TheNewsGuru

Tag: COVID-19 Pandemic

  • SPECIAL REPORT: Why Nigeria, other African countries must look beyond Europe, America’s COVID-19 combat approach

    SPECIAL REPORT: Why Nigeria, other African countries must look beyond Europe, America’s COVID-19 combat approach

    Nigeria and almost the remaining 51 other countries in Africa no doubt are responding in the best ways possible to tackle the spread of the Coronavirus [COVID-19] pandemic.

    TheNewsGuru.com (TNG) reports that Nigeria’s president, Muhammadu Buhari and other African leaders have imposed a total lockdown on their countries as a first responder sort of technique to combat the further spread of the virus which is already spreading at an alarming rate in Lagos and Abuja.

    However, so far, the continent has only adopted mostly foreign measures with little or no adjustments to its entirely different population.

    With over 21, 950 confirmed cases and 1,088 deaths as at Sunday, April 19, 2020, Africa though with relative low cases (due to poor testing culture) might have to adopt tailored measures to contain the virus before a more deadly pandemic befalls the fragile continent.

    In response to the coronavirus pandemic, varying levels of social distancing have been implemented around the world, including in China, Europe, and much of the United States. Hundreds of millions of people have accepted dramatic disruptions to their daily lives and substantial economic losses based on the reasoning that slowing the spread of the coronavirus can keep health care systems from becoming overwhelmed.

    Epidemiological models make clear that the cost of not intervening in rich countries would be in the hundreds of thousands to millions dead, an outcome far worse than the deepest economic recession imaginable. In other words, social distancing interventions and aggressive suppression, even with their associated economic costs, are overwhelmingly justified in high-income societies.

    But the logic of this response is built on the characteristics of the industrialized, relatively wealthy societies where the policy has emerged. Low- to middle-income countries, such as Bangladesh and Nigeria, are different and raise different questions, namely: Do the benefits of countrywide lockdowns also outweigh the costs in poor countries?

    According to a report authored by Zachary Barnett-Howell and Ahmed Mushfiq Mobarak both of Yale School of Management on if ‘Low-income countries should impose the same social distancing guidelines as Europe and North America to Halt the Spread of COVID-19, several reasons—including demographic composition, the source of people’s livelihoods, and institutional capacity—suggest that the answer may be different than in the United States or Europe. To put it bluntly according to the report, imposing strict lockdowns in poor countries—where people often depend on daily hands-on labor to earn enough to feed their families—could lead to a comparable number of deaths from deprivation and preventable diseases.

    Already, and as expected some of these countries that adopted the foreign social distancing measures are already witnessing daylight looting of stores and malls, robbery, kidnapping for ransom and other dangerous vices launched almost on an hourly basis.

    Impact of COVID-19 on High-Income and Low-Income Countries

    It’s worth looking first at the likely impact of the disease on different countries. While the young are not safe, the coronavirus hits older people hardest, with an estimated fatality rate of 6.4 percent in people above the age of 60, increasing to 13.4 percent for people above the age of 80.

    Low-income countries (where per capita income is less than $1,000 per year) have smaller proportions of people over 65 (3 percent) than wealthy low-fertility nations (17.4 percent), according to the World Bank.

    As a result, the Imperial College COVID-19 Response Team’s influential epidemiological model estimates that the unmitigated spread of the new coronavirus would kill 0.39 percent of Bangladesh’s population and 0.21 percent of the sub-Saharan African population; that’s less than half the 0.8 percent mortality rate estimated for the United States and other OECD countries.

    This model accounts for country-specific demographics, differences in health care capacity, and infection rates, and it projects higher mortality in rich countries despite the comparatively poor quality of health systems in poorer nations. The model, however, does not account for the greater prevalence of chronic illnesses, respiratory conditions, pollution, and malnutrition in low-income countries, which could increase the fatality rates from coronavirus outbreaks. That is an important limitation of these comparative projections.

    To calculate the comparative benefits of imposing social distancing guidelines in rich versus poor countries, the report combined these estimates of country-specific costs of mortality with epidemiological predictions of mortality from the spread of the virus to generate estimates for a range of countries. In research that is currently under peer review, we found significant differences in the value of social distancing across countries.

    An equally effective social distancing policy is predicted to reduce coronavirus-related mortality by 1.3 million people in the United States and 426,000 in Germany. Such a policy would only save 182,000 people in Pakistan and 102,000 in Nigeria. The question is how many lives would such a policy endanger in those poor countries.

    The very large social distancing benefits estimated for the United States and Western Europe leave no room for debate about the public health value of widespread lockdowns and stay-at-home orders in those regions. That’s why calls from U.S. President Donald Trump and others to not make the cure worse than the disease make little sense in a country like the United States. The quantitative picture is a lot less clear in low- or middle-income countries, however. Those citizens also want to be safe from illness, but they don’t want to be unemployed, impoverished, or hungry.

    The net gains in welfare from saving lives by imposing coronavirus suppression policies is even larger in high-income countries relative to low-income ones, because social distancing lowers disease risk by limiting people’s economic opportunities. According to our recent research, poorer people are naturally less willing to make major economic sacrifices. Indeed, they place relatively greater value on their livelihood concerns compared to concerns about contracting the coronavirus.

    Impact of Social distancing policy in poor countries and wealthy countries

    Estimates may even overstate the value of social distancing in poor countries, where such policies may also exact a heavier economic toll, especially on the poorest and most vulnerable. Workers in these countries are more likely to be employed doing hands-on work that cannot be conducted while social distancing. They are also likely to in the informal sector and rely on a daily cash wage—without access to a social safety net. In the short term, social distancing prevents them from working and generating an income; in the long term, this can lead to hunger, malnutrition, other non-coronavirus-related health problems, and death.

    Flattening the epidemiological curve of the coronavirus to buy time until a vaccine can be developed may prove counterproductive for poorer countries if it increases these other causes of mortality. Based on data from the Food and Agriculture Organization of the United Nations, it was discovered that between 16 percent and 37 percent of households in lower-income countries are food insecure—people who already face hunger and stand to face increasingly dire circumstances if social distancing measures are imposed.

    Poorer countries also have limited capacity to enforce distancing guidelines and to ameliorate problems caused by such policies. Recent Community Mobility Reports published by Google show widespread adherence to social distancing guidelines in high-income countries but smaller changes in mobility trends for workplaces and retail shops in many lower-income countries.

    The social distancing and suppression interventions pioneered in Wuhan, China—and now in place throughout Europe and parts of the United States—rely on government support systems. Many workers throughout Europe still receive their salaries, and U.S. taxpayers will receive a stimulus check. By contrast, informal workers in developing countries do not always appear in government and bureaucratic records.

    So even in the unlikely event that social insurance policies were implemented in these countries, it is not at all clear how quickly the estimated 50 to 80 percent of workers informally or self-employed in lower-income countries could be located, if at all, to deliver relief benefits to them. In addition, a lockdown may have counterproductive effects if it forces informal sector workers and migrants to reverse-migrate from densely populated urban areas and spread the disease to remote rural areas of poor countries.

    Efforts by the Indian government to impose a lockdown already appear to have had significant negative consequences for the most vulnerable members of its population. Interviews with workers from the informal sector tell a story of impending poverty, evictions, and hunger, as their incomes and work opportunities have been curtailed. Migrant laborers in India’s largest cities, now without access to employment, are without food or shelter. Thousands are in the process of literally walking back to their homes, with deaths along the way already being reported. These mortality consequences cannot be ignored when devising public policy strategies to contain the coronavirus.

    The social distancing policies implemented in European countries and the United States may well be applicable to other parts of the world. If widespread social distancing must be pursued, then enormous and innovative efforts must be made to get food, fuel, and cash into the hands of the people most at risk of hunger and deprivation. This is especially challenging in countries without well-developed social safety nets. It is important for governments, the private sector, humanitarian groups, mobile phone operators, and technology companies to experiment with innovative solutions such as sending cash transfers via mobile phones.

    Because there is ample evidence that the economic costs of distancing—especially the burden on the poor—are a lot higher, a serious assessment is urgently required to determine what other measures could effectively save lives while minimizing losses in aggregate welfare.

    Alternative, realistic policies to combat COVID-19 pandemic

    Leaders in Africa, South Asia, and Latin America need to look carefully at alternative policies, including harm-reduction measures that allow people in low-income countries to minimize their risk from COVID-19 while preserving their ability to put food on the table.

    Some possibilities include: a universal mask-wearing requirement when workers leave their homes (as masks and homemade face coverings are comparatively cheap, and such a policy is likely feasible for almost all countries to implement); targeted social isolation of the elderly and other at-risk groups, while permitting productive individuals with lower-risk profiles to continue working; improving access to clean water, hand-washing, and sanitation, and other policies to decrease the viral load; and widespread social influence and information campaigns to encourage behaviors that slow the spread of disease but do not undermine economic livelihoods. This could include restrictions on the size of religious and social gatherings or programs to encourage community and religious leaders to endorse safer behaviors and communicate them clearly.

    The coronavirus pandemic represents a serious threat to the entire world, but that threat takes on a different shape in each country. Furthermore, the capacity of societies to respond and to endure the disruption and costs of social distancing vary greatly. The benefits of each policy must be carefully weighed against the economic costs and risks imposed on a particular society. While policymakers must think carefully about these differences, they must also act quickly, as both the disease and the measures imposed to contain it are already causing suffering throughout the world.

     

  • Top Business Gainers and Losers from Covid-19 Pandemic

    Top Business Gainers and Losers from Covid-19 Pandemic

    Top Business Gainers and Losers from Covid-19 Pandemic

    Oluwaseun Adesanya

    In early 2015, one of the most adorable personalities in the world, Bill Gates held a session on TED about “The Next Outbreak? We’re not ready”. This was immediately after the world survived the outbreak of Ebola. He explained how we reacted to the epidemic with detailed statistics but also stated that despite our efforts the world was far from being ready for another epidemic or a pandemic!

    Fast forward to the year 2020: COVID-19 has become a flame without a fire that has engulfed the entire world and brought us all to a standstill, with “compulsory holidays” being declared in most countries and no logical end in sight to the pandemic! If Bill Gates were a religious leader, the entire world would have become his congregation by now and of course, with plenty prophet offerings!

    According to Wikipedia, coronavirus disease 2019 (COVID-19) is an infectious disease caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). The disease was first identified in December 2019 in Wuhan, the capital of China’s Hubei province, and has since spread globally with common symptoms including fever, cough and shortness of breath. Other symptoms may include fatigue, muscle pain, diarrhea, sore throat, loss of smell and abdominal pain. The time from exposure to the manifestation of symptoms is typically around five days, but may range from two to fourteen days. As of 10 April 2020, more than 1.6 million cases had been reported in more than 200 countries and territories, resulting in more than 100,000 deaths!

    The virus is mainly spread between people during close contact, often via small droplets produced during coughing, sneezing, or talking. While these droplets are produced when breathing out, they usually fall to the ground or surfaces rather than being infectious over large distances. People may also become infected by touching a contaminated surface and then their face. The virus can survive on surfaces for up to 72 hours. Coronavirus is most contagious during the first three days after onset of symptoms, although spread may be possible before symptoms appear and in later stages of the disease.

    The Effect of COVID-19 Pandemic on Business Environment

    The emergence of the mighty COVID-19 has definitely altered lifestyle on a global scale. The business environment has now become more challenged especially as no one knows how long the pandemic would last. But even in the current challenging reality, further opportunities have been created for some industries that now are enjoying tremendous cashflow despite the suffering of the world.

    Imagine what the current situation would have been without access to information communication technology. Imagine what it would have been without online platforms for e-commerce, trainings and financial services.

    Definitely, the financial industry has helped tremendously to stabilise the economy from collapsing through their various payment channels such as Internet Banking, Point of Sales (PoS) Terminals, Automatic Teller Machine (ATM), Mobile Banking Application and USSD. This management of the demand and supply flow is steadying various economies of the world and preventing another global economic recession.

    In complementing the efforts of the financial industry, fintech companies are deploying innovative solutions for greater convenience in the performance of electronic payment transactions. Of late, one of such innovation is Paylink, a payment solution for anyone to receive money INSTANTLY into their bank account from anyone, anywhere, anytime! This particular payment solution has become the delight of SMEs, crowd funder, social entrepreneurs, religious organisations, individuals and others at this time of restricted movements and social distancing.

    The Biggest Business Losers

    For industries that the pandemic negatively affected, the list is almost unending. But to kick-start discussions, here are the possible top losers:

    1. Aviation

    This industry is one of the most capital intensive in the world and its operational cost is not a joke! The nature of the business involves continuous maintenance, high taxation, increasing operational and administrative costs which are the reason most airline operators utilise debt financing or are currently in huge debt with only bailout or liquidation as options. The outbreak of COVID-19 has complicated the struggling cashflow (revenue) of the airlines with several operators finding it difficult to survive!

    1. Small & Medium Enterprises

    SMEs have been the backbone of many economies as their activities have created employment opportunities and facilitated daily livelihood of many. However, with the lockdown, most SMEs have struggled to adjust as closure of business premises and markets has reduced patronage and sales. Although once business operations resume, it might be a slow start for them, but their recovery will definitely be short term.

    1. Religious Organisations

    Their major sources of income are donations and contributions of members and followers in terms of voluntary and mandatory giving through their various beliefs and principles. Many of such leaders have become richer than organisations in the real business world!

    Definitely, they were shocked that such an outbreak could turn their worship centres into ghost sites with many of them now embracing and adopting technology to reach to their members. As their members are also affected financially, the impact would reach the religious organisation. However, their recovery could be medium term as they would need time to convince their members to continue in belief and obedience of the doctrinal principles of giving!

    1. Entertainment

    They were one of major cash cows before the COVID-19 with several shows, albums and events for brand visibility and definitely more money. The industry has produced more celebrities and overnight millionaires with little or no knowledge of wealth or fame management!

    The belief is that all you need is just to have a talent and the world would be at your feet. But the reality is that the industry is a Red Ocean with several people struggling for the same audience. At the moment, it is even difficult because the lockdown and social distancing measures have put shows and events on hold.

    Regardless, the industry would still continue to survive through innovation that can create a new path to Blue Ocean within the medium term but definitely not in the short term!

    1. Transportation & their Unions

    It was necessary to specifically separate this from Aviation Industry and combine it with unions especially if you are from this part of the world where National Union of Road Transport Workers (NURTW) is a major stakeholder in the affairs of the state. Outsiders think its members are illiterates but majority of its leaders have their family abroad and their children schooling overseas. Yet, we think they are not that smart but they milk money through extortion and harassment of motorists.

    However, since governments across several states have ordered a lockdown to limit the spread of the pandemic, it has been very challenging for the transport operators and their unruly unions to eke a living. But once this period phases out, their business would resume as usual and their recovery will definitely be a short term!

    Top Business Gainers and Next Emerging Opportunities!

    While some will definitely find it hard to recover immediately after normalcy returns, a few will reach huge opportunities as the “Next Cashcow Industries” They include:

    1. Food & Beverages

    The demand in consumption will increasing as people would put survival as a priority – and access to market will increase demand for food items.

    1. Communication

    There will be a change in culture and attitude in some areas such as work pattern, education, commerce and access to information, with more preference for online channels which in return would increase demand for data.

    1. Lending

    With many current loans going bad due to collapsed businesses and loss of jobs, the lending business would be receive huge patronage by people looking to start all over again.

    1. Logistics and Distribution

    Commerce and demand for commodities across locations as a result of the impact of current situation and fear of the unknown would create an increasing need for logistics and distribution of commodities.

    1. Lottery

    People will be desperate for quicker ways of making money and lottery would give hope even when such people might end worse off.

    So, while we can’t change the reality of the challenges that would arise from the COVID-19 pandemic, we can at least apply wisdom to prepare towards joining the “Cashcows” when the season changes for good!

    The next season is just around the corner! Are you Ready?

    Oluwaseun Adesanya

    +234-701-399-0127

    Lagos, Nigeria

    (An international consultant with great wealth of experience across several countries with special interest in fintech, financial inclusion, insurance, innovation, financial services, strategy, social impact, business transformation and technology. He is currently, the Group Head, Strategy & Innovation of SystemSpecs, leading financial technology and human capital management firm.

  • COVID-19 Pandemic: 195 million jobs at risk globally – ILO report

    A report by the International Labour Organisation (ILO) has predicted that the novel coronavirus [COVID-19] disease may wipe out as much as 195 million full-time jobs or 6.7 per cent of working hours globally in the second quarter of the year.

    The report highlighted some of the worst affected sectors and regions, and outlines policies to mitigate the crisis.

    It indicated that large reductions are foreseen in the Arab states (8.1 per cent, equivalent to five million full-time workers), Europe (7.8 per cent or 12 million full-time workers) and Asia and the Pacific (7.2 per cent or 125 million full-time workers).

    Huge losses are expected across various income groups, but especially in upper-middle income countries (seven per cent, 100 million full-time workers). These far exceed the effects of the 2008-9 financial crisis.

    The sectors most at risk are accommodation and food services, manufacturing, retail, and business and administrative activities.

    The report highlighted that the eventual increase in global unemployment during the year would depend substantially on future developments and policy measures.

    According to the report, there is a high risk that the end-of-year figure will be significantly higher than the initial ILO projection of 25 million.

    More than four out of five people (81 per cent) in the global workforce of 3.3 billion are affected by full or partial workplace closures.

    ILO Director-General Guy Ryder said: “Workers and businesses are facing catastrophe, in both developed and developing economies. We have to move fast, decisively, and together. The right, urgent, measures could make the difference between survival and collapse.”

    The report describes COVID-19 as the worst global crisis since World War II. The updated version includes sectoral and regional information on the effects of the pandemic.

    According to the study, 1.25 billion workers are employed in the sectors identified as being at high risk of drastic and devastating, increases in layoffs and reductions in wages and working hours.

    Other regions, particularly Africa, have higher levels of informality, which combined with a lack of social protection, high population density and weak capacity, pose severe health and economic challenges for governments, the report cautions.

    Worldwide, two billion people work in the informal sector (mostly in emerging and developing economies) and are particularly at risk.

    The report noted that large-scale, integrated, policy measures are needed, focusing on four pillars: supporting enterprises, employment and incomes; stimulating the economy and jobs; protecting workers in the workplace; and, using social dialogue between government, workers and employers to find solutions are needed to mitigate the effect of the pandemic.

    Ryder added: “This is the greatest test for international cooperation in more than 75 years. If one country fails, then we all fail. We must find solutions that help all segments of our global society, particularly those that are most vulnerable or least able to help themselves.

    “The choices we make today will directly affect the way this crisis unfolds and so the lives of billions of people.

    “With the right measures we can limit its impact and the scars it leaves. We must aim to build back better so that our new systems are safer, fairer and more sustainable than those that allowed this crisis to happen.”

    Meanwhile, the need to treat seafarers with dignity and respect during COVID-19 crisis has been emphasised by the ILO.

    The ILO urged that the seafarers should be treated as key workers, and be exempted from travel restrictions during the COVID-19 pandemic.

    A statement by officers of a special ILO tripartite maritime committee of the Maritime Labour Convention (MLC, 2006) also called on ILO member states to do all that they could to facilitate the delivery of essential medical supplies, fuel, water, spare parts and provisions to ships.

    The tripartite committee, which represents seafarers, ship owners and governments, reported that in some parts of the world suppliers have been prevented from boarding ships to give masks, overalls and other personal protective equipment to crews.

    According to the statement, ports in some parts of the world have also refused to allow some ships to enter because they had previously docked in areas affected by COVID-19, preventing vessels from obtaining essential supplies.

    The committee also underlined the importance of ensuring that the flow of essential goods, energy, food, medicines and other products around the world is not disrupted by measures that impede the safe and efficient movement of ships and the seafarers who operate them.

  • CBN Gov, Emefiele details how Nigeria can turn COVID-19 pandemic into windows of national development

    Disturbed by the harsh economic downturn of the novel coronavirus [COVID-19] pandemic on the globe, the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has proposed a post-COVID-19 economic recovery path for Nigeria.

    Emefiele insisted that despite the harsh realities of the pandemic on the world, however, there are hidden opportunities for Nigeria to harness. The CBN governor said the proposed economic recovery strategy spanning three years will be biased towards mass employment and wealth creation in the country focusing on four main areas, namely, light manufacturing, affordable housing, renewable energy, and cutting-edge research.

    The CBN Governor made the proposition in an article titled “How Nigeria can turn the COVID-19 tragedy into an opportunity.”

    Read full article below:

    As many people are now aware, the outbreak of the Novel Coronavirus Disease (COVID-19) in China rapidly permeated and profoundly changed the world. While this crisis is first and foremost a public health issue, which has claimed the lives of over 123,600 people worldwide, and counting, the economic damages are unprecedented on several fronts: Crude oil prices declined dramatically to as low as US$17 per barrel by the end of March, even before applying the discounts many oil exporters are offering; Stock valuations for the NSE-ASI, Nikkei, Dow Jones and FTSE-100 declined by an average of 23.8 percent between January and March 2020; Global airlines have lost about US$252 billion in revenues and across the broad range of industries from hospitality to services, the pain is growing. These outcomes have expectedly thrown the global economy into a recession, the depth and duration of which is currently difficult to fathom. In fact, the International Monetary Fund (IMF) predicts that the global economy would decline by 3 percent this year.

    Around the world, countries have moved away from multilateralism and responded by fighting for themselves with several measures to protect their own people and economies, regardless of the spillover effects on the rest of the world. According to the World Customs Organization, a total of 32 countries and territories, adopted stringent and immediate export restrictions on critical medical supplies and drugs that were specifically meant to respond to COVID-19. As of 10 April 2020, an updated count of total export restrictions by the Global Trade Alert Team at the University of St. Gallen, Switzerland suggest a total of 102 restrictions by 75 countries.

    On 4 March 2020, Germany announced an export ban that applied to all sorts of medical protection gear including breathing masks, medical gloves and protective suits. Around the same time, President Macron announced that France will requisition all face masks produced in the country, a de facto export ban. Between 8 February 2020 and 6 April 2020, India released eight (8) different export notifications banning several drugs and medical supplies including hydroxychloroquine, ventilators, personal protections masks, oxygen therapy apparatus, and breathing devices. On 3 April 2020, the Trump Administration invoked the war-era US Defense Production Act to stop major US mask manufacturer, 3M, from exporting N95 respirator masks to Canada and Latin America.

    Fears of a long global recession have also led to worries about unprecedented global food insecurity, with concerns that agricultural production may be dislocated by containment measures that constrain workers from planting, managing and harvesting critical crops. Rather than seek cooperative and global solutions, several countries have resorted to export restrictions of critical agricultural produce. According to the International Food Policy Research Institute (IFPRI), about 37 countries have enacted various forms of food export restrictions in response to COVID-19, even in countries where average production exceeds domestic consumption.

    For example, Viet Nam, the world’s third largest exporter of rice, suspended granting rice export certificates until the country “reviews domestic inventories”. Russia, the world’s largest wheat exporter, announced a ten-day ban on the export of buckwheat and rice due to concerns over panic buying in local supermarkets.

    What if these restrictions become the new normal? What if the COVID-19 pandemic continues in a second wave or another pandemic occurs in which all borders are shut and food imports are significantly restricted? What if we cannot seek medical care outside Nigeria and must rely on local hospitals and medical professionals? For how long shall we continue to rely on the world for anything and everything at every time?

    Although these developments are troubling, they present a clear opportunity to re-echo a persistent message the Central Bank of Nigeria (CBN) has been sending for a long time, and at this time even more urgently so: We must look inwards as a nation and guarantee food security, high quality and affordable healthcare, and cutting-edge education for our people. For a country of over 200 million people, and projected to be about 450 million in a few decades, we can no longer ignore repeated warnings about the dangers that lie ahead if we do not begin to depend largely on what we produce locally. The security and well-being of our nation is contingent on building a well-diversified and inclusive productive economy.

    When I became Governor of the Central Bank in June 2014, imports of rice, fish, wheat and sugar alone consumed about N1.3 trillion worth of foreign exchange from the Bank. My immediate question was: can we not produce these ourselves? After all, only a few decades ago, Nigeria was one of the world’s largest producers and exporters of many agricultural products like palm oil, cocoa and groundnuts. Today, we import nearly 600,000 metric tonnes of palm oil, whilst Indonesia and Malaysia, two countries that were far behind us in this crop, now combine to export over 90 percent of global demand. In 2017, Indonesia earned US$12.6 billion from its oil and gas sector but US$18.4 billion in from palm oil. I believe that this pandemic and the immediate response of many of our trading partners suggest it is now more critical than ever that we take back control; not just control over our economy, but also of our destiny and our future.

    In line with the vision of President Muhammadu Buhari, the CBN has indeed created several lending programmes and provided hundreds of billions to smallholder farmers and industrial processors in several key agricultural produce. These policies are aimed at positioning Nigeria to become a self-sufficient food producer, creating millions of jobs, supplying key markets across the country and dampening the effects of exchange rate movements on local prices.

    This philosophy has been a consistent theme of the CBN’s policies over the last few years. At the 2016 Annual Bankers’ Dinner, I challenged the bankers that we needed to take decisive actions to fundamentally transform the structure of our economy. Throughout that speech, I talked about the damaging effects of Nigeria’s unsustainable propensity to import, and opined that it was high time we looked inwards and stopped using hard-earned foreign exchange (FX) to import items that we should produce locally. This determination, therefore, formed the bedrock of the Bank’s policy, which restricts access to FX for importers of many items. These sentiments were re-echoed at the 2017 edition of the same Bankers’ Dinner with specific examples of several companies that have benefited significantly from this policy of self-sufficiency. With President Buhari’s full support, we have continued to refine this policy to ensure that the best interest of Nigeria is served.

    Many times, the Bank has been accused of promoting protectionist policies. My answer has always been that leaders are first and foremost accountable to their own citizens. If the vagaries of international trade threaten their wellbeing, leaders have to react by compelling some change in patterns of trade to the greater good of their citizens.

    That is why in response to COVID-19, we are strengthening the Nigerian economy by providing a combined stimulus package of about N3.5 trillion in targeted measures to households, businesses, manufacturers and healthcare providers. These measures are deliberately designed to both support the Federal Government’s immediate fight against COVID-19, but also to build a more resilient, more self-reliant Nigerian economy.

    We do not know what the world will look like after this pandemic. Countries may continue to look inwards and globalization as we know it today may be dead for a generation.

    Therefore, as a nation, we cannot afford to continueTherefore, as a nation, we cannot afford to continue relying on the world for our food, education and healthcare. The time has come to fully transform Nigeria into a modern, sophisticated and inclusive economy that is self-sufficient, rewards the hardworking, protects the poor and vulnerable, and can compete internationally across a range of strategic sectors.

    In order to achieve this goal, we must begin immediately to support the Federal Government to:

    1) Build a base of high quality infrastructure, including reliable power that can engender industrial activity;

    2) Support both smallholder and large scale agriculture production in select staple and cash crops;

    3) Create an ecosystem of factories, storages, and logistics companies that move raw materials for value-added production, and finished goods to markets;

    4) Use our fiscal priorities to create a robust educational system that enables critical thinking and creativity, which would better prepare our children for the world of tomorrow;

    5) Develop a healthcare system that is trusted to keep all Nigerians healthy, irrespective of social class;

    6) Facilitate access to cheap and long-term credit for Small and Medium-Scale Enterprises (SMEs) and large corporates;

    7) Develop and strengthen pro-poor policies that bring financial services and security to the poor and the vulnerable; and

    8) Expedite the development of venture capitalists for nurturing new ideas and engendering Nigerian businesses to compete globally.

    India is in a position to ban exports because it is producing critical drugs and medical supplies that the rest of the world needs. It also has companies that are global champions, and even merging with or acquiring peers in advanced nations. Why should this be out of our reach? We have the companies and the manpower. Some of the best brains in the world from the Americas to Europe and from Asia to Africa are Nigerians; driving global innovations in all fields. Nigerians are successful everywhere, and are already one of the most sought after immigrant groups in the United States. Now is the time to seize this opportunity and create an environment that empowers our people to thrive within our own shores.

    To this end, the Central Bank has developed a Policy Response Timeline to guide our crises management and the orderly reboot of the Nigerian economy.

    Immediate-Term Policies (0-3 Months)

    In light of the fact that this crisis is an exogenous one thrust upon us without much warning, this phase reflects the government’s efforts at containment and mitigation. Although global cases are heading towards two million with over 123, 600 deaths as of 14 April 2020, we now have 343 cases, of which there have been 91 recoveries and sadly 10 deaths. With President Buhari’s continuing strong leadership, Nigeria can now test 1,500 persons per day in twelve (12) Molecular Test Laboratories. We believe that his strong leadership to impose early travel restrictions, lockdown, social distancing, and other measures have been greatly effective in curbing the spread of the disease. More so, the Presidential Task Force on COVID-19 and the Nigeria Centre for Disease Control (NCDC) have helped the country stay ahead of the curve with increased testing capacity, provision of better-equipped isolation centres, and effective contact tracing. Within this milieu, the CBN has responded in several ways, first by supporting hospitals and pharmaceutical industry with low interest loans to immediately deal with the public health crises; then by working with the private sector Coalition Against COVID (CACOVID) to support the Presidential Task Force on COVID-19 across its response, while mobilizing palliatives for the poor and vulnerable. Under this Immediate-Term Response, we have activated the following: 1) Ensure financial system stability by granting regulatory forbearance to banks to restructure terms of facilities in affected sectors; 2) Trigger banks and other financial institutions to roll-out business continuity processes to ensure that banking services are delivered in a sasafe social-distance regime for all customers and bankers; 3) Grant additional moratorium of 1 year on CBN intervention facilities; 4) Reduce interest rates on intervention facilities from 9 percent to 5 percent; 5) Create N50 billion targeted credit facility for affected households and SMEs; 6) Strengthen the Loan-Deposit Ratio (LDR) policy, which is encouraging significant extra lending from banks; 7) Improve FX supply to the CBN by directing all oil companies (international and domestic) and all related companies (oil service) to sell FX to CBN and no longer to the NNPC; 8) Provide additional N100b intervention in healthcare loans to pharmaceutical companies, healthcare practitioners intending to expand/build capacity; 9) Provide N1 trillion in loans to boost local manufacturing and production across critical sectors; and 10) Engender financial inclusion by ensuring the poor and vulnerable are able, by all means necessary, through banks, microfinance, community and non-bank financial institutions, to access financial services to meet their basic needs.

    Short-Term Policy Priorities (0 – 12 months)

    As soon as President Muhammadu Buhari and the Health authorities determine our Coronavirus Transmission Curve is flattening and many of the ongoing restrictions are eased, this will be the phase for repositioning the Nigerian economic space. As part of the lessons from the current pandemic, we must ensure that that our value-added sector, the manufacturing industry is strengthened. Accordingly, the CBN will pursue the following policies in this phase: 1) Reinvigorate our financial support for the manufacturing sector by expanding the intervention all through its value-chain. In most cases, we will ensure that primary products sourced locally provide essential raw material for the manufacturing sector except where they are only available overseas; 2) With the support of the Federal Government, the CBN will embark on a project to get banks and private equity firms to finance homegrown and sustainable healthcare services that will help to reverse medical tourism out of Nigeria. By offering long-term financing for the entire healthcare value-chain (including medicine, pharmaceuticals, and critical care), banks will work with healthcare providers to consolidate on the current efforts to rebuild our medical facilities in order to ensure Nigeria has world class affordable hospitals for the people of Nigeria and those wishing to visit Nigeria for treatment; 3) The CBN will promote the establishment of InfraCo PLC, a world class infrastructure development vehicle, wholly focused on Nigeria, with combined debt and equity take-off capital of N15 trillion, and managed by an independent infrastructure fund manager. This fund will be utilized to support the Federal Government in building the transport infrastructure required to move agriculture products to processors, raw materials to factories, and finished goods to markets, as envisaged at the CBN Going for Growth Roundtable in March 2020; and 4) Continue to prioritize the provision of FX for the importation of machinery and critical raw materials needed to drive a self-sufficient Nigerian economy.

    Medium-Term Policy Priorities (0 -3 Years):

    Once the world returns to some new normal having tamed COVID-19 by a combination of vaccines and social distancing, and the Nigerian economy reopens fully for business, we will act quickly to enable faster recovery of the economy by targeted measures towards particular sectors that are able to support mass employment and wealth creation in the country. We will do so by focusing on four main areas, namely, light manufacturing, affordable housing, renewable energy, and cutting-edge research.

    In manufacturing, for example, it is pertinent to note that Nigeria’s gross fixed capital formation is currently estimated at N24.55 trillion made up residential and non-residential properties, machinery and equipment, transport equipment, land improvement, research and development, and breeding stocks. Of this estimated value, machinery and equipment, which are the main inputs into economic production, are currently valued at only N2.61 trillion. In order to pursue a substantial economic renewal, including replacement of at least 25 percent of the existing machinery and equipment for enhanced local production, we estimate at least N662 billion worth of investments to acquire hi-tech machinery and equipment. Therefore, the CBN will consider an initial intervention of N500 billion over the medium term, specifically targeted at manufacturing firms to procure state-of-the-art machinery and equipment and automated manufacturing models that would fast-track local production and economic rejuvenation, as well as support increased patronage of locally processed products such as cement, steel, iron rods, and doors, amongst several other products. The recent private sector investments in cement production using enhanced technology and automated manufacturing models is a good example of the kind of economic renewal we will be pursuing in this phase. We will develop a thorough screening process and stringent criteria for equipment types that would qualify for funding under this phase.

    In order to boost job creation, household incomes and economic growth, we will focus our attention on bridging the housing deficit in the country by facilitating government intervention in three critical areas: housing development, mortgage finance, and institutional capacity. We will pursue the creation of a fund that will target housing construction for developers that provide evidence of profiled off-takers with financial capacity to repay. The current identification framework in the banking sector using the bank verification number (BVN) will be used to verify the information provided by the off-takers before the developer can access the funds. We will consider ways to assist the Mortgage Finance sub-sector as well as build capacity at the State levels for their land administration agencies to process and issue land titles promptly, implement investment friendly foreclosure laws and reduce the cost of land documentation, as these have remained major inhibiting factors in the provision of affordable housing in the country.

    Over the next 3 years, we will also support the financing of environmentally friendly energy production, as this has a tangential long-term health benefits. We will look at efforts to drive innovation and research in every sector, through our universities, research institutions, creative industry initiatives, and all other media of novelty and inventions.

    In conclusion, I believe we must now envision and work toward a Nigeria with the cutting edge medical facilities to provide world class care to the sick and vulnerable, enable our universities and research institutions to provide the requisite education and training that is required to keep these ecosystems functioning sustainably and efficiently, and millions of Nigerians employed in meaningful and well-paying jobs. This is the Nigeria that we must aspire to build.

    COVID-19 may have plunged us into a crisis of unprecedented proportions. But, as Winston Churchill once admonished, we must never let a crisis go to waste.

  • FG mulls slashing FIRS N8.5tr target over COVID-19 pandemic

    FG mulls slashing FIRS N8.5tr target over COVID-19 pandemic

    As the harsh realities of the coronavirus disease [COVID-19] pandemic dawns on global economy, the Federal Government of Nigeria is proposing revising the non-oil revenue projections, including various tax and customs receipts.

    This means the N8.5trillion target set for the Federal Inland Revenue Service (FIRS) will be slashed at the end of the review.

    Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed made this known during her Corona virus pandemic (COVID 19) stimulus presentation in Abuja.

    Already, the Director-General, Budget Office of the Federation Mr Ben Akabueze has commenced work on the review.

    According to Zainab Ahmed, “the 2020 Appropriation Act was based on certain fiscal assumptions, which we have been compelled to revisit given the emerging economic realities.”

    In this regard, the Budget Office she said “is currently working on a revised 2020 – 2022 Medium-Term Expenditure Framework/Fiscal Strategy Paper (MTEF/FSP) as well as an Amendment to the 2020 Appropriation Act.”

    The proposed Amended Budget will provide for the COVID-19 Crisis Intervention Fund and other adjustments required due to the decline in international oil prices.

    The Executive, she noted, has “commenced engagements with the Leadership and key Committees of the National Assembly to discuss our plans, such that once the Executive’s 2020 Amendment Budget is completed, we shall expeditiously seek the requisite Presidential and Legislative approvals.”

    In the interim, the FIRS said it has set up a number of measures to provide support to taxpayers in managing their tax obligations as they are impacted by the coronavirus outbreak.

    These measures include: Taxpayers can now take advantage of “the simple, user-friendly and robust eFiling process to submit their documents online instead of visiting the tax offices.

    Also, Late Returns Penalty (LRP) has been waived for taxpayers who pay early and file later. Supporting documents can also be emailed to the dedicated email addresses or submitted later to the tax offices by those who are not able to use the email facility.

    Remittance of VAT on or before 21st of every month has been extended to the last day of the month. Taxpayers facing challenges in sourcing for forex to offset their liabilities have been given the option of paying in naira at the prevailing Investors & Exporters (I &E) Forex window rate on the day of payment.

    The period to file PIT returns for Foreign Affairs, non-residents, Military and Police has been extended to the June 30 and field audit, investigations and monitoring visits have been suspended till further notice.

    Hints that the FIRS might not meet its target was made at the last month’s Service’s retreat in Abuja.

    At the retreat, it was revealed that the Federal Inland Revenue Service (FIRS ) in January 2020 had collected tax revenue of N338.1 billion against a tax target of N620.2 billion.

    The figure represents the aggregate collection by states’ coordinating units on monthly basis.

  • Benue varsity hospital sacks 30 doctors amidst COVID-19 pandemic

    Benue varsity hospital sacks 30 doctors amidst COVID-19 pandemic

    Amidst fears of Coronavirus disease [COVID-19] pandemic, the management of Benue State University Teaching Hospital (BSUTH) Makurdi has issued over 30 Residents Doctors sack letters.

    BSUTH is one of the isolation centres in the state for the management of Covid-19 pandemic.

    The Association of Resident Doctors (ARD) BSUTH Makurdi, in a press statement issued yesterday and signed by its President Dr. Amina Japhet Onyewuchi and PRO Dr. Sesugh Matthew Iorfa, said the sack does “not follow the laws regulating the service of resident doctors in Nigeria” and is rather “a disservice to the suffering people of Benue State”.

    According to the statement, the 2017 Medical Residency Training Act (MRTA) “allows resident doctors to train and pass all examinations over an eight and half to nine year period as against the six years that the management of Benue State University Teaching Hospital wants to impose” on its resident doctors.

    The statement further adds that none of the resident doctors at BSUTH is included on the list of the National Postgraduate Medical College of Nigeria (NPMCN), a body which regulates residency in the country for exit and questions where the management of BSUTH got powers to sack them.

    ARD BSUTH also accused management of ignoring its role of sponsorship of resident doctors for update of courses and examination as well as refusal to take into account the period of non-accreditation/loss of accreditation.

    While calling for immediate withdrawal of the sack letters and reinstatement of those already sacked; the adoption and full implementation of the 2017 MRTA as it is obtainable in other training institutions across the country, ARD BSUTH warned that failure to do so after 21 days they “will have no choice than to opt for an indefinite strike action”.

    “It is our belief that within these 21 days of our ultimatum, the amiable Executive Governor of Benue State Dr. Samuel Ortom, His Royal Majesty Orchivirigh Professor J. O. Ayatse, Tor Tiv, the Och’Idoma His Royal Majesty Agabaidu Elias Ekoyi Obekpa, and all other well-meaning sons and daughters of Benue State will prevail on the management of Benue State University Teaching Hospital to yield to these, in the interest of residency training, the medical profession and the healthcare of our people,” the statement concluded.

  • Femi Otedola fulfills N1bn pledge to fight COVID-19 pandemic in Nigeria

    Femi Otedola fulfills N1bn pledge to fight COVID-19 pandemic in Nigeria

    Days after pledging to support the fight against Coronavirus in Nigeria, Nigerian billionaire, philanthropist, and former chairman of Forte Oil PLC, Femi Otedola has redeemed his pledge.

    Otedola has confirmed that he fulfilled his promise to donate 1Billion Naira to fight COVID-19.

    The business mogul posted a confirmation which was published by the Central bank of Nigeria, stating that he honored his pledge because his word is his bond.

    He also called on those who are yet to fulfill their own pledges to make sure they do so.

    He wrote; “Matching words with action is the hallmark of Integrity, hence my fulfillment of my 1 Billion Naira Donation which has been published above by the Central Bank of Nigeria.

    “My word is my bond and this has always been the bedrock on which my life is based. I salute the other contributors listed above who have honoured their pledge and call on those who are yet to fulfill their own pledges to this noble cause that will undoubtedly save lives …F.Ote?” he wrote.

  • Anyone who assaults, arrests a pastor during COVID-19 pandemic is in danger – Oyakhilome

    Pastor Chris Oyakhilome, founder, Christ Embassy has warned that anyone who arrested a pastor in this Coronavirus period is in danger.

    He was speaking on reports that some pastors were arrested by government officials in a bid to enforce social distancing in churches.

    He said the authority went in there and arrested the pastor and that the leader of the gang was so pompous and announcing how he succeeded in arresting the pastor.

    “He was excited he arrested a Pastor. Terrible! But he is not the first to arrest a pastor. Jesus was arrested and Jesus was doing what the people didn’t want Him to do and the Apostles did what they were not allowed to do. The Government said, ‘Don’t preach in this name anymore’. They went on preaching. Right?! They arrested them.

    :So it is not enough to say, well, if you do what the Government say not to do, then we have the power to arrest you. Arrest! That Pastor was not the first person to do what Government said don’t do. When I heard of it, I didn’t judge him because what if he was praying and that was the guidance he got?

    “Let me tell you, it is not everyone that will take some of the steps that we might take. Not everyone. The Holy Spirit knows exactly how He wants things done. It’s up to Him. What I’m always saying is that, anybody who assaults a pastor is in danger,” he said in one of his sermons, on Church Gist, a popular Facebook Christian page.

    According to Oyakhilome, “He is in more trouble than the Pastor. Pastors are not ordinary people. If you like you can call them ordinary men, that is up to you, but the Spirit that works with them, when that Spirit is fighting you, nobody can help you. No amount of prayer, no one can help you.

    “It is only people who say they are Christians that fight ministers of the gospel. Others when they know, they remove their hands, He is a pastor. They shift away, but the one that is a Christian is bold, he enters the church. So, if you are a pastor and they assault you. Don’t feel bad, you are not the first, don’t feel bad. But, for the rest pray for your pastors, remember to pray for them. Never condemn a pastor. Never. Don’t ever do it. Don’t do it. Don’t join those who do it. Don’t! Keep your mouth to yourself.”

  • 12 special guides for safe online transactions during COVID-19 pandemic

    12 special guides for safe online transactions during COVID-19 pandemic

    The outbreak of the novel Coronavirus (COVID-19) has affected virtually every facet of human endeavour in every part of our planet.

    Sporting events are being postponed or outrightly cancelled, schools are being shut down, social gatherings outlawed, stock markets are crashing, Civil Service winding up gradually, countries are virtually shutting down by halting public, economic activities, some are in total lockdown, all in coordinated efforts to contain the pandemic.

    Recently, a WHO conference on COVID-19 was canceled because of COVID-19. Simply put, human contact is now dangerous and consciously discouraged as a precautionary measure to curtail the spread of the virus.

    At a time like this, avoiding places that expose you to avoidable human contact such as open market, malls, banks, restaurants or canteens popularly called ‘Buka’ and even ATM spots, is top of the safety advisory list. Alternatives to carrying out these day-to-day activities without human contact are highly sought after.

    Few days ago, The Wall Street Journal reported that grocery stores cannot meet the demands of people and more importantly worry about the health risk that now comes with shopping in physical stores.

    The good news is that online marketplace now exists for most of these services in Nigeria. For those yet to embrace e-commerce innovations, these are times to consider the option.

    There’s every reason in the world to shop online. The bargains are there. The selection is mind-boggling. The shopping is secure. Shipping is fast. Even returns are easy, with the right e-tailers. Shopping has never been easier or more convenient for consumers.

    However, this is not to say there are no risks associated with shopping online. But Stay calm. While Despite the risk, you can record a fraud free only transaction throughout this COVID-19 period and beyond if you follow practical advice. Here are basic guidelines; use them and you can shop with confidence as you check off items on your compulsory COVID-19 holiday shopping list.

    Platforms like Jumia, Jiji, Konga, and the rest provide veritable options to visit a brick and mortar store or mall. Interestingly, these platforms are expanding beyond just online stores to online malls.

    1. Use familiar websites

    Start at a trusted site. Search results can be rigged to lead you astray, especially when you drift past the first few pages of links. If you know the site, chances are it’s less likely to be a rip-off.

    Beware of misspellings or sites using a different top-level domain (.net instead of .com, for example)—those are the oldest tricks in the book. Yes, sales on these sites might look enticing, but that’s how they trick you into giving up your info.

    1. Look for the Lock

    Never ever, ever buy anything online using your credit card from a site that doesn’t have SSL (secure sockets layer) encryption installed—at the very least. You’ll know if the site has SSL because the URL for the site will start with HTTPS—instead of just HTTP. An icon of a locked padlock () will appear, typically to the left of the URL in the address bar or the status bar down below; it depends on your browser.

    HTTPS is pretty standard now even on non-shopping sites, enough that Google Chrome flags any page without the extra S as “not secure.” So a site without it should stand out even more.

    3. Don’t overshare

    No online shopping e-tailer needs your phone number or your birthday to do business. However, if crooks get them and your credit card number, they can do a lot of damage. The more scammers know, the easier it is to steal your identity. When possible, default to giving up as little personal data as possible. Even major sites get breached.

    4. Check Statements Regularly

    Don’t wait for your bill to come at the end of the month. Go online regularly especially during this compulsory holiday season and look at electronic statements of your spendings via your credit card, debit card, and checking accounts. Look for any fraudulent charges, even originating from your bank, retailing store and even payment sites like PayPal if you happen to do international transactions. (After all, there’s more than one way to get to your money.)

    If you see something wrong, pick up the phone to address the matter quickly. Most times you are given a 30-day window to notify the bank or card issuer of problems, however; after that, you might be liable for the charges anyway.

    5. Inoculate Your Computer

    Swindlers don’t sit around waiting for you to give them data; sometimes they give you a little something extra to help things along. You need to protect against malware with regular updates to your antivirus program.

    Better yet, pay for a full-blown security suite, which will have antivirus software, but also will fight spam, spear-phishing emails, and phishing attacks from websites (the latter two try and still your personal info by mimicking a message or site that looks legit). Remember, it’s not enough to just have it installed. Make sure your anti-malware tools are always up to date. Otherwise, they can let in any new threats—and of course there are always new threats.

    6. Privatize Your Wi-Fi

    If you’re shopping via a public hotspot, stick to known networks, even if they’re free. If there is no public Wi-Fi around and you are using yours be sure to privatize it. If you trust people enough, you can input your password on their device.

    7. Avoid Public Terminals

    What about using your own laptop to shop while you’re out? It’s one thing to hand over a debit card to get swiped at the checkout, but when you have to enter the credit card number and expiration date on a website while sitting in a public cafe, you’re giving an over-the-shoulder snooper plenty of time to see the goods. At the very least, think like a gangster: Sit in the back, facing the door. And use sites that you trust that already have your debit card stored, so you don’t have to repeat the everyday tradition of inputting the details while an unsuspecting fellow close to you steals the details.

    8. Create Strong Passwords

    You can never overemphasize the importance of a strong password. This is because hackers and fraudsters are perfecting their game and can easily guess some simple passwords. (i.e. those combining date of birth, phone numbers, etc.) It’s never more important than when banking and shopping online. But even your perfect password isn’t perfect. The smarter move: use a password manager to create uncrackable passwords for you. It’ll also keep track of them and enter them, so you don’t have to think about it.

    9. Think Mobile

    There’s no real need to be any more nervous about shopping on a mobile device than online. Simply use apps provided directly by the retailers, like Jumia, Konga, etc. Use the apps to find what you want and then make the purchase directly, without going to the store or the website.

    10. Skip the Card, Use the Phone

    Paying for items using your smartphone is pretty standard these days in brick-and-mortar stores, and is actually even more secure than using your credit card. Using a mobile payment app like Apple Pay generates a one-use authentication code for the purchase that no one else could ever steal and use. Plus, you’re avoiding card skimmers—hell, you don’t even need to take your credit card with you if you only go places that accept phone payments. How does that matter if you’re online shopping?

    11. Check the Seller

    If you’re wary of a site, perform your due-diligence. Google are full of retailer reviews. Put companies through the wringer before you plunk down your card details. There’s a reason that non-delivery/non-payment is the most common cybercrime complaint these days: it hurts when that happens, financially and emotionally.

    That said—online reviews can also be gamed. If you see nothing but positive feedback and can’t tell if the writers are legitimate customers, follow your instincts.

    If nothing else, make absolutely sure you’ve got a concrete address and a working phone number for the seller. If things go bad, you have a place to take your complaint. In fact, call them before you order so you can clarify a return policy and where to go with any issues after the purchase.

    12. Complain Loud, Clear and Proud

    No matter how fast the world changes, ‘customers are kings and always right.’ Don’t be embarrassed if you get taken for a ride while online shopping. Instead, get very, very mad. Complain to the seller. Oftentimes, localize your transactions. This way the authorities can help track whoever is playing a fast one on you. If you’re going to get scammed, try to get scammed locally… or at least domestically.

  • Nigeria will overcome COVID-19 pandemic – CAN President

    President of the Christian Association of Nigeria (CAN), Rev. Samson Ayokunle, has assured Nigeria will overcome the coronavirus pandemic.

    He cautioned against fear, saying the nation will emerge stronger from the outbreak.

    Ayokunle, who doubles as the President of the Nigerian Baptist Convention (NBC), also narrated how he escaped plane crash recently while in the United States on his way back home to buttress his homily.

    The cleric made these disclosures in his online Sunday sermon titled “Conquer your fear” with text from Matthew 14: 22- 33

    His words: “Our Lord Jesus Christ walked on the raging water to show that the raging water is under His control. God rides on storms as His horses.

    “At times whenever I was travelling by air and there was a storm, I would say, ‘Father, thank You for demonstrating your power here again! You are riding on this wind. I know You are there. I worship You. I worship your majesty”.

    He added: “That was what happened in February when I was flying from Washington DC to Atlanta to catch my flight coming to Nigeria.

    “After boarding, the flight was delayed on the runway for about half an hour and later the 30 minutes became one hour.

    “And eventually when we took off we were welcomed by a very strong storm. I was hearing gba, gbu, gba,gbu and I said ‘the Almighty God, I can see You at work. I know you are in the storm manifesting your power and glory. I worship your majesty. We your children are here, continue watching over us’.

    “The storm was raging for a long time and it prolonged the journey from one hour, twenty minutes to almost three hours.

    “Even when we got to Atlanta, our plane couldn’t find a place to land but I kept on praising and glorifying the Almighty.

    “Our God is always at work on our behalf and we should not be afraid.

    “The more we worship him, the more of Him we see and the more of hope is built in us.

    “Though it is good to listen to news and obey the rules of hygiene for your own good, they are not the only things you can do.

    “The way for you to conquer your fear is in His worship. It is then you can see Him highly lifted up.

    “It is then you will see Him take over your present and your future.

    “It is then that you see your future in His hands and not in the hands of Coronavirus,” Ayokunle admonished.

    Speaking further, he said: “When a storm like coronavirus comes and many unpleasant things are happening around us, it is more likely to hear the negative reports from the news media and the records which people send to us than to hear the Lord say ‘fear not’.

    “Exercising faith at a time like this appears naive and unreasonable. However, faith is the reality that would get us to where we are going safely”.

    The cleric, in a statement in Abuja by his Special Assistant (Media and Communications, Pastor Adebayo Oladeji, asked people to have an assurance of divine presence whenever they are experiencing storm in any facet of life.

    “When the storm comes raging, remember that the Lord knows and He is near.

    “Many times we think we are alone or abandoned at a difficult time like this when Coronavirus is raging with its fury. Businesses are down and our currency is losing its value more and more.

    “Nothing hopeful humanly speaking is around. In the midst of all these, I need to remind somebody listening that the Lord knows what we are passing through and he is near,” he pointed out.

    On the possible lockdown of the country, the CAN President asked the Federal and state governments to provide palliatives to cushion the effects of the directive as it is being done all over the world.

    “I call on our governments to provide palliatives for the people who cannot provide their daily needs as a result of the lockdown order.

    “People cannot be lockdown in hunger for a long time. You are not the only government that gave such an order but governments all over the world are providing relief assistance to the people.

    According to reports: “The US government has approved a whooping 2 trillion dollars as the palliatives.

    “Both the Democrats and the Republicans in the Congress have buried their political differences and they are now working together.

    “This is what governance is all about. I appeal to our governments to do likewise. This will make us to trust them more as they are managing our commonwealth”.

    He also reiterated the directive given to the local churches by CAN nationwide to provide palliatives for the worshippers with a view to reducing the burden of the lockdown period.