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Green economic recovery will create jobs – IMF

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The Managing Director of the IMF, Kristalina Georgieva, says the IMF’s focus on a green global economic recovery would boost the creation of Jobs in climate resilience, reforestation, dealing with land degradation, improving infrastructure and renewable energy.

Georgieva disclosed this in an interview with Bloomberg BusinessWeek on Saturday.

Recall It was reported last month that the IMF said infrastructure is needed for a resilient economic growth in Africa post-covid-19, and in a scenario where large scale investments are needed, the focus needs to be smart, green and inclusive.

This means moving towards other renewable energy sources, such as solar and wind power. This shift will help reduce carbon emissions, spread electrification, and create jobs. In Kenya, the government increased access to electricity from 40 to 70% of the population in large part through the use of small, off-grid, solar-powered energy plants,” the IMF said.

Georgieva told BusinessWeek that during the economic downturn caused by the pandemic, the IMF poured money into many sectors of the global economy, and with the rising recovery, the IMF would prioritize a definitive end to the health crisis everywhere to enable emerging economies trade with advanced economies and also move towards a green economic model, which is a job-rich model and can boost GDPs of nations.

 

When we put the economy into a standstill, the right policy response was to support companies across the board. Central banks, financial authorities, and institutions like mine have poured resources so that there is a floor under the world economy. And at that stage of the emergency response to a very unusual crisis, it would be wrong to try to differentiate. You don’t have the time. And you would do more harm than good if you differentiate,” she said.

She continued, “We are now at the point where we are seeing the signs of recovery. That is moving us to a different phase where our advice from the fund is threefold: One, prioritize a definitive end to the health crisis everywhere. Even if advanced economies and some emerging-market economies revitalize themselves, if their trading partners are in trouble, that drags the world down. Two, start now thinking about how to gradually move support towards what you want to see in the future. Are jobs being protected? Are jobs being created? Now why is a green recovery very attractive? Because the green recovery can be a job-rich recovery.”

She added that the green recovery will created jobs in climate resilience, reforestation, dealing with land degradation, improving infrastructure to withstand climate shocks, building installations as a lot of renewable energy projects create jobs.

She said that a green recovery focus would create income equality opportunities for the future, through investing “in people, investing in education, and investing in internet accessibility.”

“One thing that I’m eager for the fund to play a role in is this combination between social safety nets and social safety ropes—provide incentives for people, especially young people, women, those that are most affected in this crisis. And it is great for the economy, it is also great for social cohesion,” she said.

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VP Osinbajo calls for provision of capital to grow businesses for long term

The Vice President has stated that the banking sector plays a crucial role in promoting increased & inclusive growth in Nigeria.

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There is need to further deepen the provision of capital that will allow businesses to grow over the long term. This was disclosed by Vice President Yemi Osinbajo during the Bankers Committee on Friday.

He commended the DMBs for their patriotic contributions to sustain growth but called for the need to further deepen the provision of capital that would allow businesses to grow over the long term.

“The banking sector plays a crucial role in promoting increased & inclusive growth in Nigeria. I commend #CBN for the forward-looking support for growth-related initiatives, especially under the economic sustainability plan,” he said.

What you should know

  • On Friday, VP Osinbajo had called for crypto regulation, knowing fully well the role crypto plays in the global financial ecosystem, as he opined that such disruption often made room for progress, according to Nairametrics.
  • Osinbajo also advised the SEC, and Central Bank of Nigeria to create a regulatory road map, while fully appreciating the stance of the CBN, Nigerian SEC, and law enforcement agencies on the possible abuses of crypto assets.
  • The vice president further stressed the important role cryptocurrencies would play in the coming years as they would most likely challenge traditional banking, including reserve banking, in ways the world hadn’t yet imagined. He thus stressed the need for Nigeria to be prepared for such a seismic shift.

 

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Sanwo-Olu says construction work on Fourth Mainland Bridge to start end of 2021

Governor Sanwo-Olu has disclosed that the foundation for the proposed 4th Mainland Bridge would be laid before the end of 2021.

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The Lagos State Governor, Mr Babajide Sanwo-Olu, has revealed that the foundation for the proposed Fourth Mainland Bridge would be laid before the end of the year 2021.

The execution of the bridge is geared towards improving the transport infrastructure and movement across the state.

According to a report from the News Agency of Nigeria (NAN), this disclosure was made by Sanwo-Olu during the 16th Executive/Legislative Parley, with the theme: ”A Consensus Agenda for Rebuilding Lagos”, organised by the Office of Civic Engagement.

He pointed out that the promise to construct the Fourth Mainland Bridge is not a political one.

What the Lagos State Governor is saying

Sanwo-Olu during the interactive session said, ”We did not politically promise Fourth Mainland Bridge but we are going to do Fourth Mainland Bridge.

”With your prayers and by the grace of Almighty God, we shall turn the sod and lay the foundation for the building and construction of that Fourth Mainland Bridge before the end of this year.

”We are on course and I am sure that the 37km ring road is on track, which will change the face of transportation and movement in Lagos,” the governor said.

The governor also disclosed that his administration was on course to complete the Blue Line and Red Line rail projects which were started several years back, saying the project will be completed and trains will move on the two rail lines before the end of his administration.

He said, ”It is a commitment that we have given to Lagosians and it is a commitment that we will see will come to fruition because we have finished the financial closure and we are excited about that project.’

Speaking at the event, the Special Adviser, Office Of Civic Engagement, Princess Aderemi Adebowale, said that the executive and legislature would discuss extensively the theme of the retreat, “A Consensus Agenda for Rebuilding Lagos”.

While saying that the discussion in the next 48 hours would help to fast track the rebuilding of the state, Adebowale said that they would delve deeply into issues such as Youth Leadership Role, Grassroots Development: a catalyst for growth, and Role of Social Media in Nation Building, among others.

What you should know

  • It can be recalled that the Lagos State Government has shortlisted 6 companies for the design, development, construction, operation, and maintenance of the Fourth Mainland Bridge.
  • This followed the government’s issuance of a Request for Qualification (RFQ) in February this year. The 6 companies were said to have completed the technical and financial capacity requirements.
  • Lagos State said it will announce the selection of the next stage in due course, even as the RFQ will be given to the pre-qualified bidders.
  • The Fourth Mainland Bridge is a 37.4km freeway subdivided into three sections namely Island Section, Lagoon Section and Mainland Section. It will commence from Abraham Adesanya Roundabout in Lekki through Ajah and Langbasa areas, crossing the Ado Badore Road before arriving at the Lagoon shoreline.
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Lagos says blue, red rail lines will be ready by December 2022

The state government expects the 2 lines to change the transport landscape of the state when fully operational.

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The Lagos State Government has revealed that the Lagos Blue and Red rail lines will be operational by December 2022.

This is as the state government expects the 2 lines to change the transport landscape of the state when fully operational, and part of the traffic management plan to actualize the Lagos Rail Mass Transit.

According to a report from the News Agency of Nigeria (NAN), this disclosure was made by the General Manager of the Lagos Metropolitan Area Transport Authority (LAMATA), Mrs Abimbola Akinajo, during a visit by the officials of the Office of Transformation, Creativity and innovation, (Office of Head of Service) on Wednesday, in Lagos.

Akinajo said that LAMATA was working assiduously to ensure the delivery of the rail lines to passenger operation by December 2022.

What the General Manager of LAMATA is saying

Mrs Akinajo, in her statement, said, “These two lines will change the transport landscape of Lagos when operational. We have a transport master plan which speaks to the vision of Gov. Babajide Sanwo-Olu on transportation.

“We have six rail lines and one monorail, 14 Bus Rapid Transit (BRT) corridors, over 20 water routes and we are sure that when all of these are properly harnessed, Lagos will join the league of cities with an efficient transport system.

“We have advertised four other rail lines for the private sector to invest. We are working on the private sector so they could bring in about 1,500 high capacity buses by 2022. We would be launching our First Mile Last Mile scheme very soon. We are working on the construction of two interchanges at Mile 2 and CMS. We want to ensure that Lagosians travel in comfort.”

The LAMATA boss explained that the vision of an intermodal integrated transport system was meant to create choices for Lagos commuters without stress to achieve their daily commute needs, and meet up their economic and social engagements.

Akinajo also disclosed that LAMATA had opened up 57 routes for operators which include the 2 main transport unions, the National Union of Road Transport Workers and the Road Transport Employers Association of Nigeria.

While noting that they were currently operating on the Oshodi-Abule Egba BRT corridor and other standard bus routes, she told the officials that LAMATA needed to increase its manpower as the transport networks unfolded, and an office complex to accommodate its staff.

What you should know

  • It can be recalled that about 2 weeks ago, the Lagos State Government announced the temporary closure of the Yaba overpass for 3 weeks for Red Line soil testing.
  • The Lagos Rail Mass Transit is an urban rail system being developed in Lagos. The system is managed by LAMATA.
  • The railway equipment including electric power, signalling, rolling stock, and fare collection equipment will be provided by the private sector under a Concession Contract. LAMATA is responsible for policy direction, regulation, and infrastructure for the network.
  • The first 2 lines of the urban light rail project are estimated to cost $1.4bn. The Red line will be 30km long and will run between Marina and Agbado. The Blue line will be 27km long, connecting Okokomaiko to Marina.
  • The Blue line will cost $1.2bn and is being funded entirely by the Lagos State Government.
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