African Countries Look Beyond West for Vaccines

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Continent turns to China and Russia to supplement WHO-backed Covax initiative for developing nations

African countries are looking beyond the west in the global vaccine race dominated by Europe and the US, with policymakers across the continent seeking jabs from the likes of Russia and China.

Officials in countries from Kenya to Guinea are in talks with China and Russia to pro-cure vaccines to supplement the global WHO-backed Covax facility that aims to provide developing countries with enough jabs for at least 20% of their populations.

African Countries Look Beyond West for Vaccines brandspurng
Photo by benjamin lehman

Nigeria’s drugs regulator has received dossiers for two vaccines, from Russia and India, as Africa’s most populous country seeks to work around the global shortage, health minister Osagie Ehanire told reporters on Monday night. It has been hard for African countries to buy western-developed jabs as most have been pre-ordered by wealthier countries.

“We have been keeping a strict eye on… the scramble for vaccines, which has pitched some countries against each other in Europe, as wealthy, high-income countries have pre-paid to allocate vaccines to themselves,” he said. The WHO had estimated that 95% of vaccines produced thus far have gone to 10 wealthy countries.

Mr Ehanire did not name the vaccines the National Agency for Food and Drug Administration and Control was considering. But Russia has heavily promoted its flagship Sputnik V vaccine, which has shown 91.6% efficacy against symptomatic Covid-19 in clinical trials, according to a Lancet peer review released on Tuesday. Guinea and Algeria have already approved Sputnik for use.

China has made vaccine diplomacy a key aspect of its outreach to Africa over the past year, with President Xi Jinping promising in August that vaccinations for Africans would be a “priority”. But while its leading Sinopharm vaccine has been approved for domestic use in China, it has yet to be delivered to the continent.

Boss Mustapha, head of Nigeria’s presidential task force on Covid-19, warned that the rapid pace of vaccinations in other parts of the world could leave Nigerians unable to travel freely. “So we must try as much as possible to get ourselves on course with vaccination,” he told reporters.

Officials said Nigeria would receive an initial batch of 16mn doses starting this month through Covax. They expect an additional 41mn doses at the end of April via an African Union initiative that has secured 400mn doses of the AstraZeneca vaccine and 270mn additional doses for the continent.

This week, South Africa took delivery of its first batch of Covishield, the Indian name for the Oxford-AstraZeneca vaccine made by the Serum Institute of India. Pretoria ordered 1.5mn doses to immunize health workers after domestic criticism that it was relying too heavily on deliveries from Covax.

Richard Mihigo, coordinator of immunization and vaccine development at the WHO regional office for Africa, said that between Covax deliveries and their own bilateral purchases, African nations could realistically aim to immunize 30-35% of their populations by the end of the year.

Patrick Amoth, director-general for health at Kenya’s health ministry, said Nairobi was working with Covax to secure some 20mn free doses this year. However, he said the country was in talks with China, Russia, and India about other vaccines. “We will end up with a hybrid system where we have a variety of vaccines,” he said.

There have been concerns about Africa’s cold-chain capacity but the AU, along with both national and state governments, has said that local refrigeration capacity had been boosted in recent months.

Ethiopian Airlines, Africa’s largest carrier, which has funnelled medical equipment to countries across Africa and Latin America, has established an air bridge to transport cold vaccines from Shenzhen in China to Addis Ababa. From there, the jabs could be distributed across Africa, the airline said.

Africa has so far escaped the worst of the pandemic, re-cording just 4% of global deaths for 17% of the global population, according to official figures. However, it is currently experiencing a second wave worse than the first.

BUA Cement Declares profits of N95billion in FY2020

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BUA Cement Plc, Nigeria’s second-largest cement company, has announced full-year revenues of N209billion in its unaudited 2020 Full Year financial accounts representing an increase of 19% from the corresponding period in 2019.

BUA Cement Plc N100Bn Bond Issuance Now Open

Highlights.

  • Revenue rise 19% to N209billion (FY2020)
  • Gross Profits increase by 16% to N95.4billion (FY2020) from N82.4billion Naira (FY2019)
  • PBT rise by 19% to N79.06billion (FY2020) from N66.23billion (FY2019)
  • Sales Volumes rise to 5,100,232tons (FY2020) from 4,501,150tons (FY2019)

New Ebola outbreak declared in Guinea

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 – Health authorities in Guinea today declared an outbreak of Ebola in the rural community of Gouéké in N’Zerekore prefecture after three Ebola cases were confirmed by the national laboratory, marking the first time the disease has been reported in the country since an outbreak ended in 2016.

Initial investigations found that a nurse from the local health facility died on the 28 January 2021. Following her burial, six people who attended the funeral reported Ebola-like symptoms and two of them have died, while the other four have been hospitalized.

New Ebola outbreak declared in Guinea Brandspurng

Guinea was one of the three most-affected countries in the 2014–2016 West Africa Ebola outbreak which was the largest since the virus was first discovered in 1976.

“It’s a huge concern to see the resurgence of Ebola in Guinea, a country which has already suffered so much from the disease.

However, banking on the expertise and experience built during the previous outbreak, health teams in Guinea are on the move to quickly trace the path of the virus and curb further infections,” said Dr Matshidiso Moeti, the World Health Organization (WHO) Regional Director for Africa.

“WHO is supporting the authorities to set up testing, contact-tracing and treatment structures and to bring the overall response to full speed.”

During the West African outbreak, WHO and partners supported Guinea to build up its capacity to respond to Ebola and the country has developed crucial expertise. Guinean health workers played a key role in supporting the Democratic Republic of the Congo (DRC) with its recent outbreaks, with teams of vaccinators helping to train health workers in the DRC.

WHO staff are already on the ground. In addition to surveillance, they will help with ramping up infection prevention and control of health facilities and other key locations and reaching out to communities to ensure they take a key role in the response. WHO is also supporting the country to procure the Ebola vaccine which has proven instrumental in controlling outbreaks in the DRC.

Samples of the confirmed cases have been sent to the Institut Pasteur in Senegal for a full genome sequencing to identify the strain of the Ebola virus.

With the epicentre of the current outbreak in a border area, WHO is already working with health authorities in Liberia and Sierra Leone to beef up community surveillance of cases in their border districts as well as strengthening their capacity to test for cases and conduct surveillance in health facilities.

WHO is reaching out to Cote d’Ivoire, Mali, Senegal and other countries at risk in the sub-region.

During the West Africa Ebola outbreak, there were 28 000 cases, including 11 000 deaths.  The outbreak started in Guinea and then moved across land borders to Sierra Leone and Liberia.

Naira Strengthens Against the Greenback at BDC, Parallel Markets

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In the just concluded week, Naira appreciated against the USD at the Bureau De Change market and the parallel (‘black’) market by 1.48% and 1.46% to close at N467.00/USD and N473.00/USD.

However, Naira depreciated at the Investors and Exporters window as the exchange rate rose by 2.15% to settle at N404.67/USD despite the sustained increase in crude oil prices.

Naira Gains against the USD at BDC, Black Markets amid New Forex Policy…
REUTERS/Akintunde Akinleye

Meanwhile, NGN/USD exchange rate closed flat at N380.69/USD at the Interbank Foreign Exchange market amid weekly injections of USD210 million by CBN into the forex market: USD100 million was allocated to Wholesale Secondary Market Intervention Sales (SMIS), USD55 million was allocated to Small and Medium Scale Enterprises and USD55 million was sold for Invisibles.

Elsewhere, the Naira/USD exchange rate appreciated for most of the foreign exchange forward contracts: 2 months, 3 months, 6 months and 12 months rates fell by 0.06%, 0.25%, 0.49% and 0.83% respectively to close at N411.65/USD, N415.12/USD, N425.19/USD and N441.93/USD.

However, the 1-month rate rose by 0.55% to close at N407.85/USD while the spot rate remained flattish at N379.00/USD.

In the new week, we expect Naira/USD to stabilize at the I&E FX Window as the price of Nigeria’s crude oil grade Bonny light is expected to remain relatively high amid reports that OPEC+ maintained its production cut.

IMF Sees 1.5% Real Output Growth for Nigeria in 2021; Proffers Solutions for Recovery…

In the just concluded week, the International Monetary Fund (IMF)’s Executive Board released the report of their assessment of the 2020 Article IV Consultation with Nigeria, highlighting the weakened state of the economy and proffering ways to improve fiscal policy sustainability, exchange rate stability, price stability and sustainable output growth.

The Executive Directors urged the Nigerian authorities to reduce fiscal sustainability risks by increasing revenue mobilization via progressive taxation and improved efficiency in tax administration.

The IMF’s Covid crisis response
The IMF’s Covid crisis response

The suggested fiscal measures, meant to complement ongoing reforms by the Federal Government to reduce inefficiencies via removal of subsidies in the downstream oil & gas and power sectors, were to be accompanied by the provision of social safety nets to cushion potential negative impacts on the poor.

With regard to exchange rate stability, the Directors recommended a gradual and multi-step approach to establishing a harmonized, market-determined exchange rate regime with the short-term objectives of, inter alia, removing backlogs of foreign exchange demand, eliminating premium in the parallel market and increasing non-CBNparticipation in the Investors & Exporters Foreign Exchange Window.

They further called on the Monetary authority to keep watch on general price levels with a readiness to tighten monetary policy in the event that current accommodative monetary policy stance results in increased pressure on the balance of payments or inflation.

The Directors also welcomed the ratification of the African Continental Free Trade Area and stressed the need to implement reforms necessary to facilitate international trade for a more sustainable growth rate.

While IMF staff projected a 3.2% decline in real output in 2020, it nevertheless forecasted a 1.5% output growth in 2021; albeit, noting that protectionist capital flow measures were yet to deliver a job-rich growth given a structural dependency on the oil sector which remained vulnerable to periodic global price shocks.

According to the Staffers, subdued global recovery and decarbonization trends are expected to keep oil prices low and OPEC quotas in place, thus limiting oil-related activities, fiscal revenues and export proceeds over the medium term.

In a related development, global crude oil prices continued to trend higher amid improving market fundamentals on the back of tighter oil production and inventories.

According to the U.S. Energy Information Administration, U.S. crude oil stock (excluding SPR) fell week-on-week by 1.41% to 469 million barrels in the week ended Wednesday, February 05, 2021 while input to U.S. refineries rose by 0.25% to 14.73 million barrels per day.

West Texas Intermediate (WTI) crude price rose by 1.51% w-o-w to USD57.71 a barrel while Brent crude oil price buoyed by 2.09% to USD60.58 a barrel. Nigeria’s crude grade (Bonny Light) increased by 2.49% to USD60.40 per barrel as at February 12, 2021.

We agree with recommendations of the IMF Executive Directors while also acknowledging reforms and other efforts by the Nigerian authorities to fast track Nigeria’s exit from the recession and to deliver sustainable growth.

For us, the critical risks remain domestic insecurity and exchange rate vulnerability, both of which have fueled inflation and worsened the economic wellbeing of citizens.

We are happy with the ongoing investment in infrastructure by government – due to its desire to make Nigeria energy and economically independent – and the much-anticipated developments in the oil and gas sector such as the Dangote Oil Refinery and the likely nearterm passage of the Petroleum Industry Bill which would be game changers as these would support government’s efforts to diversify the economy using oil as a fulcrum, create employment and stimulate a more robust growth

Mercedes Benz Crosses 50 Million Vehicle Production Landmark (Photos)

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Anniversary and premiere at Mercedes-Benz: The first new Mercedes-Maybach S-Class from Factory 56 is also the 50-millionth car from Mercedes-Benz to roll off the line in the global production network. 

Jörg Burzer, member of the Board of Management of Mercedes-Benz AG, Production and Supply Chain said,

“Mercedes-Benz has always been synonymous with luxury. That’s why I’m very proud of this very special production anniversary: Fifty million vehicles produced is a significant milestone in the history of our company, and exceptional achievement by the team.

Produktionsjubiläum bei Mercedes-Benz: 50 Millionen Fahrzeuge aus globalem ProduktionsnetzwerkProduction anniversary at Mercedes-Benz: 50 million passenger cars from the global production network
Im Mai 2019 wurde der EQC 400 4MATIC (Stromverbrauch kombiniert: 21,3-20,2 kWh/100 km; CO2-Emissionen kombiniert: 0 g/km) als rein elektrisches Fahrzeug in die laufende Serienfertigung des Mercedes-Benz Werk Bremen integriert. Dort wird er auf derselben Linie produziert wie die C-Klasse Limousine und das T-Modell, der GLC sowie das GLC Coupé.;Stromverbrauch kombiniert: 21,3-20,2 kWh/100 km; CO2-Emissionen kombiniert: 0 g/km*
In May 2019, the EQC 400 4MATIC (combined power consumption: 21.3-20.2 kWh/100 km; combined CO2 emissions: 0 g/km), as a purely electric vehicle, was integrated into the ongoing series production of the Mercedes-Benz plant in Bremen. It is produced there on the same line as the C-Class Saloon and Estate as well as the GLC and GLC Coupé.;Combined power consumption: 21.3-20.2 kWh/100 km; combined CO2 emissions: 0 g/km*

I would like to thank the colleagues in the plants around the world for their work and their commitment. Their expertise and passion in the production of our stars make the wishes of customers all over the world come true day after day,”.

A total of 50 million vehicles of the Mercedes-Benz and smart brands have been produced in the highest precision and top quality over the past 75 years. The foundation for this is the global production network consisting of car plants located around the world — flexible, digital, efficient, and sustainable.

Produktionsjubiläum bei Mercedes-Benz: 50 Millionen Fahrzeuge aus globalem ProduktionsnetzwerkProduction anniversary at Mercedes-Benz: 50 million passenger cars from the global production network
Jörg Burzer, Mitglied des Vorstands der Mercedes-Benz AG, Produktion und Supply Chain, mit der ersten neuen Mercedes-Maybach S-Klasse aus der Factory 56, die als der 50 millionste Pkw von Mercedes-Benz im globalen Produktionsnetzwerk vom Band gerollt ist.
Jörg Burzer, member of the Board of Management of Mercedes-Benz AG, Production and Supply Chain Management, with the first new Mercedes Maybach S-Class from Factory 56, that rolled of the production line in the global production network as the 50-millionth car from Mercedes-Benz.

Thanks to the digital ecosystem MO360, all of these plants are networked with one another. The digitally supported close cooperation between the employees in the different plants is an essential part of this.

Thanks to structures and processes with maximum flexibility, the global production network is optimally organized. The ability to breath, and to transfer production capacity between the individual plants as required by market demands is a decisive advantage. Vehicles with different drive types already roll off the same production line.

Produktionsjubiläum bei Mercedes-Benz: 50 Millionen Fahrzeuge aus globalem ProduktionsnetzwerkProduction anniversary at Mercedes-Benz: 50 million passenger cars from the global production network
Factory 56: In den vergangenen 75 Jahren wurden insge samt 50 Millionen Fahrzeuge der Marken Mercedes-Benz und smart in höchster Präzision und Qualität im globalen Produktionsnetzwerk von Mercedes-Benz gefertigt.
Factory 56: A total of 50 million vehicles of the Mercedes-Benz and smart brands have been produced in the highest precision and top quality over the past 75 years in the global production network of Mercedes-Benz.

During this, the production methods and processes are continually being further developed and digitalized. As a result, we can achieve synergies, lower costs, not least boost the efficiency and the productivity within the production network.

Produktionsjubiläum bei Mercedes-Benz: 50 Millionen Fahrzeuge aus globalem ProduktionsnetzwerkProduction anniversary at Mercedes-Benz: 50 million passenger cars from the global production network
Factory 56: A total of 50 million vehicles of the Mercedes-Benz and smart brands have been produced in the highest precision and top quality over the past 75 years in the global production network of Mercedes-Benz. | www.wordpress-1516176-5827464.cloudwaysapps.com

At the moment, the global production network is focusing on the implementation of the electric mobility offensive. By 2022 a total of six new Mercedes-EQ models will have been integrated into running series production operations.

As a result, Mercedes-Benz’ global production network is contributing decisively to the company`s ambitious sustainability targets. The batteries for the Mercedes-EQ electric vehicles are supplied by a global battery production network with plants on three continents.

Local battery production is a key success factor for the Mercedes-Benz electric offensive In addition, from 2022 production at all of the own plants of Mercedes-Benz AG worldwide will be CO2-neutral.

Production launch of the new Mercedes-Maybach S-Class

The 50 millionth vehicle is the first new Mercedes-Maybach S-Class to roll off the production line at the Mercedes-Benz Sindelfingen plant. The luxury sedan will, along with the S-Class Sedan and the long version, and in the future also with the EQS, be produced in Factory 56.

The high-tech production facility in the Mercedes-Benz Sindelfingen plant was opened in September 2020. It is Mercedes-Benz’ most modern automobile production facility.

Taraba Govt Bans the Use of Motorcycles in Some Towns and Villages

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The Taraba state government has banned the use of motorcycles in some towns and villages across three local government areas of the state. 

This was contained in a press release signed by the Chief Press Secretary to the Governor, Iliya Bekyu Akweh.

Taraba State, US-Based Investment Groups Discuss Partnership to Promote Economic Development Brandspurng
Taraba State Governor, Arc Darius Dickson Ishaku

It states that His Excellency, Governor Darius Dickson Ishaku has approved the ban of the use of motorcycles in the following towns and villages in three Local Government Areas.

TAKUM LGA

*Chanchanji *Kofai Ahmadu *Kunkunu *Dogon-gawa *Tor-Tsee *Gbaondo

DONGA LGA

*Tor-Damisa

WUKARI LGA

*Rafin-Kara *Tor-Iorsha *Tor-Musa *Chonku Chiefdom *Assa Chiefdom *Va’ase *Gbeji (Taraba) *Ikyaor *Jenikura *Kente *Sondi

It states that Security Agencies Namely Army, Police, DSS, Nigeria Security and Civil Defence Corps and the Federal Road Safety Commission are hereby directed to enforce the order by arresting and prosecuting violators.

2021 Outlook: FBNQuest Research sees modest GDP Growth for Nigeria

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Forecasts another positive year for equities…

After slipping into its second recession in 5 years, Nigeria’s economy is projected to expand by 2.0% in 2021 on the back of a modest fiscal stimulus and targeted private investment.

This is the view of the Research team at FBNQuest and was a key talking point during the Leading Conversations with FBNQuest webinar hosted by the firm to elaborate on its 2021 Outlook report published earlier this month.

FBNQuest: Driving Women Economic Empowerment Initiatives

With the theme “Tentative emergence from the shadow of COVID-19”, the outlook report captured the firm’s view on the Nigerian economy, socio-political environment and traditional asset classes (fixed income and equities) against the backdrop of the economic contraction that followed the COVID-19 pandemic which started last year.

The report notes that the second term of Nigeria’s President, Muhammadu Buhari, has been “hijacked” by COVID-19, with a sharp decline in oil prices and unprecedented lockdowns spurring a recession in 2020.

However, Nigeria’s government, unlike its counterparts in many advanced economies, has limited ammunition to catalyse a robust recovery in 2021. The report also highlights that the combined monetary and fiscal stimulus amounts to just 4% of GDP, compared to over 10% of GDP in large economies such as Brazil, Turkey, the United States, Canada, and Japan.

As Nigeria comes to grips with the challenges brought about by COVID-19, the report cites the speedy passage of the federal budget for the second year in a row and the end of fuel subsidy payments as positive reforms.

However, the insecurity in many parts of the country and the slow pace of oil sector legislative reforms were recognised as negatives for an economy desperate for strong and inclusive growth.

Nevertheless, FBNQuest expects low-interest rates in the United States and an average Bonny Light Crude price of US$56 per barrel to support Nigeria’s economic recovery in 2021. In addition to fiscal stimulus and private-sector investment, the report identifies financial technology, agriculture, and ICT as primary drivers of growth in 2021.

With regards to asset prices, FBNQuest projects another positive year for equities in 2021. The research team notes that lower yields and the elevated liquidity available to domestic institutions buoyed stocks in 2020.

The impact of lower rates is expected to carry over into 2021, albeit with less dramatic impact, as domestic institutions are swayed by dividend yield offered by bank stocks. A number of non-financial stocks such as Seplat, Flour Mills, Nestle Nigeria and UAC of Nigeria are also expected to outperform in 2021.

FBNQuest projects that the NSE All-Share Index will rise 20% in 2021, while in the fixed income market, yields are projected to rise by 3 percentage points to 10% to 11% on most bonds by the end of the year.

According to the firm, however, these comments are not a recommendation to buy, sell or hold any stocks, as the report only seeks to present projections based on analyses.

On the exchange rate, the FBNQuest view is that a combination of higher oil revenue, multilateral loans and Eurobond sales should underpin reserves this year and allow the CBN to contain NGN exchange-rate depreciation. The forecast for average I&E/NAFEX rate is NGN419 per USD at end-2021.

India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets

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India has become the second country to outrightly ban Bitcoin and other cryptocurrencies. This is coming after the Central Bank of Nigeria instructed all financial institutions in the country to block the accounts of all individuals and entities linked to cryptocurrency transactions.

There has been a lot of drama surrounding India’s cryptocurrency stance. In 2018, the Reserve Bank of India issued a ban on all cryptocurrency transactions. The ban was lifted by the country’s Supreme Court in March 2020.

India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets Brandspurng
A silver Bitcoin cryptocurrency with India flag in the background | Photo by Ewan Kennedy

In December 2020, government officials hinted that they were considering taxing Bitcoin transactions by up to 18%. Barely a month later and there were rumours that the country was mulling over banning all private cryptocurrencies.

Apparently, officials were serious about banning cryptocurrencies. Citing an unnamed senior finance ministry official, BloombergQuint disclosed the government’s move. However, according to the official, the ban would not be imposed overnight, as in the case of Nigeria. Instead, investors would be given three to six months to liquidate their investments.

As per the report, India’s Parliament will proceed to introduce a law that bans the usage of cryptocurrencies in all forms, including restricting trading via foreign exchanges.

On the flip side of India’s ban is Kenya, an East-African country that has proposed to make Bitcoin it’s the base currency.

Firstmonie Wallet Launches Valentines Day Promo, Gives Customers Free Data and Airtime

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You’ve got Firstmonie Wallet on your phone? Did I hear you say Yes… then, count yourself lucky because your first daily recharge and data subscription between 13 – 15 February will give you the opportunity to speak more to your loved ones, or spend more time on your favourite social media channel.

In sharing the love this valentine season, Firstmonie Wallet – the electronic wallet initiative by FirstBank – will gift customers bonus 100% data and 50% airtime on their first recharge each day across all GSM networks… make some Noise!!!

Firstmonie Wallet Launches Valentines Day Promo, Gives Customers Free Data and Airtime brandspurng

Firstmonie Wallet is your friendly e-wallet to pay for your utility bills, buy airtime and data, transfer and receive money from any account in a seamless and convenient way and much more. It is your wallet with many more possibilities.

You don’t have Firstmonie Wallet on your phone? Then count yourself also lucky because you will be gifted the bonus airtime and data once you download the Firstmonie Wallet app, purchase airtime and data; that’s all, data and airtime are all yours. You can also sign up on Firstmonie Wallet via USSD by simply dialling *894*1#.

To sign up for Firstmonie Wallet using your phone,

  • Simply download the app from your store (iOS or Android)
  • Enter your mobile number and agree to terms and conditions.
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To sign up for Firstmonie Wallet via the USSD string,

  • Just dial *894*1#.
  • Choose 1 to register without BVN and input necessary information.
  • Choose 2 to register with BVN and follow the prompt.

Use your Firstmonie Wallet between 13 – 15 February and share in our love this valentine.

Terms and conditions apply.