- NPA Commences Clean-up of Onne Port Water
Following the vast oil spillage at the Federal Oceans Terminal, Onne, Rivers State, the Nigerian Ports Authority, has kick-started a clean-up project at the water channel Port.
The clean-up, is the first of such exercise being carried out by the personnel of the Environment Department of the Nigerian Ports Authority.
Kick-starting the clean-up project at the premises of the Engineering Department, Federal Lighter Terminal, Onne, Suleiman Abdulbaki, General Manager Health Safety Environment, who led the team for the clean-up project, said, part of the activities of the project, is to remove debris from the waters and also, use chemicals to clean the water to ensure an improved water condition in the areas affected.
Suleiman also said, although the actual cause of the oil spillage could not be ascertained, the wastes from nearby communities to the water channels and activities of oil bunkers is being suspected.
The Suleiman-led Environment Department of the Nigerian Ports Authority, according to Suleiman Abdulbaki, are also to carry out carry out an awareness campaign to enlighten the communities on the need for clean water for an improved health and aquatic life.
Also speaking at the kickoff event, the Port Manager, Alhassan Ismaila Abubakar, represented by the Acting Port Manager, Mrs Barbara Ejemeh Nchey-Achukwu, commended the Managing Director of the Nigerian Ports Authority, Hadiza Bala-Usman for the approval of the water clean-up project at the Port.
Speaking further, she said the Nigeria Ports Authority is aware of the complaints as a result of the oil spills and through the clean-up project, showing a required duty of care, after which such complaints will be a thing of the past.
“I know after this exercise, terminal operators will no longer complain to Onne Port Management of stains on their anchored vessels”, Nchey-Achukwu stated.
Also speaking at the event, Khadijat Sheidu-Shabi, the Assistant General Manager, said the Authority is showing commitment by improving the quality of Port water channels.
“As an Authority, we are proud to show commitment to improving the navigational water channels within Onne Port”, she stated.
Nigeria Allotted $3.35bn From IMF’s Special Drawing Rights(SDRs)
Nigeria has secured about $3.35 billion as part of a historic general allocation of Special Drawing Rights (SDRs) of the International Monetary Fund (IMF).
This is part of the general allocation of about SDR456 billion – an equivalent of $650 billion – by the IMF Board of Governors.
This will help to boost liquidity in Nigeria that is currently battling declining revenue.
The allocation which was approved on Monday aims to boost global liquidity at a time when the world is grappling with the coronavirus (COVID-19) pandemic.
“This is a historic decision – the largest SDR allocation in the history of the IMF and a shot in the arm for the global economy at a time of unprecedented crisis,” said IMF Managing Director, Kristalina Georgieva.
Although it is not a currency, the SDR is an international reserve asset created by the IMF to supplement the official reserves of its member countries.
It is a potential claim on the freely usable currencies of IMF members and can provide a country with liquidity. The SDR is defined by the US dollar, Euro, Chinese Yuan, Japanese Yen, and the British Pound.
The amount allocated to Nigeria is as a result of the exchange rate of reference which is 0.702283 SDR to a dollar as of July 1, 2021, and Nigeria has 2.4545 billion SDRs.
“The SDR allocation will benefit all members, address the long-term global need for reserves, build confidence, and foster the resilience and stability of the global economy,” the IMF managing director added.
“It will particularly help our most vulnerable countries struggling to cope with the impact of the COVID-19 crisis.”
According to the IMF, the general allocation of SDRs will become effective on August 23 and the newly created SDRs will be credited to IMF member countries in proportion to their existing quotas in the Fund.
It stated that about $275 billion (about SDR 193 billion) of the new allocation will go to emerging markets and developing countries, including low-income countries.
UN Chief Welcomes Historic’ IMF Liquidity Boost for Governments in Need
As the COVID-19 crisis continues to exacerbate restrictions on government spending throughout the world, the UN chief on Tuesday welcomed the decision by the International Monetary Fund (IMF) to approve a $650 billion allocation of Special Drawing Rights to “boost liquidity”.
Secretary-General António Guterres issued a statement on the policy change towards Special Drawing Rights or SDRs, a type of foreign reserve asset that is IMF defined and maintained, as additional funding that could help to pay down debts.
He also underscored that economies not in need of access to cash should “consider channeling these resources to vulnerable low and middle-income countries that need a liquidity injection by replenishing the IMF’s Poverty Reduction and Growth Trust Fund”.
Yesterday’s IMF’s allocation makes new borrowing available to the fund’s 190 member countries, roughly in proportion to their share of the global economy.
“This is a historic decision – the largest SDR allocation in the history of the IMF and a shot in the arm for the global economy at a time of unprecedented crisis”, said IMF Managing Director Kristalina Georgieva.
“The SDR allocation will benefit all members, address the long-term global need for reserves, build confidence, and foster the resilience and stability of the global economy. It will particularly help our most vulnerable countries struggling to cope with the impact of the COVID-19 crisis.”
Halting debt default
The Secretary-General stressed that it is also “critical to quickly establish the proposed Resilience and Sustainability Trust at the IMF…[for] a comprehensive response and recovery, including providing more support for vaccinations and debt management and to support the efforts of developing economies in restructuring for inclusive growth”.
Last month, he urged the world’s largest economies to spearhead a global COVID-19 vaccination plan and expand debt relief to developing countries battered by the pandemic.
Bulwark against default
He also advised supporting a new $50 billion IMF investment roadmap aimed at ending the pandemic and driving a fast recovery.
As many developing countries are “teetering on the verge of debt default”, the UN chief encouraged the G20 leading industrialized nations to channel unused SDRs to the Fund’s new resilience and sustainability plan, for these nations.
“Special Drawing Rights also need to be considered as additional funding, not deducted from Official Development Assistance”, he reminded.
IMF Approves Largest SDR Allocation In History to Boost Global Liquidity
The Board of Governors of the International Monetary Fund (IMF) has approved a general allocation of Special Drawing Rights (SDRs) equivalent to US$650 billion (about SDR 456 billion) on August 2, 2021, to boost global liquidity.
“This is a historic decision – the largest SDR allocation in the history of the IMF and a shot in the arm for the global economy at a time of unprecedented crisis. The SDR allocation will benefit all members, address the long-term global need for reserves, build confidence, and foster the resilience and stability of the global economy. It will particularly help our most vulnerable countries struggling to cope with the impact of the COVID-19 crisis,” IMF Managing Director Kristalina Georgieva said.
The general allocation of SDRs will become effective on August 23, 2021. The newly created SDRs will be credited to IMF member countries in proportion to their existing quotas in the Fund.
According to the IMF, about US$275 billion (about SDR 193 billion) of the new allocation will go to emerging markets and developing countries, including low-income countries.
“We will also continue to engage actively with our membership to identify viable options for voluntary channeling of SDRs from wealthier to poorer and more vulnerable member countries to support their pandemic recovery and achieve resilient and sustainable growth”, Ms. Georgieva said.
One key option is for members that have strong external positions to voluntarily channel part of their SDRs to scale up lending for low-income countries through the IMF’s Poverty Reduction and Growth Trust (PRGT). Concessional support through the PRGT is currently interest-free.
The IMF is also exploring other options to help poorer and more vulnerable countries in their recovery efforts. A new Resilience and Sustainability Trust could be considered to facilitate more resilient and sustainable growth in the medium term.
In April last year, Nigeria collected $3.4 billion—equivalent to 100 percent of its quota— under the IMF’s Rapid Financing Instrument, RFI, to tackle the funding gaps created by COVID-19, especially when the crude oil market stagnated.
The financial support, approved by the IMF Executive Board on April 28, 2020, provided critical support to shore up Nigeria’s healthcare sector and shielded jobs and businesses from the shock of the COVID-19 crisis while helping to limit the decline in the nation’s external reserves.
Business4 weeks ago
How to Redeem Gift Cards, Gift Card Rates in Nigeria
Government2 weeks ago
Security Operatives Arrest Sunday Igboho in Cotonou, Benin Republic
Government3 weeks ago
National Intelligence Agency Receives N4.87 Budget to Track Conversations
Finance4 weeks ago
African Development Fund Extends $83.6 Million in Grants to Boost Ethiopia-Djibouti Electricity Trade
Government3 weeks ago
South Africa Deploys Army to Quell Unrest Linked to Zuma Imprisonment
News3 weeks ago
FG Awards Federal Road Contract Worth N309B To Dangote Group
Banking Sector3 weeks ago
Guaranty Trust Bank Completes Corporate Re-organisation, Rebrands to Guaranty Trust Holding Company Plc
Business3 weeks ago
Three Entrepreneurs in Botswana, Zambia, and Malawi Beat over 1,000 Applicants to Win Prestigious SEED Award