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Africa GDP Falls By $165bn, Adesina Confirms
President of African Development Bank (AfDB), Dr. Akinwunmi Adesina, has lamented the dwindling economic fortunes of the African continent which he said had a decline in its Gross Domestic Product (GDP), by $165billion in 2020.
He noted with dismay that over 30million jobs were lost, while 26million persons fell into extreme poverty within the period.
Akinwunmi, who disclosed this in a speech, titled “Mobilizing Financing for Africa’s Accelerated Economic Recovery, Development and Integration,” which he delivered at the 35th Ordinary Session of the Assembly of the African Union in Addis Ababa, Ethiopia attended by President Muhammadu Buhari, however, lauded the efforts of African leaders in tackling the COVID-19 pandemic which affected many economies of the world.
He warned against outsourcing Africa’s security to foreigners as he stressed the need for Africa to protect African lives by building healthcare infrastructure and vaccine manufacturing.
The AfDB boss said: “It has been a global economic cyclone. Africa witnessed a decline in GDP growth of 2.1% in 2020, its lowest in 20 years. Africa’s GDP fell by $165billion. Over 30million jobs were lost and over 26million people fell into extreme poverty.
“I wish to commend the leadership efforts of the African Union, and our Heads of State and Government, for the critical roles you have played in dealing with the pandemic and the socio-economic challenges in its wake. Today, thanks to these efforts 11% of the population has been fully vaccinated, and another 16% has been partially vaccinated.
“However, while developed countries have moved to booster shots, Africa is still struggling with basic shots.
“We must learn from this experience. Africa can no longer outsource the security of the lives of its 1.4billion people to the benevolence of others. We must secure African lives!
“It is time to build Africa’s healthcare defense system. This must be based on three strategic priorities. First, building Africa’s quality healthcare infrastructure. Second, building Africa’s pharmaceutical industry and third, building Africa’s vaccine manufacturing capacity.
“Africa needs $600million to $1.3billion to meet its goal of attaining 60% vaccine production by 2040. Investing in health is investing in national security. The African Development Bank plans to invest $3billion to support pharmaceutical and vaccines manufacturing capacity for Africa.
“To address the socio-economic impacts of the pandemic and support economic recovery, Africa will need some $484billion over the next 3 years. To eliminate extreme poverty by 2030, the continent will need $414 – $784billion per year. Africa will need $7-$15billion a year to deal with climate change. The continent will also need between $68 – $108billion per year to fix the infrastructure financing gap.”
Akinwunmi noted that Africa must drastically mobilize a lot more resources, saying that with the help of the leaders, the AfDB’s general capital of the bank was increased in 2019 by 125%, rising from $93billion to $208billion, the highest since its establishment in 1964.
According to him, these resources have allowed the bank to scale up support to African economies to tackle the pandemic.
He added: “The Board of Directors of the Bank approved a Crisis Response Facility of up to $10billion. The Bank also launched a $3billion Fight COVID-19 Social Bond on the international capital markets, which was the largest ever US-dollar denominated social bond in world history. The Bank provided $ 27million as grants to the African Centres for Disease Control.
“Over the past six years, the African Development Bank has provided about $39billion in financing to the continent in support of its High5 priorities to: light up and power Africa; feed Africa; integrate Africa; industrialize Africa; and improve the quality of life of the people of Africa. These High5s are the accelerators for achieving Agenda 2063.”
Akinwunmi, assured that with its $25billion in equity, the African Development Fund can leverage up to $33billion of additional financing for low-income countries.
He noted to achieve this; the bank requires the support of the leaders to change the article in the charter of the African Development Fund that does not allow it to go to market to leverage resources. This is top priority.
The AfDB chief said the bank is also leveraging private investments into Africa, in innovative ways, saying: “the Africa Investment Forum, established by the African Development Bank and its partners, has helped to secure investment interests worth more than $78billion.
“This spectacular level of interest includes a $24billion transaction for the liquefied natural gas project in Mozambique. We are proud that that this project will make Mozambique the third-largest producer of liquefied natural gas in the world.
Akinwunmi urged the Heads of State to link security, investment, growth, and development closely together, adding: “To enhance the security of Africa, the African Development Bank is currently developing Security Indexed Investment Bonds. Proceeds from these bonds, when developed, will support countries and regional economic communities to do four things.
“First, to upgrade security architecture. Second, to repair damaged infrastructure in conflict-affected zones. Third, to rebuild social infrastructure. And fourth, to protect zones with strategic investments.
“We must build a better future for our youth. It is time to create youth-based wealth all across Africa. To boost financial support for the businesses of our youth, the African Development Bank Group is exploring with countries the establishment of Youth Entrepreneurship Investment Banks. They will be first rate financial institutions run by the youth for the youth.”
News
Police Rescue Kidnapped Victim, Recover Stolen Vehicle
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Operatives of the Edo State Police Command have rescued one Osazee Okugbowa from suspected kidnappers.
Moses Yamu, the command’s spokesperson, disclosed this in a statement yesterday, stating that the victim was rescued by operatives of Ologbo Division, Ikpoba-Okha Local Government Area, on Friday, 8th February 2025, at about 5 pm.
Yamu said the victim was kidnapped on 7th February, 2025 by five armed men from his residence in the presence of his family in the Power Line area of Owanoba community.
He stated that the victim had since been reunited with his family after receiving medical attention.
He, however, added that the command is on the trail of the suspects in a bid to arrest them.
Meanwhile, Yamu disclosed that the command has recovered a silver-coloured Toyota Yaris with registration number 535 DR, which was snatched from its owner at gunpoint at Upper Mission Road Extension in Benin City.
He said the car was recovered by operatives of the Okuaihe Division in Uhunmwonde Local Government Area, following a distress call received on 6th February 2025.
He added that the operatives intercepted and pursued the car snatchers, who abandoned the vehicle at Iguomon Community along the Benin-Agbor Road.
Yamu said the car has been handed over to its owner while efforts are ongoing to identify and arrest the suspects.
News
Soludo Rebagged FG Rice Shared To APGA Members-APC
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The All Progressives Congress, APC, in Anambra State has protested the dominance of the Chukwuma Soludo-led All Progressives Grand Alliance, APGA, in the affairs of the President Bola Tinubu-led Federal Government.
The party chairman in the state, Mr Basil Ejidike while speaking at the weekend said the dominance of Soludo in affairs that concern Anambra even at the federal level has become a challenge to the state chapter of the APC.
He said all appointments coming to Anambra from the Federal Government had nominees from APGA, while even rice distributed to all states to cushion the effect of hardship had Anambra’s share rebagged with the picture of the governor and distributed to only APGA members last Christmas.
Appealing to Tinubu, Ejidike said, “Sir, may I seize this opportunity to draw your attention to some challenges confronting the APC in Anambra State, that require your kind intervention.
“The issue of appointments made by the Federal government without recourse to the party is inimical to the growth and success of the party in our state, as these appointees do not reckon with the party at the state level.
“Whereby, most of those who have made and are still making heavy sacrifices for the party have not been adequately rewarded and appreciated, many of those who have gotten juicy Federal Government appointments in the past were mainly non-party members, drawn especially from our rival All Progressives Grand Alliance (APGA).”
He said the trend has not served as a source of inspiration or motivation to party members, and is threatening its strength and enthusiasm of emerging victorious in the Anambra 2025 project.
“At the ward, local government and state levels, our members are being discriminated against, as APGA does not recognize or reckon with those who are not their members in the distribution and allocation of government appointments and incentives.
“More worrisome is the fact that what we as a state get from the federal government as incentives and palliatives are usually sent through the state government.
“Sequel to the above, non-APGA members are denied access to them. It is on record that bags of rice sent as palliatives by the federal government were repackaged, and Governor Soludo’s pictures and APGA logo embossed on those bags, thereby giving the impression that they were provided by the governor.
“This arrangement has continued to diminish our party’s influence and reach within the state, and we are terrified to say the least.
“APC in Anambra have come with a passionate appeal, asking that you (Ganduje) intervene and save our members in Anambra from neglect.
“Your kind intervention, Sir, will bolster the morale of our committed party men and women towards the task ahead,” he added.
News
2025 Budgets: I Hope Snake, Monkey Won’t Swallow This One-Atiku
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Former Vice President of Nigeria, Atiku Abubakar, has cautioned against the misappropriation of funds allocated to the health sector in the 2025 budget, referencing past bizarre claims of animals—such as snakes, termites, gorillas, and monkeys—being blamed for missing public funds. He stressed that such absurd incidents must not be allowed to happen with resources meant for healthcare.
Amid dwindling resources and reduced external support for healthcare services, Abubakar emphasised the need for transparency and accountability in the government’s $1.07 billion budgetary appropriation for the health sector. He called for mechanisms to ensure public audits and proper utilization of every kobo earmarked for healthcare.
The former vice president specifically questioned the government’s failure to provide a detailed breakdown of how it intends to spend over a billion dollars in the primary health sector. He noted that while investment in primary healthcare is crucial for providing Nigerians with accessible and affordable medical services, it would be unethical for the government to allocate such a significant sum without disclosing its intended use.
“The Federal Government has announced plans to spend a whopping $1.07 billion in the primary health sector, in addition to the N2.48 trillion initially proposed for healthcare in the budget,” Abubakar noted.
“What is even more concerning is that this additional funding is largely sourced from foreign loans, with a small portion coming from an international donor agency. Since these loans must be repaid, Nigerians have the right to know the full details and ensure that the expenditure is transparent and well-justified,” he added.
Abubakar further criticized the government for failing to commit to any physical infrastructure projects within the health sector, suggesting that this raises red flags about potential mismanagement or fraud.
According to the government, the funds will be used to improve governance in healthcare and strengthen primary health services nationwide, including recruitment, training, and retention of healthcare workers and teachers. However, Abubakar argued that the government has a poor track record in managing public funds, particularly in humanitarian services, and that Nigerians should not accept vague explanations without clear accountability mechanisms.
“It is difficult to trust this administration’s claims, especially given its history of misleading Nigerians about investments in social infrastructure,” he said.
He pointed out the government’s misleading statements about improvements in tertiary hospitals, despite the reality that many of these institutions lack basic amenities, such as stable electricity supply.
“The Tinubu administration has failed in the health sector due to poor funding. Major diseases in primary healthcare, including malaria, tuberculosis, and HIV/AIDS, remain critical challenges. If this government is truly committed to healthcare, it must clarify how it plans to use this intervention fund to tackle these diseases,” Abubakar stated.
He also criticized the government’s response to the recent withdrawal of American aid for HIV/AIDS treatment, noting that its proposed intervention of N5 billion is grossly inadequate.
“If the Tinubu administration does not present a clear framework for managing this significant health sector investment or subject it to proper legislative scrutiny, then it may be safe to conclude that this is yet another case of public funds being mismanaged under the guise of serving Nigerians,” Abubakar concluded.
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