Business
COVID-19: AfDB approves $20m to contain spread in G5 Sahel nations
The Board of Directors of the African Development Bank has approved 20 million dollars in grant funding to build capacity to curb and stop the spread of the COVID-19 pandemic in five countries.
The funding, from the African Development Fund, is to achieve the purpose in Mauritania, Mali, Burkina Faso, Niger and Chad.
The bank’s Communications and External Relations Department disclosed this in a statement on Wednesday.
It said that the operation would provide funding for the project which would also boost resilience of vulnerable communities, including internally displaced persons, refugees and their host communities, in the countries, also known as the Sahel zone’s Group of 5 (G5).
It said the project would support epidemiological surveillance and case management capacity and make available medical products for COVID-19 prevention, control and treatment.
This is to ensure the deployment of social protection measures in targeted communities, especially, internally displaced persons, refugees and their host communities, to strengthen food and nutrition systems.
The bank said that the United Nations High Commission for Refugees (UNHCR) would provide operational support for the project.
“This operation will complement the development and humanitarian actions of the huge partnership of the Sahel Alliance Initiative and will support the most vulnerable.
“An additional 1.372 million dollars of grant funding from the Bank’s Transitional Support Facility, will also be deployed in G5 countries to strengthen the delivery and coordination capacity of the G5 SAHEL Permanent Secretariat and support training on biosecurity and biomedical waste management in the concerned countries.
“This extension of grant funding to the G5 Sahel zone countries falls under the framework of the Bank’s COVID-19 response facility of up to 10 billion dollars, which is the institution’s main channel to provide assistance to African countries to cushion the economic and health impacts from the crisis.
“Recent CRF assistance packages have been directed to a group of Economic Community of West African states as well as to countries in the Economic and Monetary Community of Central Africa zone and the Democratic Republic of Congo.
“The region has been hit by COVID-19, if less hard than some other regions of Africa. As of June 6, Niger had recorded 966 cases, Burkina Faso 885, Mali 1,485, Mauritania 883 and Chad 836, for a total of 5,055 cases in the five countries.
“G5 countries have begun to lift emergency measures that had been put in place to halt and contain the spread of the disease. The entire continent has seen 175,423 cases and 4,862 fatalities” the AfDB said. (NAN)
Business
Shehu Sani Criticizes World Bank Over Nigeria’s Economic Outlook
Former Kaduna Central Senator Shehu Sani has criticized the World Bank for worsening Nigeria’s economic difficulties. In a post shared on X, Sani accused the institution of projecting that Nigeria’s hardship would extend for another 15 years before the country could reach a better economic future. He questioned how many Nigerians would be left to enjoy that future, and how many African nations the World Bank has successfully helped to prosperity.
Sani’s remarks follow the World Bank’s latest *Africa’s Pulse* report, which forecasts that the Nigerian Naira will be among the worst-performing currencies in Sub-Saharan Africa by August 2024. The report placed the Naira’s decline alongside that of the Ethiopian Birr and South Sudanese Pound.
Business
HIG: Building Trust and Driving Innovation in Nigeria’s Insurance Market
Heirs Insurance Group (HIG) recently announced impressive financial results for the 2023 fiscal year, marking significant growth across all key metrics. The Group’s Gross Written Premium (GWP) surged by 59.3%, from N19.9 billion in 2022 to N31.7 billion in 2023. This remarkable performance underscores HIG’s resilience and operational efficiency, further solidifying its position as one of Nigeria’s fastest-growing insurance firms.
Heirs General Insurance (HGI) saw a 77% increase in GWP, reaching N12 billion in 2023. HGI’s profit before tax (PBT) also rose by 203%, reflecting the company’s effective cost management. Similarly, Heirs Life Assurance (HLA) reported a 71% GWP increase and a staggering 395% rise in PBT. Both companies have demonstrated a strong commitment to customer satisfaction, disbursing billions in claims.
Beyond financial success, HIG actively engages in corporate social responsibility (CSR) projects, contributing over N100 million to education, community development, and financial literacy. With plans for future expansion and innovation, HIG is poised to remain a key player in Nigeria’s evolving insurance market.
Business
Wike Urges Nigerians to Pay Taxes for Improved Social Services
Federal Capital Territory (FCT) Minister, Nyesom Wike, has called on Nigerians to fulfill their tax obligations, emphasizing that government revenue is essential for delivering social services. Wike made this appeal during the inaugural Abuja Business and Investment Summit, held in Abuja on Wednesday.
Speaking on the summit’s theme, “Optimising Investment Through Partnerships,” Wike stressed the importance of collaboration to generate investment opportunities. He dismissed the misconception that the government does not need revenue, explaining that taxes are crucial for funding public services.
Wike reiterated that both investors and the government must benefit from such partnerships, ensuring that both parties “go home smiling” through a fair exchange of services and taxes.
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