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‘We Can’t Run Up A Hill Carrying Bag Of Sand’, Nigeria Needs Help With Debt Burden — Akinwumi Adesina

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… says investing in Nigeria is like roses with thorns

Akinwumi Adesina, president of the African Development Bank (AfDB), says Nigeria needs help from the international community in tackling its debt burden.

Speaking at the Nigeria International Economic Partnership Forum in New York on Thursday, Adesina said financing is critical to solving Nigeria’s development challenges.

“Financing is critical because the debt to GDP ratio of Africa has increased to 70 percent, and several countries are the risk of high debt distress due to unstable, unsustainable debt levels,” he said.

“Nigeria’s total debt level is N42.84 trillion or $103 billion. External debt levels stand at N16.61 trillion or $40 billion. Ladies and gentlemen, Nigeria needs help to tackle this debt burden.

“International partnerships on debt are helping Africa and Nigeria. The issuance of special drawing rights (SDR) by the International Monetary Fund of $650 billion helped provide liquidity support for countries. However, Africa only received $33 billion out of all of that. Pretty small.

“A call made by the African heads of State for developed economies to rechannel $100 billion of additional SDRs to Africa will go a long way to reduce the debt burden in Nigeria.

“Allocating this SDR, some of this, through the African Development Bank will actually allow us to leverage it four times because we are a leveraging machine. We can deliver more financing to Nigeria and Africa.

Nigeria and other African countries, in my view, therefore need debt relief. They cannot run up the hill carrying a backpack full of sand.”

He said African countries, including Nigeria, need international partnership to tackle climate change.

Adesina said to understand this, all you have to do is take a look at Lake Chad in Nigeria, stating that the continent loses $15 billion as a result of climate change.

The AFDB president said while there are roses in Nigeria, “roses come with thorns” and that Nigeria’s huge economic potential also comes with a few thorns.

“Those thorns should not discourage us, they call on us to strengthen international partnerships around Nigeria. Nigeria’s growth will be conditioned on its ability to fix its massive infrastructure deficit.

He said the National Integrated Infrastructure masterplan shows Nigeria would need a total financing of $759 billion up until 2043.

Adesina concluded his intervention by referring to a classic by Michael Jackson, asking Nigerian leaders to look at the man in the mirror, and change where necessary.

“I’m talking about the man in the mirror, I’m asking him also to change his ways. We must change our ways sometimes. To attract greater foreign direct investment to Nigeria, we must fix security, capital does not like to be troubled.

“With the right conditions in place, we can confidently say Nigeria is a great investment destination; believe in us, invest in us, invest with us, and you will not be disappointed,” he concluded.

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JUST IN: 31-Yr-Old Belgium Star, Eden Hazard Quits International Football

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Belgium star Eden Hazard announced his retirement from international football on Wednesday, days after the team crashed out of the World Cup in the group stage.

The Real Madrid forward, 31, made the announcement on social media, saying “a page turns today”.

“Thank you for your unparalleled support,” he posted on Instagram.

“Thank you for all this happiness shared since 2008. I have decided to put an end to my international career.

“The succession is ready. I will miss you.”

Hazard was the standard-bearer of Belgium’s much-vaunted “golden generation”, which reached the semi-finals at the 2018 World Cup in Russia.

The ageing team failed to make it past the first round in Qatar, finishing third in Group F behind Morocco and Croatia.

 

Credit: AFP

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Post-COVID Protest: China Loosens Strict Restrictions 2-Yrs After Pandemic

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China announced Wednesday a nationwide loosening of Covid restrictions following protests against the hardline strategy that grew into calls for greater political freedoms.

Anger over China’s zero-Covid policy, which involved mass lockdowns, constant testing and quarantines even for people who are not infected, stoked unrest not seen since the 1989 pro-democracy protests.

Under the new guidelines announced by the National Health Commission, the frequency and scope of PCR testing — long a tedious mainstay of life in zero-Covid China — will be reduced.

Lockdowns will also be scaled down and people with non-severe Covid cases can isolate at home instead of centralised government facilities.

And people will no longer be required to show a green health code on their phone to enter public buildings and spaces, except for “nursing homes, medical institutions, kindergartens, middle and high schools.”

The new rules scrap the forced quarantines for people with no symptoms or with mild cases.

“Asymptomatic infected persons and mild cases who are eligible for home isolation are generally isolated at home, or they can voluntarily choose centralised isolation for treatment,” the new rules read.

“Mass PCR testing only carried out in schools, hospitals, nursing homes and high-risk work units; scope and frequency of PCR testing to be further reduced,” they added.

“People travelling across provinces do not need to provide a 48h test result and do not need to test upon arrival.”

China will also accelerate the vaccination of the elderly, the NHC said, long seen as a major obstacle to the relaxation of Beijing’s no-tolerance approach to Covid.

Rare demonstrations against the ruling Communist Party’s zero-Covid strategy broke out across China late last month.

They expanded into calls for more political freedoms, with some even calling for President Xi Jinping to resign.

Authorities cracked down on subsequent efforts to protest while easing a number of restrictions, with some Chinese cities tentatively rolling back mass testing and curbs on movement.

The capital Beijing, where many businesses have fully reopened, said this week that commuters were no longer required to show a negative virus test taken within 48 hours to use public transport.

Financial hub Shanghai, which underwent a brutal two-month lockdown this year, announced the same rules, with residents able to enter outdoor venues such as parks and tourist attractions without a recent test.

And once dominated by doom and gloom coverage of the dangers of the virus and scenes of pandemic chaos abroad, China’s tightly controlled media dramatically shifted tone to support a tentative moving away from zero-Covid.

The prevalent Omicron strain is “not at all like last year’s Delta variant,” Guangzhou-based medicine professor Chong Yutian said in an article published by the Communist Party-run China Youth Daily.

“After infection with the Omicron variant, the vast majority will have no or light symptoms, and very few will go on to have severe symptoms, this is already widely known,” he assured readers.

But analysts at Japanese firm Nomura on Monday calculated that 53 cities — home to nearly a third of China’s population — still had some restrictions in place.

Wednesday’s announcement came hours after the government released further data showing the crippling economic impacts of zero-Covid.

Imports and exports plunged in November to levels not seen since early 2020.

Imports in November fell 10.6 percent year-on-year, the biggest drop since May 2020, according to the General Administration of Customs. Exports fell 8.7 percent over the same period.

 

Credit: AFP

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19-Yr-Old Endurance Arrested After Defrauding A British Lady Of £450K And Using The Money To Buy Cars, Gold Chains, Others

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A 19-year-old  man, Iredia Endurance has been arrested by the operatives of Benin Zonal Command of the Economic and Financial Crimes Commission, EFCC, for alleged fraud.

According to a statement released by Wilson Uwujaren, spokesperson of the anti-graft agencym says Endurance was recently arrested by the Commission following a petition by one Chrstine Brown, a British citizen, alleging that the suspect defrauded her of £450,000.00.

“Upon arrest, the suspect confessed he received £250,000.00 from the complainant in Bitcoin, FedEx and gift cards. On what he did with the money, the suspect averred that they were expanded on cars, gold chains, and landed properties, among others.

Some of the items recovered from the suspect include mobile  phones, laptops, sim cards and landed property.” He added that the suspect will be charged to court as soon as investigations are concluded.

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