IATA: Time to Prepare for COVID-19 Vaccine Air Transport is Now

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09/09/2020

The International Air Transport Association (IATA) urged governments to begin careful planning with industry stakeholders to ensure full preparedness when vaccines for COVID-19 are approved and available for distribution. The association also warned of potentially severe capacity constraints in transporting vaccines by air.

Preparedness
Air cargo plays a key role in the distribution of vaccines in normal times through well-established global time- and temperature-sensitive distribution systems. This capability will be crucial to the quick and efficient transport and distribution of COVID-19 vaccines when they are available, and it will not happen without careful planning, led by governments and supported by industry stakeholders.
“Safely delivering COVID-19 vaccines will be the mission of the century for the global air cargo industry. But it won’t happen without careful advance planning. And the time for that is now. We urge governments to take the lead in facilitating cooperation across the logistics chain so that the facilities, security arrangements and border processes are ready for the mammoth and complex task ahead,” said IATA’s Director General and CEO, Alexandre de Juniac.
“Delivering billions of doses of vaccine to the entire world efficiently will involve hugely complex logistical and programmatic obstacles all the way along the supply chain. We look forward to working together with government, vaccine manufacturers and logistical partners to ensure an efficient global roll-out of a safe and affordable COVID-19 vaccine,” said Dr Seth Berkley, CEO of Gavi, the Vaccine Alliance.

Facilities: Vaccines must be handled and transported in line with international regulatory requirements, at controlled temperatures and without delay to ensure the quality of the product. While there are still many unknowns (number of doses, temperature sensitivities, manufacturing locations, etc.), it is clear that the scale of activity will be vast, that cold chain facilities will be required and that delivery to every corner of the planet will be needed. Priorities for preparing facilities for this distribution include:

Availability of temperature-controlled facilities and equipment – maximizing the use or re-purposing of existing infrastructure and minimizing temporary builds
Availability of staff trained to handle time- and temperature-sensitive vaccines
Robust monitoring capabilities to ensure the integrity of the vaccines is maintained

Security: Vaccines will be highly valuable commodities. Arrangements must be in place to keep ensure that shipments remain secure from tampering and theft. Processes are in place to keep cargo shipments secure, but the potential volume of vaccine shipments will need early planning to ensure that they are scalable.

Border Processes: Working effectively with health and customs authorities will, therefore, be essential to ensure timely regulatory approvals, adequate security measures, appropriate handling and customs clearance. This could be a particular challenge given that, as part of COVID-19 prevention measures, many governments have put in place measures that increase processing times. Priorities for border processes include:

Introducing fast-track procedures for over-flight and landing permits for operations carrying the COVID-19 vaccine
Exempting flight crew members from quarantine requirements to ensure cargo supply chains are maintained
Supporting temporary traffic rights for operations carrying the COVID-19 vaccines where restrictions may apply
Removing operating hour curfews for flights carrying the vaccine to facilitate the most flexible global network operations
Granting priority on arrival of those vital shipments to prevent possible temperature excursions due to delays
Considering tariff relief to facilitate the movement of the vaccine

Capacity
On top of the transport preparations and coordination needed, governments must also consider the current diminished cargo capacity of the global air transport industry. IATA warned that, with the severe downturn in passenger traffic, airlines have downsized networks and put many aircraft into remote long-term storage.

The global route network has been reduced dramatically from the pre-COVID 24,000 city pairs. The WHO, UNICEF and Gavi have already reported severe difficulties in maintaining their planned vaccine programs during the COVID-19 crisis due, in part, to limited air connectivity.
“The whole world is eagerly awaiting a safe COVID vaccine. It is incumbent on all of us to make sure that all countries have safe, fast and equitable access to the initial doses when they are available. As the lead agency for the procurement and supply of the COVID vaccine on behalf of the COVAX Facility, UNICEF will be leading what could possibly be the world’s largest and fastest operation ever. The role of airlines and international transport companies will be critical to this endeavour,” said Henrietta Fore, UNICEF Executive Director.
The potential size of the delivery is enormous. Just providing a single dose to 7.8 billion people would fill 8,000 747 cargo aircraft. Land transport will help, especially in developed economies with local manufacturing capacity. But vaccines cannot be delivered globally without the significant use air cargo.
“Even if we assume that half the needed vaccines can be transported by land, the air cargo industry will still face its largest single transport challenge ever. In planning their vaccine programs, particularly in the developing world, governments must take very careful consideration of the limited air cargo capacity that is available at the moment. If borders remain closed, travel curtailed, fleets grounded and employees furloughed, the capacity to deliver life-saving vaccines will be very much compromised,” said de Juniac.

Egypt’s Smartphone Market Defies COVID-19, Reports 2.2% Growth in Q2

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09/09/2020

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Egypt’s smartphone market grew 2.2% quarter on quarter (QoQ) in Q2 2020 to total 2.88 million units, according to the latest research conducted by International Data Corporation (IDC). While most markets in the Middle East and Africa suffered declines during the quarter, the pandemic did not hurt smartphone sales in Egypt as badly as expected.

This growth was spurred by vendors focusing on pushing affordable phones into the market, while vendors also accelerated their shipments before new import taxes were introduced at the end of June.

Samsung was the market leader in Q2 2020 with 23.8% unit share, followed by Oppo in second place and Xiaomi in third.

In terms of price bands, the quarter saw a remarkable shift to the ultra-low-end, with devices priced below $100 growing their share of the market to 30.5%. In terms of screen size, the 6.5–7.0” band gained 12.4 percentage points QoQ to account for 45.4% unit share.

“While COVID-19 did not halt demand for smartphones in Egypt, it certainly led to a change in market dynamics on both the supply and demand sides,” says Taher Abdel Hameed, a senior research analyst at IDC. “The price band and screen size trends indicate that consumers were opting for more affordable phones due to tighter budgets, while vendors supplied affordable models with higher specs to cope with challenging sales conditions during the pandemic.”

Looking at 2020 as a whole, IDC forecasts smartphone shipments to Egypt to increase 2.9% year on year. “Consumer demand continues to be resilient in the second half of 2020 despite certain inhibitors at play in the market,” says Yavuz.

“The new taxes on mobile phones, exchange-rate fluctuations, and a general decline in the economy due to COVID-19 will definitely have an impact, but the Egypt smartphone market remains dynamic. Global vendors are focused on the country and marketing spend is expected to continue, which will help the market overcome the barriers.”

ITU Unveils Connect2Recover to Protect Digital Infrastructure in COVID-19-Affected Countries

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09/09/2020

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Professor Umar Danbatta

Executive Vice-Chairman

Nigerian Communications Commission (NCC)

The International Telecommunication Union (ITU) has launched Connect2Recover with the support of the Ministry of Internal Affairs and Communications of Japan and the King Salman Humanitarian Aid and Relief Centre of Saudi Arabia to help countries recover from COVID-19 by expanding access to affordable and reliable connectivity. Connect2Recover will initially focus on selected countries in Africa which are some of the least well connected countries and likely to be hit hard by the pandemic in socio-economic terms.

COVID-19 has highlighted that digital infrastructure is not just a convenience but an essential requirement for fully-fledged participation in society and the economy. Broadband connectivity has proved vital in helping countries’ businesses and citizens adapt and respond to the pandemic, enabling them to access the latest health information and continue working, learning and socializing remotely.

Connect2Recover seeks to expand access to affordable and reliable connectivity, which is an essential aspect of countries’ COVID-19 recovery strategies.

“ITU, and the wider international community, is transitioning from aiding countries with their immediate response to COVID-19, to helping countries prepare for and adjust to a ‘new normal’,” said ITU Secretary-General Houlin Zhao. “As the United Nations is calling on its Member States to ‘build back better’, Connect2Recover represents ITU’s contribution by facilitating socio-economic recovery through the use of digital infrastructure, services, and applications, thanks to the generous support of the Japanese government and the Kingdom of Saudi Arabia.”

Connect2Recover will consist of three key elements.

First, Connect2Recover will develop a methodology for identifying gaps and bottlenecks in the use of digital networks and technologies at country level: to respond to and mitigate the consequences of the COVID-19 pandemic as well as preparedness for any similar emergencies in the future: and to enable recovery and readiness for the “new normal”.

Second, on the basis of this methodology, Connect2Recover will assist countries in assessing their needs, gaps and bottlenecks, and develop strategies to ensure that the digital infrastructure and ecosystems adequately support recovery efforts and the “new normal.” These strategies will be designed in line with global best practices, as well as with other relevant policy tools developed by ITU and other relevant organizations.

Third, Connect2Recover will conceptualize and implement pilot projects to test specific technological solutions in line with national country strategies and policies. The project will also undertake deep-dive studies in specific areas of digital policy as prioritized by the selected countries, such as digital finance, e-education, e-health, e-government, or tele-working.

“Japan recognizes the importance to continuously work together with countries to strengthen their digital broadband infrastructure for adapting to the ‘new normal’, which provides a base of tele-working and remote activities,” said Minoru Terada, State Minister for Internal Affairs and Communications of Japan. “Digital technology is playing a vital role to respond to and mitigate the COVID-19 pandemic. Under these circumstances, our project aims at improving the connectivity through the development of resilient broadband networks to respond to the COVID-19 pandemic, especially among African countries.”

“The pandemic has affected the global economy, financial markets, trade, and global supply chains. Saudi Arabia recognizes its devastating impact, which has hampered growth and development and reversed the gains accomplished in the previous years. This human crisis requires a global response as the virus respects no borders, humanitarian situation or needs,” said Dr. Abdullah Almoallem, Director of Health and Environmental Assistance at the King Salman Humanitarian Aid and Relief Centre. “During this pandemic, we heavily depend on ICTs to carry out our daily life needs under the new norms of social distancing. As it assumed the presidency of the G20, Saudi Arabia continued its humanitarian aid to other countries in order to help them to respond to the COVID-19 pandemic, and through this project we aim to enhance connectivity and leave no one behind in this digital age.”

“COVID-19 has demonstrated the vital importance of meaningful connectivity and it has also served as a wake-up call to the global community to renew efforts to connect the 3.6 billion people still offline,” said Doreen Bogdan-Martin, Director of the ITU Telecommunication Development Bureau. “Connect2Recover represents a first step in our journey to recovery and preparedness. I applaud the commitment of Japan and Saudi Arabia, and I invite all stakeholders to join this initiative to help advance real and rapid progress for all.”

In addition to ITU’s existing COVID-19 activities and work programmes in Africa, Connect2Recover reinforces the organization’s long-standing efforts to accelerate digital transformation on the African continent and thus achieve long-term development goals.

Out of the 25 least connected countries in the world, 21 are in Africa. According to the African Union’s Digital Transformation Strategy for Africa, nearly 300 million Africans live more than 50 km from a fibre or cable broadband connection. Access to high-speed Internet thus remains out of reach for many Africans, hindering their ability to fully harness the potential of digital transformation.

3 Ways to Connect the Dots of Nutrition in Nigeria

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09/09/2020

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Food is a universal language. It knows no barrier. Living things need food for sustenance. Human beings, however, have taken it up a notch. Today, humans eat not just for sustenance, but also recreation, sports and even hobby.

Food is important to the body. The body needs it to grow, function and repair itself. Food provides the body with nutrients. To know the right nutrients for the body, we must first understand nutrition.

Nutrition is the study of nutrients in food, how the body uses them and the relationship between diet, health, and disease. Nutrients are divided into two types, macronutrients and Micronutrients. Macronutrients such as proteins, carbohydrates and fats are nutrients needed by the body in large quantities, while micronutrients such as iron, sodium, potassium etc. are nutrients that the body needs in small quantity.

The World Health Organisation (WHO) argues that nutrition is a critical part of health and development, with better nutrition related to improved infant, child and maternal health, stronger immune systems, safer pregnancy and childbirth, lower risk of non-communicable diseases (such as diabetes and cardiovascular disease) and longevity.

In Nigeria, there is a huge nutrition gap. There is a disconnect between available food and proper combination, and even preparation, for the best nutrition. The gap is widening every day.

To move forward, the country must explore how to close the gap and connect the dots. The recent Protein Challenge webinar themed: “The UN Decade of Action on Nutrition – Connecting the Dots for Nigeria” provided plenty of clarity on the issue.

The session brought together nutrition and SDG experts to discuss the adverse effects of malnutrition, Sustainable Development Goals (SDGs) and the pivotal role nutrition has to play in achieving these goals. For Nigeria to improve its nutrition status, here are three ways that it can connect the dots:

#1: Food Security: Food security, as defined by the United Nations’ Committee on World Food Security, means that all people, at all times, have physical, social, and economic access to sufficient, safe, and nutritious food that meets their food preferences and dietary needs for an active and healthy life.

Essentially, food security refers to the availability of food and one’s access to it. Nigeria has a food security problem. The food security challenge is compounding the nation’s nutrition crisis. Farmers continually have to contend with security challenges on the farms, logistic bottlenecks in the supply chain and huge wastage due to unavailability of proper storage for produce.

Besides, the COVID-19 pandemic and the resulting lockdown measures have disrupted production, impacted incomes and reduced access to food.

The government must assert itself. It must improve access to farmlands via improved security nationwide, partner with interested private sector organisations to establish urgently storage facilities and work to improve the agriculture value chain.

#2: Increase Nation’s Budget on Health and Nutrition: Healthy citizens make a healthy nation. An important way to ensure that the citizens are healthy is through the dedication of appropriate portions of the budget to the health sector. It is only common sense.

The government needs to urgently review budgetary allocations to health and nutrition. Sadly, over the last couple of years, the health budget has seen a sharp decline from N71.11 billion naira in 2018 to N46 billion in 2020. In a country where the population is increasing rapidly, a critical look into the health budget is imperative if we are to meet up with the 2030 timeline of achieving ‘zero hunger’.

The health budget allocation must increase, with particular emphasis on the nutrition budget line item.

#3: Nutrition Education: Meal planning is an essential ingredient for maintaining a healthy lifestyle. Of course, it is impossible to plan meals without good nutrition education.

The reason is obvious; a lot of people just eat without considering the nutrition needed by the body. Educating people across all social classes is needed so they can know the combination of nutritious foods to have on their plates. For instance, people need to know that contrary to popular belief, beans is not the only source of affordable protein as other plant-based foods are available and packed with protein.

Foods such as soybeans, egusi, vegetables and groundnuts are great examples of plant-based protein-rich food sources. Crayfish, snails and fish are equally sources of protein that are easily accessible and affordable to have on healthy plates.

Nutrition is essential for good health. Nigeria must work to bridge the nutrition gap. To start with, three things must be done: work to achieve food security, increase health budget and nutrition education. These are the right steps to connecting the dots.

Swiss Re Forecasts Positive Outlook for Insurance Renewals

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Business Journal

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09/09/2020

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Mr. O. S. Thomas

Commissioner for Insurance

National Insurance Commission (NAICOM)

Following rate improvements in many markets, and particularly in loss-affected segments, Swiss Re expects further rate hardening across all lines of business.

At the same time, the reliance on underwriting profits increases in the low interest rate environment. Swiss Re also expects more opportunities for re/insurers due to a combination of improving insurance demand and growing exposures.

Despite the cancellation of the Rendez-Vous de Septembre 2020 in Monte Carlo, Swiss Re continues to host its established media events, but in a virtual format. Today, Swiss Re shares its view on the upcoming renewals season.

Swiss Re expects prices to continue to increase driven by the combination of lower interest rates and the need for prices to cover increasing loss trends as demonstrated by recent experience across the world.

Hurricanes are frequently affecting areas where exposures have grown as a result of wealth accumulation.

This leads to increasingly severe losses, as demonstrated in the past few years. 2020 is forming up to be no better. The current Atlantic hurricane season is the first on record to see nine tropical storms forming before August and 13 before September.

The situation is further aggravated by the higher frequency and severity of secondary perils, such as floods and wildfires, leading to rising claims and highlighting the need for insurance protection.

While low interest rates have been affecting the industry’s profitability since the global financial crisis, further rate cuts aimed at fighting the economic impact of COVID-19 will only exacerbate this problem.

In “Low interest rates: the new norm and what it means for insurers“, Swiss Re Institute concludes that, to achieve a reasonable return on equity through 2021, non-life insurers in G7 markets need to improve underwriting margins by as much as 7-12 percentage points to compensate for lower interest rates.

Swiss Re’s Chief Executive Officer Reinsurance Moses Ojeisekhoba said: “Even before the COVID-19 crisis, most major markets were operating at below-average profitability. To be able to address the growing need for insurance protection in a sustainable way, further price increases across all lines of business are clearly needed.“

Against the background of ensuring pricing adequacy, underwriting fundamentals such as risk selection and costing, portfolio steering, appropriate terms and conditions, and contract wordings will be critical to writing future business.

A move to a more scientific, technology-driven approach will continue to strengthen underwriting. Advanced data analytics are already available to enable real-time views, market awareness, portfolio analytics and dynamic feedback loops to improve risk selection.

Swiss Re is making use of advanced technology to lead the way in underwriting. This includes enriching client exposure information with geospatial data to improve both the accuracy and speed of risk and loss assessments. In contracts, natural language processing complements human contract reviews, which helps to flag favourable vs potentially problematic clauses and generate new wording insights.

Swiss Re’s Group Chief Underwriting Officer Thierry Léger said:

”At Swiss Re, we have accelerated digitisation and the use of more and better data sources across the entire underwriting process. With these capabilities and the risk insights from Swiss Re Institute, we can improve our own decision-making and effectively support our clients in their underwriting.”

British Theatres, Concerts Say No Shows Without Insurance Support

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Business Journal

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09/09/2020

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By Carolyn Cohn and Barbara Lewis

Mr. Tope Smart

Group Managing Director/CEO

NEM Insurance Plc

British theaters and live music venues say the show will only go on if the government provides a financial backstop, as the COVID-19 pandemic means they can no longer get commercial insurance.

While venues for indoor live performances are not yet open in all of Britain, theaters and concert halls in England have in theory been open to socially-distanced audiences since mid-August.

But only a handful have opened, citing insurance as one of the many barriers, as underwriters have been excluding COVID-19 from the cover they provide.

That means a theater has no protection against cancellation or legal action from anyone in the audience or cast who falls ill or from a lockdown due to COVID-19.

Some small theaters are carrying on regardless and hoping for the best, but for tours, festivals and big names, it’s a deal breaker and has hit live performance across the globe, including on Broadway.

“You’re not going to get a sponsor, full-house ticket sales, finance, TV licensing or big stars unless they are guaranteed,” said James Davies, head of contingency and entertainment at insurance broker EC3.

A survey by the Society of London Theatres in May showed only 12% of organizations thought they would get insurance they needed to reopen.

“The one thing no one can get insurance for at the moment is COVID,” said Phil Bowdery, Chair of the Concert Promoters’ Association, one of several trade bodies pushing for government help.

“We’ll take care of all the normal insurance – we are asking for the government to be a partner.”

Organizers of live performances in Britain are seeking a scheme like the 500 million pound ($661 million) deal announced by the British government for the film and TV industry in July.

The scheme insures productions for 70% of their losses if they have to abandon production due to the pandemic, up to a maximum of five million pounds.

“We are working to get the scheme (for the film and TV industry) open for applications as soon as possible and we have committed to cover eligible losses from the date the scheme was announced,” the Department for Digital, Culture, Media and Sport said in an emailed statement on Monday.

The entertainment industry is one of the hardest hit by months of lockdown and ongoing social distancing requirements.

In the first 12 weeks of lockdown, which started in late March, more than 15,000 theatrical performances were canceled with a loss of more than 303 million pounds in box office revenue, according to a parliamentary committee report in July.

“Government must address the urgent need for the UK’s cultural industries to be covered by adequate insurance,” the report said.

Other countries such as France and Australia have also introduced backstops for the film industry, but sources say there are no similar schemes for live events.

“We are … hearing from our insurers that no tour insurance is available which will cover for COVID-19,” said a source involved in orchestra tours.

Venues and shows will struggle to survive with social distancing in place because they need at least 70% capacity to break even, and a government-backed insurance scheme would help them get going, said Tim Thornhill, Sales Director, Entertainment and Sport, at insurance broker, Tysers.

Both Tysers and EC3 are working on proposals, but the prospects of affordable COVID-19 insurance being offered by the industry may be remote. The British government film fund has no insurance partnership as insurers were reluctant to provide cover, sources said.

“It is difficult for underwriters to justify to capital providers why they should risk more throwing good money after bad,” said one insurer.

Allianz, Hiscox and Chubb are among other major providers of entertainment liability insurance.

Allianz was no longer providing this insurance for cancellation or illness due to COVID-19, a spokesman confirmed.

U.S. Commercial Insurance Prices Rose Almost 10% in Q2

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Business Journal

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09/09/2020

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Mr. O. S. Thomas

Commissioner for Insurance

National Insurance Commission (NAICOM)

U.S. commercial property/casualty insurance prices rose during the second quarter of 2020 by almost 10% compared with prices charged during the same quarter of 2019.

Excess/umbrella and directors’ and officers’ liability data indicated the largest price increases, with prices for both growing by over 20% for the second consecutive quarter

These findings are based on insurance broker Willis Towers Watson’s Commercial Lines Insurance Pricing Survey (CLIPS). The survey compared prices charged on policies underwritten during the second quarter of 2020 to those charged for the same coverage during the same quarter in 2019.

Carriers reported that the aggregate commercial price change grew by almost 5% in the third quarter of 2019, over 6% for the 4th quarter of 2019 and first quarter of 2020, and then jumped to just under 10% in the second quarter.

Commercial auto data indicated price increases near or above double digits for the 11th consecutive quarter. Property prices accelerated significantly in the past four quarters, now indicating increases well into the double digits.

Only workers’ compensation showed price reductions, and they continue to slowly decrease in magnitude.

Overall, price changes differed significantly by account sizes. Small commercial accounts grew by mid-single digits; mid-market accounts showed double-digit increases, and large accounts were well above this range.

“Second quarter data indicated the biggest quarter-to-quarter shift in CLIPS history, dating back to 2003, and underscoring the uncertainty of the day,” said Jeffrey Carlson, director, Insurance Consulting and Technology, Willis Towers Watson. “The combination of social inflation, civil unrest, the economy and uncertainty around COVID-19 has created an increasingly cautious industry.”

Ecobank Nigeria Virtual Trade Conference Set for Sept 22

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08/09/2020

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Ecobank Nigeria, a member of the pan African banking Group has concluded plans to host its first Regional Trade Conference. The virtual forum with the theme “Facilitating Regional Trade in the emerging AFCFTA era” is slated for the 22^nd of September.

The conference, which will feature presentations and panel discussions by highly experienced subject matter experts and thought leaders in relevant industries, will provide an opportunity for exporters and importers within Africa to engage, creating a marketplace experience.

The Ecobank Nigeria ‘Africa Trade Conference 2020’ earlier slated for March was postponed due to the lockdown restrictions following the outbreak of the COVID-19 pandemic. Announcing the new date and movement of the conference to an online platform in line with current realities, Sunday Abah, Head, Trade Finance, Ecobank Nigeria stated that due to its unrivalled footprint across Africa, Ecobank is uniquely positioned to facilitate cross border trade within the region leveraging its comprehensive trade solutions and various payment methods available across its network within Africa.

According to him, “Ecobank’s unique intra-Africa trade solutions enable settlements of international transactions and mitigation of payment risk while providing regional solutions such as issuance of payment guarantees to exporters without the need for a letter of credit and its related costs to the importer. Ecobank works closely with clients in structuring transactions, settlements, financing and risk mitigation” he noted.

Further, he said “Our trade products and solutions are designed around two broad areas; trade finance and trade services. Trade Finance enables our customers benefit from adequate and well mitigated credit facilitation in the area of Import finance, export finance, bill discounting, trade loans, distributor finance, payables and receivables finance, structured trade and commodity finance amongst others while our trade services, offer our customers the advantage of speedy turn around and error free processing of their import letter of credits, import collections, avalised bills, Customs bonds, export collections as well as their local purchase orders and payment invoices, via our electronic trade platforms OMNI e-Trade and OMNI eFSC (electronic financial supply chain).

The Ecobank Regional Trade Conference, which will be moderated by Mr. Tedd George, the Founder and Chief Narrative Officer of Kleos Advisory, UK is privileged to have as its Special Guest of Honour, Mr. Segun Awolowo, Executive Director/ Chief Executive, Nigeria Export Promotion Council. Notable speakers and facilitators across the globe are also expected at the event.

Hunger: Beyond The Numbers

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08/09/2020

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By Elvis Eromosele

The world is run by numbers. With numbers, we measure, rank and position. In many parts of the world, numbers decide elections, determine the distribution of economic resources and serve as a yardstick for measuring progress. Understanding numbers, therefore, is an important way to appreciate issues.

Today, there is a number for nearly everything. The most impressive ones are those that show trends.

The World Bank is big on numbers. The numbers from its research influence policies in countless countries and organisations. It estimates that almost 10 per cent of the world’s population, or 734 million people, are poor. That is, about 734 million people in the world live on less than $1.90 per day.

The sad part is that a full half of the total number of poor people in the world live in just five countries.

Nigeria is one of those five countries. There are more than 82 million poor people in Nigeria, according to the National Bureau of Statistics (NBS).

Numbers paint a picture. This is true. It is, however, not always a pretty picture. Numbers also tell stories. But it is not always the whole story. As Ron DeLegge II noted in Gents with No Cents, “99 per cent of all statistics only tell 49 per cent of the story.”

Take the number 800 million. This number can mean anything or mean nothing. But for the Food and Agriculture Organisation (FAO) of the United Nations, it is the number of people worldwide who are hungry and suffer from nutrient deficiencies. The FAO also estimates that approximately one billion people have inadequate protein intake.

The Nigeria Protein Deficiency Report supports this assertion. The report indicates that the protein intake of Nigerians is generally quite insufficient.

Sometimes, numbers are not just figures. They are people. They are a catalogue of the world’s most persistence problems. Problems that must be resolved to improve life for all.

Experts insist that the world is also going to be saved by numbers. If this is true, then 17 must be the figure. The reason is not far-fetched – 17- represents the number of Sustainable Development Goals (SDGs).

The SDGs are a collection of 17 global goals designed as a “blueprint to achieve a better and more sustainable future for all”. Set in 2015 by the United Nations General Assembly, the SDGs are intended to be achieved by the year 2030.

The goals are meant to address the global challenges, including those related to poverty, nutrition, inequality, climate change, environmental degradation, peace and justice. The 17 Goals are all interconnected, and, to leave no one behind, they all must be achieved. The period 2020 to 2030 has therefore been declared as the Decade of Action.

Specifically, SDG 2 seeks to end hunger, achieve food security and improved nutrition and promote sustainable agriculture. The target of SDG 2 is zero hunger.

To achieve zero hunger calls for genuine commitment. It requires a number of stakeholders, across the public and private sectors, to find a reason to work together for the common good. While progress had been made in this space, the coronavirus pandemic has greatly heightened the challenges, especially for the most vulnerable.

The pandemic is just one of many challenges. The population growth rate is another. The world population is today put at 7.8 billion but it is projected to reach 8.6 billion in 2030, 9.8 billion in 2050 and 11.2 billion in 2100, according to a United Nations report.

The global population growth compounds the challenge of curtailing hunger and malnutrition. It dictates that efforts be intensified to achieve zero hunger.

Experts rightly point out that the impact of hunger is far-reaching. Hunger produces malnutrition, stunted growth, wasting, babies born prematurely, low birth weights, and in severe cases, infant and child mortalities. And this is only on the physical side.

Hunger also causes the economy to suffer. The cost of illness and attendant healthcare; the value of poor educational outcomes and subsequent lower lifetime earnings linked to hunger; and the price of reduced labour productivity precipitated by absenteeism are huge and incalculable.

Whatever these numbers are, they represent waste, avoidable waste. To end this waste, the quest to achieve zero hunger must be pursued relentlessly.

Of course, the problem is not just the numbers. It is what they represent. So, beyond the numbers, action is required.

Now, when it comes to flipping the numbers, the government has an important role to play. In many ways, it must take the lead. To start with, it must take another look at its policies. It must seek to actively implement policies that truly empower citizens, by boosting the capacity to earn, so that people can live meaningful and productive lives.

To reduce the number of hungry people in Nigeria, and indeed across the world, citizen empowerment is key. As the Nigeria Protein Deficiency Report revealed, affordability and availability are the key factors in food choice among Nigerians. The report, which shed light on food consumption patterns among Nigerians, fingers high cost as a major disincentive for the consumption of most nutrient-rich protein food in the country.

Furthermore, the government must support and indeed promote sustainable farming practices to achieve food security.

Next, there has to be a deliberate, conscious intensive nationwide campaign to create awareness about the need to improve access to nutritious food. This would involve orientation on the advantages of eating right, with nutrient-rich foods held up as essential for a healthier life.

Protein Challenge, a protein-pull media campaign supported by the United States Soybean Export Council (USSEC) and other partners, is working in that space to create awareness about the prevalence, status and impact of protein deficiency in Nigeria. Action Against Hunger and the Global Alliance for Improved Nutrition (GAIN) and other similar organisations are also here represented.

Eliminating hunger in Nigeria would mean successfully flipping the numbers. It will signify a huge step towards improved living condition for the citizens.

To achieve the SDG 2, we must look beyond the numbers.

Elvis Eromosele, a Corporate Communication professional and public affairs analyst lives in Lagos.

AIICO Insurance CEO, Fajemirokun, Bags 2020 Top CEO Award

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Business Journal

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08/09/2020

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Mr. Babatunde Fajemirokun

Managing Director/CEO

AIICO Insurance Plc

Mr. Babatunde Fajemirokun, Managing Director/CEO, AIICO Insurance Plc was recently declared a winner in the 2020 Top CEO Awards organised by the Nigerian Stock Exchange (NSE) and BusinessDay.

Mr. Segun Olalandu, the Head, Strategic Marketing & Communications at AIICO Insurance Plc said in a statement that the 2020 edition of the award series had “Advancing Against All Odds” as theme.

Fajemirokun started his career in 2001 as a visiting lecturer in the department of Economics & Enterprise at the Glasgow Caledonian University, Scotland.

He joined Accenture (Nigeria) Financial Services Unit (Banking and Insurance Groups) in 2003, as an analyst and specialized in Mergers & Acquisitions projects. He joined Capgemini Consulting (UK) Business Information Strategy Unit (cross-industry) in 2008, as a Senior Consultant, and worked on UK government transformation projects.

Mr. Fajemirokun joined AIICO Insurance Plc, Life Division, in 2009 and was responsible for the delivery of key projects in its maiden transformation initiatives. He led the retail operations function between 2009 and 2013, which encompassed retail processing (underwriting new business & renewals, alterations/endorsements, and policy issuance & delivery), customer services/ retail claims, business process redesign and technology.

In 2013, he was appointed Chief Operating Officer, which required him to oversee all strategic functions, retail processing/ operations, actuarial functions, enterprise risk management and shared services (finance, human resources, information technology, procurement, and estate management) operations in the company.

In 2017, he was appointed Group Chief Business Officer, with supervisory responsibility for all the subsidiary businesses especially the asset management business. He was also responsible for raising additional capital at appropriate valuations for Group companies to meet solvency and/ or strategic growth objectives.

He also has external appointments as a Non-Executive Director in AIICO Pension Managers Limited, Food Concepts Plc and Xerox Corporation Nigeria (XHS).

He holds an MBA from University of Chicago Booth School of Business with a concentration in Finance, a Master’s Degree in Business Information Technology Systems (with distinction) from the University of Strathclyde and a BA (Hons) degree in Business Economics from the Glasgow Caledonian University.

He is a qualified associate (ACII) of the Chartered Institute of Insurance (UK and Nigeria) with a Chartered Status (Chartered Insurer). He is also a member of the Institute of Directors.

CIIN Names Abimbola Tiamiyu as New DG

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Business Journal

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08/09/2020

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Mrs. Abimbola Tiamiyu

Director-General

CIIN

The Chartered Insurance Institute of Nigeria (CIIN) has named Mrs. Abimbola Tiamiyu as Director-General to replace Mr. Richard Borokini who has served out his term in office.

Tiamiyu was until her appointment the Director of Examinations at the Institute.

NESG to FG: Hunger is Ravaging Nigerians, Overhaul Agric Policy

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08/09/2020

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The Nigerian Economic Summit Group (NESG) has raised alarm over rising hunger in Nigeria and has called on the Federal Government to urgently review its policy on agriculture before the situation deteriorates further.

In a statement ‘MATTERS OF URGENT ATTENTION’, the NESG stated as follows:

1. The Nigerian Economic Summit Group (NESG) notes that since the inception of this Administration, Agriculture and the need to ensure Zero Hunger for Nigerians has received considerable attention. However, despite the budgetary allocations and huge sums of money disbursed by the Central Bank of Nigeria (CBN) through the Anchor Borrowers’ Programme, a huge gap remains in meeting the food requirements, which has resulted in increasing hunger among the Nigerian populace. Evidently, the issues are beyond money and therefore, require a complete overhaul of the management of, and support for the Agriculture sector and all related sectors – with a view to getting more value for our investments.

2. The NESG expresses its concern about the high level of insecurity across the country and its impact on the business environment and investment flows, which has contributed massively to the current food crisis, unemployment, poverty, increasing community clashes, rising bloodshed and the absence of peace and tranquillity in the land. Therefore, we again join the call by all well-meaning Nigerians, for Government to critically re-evaluate our security architecture and take all necessary actions to assure and safeguard the safety of all Nigerian citizens and residents.

3. The NESG acknowledges the expected far-reaching positive impact of the recently enacted Companies and Allied Matters Act (CAMA) 2020 on businesses especially the Micro, Small and Medium Enterprises (MSMEs) if well implemented. However, we have noted the issues being raised by some stakeholders about the provisions of certain sections of the Act, and urge all concerned to follow due process in seeking review and then be given fair hearing such that the many proactive provisions in the law that would facilitate the ease of doing business, provide efficient corporate structures and a stable/certain business climate are not drowned out but are well communicated, optimised and implemented.

4. The NESG notes the Nation’s huge exposure to the vagaries of oil price fluctuations and emphasizes the need for a better structured and effective diversification of the economy. However, the NESG is not oblivious to the continuing crucial role of the Oil and Gas sector in our economy. Accordingly, we applaud the work now being done by the Presidency to see to the quick passage of the Petroleum Industry Bill (PIB) and urge further stakeholder consultations so that the resultant law will create the required enabling environment for investment flows, reserves enhancement, technology transfer and utilization efficiency.

5. The NESG notes the evolving developmental roles of central banks around the world especially as it concerns resource allocations. However, such allocative roles must be undertaken in a very open, transparent and fair manner. The Group expresses serious concerns about how the Central Bank of Nigeria (CBN) has carried on the business of foreign exchange transactions, loan disbursements (intervention funds) and price fixings without appropriate policy clarity. This can be subject to abuses, manipulations and significant market disruptions, reflective of a policy akin to crony capitalism. We therefore respectfully request the appropriate authorities to properly review this policy to restore credibility into our financial sector.

6. The NESG has expressed severe concerns about certain provisions of the ‘repealed and re-enacted’ Bank and Other Financial Institutions Act 2020; recently passed by both houses of the National Assembly, and in the process of being transmitted to the President for assent. The Bill contains certain provisions that breach the provisions of the Nigerian Constitution, confers immunity on CBN officials and exempts actions by the CBN from judicial review. These are draconian, totalitarian and inimical to the development of a stable and transparently regulated financial sector. We respectfully request that the President should please withhold his assent until the Bill is properly reviewed, amended and is made fit for purpose. We also most respectfully request that our legislative houses should subject all Bills, in particular, such crucial bills, to the most efficient scrutiny necessary to assure compliance with the Nigerian Constitution, transparency, good governance and the best interest of the people of Nigeria.

7. The NESG observes with concern some distortions in the liquidity and interest rate management of our financial system which has resulted in rate distortions causing grave disadvantage to domestic investors and pensioners. This will occasion major disincentives to savings and investments and thereby, be a disadvantage to Nigerian pensioners and long term savers. This is inimical to this administration’s concern for the elderly, the weak, the infirmed and those who had served this country meritoriously in their prime. It must be stressed that our country needs to mobilise domestic savings and investments even as we seek to attract foreign investment and we should be careful not to initiate policies that appear to discriminate against or discourage domestic savings and investors. Policies making average Nigerians poorer by the day should not be encouraged.

8. The NESG commends Government’s efforts on infrastructural developments across the country and respectfully advises that given the enormity of financial resources required to meet our largely decayed infrastructural stock, many more options should be explored to attract private sector capital and involvement. However, such options and alternatives must always be subject to clear rules, open, transparent, following due process, and the enshrinement of the sanctity of contracts.

9. The Group acknowledges government efforts at reopening the eastern port and urges that the rail link between Onne and Port Harcourt, should be given urgent attention so as to avoid replicating the Apapa Port experience. In the same light, we wish to call for urgent solutions to the Apapa Port congestion, and other difficulties in effecting prompt and efficient export and import of goods. The Seaport is an economic lifeline critical for the diversification of the Nigerian economy.

10. The NESG commends the government’s actions at deregulating fuel and electricity prices and urge that proper policies, processes and procedures be put in place, to ensure that all the reforms (beyond price deregulation) necessary to facilitate the smooth functioning of both the fuel and electricity markets are effectively and conclusively implemented. Adequate communication to stakeholders and the general public on the benefits derivable from these actions must also be regularly carried out.

11. The NESG urges the Federal Government to expedite actions at re-opening our closed borders given its negative impact on trade and employment. It must be noted that our work in ECOWAS should not be limited to security and diplomacy, but must also effectively harness trade opportunities within the sub-region. We also call on the government to ratify the African Continental Free Trade Agreement (AfCFTA), so that we can move to full membership status and take our rightful place in subsequent negotiation rounds. We remain of the firm belief that with the necessary infrastructure, the Nigerian economy and the Nigerian people, with our innovative capacity, hard work and creativity will be one of the greatest beneficiaries of African and West African free trade. This will also enable fair competition, competent institutions, efficiency and transparency in our processes.

12. The NESG notes with grave concern the rising level of poverty, unemployment and underemployment in our country which is predominant among our young people and has been exacerbated by the impact of COVID-19 and the slump in commodity prices. We urge that while efforts at creating short-term jobs across the country is commendable, a lot more effort must be channeled towards re-skilling, retooling and reviewing our school curriculum. A focused approach to vocational studies must also be undertaken, and all our 13.2M children (Pre COVID-19) out of school must be brought into the school system.

13. We note the nation’s resort to borrowing (either domestic or international), and quantitative easing by the monetary authorities to fund the large deficit which has now been made worse by the impact of the COVID-19 pandemic. Since these specific actions are not sustainable in the medium to long term, the Group urges government to urgently, consider a strong communications strategy that engages the people and prepares them for tougher times ahead whilst the current reforms take effect. The current business as usual disposition is not sustainable.

14. The NESG notes the frequent expression by the government to work with the private sector in nation-building efforts, but observes that a lot more work needs to be done on both sides to obtain the best benefits of such collaboration. It is therefore important that concrete steps must be taken to address the mutual distrust and build institutions that work regardless of persons.

15. In consonance with our strong commitment to partner with government in ensuring an appropriate, efficient and transparent environment for doing business in our country, the NESG pledges its commitment and the commitment of its other private sector counterparts to work effectively and transparently with the government in combating these challenges, and thereby assure a growing, strong, vibrant efficient, inclusive, secure and healthy economy. All hands must be on deck in collaboration, as we work hard and without prejudice to achieve the Nigeria of our dreams.

We have no other nation that we can call our own

Stanbic IBTC Advocates Collaboration in Education Sector

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Business Journal

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06/09/2020

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As the economy gradually reopens amidst the impact of COVID-19 in the country, Stanbic IBTC Holdings PLC, a member of Standard Bank Group, has urged vital players in the education sector to create and explore possible collaboration opportunities.

Education has been one of the sectors severely affected by the coronavirus pandemic. Learning institutions have had to deliver lessons to students with varying levels of successes. However, some could not hold due to lack of infrastructure.

A few of the gaps in the education sector include requisite teachers’ training, lesson delivery, curriculum content and school infrastructure, and these provide an opportunity for collaboration in the education sector.

Remy Osuagwu, Executive Director, Personal and Business Banking, Stanbic IBTC Bank PLC, however, urged parents/guardians to give their children the best education, which they deserve regardless of the current challenges. He noted that good education with no financial interruptions is a significant legacy for a child and parents must invest in their wards’ education while kick-starting their financial journey.

According to him: “The COVID-19 pandemic was unprecedented, but it has reinforced the need to plan for the future of our children. Early planning helps to take the financial pressure off parents in the years to come; and in times like these, parents must ready to welcome opportunities that will amplify the value of their children’s education.”

Although some institutions successfully employed technology to make delivery of content through TVs, radios and WhatsApp groups, infrastructure deficit, and lack of electricity in the country pose a considerable challenge to the efforts being made.

“As a foremost financial institution that understands the importance of protecting a child’s future by saving for their education, the Stanbic IBTC Children Education Savings Scheme – CHESS account enables parents /guardians to set up and manage their child’s account just the way they want,” Remy said.

He added that this scheme is available for children between ages 0 and 17 years with additional benefits for parents/guardians who already have a Stanbic IBTC bank account. He said: “Asides paying an interest rate of 1 per cent above the interest rate earned on a savings account, and the CHESS account can easily be opened with a minimum opening deposit of N2,000.”

Requirements needed to open the CHESS account include a duly filled opening form, parent’s Valid ID, child’s birth certificate or international passport as well as two passport photographs of both parent and child.

Emirates Resumes Flights to Lagos, Abuja from Sept 7

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Business Journal

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06/09/2020

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The addition of the Nigerian cities and daily Abuja flights expands the airline’s network to 84 destinations

Emirates flights to Nigeria will resume this week. Passenger services to Lagos will start again on 7 September and daily flights to Abuja from 9 September.

The resumption of flights to both Nigerian cities takes Emirates’ African network to 13 destinations, as the airline works hard to help its customers travel safely and confidently, implementing industry-leading health and safety measures at all points of the travel journey.

Flights to Lagos will operate four times a week on Monday, Wednesday, Friday and Sunday. Flights to/from Abuja will operate daily.

Passengers travelling from both cities in Nigeria to the Americas, Europe, Middle East and Asia Pacific can enjoy safe and convenient connections via Dubai, and customers can stop over or travel to Dubai as the city has re-opened for international business and leisure visitors.

Ensuring the safety of travellers, visitors, and the community, COVID-19 PCR tests are mandatory for all inbound and transit passengers arriving to Dubai (and the UAE), including UAE citizens, residents and tourists, irrespective of the country they are coming from.

From sun-soaked beaches and heritage activities to world class hospitality and leisure facilities, Dubai is one of the most popular global destinations. In 2019, the city welcomed 16.7 million visitors and hosted over hundreds of global meetings and exhibitions, as well as sports and entertainment events.

Dubai was one of the world’s first cities to obtain Safe Travels stamp from the World Travel and Tourism Council (WTTC) – which endorses Dubai’s comprehensive and effective measures to ensure guest health and safety.

Emirates’ booking policies offer customers flexibility and confidence to plan their travel. Customers who purchase an Emirates ticket by 30 September 2020 for travel on or before 30 November 2020, can enjoy generous rebooking terms and options, if they have to change their travel plans due to unexpected flight or travel restrictions relating to COVID-19, or when they book a Flex or Flex plus fare.

Customers can now travel with confidence, as Emirates has committed to cover COVID-19 related medical expenses, free of cost, should they be diagnosed with COVID-19 during their travel while they are away from home.

This cover is immediately effective for customers flying on Emirates until 31 October 2020 and is valid for 31 days from the moment they fly the first sector of their journey. This means Emirates customers can continue to benefit from the added assurance of this cover, even if they travel onwards to another city after arriving at their Emirates destination.

Emirates has implemented a comprehensive set of measures at every step of the customer journey to ensure the safety of its customers and employees on the ground and in the air, including the distribution of complimentary hygiene kits containing masks, gloves, hand sanitiser and antibacterial wipes to all customers.

DBN CEO Lauds Ecobank, AUDA-NEPAD Partnership for MSMEs

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Business Journal

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05/09/2020

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Managing Director, Development Bank of Nigeria (DBN), Tony Okpanachi has commended the setting up of the MSME Academy, an initiative of the African Union Development Agency – AUDA-NEPAD in partnership with the Ecobank Group.

Okpanachi who was speaking at the virtual launch of the first Pan-African MSME Academy said the AUDA- NEPAD and Ecobank partnership must be lauded as the entrepreneurial potential and critical role of MSMEs in economic growth and development in Nigeria is clear. He noted that DBN will continue to collaborate with financial institutions to assist them with all necessary support to play their role in the economy.

In his presentation titled: “How MSMEs can access funding – opportunities from financial Institutions/banking sector”, Mr. Okpanachi, said to be bankable, the MSMEs should have accurate financial statement, collaterals, good credit history, viable business model and sound corporate governance, listing the sources of funding to include equity, grants and credit.

Also speaking, Managing Director, Ecobank Nigeria, Patrick Akinwuntan pledged the bank’s support for small businesses operating in the country, stressing that the micro, small and medium enterprises (MSMEs) sub sector remains the most affected by the COVID-19 pandemic and needs support in the revamping of the nation’s economy.

Akinwuntan maintained that MSMEs are the drivers of post COVID-19 economic recovery for Nigeria, noting that the sub sector should take advantage of technology, financial services, and support from the government to drive the survival and growth of their businesses.

Further, Mr Akinwuntan said the MSME Academy which is an initiative of the African Union Development Agency – AUDA-NEPAD in partnership with the Ecobank Group provides easy access to practical training and resources on financing opportunities in various countries in Africa, how to build a digital presence for businesses and how to adapt business operations in the era of the COVID-19 pandemic.

In his words, “ as an MSME friendly bank, we have been helping them with capacity building; providing simple and easy access to loans in various sectors including agriculture, creative industry, healthcare and commerce amongst others; access to markets via our e-commerce solutions and simple but robust digital platforms for collections and payments. We have also provided a channel to enable MSMEs to open various accounts via self-service on our webpage. I encourage all MSMEs in the country to avail themselves of this opportunity to grow their business. ”

Representing AUDA-NEPAD, Amine Idriss Adoum, Director, Programme Delivery & Co-ordination, explained that the MSME Academy aims to build the capacities of MSMEs across Africa through a combination of relevant content library, a network of institutions specialized in MSME support such as incubators and accelerators, and a community of peers, mentors, and advisors.

He noted that the key objectives of the academy is to radically expand access to finance by aggregating smaller financial institutions such as micro-credit institutions and credit unions that have access to micro-enterprises, standardising their processes, and building trust in their capabilities.

“The MSME Digital Platform is a one-stop-shop for all MSMEs across Africa to access all these three programmes which jointly address MSMEs’ challenges with access to capacity building, markets, and capital”. He explained.

The first Pan-african MSME Academy is open to Medium, Small and Micro Enterprises in Nigeria and across Africa . The programme provides support to African MSMEs and is structured along three pillars, namely: the MSME Academy, MSME Marketplace, and MSME Financing Support Programme to be delivered through an MSME Digital Platform.

The Academy provides easy access to practical training and resources on financing opportunities in various countries in Africa, how to build a digital presence for businesses and how to adapt business operations in the era of the COVID-19 pandemic.

It also offers free access to market intelligence, mentors with a diverse experience and assisting with access to funding opportunities.

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