lagos, Ogun State and the Federal Capital Territory (FCT). Sanwo-Olu announced the social intervention programmes during a briefing that followed Security Council meeting held at the State House in Marina.
The new scheme came on the heels of the commencement of the second part of Food Stimulus Packages being distributed to 250,000 vulnerable residents since the lockdown directive came into effect. The governor disclosed that the state government
was moved by the need to support and ameliorate the inconvenience being experienced by vulnerable people as occasioned by the extended lockdown. The government is opening food kitchens in all the local councils in the State with a target to provide one meal per
day to 100,000 youths. Sanwo-Olu also announced unconditional cash transfer of undisclosed amount to 250,000 vulnerable residents and economically challenged persons who have identification numbers with Lagos State Residents Registration Agency (LASRRA).
Besides, the governor granted three months moratorium to Micro, Small and Medium Enterprises (MSMEs) and entrepreneurs that got repayable loans from Lagos State Employment Trust Funds (LSETF), deferring the payment of accruing interests by the loan beneficiaries.
TURNING COVID-19 TRAGEDY INTO OPPORTUNITY When I became Governor of the Central Bank in June 2014, imports of rice, fish, wheat and sugar alone consumed about N1.3 trillion worth of foreign exchange from the Bank. My immediate question was: can we not produce these ourselves? After all, only a few decades ago, Nigeria was one of the world’s largest producers and exporters of many agricultural products like palm oil, cocoa and groundnuts. Today, we import nearly 600,000 metric tonnes of palm oil, whilst Indonesia and Malaysia, two countries that were far behind us in this crop, now combine to export over 90 percent of global demand. In 2017, Indonesia earned US$12.6 billion from its oil and gas sector but US$18.4 billion in from palm oil. I believe that this pandemic and the immediate response of many of our trading partners suggest it is now more critical than ever that we take back control; not just control over our economy, but also of our destiny and our future. In line with the vision of President Muhammadu Buhari, the CBN has indeed created several lending programmes and provided hundreds of billions to smallholder farmers and industrial processors in several key agricultural produce. These policies are aimed at positioning Nigeria to become a self-sufficient food producer, creating millions of jobs, supplying key markets across the country and dampening the effects of exchange rate movements on local prices. This philosophy has been a consistent theme of the CBN’s policies over the last few years. At the 2016 Annual Bankers’ Dinner, I challenged the bankers that we needed to take decisive actions to fundamentally transform the structure of our economy. Throughout that speech, I talked about the damaging effects of Nigeria’s unsustainable propensity to import, and opined that it was high time we looked inwards and stopped using hard-earned foreign exchange (FX) to import items that we should produce locally. This determination, therefore, formed the bedrock of the Bank’s policy, which restricts access to FX for importers of many items. These sentiments were re-echoed at the 2017 edition of the same Bankers’ Dinner with specific examples of several companies that have benefited significantly from this policy of self-sufficiency. With President Buhari’s full support, we have continued to refine this policy to ensure that the best interest of Nigeria is served. Many times, the Bank has been accused of promoting protectionist policies. My answer has always been that leaders are first and foremost accountable to
their own citizens. If the vagaries of international trade threaten their wellbeing, leaders have to react by compelling some change in patterns of trade to the greater good of their citizens. That is why in response to COVID-19, we are strengthening the Nigerian economy by providing a combined stimulus package of about N3.5 trillion in targeted measures to households, businesses, manufacturers and healthcare providers. These measures are deliberately designed to both support the Federal Government’s immediate fight against COVID-19, but also to build a more resilient, more self-reliant Nigerian economy. We do not know what the world will look like after this pandemic. Countries may continue to look inwards and globalization as we know it today may be dead for a generation. Therefore, as a nation, we cannot afford to continue relying on the world for our food, education and healthcare. The time has come to fully transform Nigeria into a modern, sophisticated and inclusive economy that is self-sufficient, rewards the hardworking, protects the poor and vulnerable, and can compete internationally across a range of strategic sectors. In order to achieve this goal, we must begin immediately to support the Federal Government to: 1) Build a base of high quality infrastructure, including reliable power that can engender industrial activity; 2) Support both smallholder and large scale agriculture production in select staple and cash crops; 3) Create an ecosystem of factories, storages, and logistics companies that move raw materials for value-added production, and finished goods to markets; 4) Use our fiscal priorities to create a robust educational system that enables critical thinking and creativity, which would better prepare our children for the world of tomorrow; 5) Develop a healthcare system that is trusted to keep all Nigerians healthy, irrespective of social class; 6) Facilitate access to cheap and long-term credit for Small and Medium-Scale Enterprises (SMEs) and large corporates; 7) Develop and strengthen pro-poor policies that bring financial services and security to the poor and the vulnerable; and 8) Expedite the development of venture capitalists for nurturing new ideas and engendering Nigerian businesses to compete globally. India is in a position to ban exports because it is producing critical drugs and medical supplies that the rest of the world
needs. It also has companies that are global champions, and even merging with or acquiring peers in advanced nations. Why should this be out of our reach? We have the companies and the manpower. Some of the best brains in the world from the Americas to Europe and from Asia to Africa are Nigerians; driving global innovations in all fields. Nigerians are successful everywhere, and are already one of the most sought after immigrant groups in the United States. Now is the time to seize this opportunity and create an environment that empowers our people to thrive within our own shores. To this end, the Central Bank has developed a Policy Response Timeline to guide our crises management and the orderly reboot of the Nigerian economy.
Immediate-Term Policies (0-3 Months) In light of the fact that this crisis is an exogenous one thrust upon us without much warning, this phase reflects the government’s efforts at containment and mitigation. Although global cases are heading towards two million with over 123, 600 deaths as of 14 April 2020, we now have 343 cases, of which there have been 91 recoveries and sadly 10 deaths. With President Buhari’s continuing strong leadership, Nigeria can now test 1,500 persons per day in twelve (12) Molecular Test Laboratories. We believe that his strong leadership to impose early travel restrictions, lockdown, social distancing, and other measures have been greatly effective in curbing the spread of the disease. More so, the Presidential Task Force on COVID-19 and the Nigeria Centre for Disease Control (NCDC) have helped the country stay ahead of the curve with increased testing capacity, provision of betterequipped isolation centres, and effective contact tracing. Within this milieu, the CBN has responded in several ways, first by supporting hospitals and pharmaceutical industry with low interest loans to immediately deal with the public health crises; then by working with the private sector Coalition Against COVID (CACOVID) to support the Presidential Task Force on COVID-19 across its response, while mobilizing palliatives for the poor and vulnerable. Under this Immediate-Term Response, we have activated the following: 1) Ensure financial system stability by granting regulatory forbearance to banks to restructure terms of facilities in affected sectors; 2) Trigger banks and other financial institutions to roll-out business continuity processes to ensure that banking services are delivered in a safe social-distance regime for all
customers and bankers; 3) Grant additional moratorium of 1 year on CBN intervention facilities; 4) Reduce interest rates on intervention facilities from 9 percent to 5 percent; 5) Create N50 billion targeted credit facility for affected households and SMEs; 6) Strengthen the Loan-Deposit Ratio (LDR) policy, which is encouraging significant extra lending from banks; 7) Improve FX supply to the CBN by directing all oil companies (international and domestic) and all related companies (oil service) to sell FX to CBN and no longer to the NNPC; 8) Provide additional N100b intervention in healthcare loans to pharmaceutical companies, healthcare practitioners intending to expand/build capacity; 9) Provide N1 trillion in loans to boost local manufacturing and production across critical sectors; and 10) Engender financial inclusion by ensuring the poor and vulnerable are able, by all means necessary, through banks, microfinance, community and non-bank financial institutions, to access financial services to meet their basic needs. Short-Term Policy Priorities (0 - 12 months) As soon as President Muhammadu Buhari and the Health authorities determine our Coronavirus Transmission Curve is flattening and many of the ongoing restrictions are eased, this will be the phase for repositioning the Nigerian economic space. As part of the lessons from the current pandemic, we must ensure that that our value-added sector, the manufacturing industry is strengthened. Accordingly, the CBN will pursue the following policies in this phase: 1) Reinvigorate our financial support for the manufacturing sector by expanding the intervention all through its value-chain. In most cases, we will ensure that primary products sourced locally provide essential raw material for the manufacturing sector except where they are only available overseas; 2) With the support of the Federal Government, the CBN will embark on a project to get banks and private equity firms to finance homegrown and sustainable healthcare services that will help to reverse medical tourism out of Nigeria. By offering longterm financing for the entire healthcare value-chain (including medicine, pharmaceuticals, and critical care), banks will work with healthcare providers to consolidate on the current efforts to rebuild our medical facilities in order to ensure Nigeria has world class affordable hospitals for the people of Nigeria and those wishing to visit Nigeria for treatment; 3) The CBN will
promote the establishment of InfraCo PLC, a world class infrastructure development vehicle, wholly focused on Nigeria, with combined debt and equity take-off capital of N15 trillion, and managed by an independent infrastructure fund manager. This fund will be utilized to support the Federal Government in building the transport infrastructure required to move agriculture products to processors, raw materials to factories, and finished goods to markets, as envisaged at the CBN Going for Growth Roundtable in March 2020; and 4) Continue to prioritize the provision of FX for the importation of machinery and critical raw materials needed to drive a self-sufficient Nigerian economy.
Medium-Term Policy Priorities (0 -3 Years): Once the world returns to some new normal having tamed COVID-19 by a combination of vaccines and social distancing, and the Nigerian economy reopens fully for business, we will act quickly to enable faster recovery of the economy by targeted measures towards particular sectors that are able to support mass employment and wealth creation in the country. We will do so by focusing on four main areas, namely, light manufacturing, affordable housing, renewable energy, and cutting-edge research. In manufacturing, for example, it is pertinent to note that Nigeria’s gross fixed capital formation is currently estimated at N24.55 trillion made up residential and nonresidential properties, machinery and equipment, transport equipment, land improvement, research and development, and breeding stocks. Of this estimated value, machinery and equipment, which are the main inputs into economic production, are currently valued at only N2.61 trillion. In order to pursue a substantial economic renewal, including replacement of at least 25 percent of the existing machinery and equipment for enhanced local production, we estimate at least N662 billion worth of investments to acquire hi-tech machinery and equipment. Therefore, the CBN will consider an initial intervention of N500 billion over the medium term, specifically targeted at manufacturing firms to procure state-of-theart machinery and equipment and automated manufacturing models that would fast-track local production and economic rejuvenation, as well as support increased patronage of locally processed products such as cement, steel, iron rods, and doors, amongst several other products. The recent private sector investments in cement
production using enhanced technology and automated manufacturing models is a good example of the kind of economic renewal we will be pursuing in this phase. We will develop a thorough screening process and stringent criteria for equipment types that would qualify for funding under this phase. In order to boost job creation, household incomes and economic growth, we will focus our attention on bridging the housing deficit in the country by facilitating government intervention in three critical areas: housing development, mortgage finance, and institutional capacity. We will pursue the creation of a fund that will target housing construction for developers that provide evidence of profiled off-takers with financial capacity to repay. The current identification framework in the banking sector using the bank verification number (BVN) will be used to verify the information provided by the off-takers before the developer can access the funds. We will consider ways to assist the Mortgage Finance sub-sector as well as build capacity at the State levels for their land administration agencies to process and issue land titles promptly, implement investment friendly foreclosure laws and reduce the cost of land documentation, as these have remained major inhibiting factors in the provision of affordable housing in the country. Over the next 3 years, we will also support the financing of environmentally friendly energy production, as this has a tangential long-term health benefits. We will look at efforts to drive innovation and research in every sector, through our universities, research institutions, creative industry initiatives, and all other media of novelty and inventions. In conclusion, I believe we must now envision and work toward a Nigeria with the cutting edge medical facilities to provide world class care to the sick and vulnerable, enable our universities and research institutions to provide the requisite education and training that is required to keep these ecosystems functioning sustainably and efficiently, and millions of Nigerians employed in meaningful and well-paying jobs. This is the Nigeria that we must aspire to build. COVID-19 may have plunged us into a crisis of unprecedented proportions. But, as Winston Churchill once admonished, we must never let a crisis go to waste. r(PEXJO * &NFĂ FMF $0/ JT (PWFSOPS PG UIF $FOUSBM #BOL PG /JHFSJB
Ëœ ÍšÍ˝Ëœ ͺ͸ͺ͸ Ëž T H I S D AY
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WEDNESDAYSPORTS
Group Sports Editor Duro Ikhazuagbe Email duro.ikhazuagbe@thisdaylive.com 0811 181 3083 SMS ONLY
Osimhen, Others Set to Resume Action in Ligue 1 Super Eagles top striker and Lille of France forward, Victor Osimhen is set to resume action as France football league authority yesterday considered restarting Ligue 1 on June 3or June 17, with the latter date more likely, sports daily L’Equipe has reported, citing a document from league organisers (LFP). The Nigerian forward,
Osimhen with an impressive show in the ongoing season and looked to be priced away at the end of the current season before the outbreak of Coronavirus will definitely alongside other players in the league be ready to get back to action moments the whole pandemic situation is supressed. Soccer in France just like
in other top leagues was suspended indefinitely last month due to the Covid-19 pandemic. On Monday French President Emmanuel Macron extended the lockdown in the country to May 11. The L’Equipe report said
that if the season resumed on June 17teams would have to play every three days so the regular campaign could end by July 25, leaving time for relegation and promotion playoffs to be completed by August 2.
L’Equipe also said LFP members had voted on Friday to push back the start of next season by two weeks to August 23, but that the decision would have to be confirmed by France’s Football Federation (FFF).
The French Cup final between Paris St Germain and St Etienne has been scheduled for June 27, according to the document, while the League Cup final between PSG and Olympique Lyonnais had been pencilled in for July 11.
Yobo: Liverpool Deserve to Be Crowned Champions Former Super Eagles Captain, Joseph Yobo, has said that Liverpool deserve to be crowned 2019-20 Premier League champions whether the coronavirus illness brings this season to a premature end or not. The Reds were on course to end their 30-year wait for the English top-flight diadem before the Covid-19 outbreak put the league on hold. Recently, Football Associa-tion Chairman Greg Clarke disclosed it may not be possible to complete this season’s campaign amid the ongoing pandemic. It has been suggested by a few players and legends that Jurgen Klopp’s men could miss out on the title if the English top-flight is abandoned. However, Yobo feels it would be unjust if the Reds are denied the top prize. The former Toffees defender, who spent 10 years on Goodison Park between 2002 and 2012, argues their massive lead in the log and impressive form are good reasons why they should be awarded the title. “If I want to be sentimental (as an Evertonian), I could
have said I don’t want them to win it,� Yobo told Goal.com yesterday. “But I love football and for the interest of global football, and the way Liverpool have played, they deserve to win the Premier League title. 25 points is not a joke. “From the way they played last season, winning the Champions League and losing the league to Manchester City by one point - on that note, it would be unfair if they are not crowned as champions.� Yobo became Everton’s second player to feature in all 38 Premier League games without missing a single minute, during the 2006-07 season under David Moyes. He later joined Fenerbahce, initially on loan from Merseyside, and would go on to spend two years with the Turkish giants where he won two Turkish Cups and one Super Lig title. In February, he was appointed the Nigeria senior national team assistant coach where he would work under German tactician Gernot Rohr.
Barcelona Announce Board Changes after Resignations Barcelona have moved to restructure their board after six directors resigned last week in protest at the way the club is being run, the Spanish side have said. Two of the club’s four vice presidents, Emili Rousaud and Enrique Tombas, were among those to announce their resignation in a letter to fans published in Spanish media on Friday. They were joined by directors Silvio Elias, Josep Pont, Jordi Calsamiglia and Maria Texidor. The departing directors had criticised the club’s handling of a social media scandal and expressed doubts about the board’s ability to handle the implications of the Covid-19 pandemic, which has led to a 70% players’ pay cut. Barcelona said the board had approved the appointments of Jordi Moix as vice president for economic and equity, Pau Vilanova as institutional vice president, Oriol Tomas as vice
president of the commercial area, Marta Plana as board secretary, and David Bellver as treasurer. “Javier Bordas will be the manager responsible for the football first team, while Xavier Vilajoana will be in charge of Barca B, the youth teams and women’s football,� Barcelona said in a statement. The club added they would take legal action against Rousand for allegations that “seriously damage the institution’s image�. Joan Blade, who is responsible for the club’s basketball teams, would also now manage Barcelona’s control and transparency committee, the club added. The outgoing directors had asked president Josep Maria Bartomeu to call presidential elections and voiced “displeasure� over the club’s hiring of a third party, I3 Ventures, earlier this year to monitor social media coverage of Barca.
Victor Osimhen and his teammates are set to consolidate when the season returns from the present COVID-19 lockdown
Newcastle Utd’s £300m Takeover Close
A Newcastle United takeover has taken a step closer after new documents show that owner Mike Ashley has entered into a charge agreement with potential buyer Amanda Staveley. Financier Staveley is leading a bid which involves Saudi Arabia’s sovereign wealth fund and the Reuben Brothers. It is understood to be worth £300m. The 31-page charge agreement lodged at Companies House lays the legal groundwork for a potential deal to be completed. The documents include details of a £150m claim related to Staveley’s firm, PCP Capital Partners, and its long-running
legal case against Barclays Bank PLC. The Premier League has also been informed of the potential deal and are understood to have begun the process of carrying out checks under its owners and directors test. Newcastle and Staveley would not comment when approached by BBC Sport. Ashley said in October 2017 he wanted to sellthe club after 10 years in charge. Initially, the deal was said to have been worth ÂŁ340m, but the latest development will encourage many Newcastle fans who want to see Ashley end his association with the
club, having taken over in 2007. Supporters have cited a lack of ambition and have also criticised his conduct during the coronavirus pandemic where the club has charged fans for next season’s season tickets. There has also been disappointment at Newcastle being one of three Premier League clubs to have placed their non-playing staff on furlough. News of Saudi Arabia’s sovereign wealth fund being involved in a takeover first emerged in January. At that stage talks were described as “advanced� but “complicated� and there was
criticism of Saudi Arabia’s human rights record from Amnesty International. Staveley, who is believed to want a 10% stake in Newcastle, first attempted to buy the club in 2018. Sports finance expert Kieran Maguire told BBC Sport: “These are steps you’d expect to take place in respect of a takeover, it seems that things have accelerated. “The trouble with Mike Ashley is that until you see the final documents, it’s never completed but the other parties would not waste their time like this unless there had been progress in terms of a takeover.�
Sergio Ramos’ Departure from Real Madrid Imminent Sergio Ramos is facing an anxious wait regarding his Real Madrid future as the club have reportedly still not opened contract talks with the veteran centre-back. Ramos, who has played a staggering 640 games for Madrid since joining from Sevilla in 2005, sees his contract at the Bernabeu expire next summer. And according to Spanish publication AS, he is no closer to signing a new deal with Madrid yet to open discussions regarding his future.
Sergio Ramos’s exit from Real Madrid Imminent
Before the coronavirus pandemic plagued the
footballing calendar, Madrid didn’t view Ramos’ future as a priority - believing they could have raised the issue during next season. The report also claims that Madrid would want to offer Ramos just a one-year contract extension until 2022 but he would like two more years at the Bernabeu. Despite not yet holding discussions over a potential new deal, the Madrid captain did reportedly speak to the club to agree a salary reduction amid the coronavirus crisis. AS have claimed that the
agreement to cut his wages has left Ramos in a good position to extend his future in the Spanish capital beyond next summer. Since joining from fellow La Liga outfit Sevilla 15 years ago, Ramos has become one of Madrid’s biggest club legends. The 34-year-old Madrid captain has won all there is to win at the Bernabeu, including four Champions League titles, as many FIFA Club World Cups and La Liga crowns, and two Copa del Reys.
Wednesday April 15, 2020
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PDP to Buhari
“Can Mr. President claim not to be aware that not a handful of Nigerians have received any palliatives and that huge majority of our citizens are complaining that they have not been reached with any panacea despite his administration’s claim of having reached 2.6 million household?� – PDP saying President Muhammadu Buhari’s broadcast on Sunday was disappointing.
GODWINEMEFIELE GUEST COLUMNIST
Turning COVID-19 Tragedy into Opportunity
A
s many people are now aware, the outbreak of the Novel Coronavirus Disease (COVID-19) in China rapidly permeated and profoundly changed the world. While this crisis is first and foremost a public health issue, which has claimed the lives of over 123,600 people worldwide, and counting, the economic damages are unprecedented on several fronts: Crude oil prices declined dramatically to as low as US$17 per barrel by the end of March, even before applying the discounts many oil exporters are offering; Stock valuations for the NSE-ASI, Nikkei, Dow Jones and FTSE-100 declined by an average of 23.8 percent between January and March 2020; Global airlines have lost about US$252 billion in revenues and across the broad range of industries from hospitality to services, the pain is growing. These outcomes have expectedly thrown the global economy into a recession, the depth and duration of which is currently difficult to fathom. In fact, the International Monetary Fund (IMF) predicts that the global economy would decline by 3 percent this year. Around the world, countries have moved away from multilateralism and responded by fighting for themselves with several measures to protect their own people and economies, regardless of the spillover effects on the rest of the world. According to the World Customs Organization, a total of 32 countries and territories, adopted stringent and immediate export restrictions on critical medical supplies and drugs that were
President Muhammadu Buhari specifically meant to respond to COVID-19. As of 10 April 2020, an updated count of total export restrictions by the Global Trade Alert Team at the University of St. Gallen, Switzerland suggest a total of 102 restrictions by 75 countries. On 4 March 2020, Germany announced an export ban that applied to all sorts of medical protection gear including breathing masks,
medical gloves and protective suits. Around the same time, President Macron announced that France will requisition all face masks produced in the country, a de facto export ban. Between 8 February 2020 and 6 April 2020, India released eight (8) different export notifications banning several drugs and medical supplies including hydroxychloroquine, ventilators, personal protections masks, oxygen therapy apparatus, and breathing devices. On 3 April 2020, the Trump Administration invoked the war-era US Defense Production Act to stop major US mask manufacturer, 3M, from exporting N95 respirator masks to Canada and Latin America. Fears of a long global recession have also led to worries about unprecedented global food insecurity, with concerns that agricultural production may be dislocated by containment measures that constrain workers from planting, managing and harvesting critical crops. Rather than seek cooperative and global solutions, several countries have resorted to export restrictions of critical agricultural produce. According to the International Food Policy Research Institute (IFPRI), about 37 countries have enacted various forms of food export restrictions in response to COVID-19, even in countries where average production exceeds domestic consumption. For example, Viet Nam, the world’s third largest exporter of rice, suspended granting rice export certificates until the country “reviews domestic inventories�. Russia, the world’s largest wheat exporter, announced a ten-day ban on the
export of buckwheat and rice due to concerns over panic buying in local supermarkets. What if these restrictions become the new normal? What if the COVID-19 pandemic continues in a second wave or another pandemic occurs in which all borders are shut and food imports are significantly restricted? What if we cannot seek medical care outside Nigeria and must rely on local hospitals and medical professionals? For how long shall we continue to rely on the world for anything and everything at every time? Although these developments are troubling, they present a clear opportunity to re-echo a persistent message the Central Bank of Nigeria (CBN) has been sending for a long time, and at this time even more urgently so: We must look inwards as a nation and guarantee food security, high quality and affordable healthcare, and cutting-edge education for our people. For a country of over 200 million people, and projected to be about 450 million in a few decades, we can no longer ignore repeated warnings about the dangers that lie ahead if we do not begin to depend largely on what we produce locally. The security and well-being of our nation is contingent on building a well-diversified and inclusive productive economy.
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MARYBETH LEONARD US Health and Humanitarian Aid GUEST COLUMNIST
T
he story of US leadership in the global battle against Covid-19 is a story of days, months, and decades. Every day, new U.S. technical and material assistance arrives in hospitals and labs around the world. These efforts, in turn, build on a decades-long foundation of American expertise, generosity, and planning that is unmatched in history. The United States provides aid for altruistic reasons, because we believe it’s the right thing to do. We also do it because pandemics don’t respect national borders. If we can help countries contain outbreaks, we’ll save lives abroad and at home in the U.S. That generosity and pragmatism explains why United States was one of the first countries to help the Chinese people as soon as reports emerged from Wuhan of another outbreak. In early January, the United States government offered immediate technical assistance to the Chinese Centers for Disease Control. In the first week of February, the U.S. transported nearly 18 tons of medical supplies to Wuhan provided by Samaritan’s Purse, The Church of Jesus Christ of Latter Day Saints, and others. We also pledged $100 million in assistance to countries to fight what would become a pandemic – including an offer to China, which was declined. Our response now far surpasses that initial
US President Donald Trump pledge. Since the outbreak of COVID-19, the U.S. government has committed nearly $500 million in assistance to date. This funding will improve public health education, protect healthcare facilities, and increase laboratory, disease-surveillance, and rapid-response capacity in more than 60
of the world’s most at risk countries– all in an effort to help contain outbreaks before they reach our shores. Our aid helps people in the most dire circumstances. For instance, the U.S. government works with NGOs to deliver medicines, medical supplies, and food to the Syrian people, including those living in regime-held areas. We are helping United Nations agencies and nongovernmental organizations build more water, sanitation and health facilities across northern Syria to prevent the spread of the virus. We are aiding friends from Africa to Asia, and beyond. America’s unsurpassed contributions are also felt through the many international organizations fighting Covid-19 on the front lines. The U.S. has been the largest funder of the World Health Organization since its founding in 1948. We gave more than $400 million to the institution in 2019 – nearly double the secondlargest contribution and more than the next three contributors combined. It’s a similar story with the U.N. Refugee Agency, which the U.S. backed with nearly $1.7 billion in 2019. That’s more than all other member states combined, and more than four times the second-largest contributor, Germany. Then there is the World Food Program, to which the U.S. gave $3.4 billion last year, or 42% of its total budget. That’s nearly four times the second-largest contributor, and more than all
other member states combined. We also gave more than $700 million to the United Nations Children’s Fund (UNICEF), more than any other donor. We are proud that when these international organizations deliver food, medicines, and other aid all around the world, that too is largely thanks to the generosity of the American people, in partnership with donor nations. Our country continues to be the single largest health and humanitarian donor for both long-term development and capacity building efforts with partners, and emergency response efforts in the face of recurrent crises. This money has saved lives, protected people who are most vulnerable to disease, built health institutions, and promoted the stability of communities and nations. America funds nearly 40% of the world’s global health assistance programs, adding up to $140 billion in investments in the past 20 years – five times more than the next largest donor. Since 2009, American taxpayers have generously funded more than $100 billion in health assistance and nearly $70 billion in humanitarian assistance globally.
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