Connect with us

Business News

W’Bank, IMF Plan Debt Reduction for Nigeria, Others

Published

on

The President of the World Bank Group, Mr. David Malpass, has said he is in talks with the Managing Director of the International Monetary Fund (IMF), Ms. Kristalina Georgieva on how to provide debt reduction and succour to Nigeria and other International Development Association (IDA) countries that had been hit by the COVID-19.

The plan is to ensure that COVID-19 doesn’t plunge the IDAs into debt crisis.

Malpass disclosed this during a virtual media briefing yesterday at the ongoing Annual Meetings of the IMF/World Bank in Washington.

Also at a separate media briefing, the Managing Director, IMF, Georgieva, estimated that the cumulative funding needed for Africa between now and 2023 to get out of the COVID-19 health and economic crisis would be about $1.3 trillion.

She also urged IMF member-countries to grant additional concessionary loans and low-interest financing to Africa to aid the continent bridge the financing deficit.

Speaking about an impending global debt crisis, Malpass said: “The tendency in past debt crises is for countries in debt distress to go through a series of ineffective debt rescheduling that leaves them weaker. Creditors may eventually allow them to get to a debt reduction process, but at a tremendous cost to the poor. We need to work better and faster this time.

“While there’s been G20 discussion of a common framework on debt treatment, it’s important that it not just kick the can. Given the urgency of the debt crisis, the IMF and World Bank have proposed that we undertake a joint action plan on debt reduction for the most indebted IDA countries. We’ll discuss it this week with governors during our annual meetings. It’s urgent to make rapid progress on a framework because the risk of disorderly defaults is rising.”

He added: “The scale of the challenges ahead is staggering; so, we need to do more. With the strong support of its shareholders, IDA has frontloaded IDA-19 resources to the fullest possible extent as a key part of the surge in our commitments this fiscal year.

“However, IDA lending would have to decline in the next two years even though the latest forecasts, including those just announced by the IMF, suggest that the reduction in economic activity will extend well into subsequent years. We are proposing to IDA Deputies later this month a $25 billion supplemental COVID Emergency Financing Package. We’ll be grateful, as always, for your support.”

He further said the bank had approved $12 billion for COVID-19 vaccines.

He said: “On a positive note, I am happy to announce that yesterday afternoon, our board approved a package of up to $12 billion to expand our fast-track COVID response for the purchase and distribution of COVID-19 vaccines, tests and treatments.”

While responding to questions on what was needed for countries in Africa return to the path of economic growth, Georgieva said: “The continent of Africa is being severely hit and as a result over the next years between now and 2023 – $1.3 trillion financial gap and that is what Africa needs. Out of this, as of today, we still do not know how we would fill $245 billion.

“We have to make it possible raise resources for Africa with Africa and for that, we need the African countries themselves to concentrate on ambitious reforms to make themselves more attractive for investment from the private sector and also to be more capable to mobilise domestically finances for the recovery from the crisis for growth in the future. We also need the international partners of Africa to do more.

“The fund in the last six months has done 10 times more than what we do in an average year.

We have provided to the continent of Africa $26 billion in emergency financing and other types of financing and of this, close to $16 billion went to Africa.”

Advertisement
Click to comment

Leave a Reply

Companies

Dangote Sugar proposes N18.2 billion as final dividend for 2020

Dangote Sugar Refinery Plc has proposed a sum of N18.2 billion as the final dividend for shareholders.

Published

on

The Board of Directors of Nigeria, Dangote Sugar Refinery Plc has proposed a sum of N18.2 billion as the final dividend for shareholders for the period ended 31st December 2020.

This announcement was contained in the audited financial statement of the leading integrated sugar company.

In line with the statement of the Board of DSR, the approval of this proposed dividend at the forthcoming Annual General Meeting will see Dangote Sugar pay out a final dividend of N1.50 for each of the outstanding 12,146,878,241 ordinary shares of the company, held by its shareholders.

The proposed dividend is 36.36% higher than the final dividend of N1.1 per share (N13.36 billion) the sugar company paid its shareholders in 2019.

What you should know

  • Dangote Sugar Refinery declared in its audited statement for the period ended 31st December 2020 that its profit for the year climbed to N29.8 billion, from N22.4 billion in 2019.
  • According to these figures, DSR’s earnings per share for 2020 are pegged at N2.45. Hence, with a dividend of N1.50 per share, Dangote Sugar is set to payout 61.2% of its profits for 2020.
  • At the close of trading activities on the floor of the Nigerian Stock Exchange today, shares in Dangote Sugar Refinery declined by 0.83% to close lower at N17.85.
  • At this price, the dividend yield of Dangote Sugar shares is 8.40%.
Continue Reading

HOSPITALITY & TRAVEL

FG approves reopening of Osubi Airport, Warri for daylight operations

Osubi Airport will be opened for operations in daylight in VFR conditions and observe COVID-19 protocols.

Published

on

The Federal Government approved the reopening of Osubi Airport, Warri, Delta State for daylight operations on Monday.

This was disclosed by the Minister of Aviation, Hadi Sirika, via his Twitter handle on Monday.

According to him, the facility will be opened for operations in daylight in VFR conditions, while observing COVID-19 protocols.

He tweeted, “I have just approved the reopening of Osubi Airport Warri, for daylight operations in Visual Flight rules (VFR) conditions, subject to all procedures, practices and protocols, including COVID-19, strictly being observed. There will not be need for local approvals henceforth.”

VFR are a set of regulations under which a pilot operates an aircraft in weather conditions generally clear enough to allow the pilot to see where the aircraft is going.

What you should know

  • The Airport, which was commissioned on 17th April 1999 by the former Minister of Aviation, Captain Briggs, is managed by the Federal Airports Authority of Nigeria (FAAN).
  • In 2020, the Federal Government, in a letter to all the aviation parastatals, had allegedly terminated the contract of Shoreline Oil Services Limited, the operator of the airport, with immediate effect, citing incompetence.
  • The facility has been a subject of controversy since it changed hands from the original owner, Shell Petroleum Development Company (SPDC), to Shoreline in partnership with the Nigeria National Petroleum Corporation (NNPC) in 2015.
Continue Reading

Business

US Ambassador opens centre in Lagos, to boost entrepreneurial skills among Nigerian youth

US Ambassador to Nigeria has launched a centre where youths can gain entrepreneurship skills through programs and workshops.

Published

on

The United States Ambassador to Nigeria, Mary Beth Leonard, opened the first-of-its-kind Window on America in Nigeria on Monday.

The Centre is expected to serve as a community center where young people develop their ideas, as well as their leadership and entrepreneurship skills through programs and workshops designed especially for them.

This was disclosed in a statement shared by Temitayo Famutimi, Information Specialist, Public Affairs Section (PAS), U.S. Consulate General and seen by Themoneymetrics.

According to the statement, the Centre, which was Hosted at the Lekki Slum2School Innovation Hub in Lagos, is as a result of a partnership between the US Consulate General, Lagos and Slum2School Africa, founded by Otto Orondaam, a 2016 alumnus of U.S. government’s Mandela Washington Fellowship.

The Ambassador noted that the new Window on America is open to everyone in the community, offering its services, programs and resources to the public at no cost.

She said, “We are happy to open the very first Window on America space in Nigeria here in Lekki.

“In the next few months, we will follow with six additional new Windows on America in the south and 12 across the country. We want our Windows on America to promote mutual understanding between the United States and the people of Nigeria.”

In addition to providing public programming space, the Lekki Window on America will support five core programs: English language learning, educational advising, alumni activities, cultural programs, and information about the U.S.

What you should know

  • Visitors to the window will typically include students, teachers, entrepreneurs, academics, journalists, civic organizations, government officials, and community leaders, in addition to many others.
  • Windows on America are American spaces that provide welcoming environments where visitors can learn about the United States, including its government, history, culture, and educational system through programs, lectures, books and electronic resources provided by the U.S. Government.
  • In addition to the Lekki Window on America, 12 more will be opened in major cities across the country, including Abeokuta, Awka, Benin City, Enugu, Osogbo, Uyo, Zaria, Minna, Dutse, Makurdi, Gombe and Lafia, in order to engage more Nigerian audiences in their local communities.
Continue Reading
Advertisement
Advertisement
Advertisement
Advertisement unmute the video for sound
Advertisement
Advertisement

Facebook

Follow us on Twitter

Subscribe to Blog via Email

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 92 other subscribers

Trending