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    BREAKING NEWS
    $1.1 Billion Senegal’s postponed Ndayane Deep Waterport to be Constructed in Coalition with DP World
    A twin Currency Trade Finance Line of Credit of $50 Million and €50 Million has been validated by the Board of Directors of the African Development Bank Group and the ECOWAS Bank for Investment and Development
    $100 Billion in Investment is needle for the Modernization and Harmonization of Regulatory Framework to boost Africa’s established Broadband Coverage by 2030
    Nigeria Launches National Domestic Payments Card Program
    In Guinea-Bissau, ECOWAS Parliament held a 3 Day Seminar on the Adoption of a Single Currency for Member African States
    $30 Billion has been pledged by the African Development Bank and Development Partners to Finance Food and Farming in the Next Five Years
    $7.9 Billion in Exports glid in 2021 from the East African Community (EAC) Bloc to Africa amidst the Novel Corona Virus (COVID -19) Consequence
    President William Ruto of Kenya has Urged fellow African Rulers to address on Agribusiness beyond Production to Value Addition and Manufacturing
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    Board of Directors of AfDB Requests Strategy to Nigeria for Immediate Financial Rehab

    Posted On 12 Apr 2020
    By : New Africa Business News, Staff Correspondent
    Comment: 0

    By Abdul Rahman Bangura –

    Photo Credit: Polity

    NEW AFRICA BUSINESS NEWS ( NABN ) Freetown, Sierra Leonne- NIGERIA, African Development Bank (AfDB) has bidden Nigeria a thorough procedure to handle monetary challenges emanating from the Novel Coronavirus (COVID-19) pandemic.

    Ebrima Faal, Senior Country Director of the bank, helped what Nigeria should do for an emotional financial rescue, Faal said the measures would comprise short-term and long-term responses to address difficulties that the country would be facing as a result of COVID-19.

    He said it had been observed in many countries where this kind of crisis occurred required quick and decisive actions as well as policy coordination to reverse the potential challenges to the economy.

    He noted that around the world, countries at more advanced stages of the outbreak were announcing liquidity relief, debt restructuring, forbearance on loan repayments and initiatives in the order of 10 to 15 percent of Gross Domestic Product (GDP).

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    Africa’s Fastest Growing Global Newspaper. Forward www.newafricabusinessnews.com

    The director added that in the short term, a similar stimulus would be needed in Nigeria. “We have seen the CBN introduce policies to mobilize private sector resources and lend support to the government in its efforts to contain the virus.

    “It is also supporting private and public healthcare institutions in the country while providing liquidity for the private sector and SMEs to continue to operate.

    “We have also seen some responses from the Government including a reprioritization of expenditure to help address the pandemic. “In the long term measure, the country needs to diversify the economy and increase social infrastructure.

    “In the longer term, the government’s strategic thrust through the Economic Recovery Growth Plan (ERGP) seeks to push the transformation agenda for Nigeria.

    “The ERGP builds on previous initiatives and other industry specific strategies and programmes, including the National Industrial Revolution Policy (NIRP) and National Enterprises Development Policy (NEDP), among others.

    “Nigeria already has the necessary strategies in place to drive the transformation and diversification agenda. The key challenge is that the implementation of these policies has often been less optimal and so the impact is limited and varied.

    “The COVID-19 outbreak once again reminds us of the need to create a resilient economy, one that is less dependent on oil for revenues and exports. Nigeria faces three-four key challenges that need to be urgently addressed in the post-COVID-19 era,” he stated.

    Speaking further, Faal said mobilizing more domestic resources was paramount, adding that non-oil revenues accounted for about four percent of GDP and this means that nearly 90 percent of the economy was virtually untaxed.

    According to him, growing non-oil revenues will insulate the economy from the cyclicality of oil revenues and create stability in the government budget.

    He stated that there were a number of ways in which the government could generate more revenues from the non-oil sector.

    He said the increase in the Value Added Tax (VAT) to 7.5 percent was a good move, stating that without strong enforcement and compliance with existing measures, the revenue yield from the VAT would be minimal.

    “We also see opportunities in mobilizing resources from the private sector, especially for infrastructure development.

    “The assets under management about N10 trillion by pension funds and other institutional investors could be mobilized to create a pool of investment resources to transform the country.

    “This means improving efficiency and ability of the financial sector, including the capital market, to attract such funds, and channel them to productive uses,” he told.

     

     

    Current Outbreak of Coronavirus (COVID-19) Disease- Coronavirus advisory information, World Health Organization & United States, Centers for Disease Control and Prevention

    Coronaviruses (CoV) are a large family of viruses that cause illness ranging from the common cold to more severe diseases such as Middle East Respiratory Syndrome (MERS-CoV) and Severe Acute Respiratory Syndrome (SARS-CoV). A novel coronavirus (nCoV) is a new strain that has not been previously identified in humans.

    Coronaviruses are zoonotic, meaning they are transmitted between animals and people.  Detailed investigations found that SARS-CoV was transmitted from civet cats to humans and MERS-CoV from dromedary camels to humans. Several known coronaviruses are circulating in animals that have not yet infected humans.

    Common signs of infection include respiratory symptoms, fever, cough, shortness of breath and breathing difficulties. In more severe cases, infection can cause pneumonia, severe acute respiratory syndrome, kidney failure and even death.

    Standard recommendations to prevent infection spread include regular hand washing, covering mouth and nose when coughing and sneezing, thoroughly cooking meat and eggs. Avoid close contact with anyone showing symptoms of respiratory illness such as coughing and sneezing. Source- WHO

    Websitewho.int/emergencies
    Coronavirus Q&A, World Health Organization
    Websitewho.int/news-room
    Coronavirus condition overview, World Health Organization
    Websitewho.int/health-topics
    United States, Centers for Disease Control and Prevention
    cdc.gov/coronavirus/2019-ncov 

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    Accelerating Intra-African Trade and Boosting Africa’s Trading Position in the Global Market by Strengthening Africa’s Common Voice and Policy Space in Global Trade Negotiations. For More Information Contact: African Union Headquarters, P.O. Box 3243, Roosvelt Street W21K19, Addis Ababa  Ethiopia,  Tel: +251 11 551 77 00  Fax: +251 11 551 78 44.

    Africa President of the year 2020
    Start Voting for Africa President of the year 2020. Nomination Starts February 01 & Ends December 15/ 2020. Please Submit your Nominee’s Name, Country, Brief Reason for the Nomination. Please Limit Submission to 100 words and One Submission per Person. Email all Nomination to info@newafricabusinessnews.com  .Africa President of the year will be announced January 01/ 2021. New Africa Business News. Africa’s Most Read and Fastest Growing Global Newspaper.  www.newafricabusinessnews.com

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    For New Africa Business News (NABN) Abdul Rahman Bangura Reports,  Africa Correspondent

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    New Africa Business News Staff Correspondent
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    $1.1 Billion Senegal's postponed Ndayane Deep Waterport to be Constructed in Coalition with DP World

    A twin Currency Trade Finance Line of Credit of $50 Million and €50 Million has been validated by the Board of Directors of the African Development Bank Group and the ECOWAS Bank for Investment and Development

    $100 Billion in Investment is needle for the Modernization and Harmonization of Regulatory Framework to boost Africa's established Broadband Coverage by 2030

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    • $1.1 Billion Senegal’s postponed Ndayane Deep Waterport to be Constructed in Coalition with DP World
    • A twin Currency Trade Finance Line of Credit of $50 Million and €50 Million has been validated by the Board of Directors of the African Development Bank Group and the ECOWAS Bank for Investment and Development
    • $100 Billion in Investment is needle for the Modernization and Harmonization of Regulatory Framework to boost Africa’s established Broadband Coverage by 2030
    • Nigeria Launches National Domestic Payments Card Program
    • In Guinea-Bissau, ECOWAS Parliament held a 3 Day Seminar on the Adoption of a Single Currency for Member African States

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