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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.”
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Rivers NIPR Gets New Executive

The Nigerian Institute of Public Relations (NIPR), Rivers State Chapter, has inaugurated a new Executive Council to pilot the affairs of the institute for the next two years.
The new Executive Council was elected during the maiden edition of the Rivers Public Relations Week and Annual General meeting held last Friday, in Port Harcourt.
The re-election marked a historic moment as members of the chapter converged to chart a new course for professional excellence, ethical standards, and the advancement of public relations practice in the State.
This was contained in a statement signed by the Public Relations Officer of the institute, Ayodeji Emmanuel Afelumo, at the weekend.
The Registrar and Secretary to the NIPR Governing Council, Chief Uzoma Onyegbadue, who swore in the officers charged them to redouble their efforts in upholding professional integrity and excellence in public relations practices.
The officers re-elected for the second term include Rev. Francis Asuk as chairman, Dr. Parry Saroh Benson (Vice Chairman), Mr. Felix Tamuno (Secretary), Alhaja Ayo Odungweru (Treasurer), and Edna Alete as Financial Secretary.
Those with fresh tenure are Dr. Helen Chimezie who was elected as the Assistant Secretary, Mr. Ayodeji Emmanuel Afelumo (Public Relations Officer), and Mrs. Ngowari Oba as Welfare Officer, following the tenure expiration of the former officers.
In his acceptance remarks, Rev. Asuk expressed gratitude to members for their confidence and pledged to uphold the ideals of the institute, promote professional development, and foster partnerships that would further enhance the visibility of public relations in Rivers State and beyond.
The Rivers Public Relations Week is the first of its kind organised by a State chapter of the institute and it provided a platform for practitioners, scholars, and stakeholders to engage in knowledge-sharing, networking, and discussions on the evolving role of public relations in governance, business, and society.
The statement added that the Rivers State Chapter of the NIPR looks forward to a new era of purposeful leadership, innovation, and impact under the stewardship of its newly inaugurated executive council.
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Falana Gives Ken Saro-Wiwa, Others Clean Bill Of Health …As Activist Decries Marginalisation Of Ogoni People p6 lead

Human rights lawyer, Femi Falana(SAN) has apparently exonerated the slain writer and environmental rights activist, Mr Ken Saro-Wiwa and his eight Ogoni kinsmen of the murder charge which led to their execution by hanging by the Gen Sani Abacha military junta on November 10, 1995.
This is even as a human rights activist, Evangelist Caroline Nagbo, has decried the spate of marginalisation against Ogoni people in Nigeria and Rivers State, saying, in spite of the struggles, sacrifices and contributions of the Ogoni people, they have continued to be marginalised, particularly in politics.
Falana, who bared his mind in a keynote address during the 30th Anniversary of the Ken Saro-Wiwa Memorial Lecture at Hotel Presidential, Port Harcourt on Friday, said the Ogoni nine never committed the crime for which they were hanged by the Federal Government.
On her part, Nagbo noted in a goodwill message at the event that despite the Ogoni people’s contributions, struggles and sacrifices, they continue to face exclusion and intimidation.
She decried a situation where people who hated Ken Saro-Wiwa during his lifetime, equally hate Ogoni people, because they consider them as very intelligent, stressing that instead of giving them political power, stooges are rather favoured.
According to her, Ogoni people must continue to speak out and agitate for their rights.
Nagbo further noted that the name of Ken Saro-Wiwa always evokes environment, minority and politics, emphasising that the legacies of the late environmental rights activist have continued to inspire and motivate the Ogoni people, and highlighted the significance of his birthday, which coincides with the Ogoni struggle for self-determination, environmental justice, and human rights.
She said the Federal Government’s treatment of Ken Saro-Wiwa’s memory and the Ogoni people is a reflection of the country’s flawed political system, and criticised politicians for their absence at events commemorating Ken Saro-Wiwa’s birthday and even illegal execution, attributing it to the marginalisation and intimidation faced by the Ogoni people.
“If you identify with Ken Saro-Wiwa and the Ogoni struggle, you are the enemy of the state, and that is marginalisation and intimidation,” she said.
Nagbo further lamented that despite the Ogoni people’s contributions to the country’s struggle for democracy, they are yet to be adequately rewarded.
“Politically, up till now, an Ogoni individual has never been a Governor, and they are not ready to give it to us, even in the next 30 years.The same thing they did to Ken Saro-Wiwa is the same thing they are doing to the Ogoni sons and daughters. They are manipulating it,” she said.
Nagbo praised the consistency of fiery human rights lawyer, Femi Falana(SAN), in championing the cause of the Ogoni people, saying, even Ken Saro-Wiwa was known for his consistency.
The keynote speaker, Mr Femi Falana actually chronicled the circumstances surrounding the hanging of Ken Saro-Wiwa and eight of his kinsmen on November 10, 1995, saying, they never committed the offence for which they were executed, and,therefore, deserve not only the recent pardon granted to them by the Federal Government but also exoneration and apology from the government.
Falana accused the state and Shell of masterminding the murder of four Ogoni sons, with the intent of roping in Ken Saro-Wiwa and the other Ogoni activists, saying, the execution of the Ogoni activists was premeditated.
According to him, when it was clear that the then Abacha military junta had already made up its mind to kill Ken Saro-Wiwa and others, the legal team defending them had no option than to withdraw from the trial in order not to give it legitimacy.
The human rights lawyer said the Ogoni people must be united today more than ever before to fight for their rights, stressing that the move for resumption of oil production in Ogoniland can only be justified when the ongoing cleanup of Ogoniland has attained an appreciable level.
He also applauded the siting of the Federal University of Environment and Technology in Ogoniland, but insisted that the university must employ Ogoni people to justify its establishment.
Falana said the time has come for the people of the Niger Delta region to demand accountability from the political class at all levels of governance in the region, saying, they are constitutionally empowered to find out how the 13 percent derivation funds and other funds are utilised.
According to him, the three percent fund stipulated and specified in the Petroleum Industry Act(PIA) is supposed to go directly to oil and gas bearing communities in the Niger Delta.
He also sympathised with Umuechem people for what befell them during the military regime, and decried a situation where oil companies failed in providing social amenities to the people, in spite of benefiting from the oil and gas deposits in their land.
He promised to set up a think tank of lawyers to advocate and ensure that oil and gas host communities in the country, particularly in the Niger Delta are provided social amenities.
Also, human rights and environment campaigner and one of the organisers of the event, Mr Celestine Akpobari thanked Femi Falana, Dr Nimo Bassey and other dignitaries and participants for gracing the event, which he described as the celebration of Ken Saro-Wiwa’s legacies.
He said the rush for the resumption of oil exploration in Ogoniland does not make any economic sense, and likened it to mopping the floor while the taps are open.
At the event, the panel of discussants consisted of Prof KialeeNyiayana of the University of Port Harcourt; Prof Lucky Akaruese of the University of Port Harcourt; Eze(Prof) Christian Akani of the Ignatius Ajuru University of Education; and Leader of Ogoni People’s Assembly, Rev Probel Williams, while the moderator was Dr EmemOkon.
The discussants gave a good account of themselves, as they did not only dissect the keynote address presented by Femi Falana, giving more insights into it, but also did justice to the questions posed to them by the moderator, bordering on Ken Saro-Wiwa and his legacies, among other issues.
By: Donatus
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Unveiling of $400million Otakaikpo crude oil Export Terminal; Monarch Hails Tinubu …lists Economic Benefits Of The Project

The monarch however decried inconsistent payment of the statutory 3 percent opex by the JV and expressed the hope that priority will be placed on the payment of the outstanding 3 percent for 2024 to the community HCDT.King Ikuru also urged the company to instruct the JV to provide electricity to the host community and stressed the need for Ikuru to be connected to the energy source as Otakaikpo marginal oil field.
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