Economy
AfDB Approves $4 million Grant to Bolster South Sudan’s COVID-19 Response
The Board of Directors of the African Development Bank on Wednesday, approved a UA 3 million ($4.16 million) grant to South Sudan to support the emergency response to COVID-19 and strengthen the country’s fragile health system.
The grant, from the Transitional Support Facility of the Bank Group’s African Development Fund, will provide funding for the project to enhance the capacity of South Sudan’s health facilities and to bolster the country’s capacity to detect cases and curb the spread of the virus. The world is facing an unprecedented challenge of containing the COVID-19 pandemic and mitigating its impact on people’s lives, livelihoods and economies. South Sudan reported its first case of COVID-19 on April 5, 2020, followed by increasing numbers of cases daily. As of June 15, 2020, the country had reported 1,693 cases, 27 deaths and 49 recoveries. The country remains at high risk. With limited hospital bed capacity, gaps in health workers’ skills and competencies and a lack of functioning medical equipment, South Sudan is ill-prepared to respond to the pandemic. Currently, the small number of confirmed cases are being managed at the country’s sole infectious disease facility, the Dr. John Garang Infectious Diseases Unit. However, the current capacity of the facility is only 24 beds. There are limited facilities and capacities for isolation and management of COVID-19 cases at the state level as all samples from suspected COVID-19 cases have to be brought to Juba by air for testing. There are a limited number of isolation facilities outside the capital and no Intensive Care Unit (ICU) capacity. The bulk of activities under the Bank-funded project will focus on improving facilities for the management of COVID-19 cases, including the procurement of oxygen cylinders and vital signs equipment and the recruitment and training of health workers. It will improve capacity for the detection of cases and the tracing of contacts. African Development Bank Country Manager for South Sudan, Benedict Kanu noted that while too early to estimate the full economic impact of the coronavirus pandemic on South Sudan’s growth performance, given the disruptions to businesses in South Sudan’s key trading partners including China, Uganda, Kenya, and Italy, a notable economic impact of COVID19 is likely to be felt in the medium to long term. The project will be implemented by a team at the World Health Organisation (WHO) in close coordination with South Sudan’s Ministry of Health. It falls under the framework of the Bank’s COVID-19 Response Facility (CRF) of up to $10 billion, which is the institution’s main channel to provide assistance to African countries to cushion the economic and health impacts of the crisis. |
Economy
Value Addition is new Standard in Mining Operations – Alake
The Minister of Solid Minerals Development, Dr Dele Alake has declared value addition as the new indispensable standard for mining operations in the country.
Alake made the declaration in a statement issued by his Special Assistant on Media, Mr Segun Tomori, on Tuesday in Abuja.
The minister had earlier said that the federal government had resolved to ensure compliance to value addition before permitting investors to operate.
He said that his seven-point agenda for the ministry had placed the mining sector on the global front burner since assuming office, which had generated renewed interest from the international community in Nigeria`s mineral resources.
According to the statement, the minister lauded a mining company, African Natural Resources and Mines Ltd.
(ANRML), during an inspection tour in Kaduna State, for its 600 million dollar facility dedicated to the mining and processing of magnetite iron-ore.He described the move as in line with the government`s resolve for value addition, which is especially apt given President Bola Tinubu`s quest to develop the solid minerals, to boost Nigeria`s economic profile and to meet the global upsurge in energy transition.
“The company aligns with our vision of value addition and beneficiation through its processing of iron-ore, and I urge other mining companies to take a cue from them, “ he said.
He reiterated the government`s commitment to abstain from granting mining licenses to companies that lack the necessary plans for value addition.
The minister acknowledged that resilience, courage and laying a solid foundation were critical in contributing to the company success.
He added that such factors also serve as guidelines for President Tinubu`s administration in its efforts for economic transformation.
“ We have set our minds in this administration and invariably in Nigeria to achieve success, that is why Mr President is restructuring the economy.
“When this company (ANRML) started seven years ago, we saw one of the foundations through the video documentary, the amount of concrete that went in to erect a foundation, just to carry a giant edifice.
“That is what we are going through. When we get through the gestation period, the results will manifest, and it will herald prosperity, “he said.
The minister had stated that no license would be granted to companies wishing to enter the mineral sector without presenting a plan for value addition, such as processing and refining which has multiplier effect on the economy. (NAN)
Economy
Life Insurance Records 95% Net Claims in Q4 2023-NAICOM
The National Insurance Commission (NAICOM) says Life insurance business recorded about 95 per cent net claims of the total claims in the fourth quarter of 2023.
A report by NAICOM in Abuja on Tuesday hinted that the record was due to the direct reflection of the ongoing regulatory measures by the Commission regarding claims settlements.
NAICOM said the insurance market average stood at about 71.
4 per cent of the N536. 5 billion gross claims reported at the close of the fourth quarter.The Commission said the market also recorded retention of about 87.7 per cent for the life business, 54 per cent for non-life while the aggregate market average retention stood at 66.
7 per cent for the period.It showed that the insurance industry sustained its progressive trend of positive market performance at the close of 2023 fourth quarter.
According to NAICOM, the insurance market recorded a milestone growth to close at N1.003 trillion, representing about 27 per cent growth compared to the N790 billion recorded in 2022.
”Major growth drivers in the non-life segment of the market were oil and gas and fire Insurances contributing 27.3 per cent and 24.1 per cent respectively.
”In a direct reflection to the “no-premium no-cover” policy of the Commission, the outstanding premium continues to decline.
”The premium posted 1.6 per cent as outstanding of all the premiums generated in the market during the period.
”Statistics also shows that the market recorded total assets of about N2.67trillion and capitalisation of N851billion in 2023,” NAICOM said. (NAN)
Economy
No Mining License without Mineral Value Addition Plans-Alake Warns
The Minister of Solid Minerals Development, Dr Dele Alake has warned that no mining license would be issued to prospective investors without requisite plans for value addition on minerals.
Alake gave the warning in a statement by his Special Assistant on Media, Segun Tomori on Tuesday.
He said the Federal Government had resolved to ensure compliance before permitting investors to operate.
He said that his Seven -Point Agenda for the ministry had placed the mining sector on global front burner since assuming office, which had generated renewed interest from the international community in Nigeria’s mineral resources.
He said the support of the executive and the legislature had enabled the ministry to showcase the solid minerals sector globally, resulting in his election as the Chairman of the Africa Minerals Strategy Group (AMSG) at the Future Minerals Forum in Riyadh, Saudi Arabia.
According to him, with the pact that led to the formation of the AMSG, there is now unity of purpose on the African continent regarding the issue of local value addition.
“We are no longer going to allow anybody or license any company that wants to go into the mineral sector without giving us a plan for local value addition, like processing, refining and this has a multiplier effect on the economy.
“It instantly generates employment rather than a few people carting away lithium, gold, and the likes to other countries to sell.
“These minerals must now be processed in Nigeria, creating more value and beneficiation for local communities where they are sourced, ” he said.
Reports says that the minister had earlier received members of the House Committee on Solid Minerals who were on oversight visit to his office.
The minister commended the lawmakers for their support in repositioning the mining sector, stressing that boosting the economic profile of Nigeria required joint task by both the executive and legislature.
He acknowledged the significant contribution of sub-nationals to mining development, emphasising that state chairmen of Mineral Resources and Environmental Management Committee (MIREMCO) and five committee members were nominated by state governments. (NAN)