African Export-Import Bank (Afrexim) Approves $2 Billion for the Purchase of 270 million Doses for African Nations
African Export-Import Bank (Afrexim) said it has approved $2 billion for the purchase of 270 million doses of COVID-19 vaccines for African nations, including Nigeria.
Prof. Benedict Oramah, the President of the Bank, disclosed this at a virtual Africa Soft Power Series held on Tuesday.
He, however, stated that the lender is looking to raise more funds for the COVID-19 vaccines’ acquisition.
He said: “The African Union knows that unless you put the virus away, your economy can’t come back. If Africa didn’t do anything, it would become a COVID-19 continent when other parts of the world have already moved on.
“Recall that it took seven years during the heat of HIV for them to come to Africa after 12 million people had died.
“With the assistance of the AU, we were able to get 270 million vaccines and financing need of about $2 billion. Afreximbank then went ahead to secure the $2 billion. But that money for the 270 million doses could only add 15 per cent to the 20 per cent that Covax was bringing.”
He added that this is not the time to wait for handouts or free vaccines as other countries will naturally sort themselves out before African nations.
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Nigeria Eyes BRICS Membership within Two Years as Foreign Minister Emphasizes Strategic Alignment
In a strategic move towards global economic collaboration, Nigeria is aspiring to join the BRICS group of nations within the next two years.
The Minister of Foreign Affairs, Yusuf Tuggar, affirmed that Nigeria is open to aligning itself with groups that demonstrate good intentions, well-meaning goals, and clearly defined objectives.
Tuggar stated, “Nigeria has come of age to decide for itself who her partners should be and where they should be; being multiple aligned is in our best interest.”
He emphasized the need for Nigeria to be part of influential groups like BRICS and the G-20, citing criteria such as population and economy size that position Nigeria as a natural candidate.
BRICS, comprising Brazil, Russia, India, China, and South Africa, stands as a formidable bloc of emerging market powers.
In a recent move to expand its influence, BRICS invited six additional nations, including Saudi Arabia, Iran, Egypt, Argentina, Ethiopia, and the United Arab Emirates, to join the group.
Nigeria, as Africa’s largest economy, has been absent from the BRICS alliance, prompting discussions on the potential economic and political advantages the bloc could offer the country.
Analysts have noted that BRICS membership could provide Nigeria with significant leverage on the global stage.
Vice President Kashim Shettima clarified that Nigeria did not apply for BRICS membership after the bloc’s announcement of new members in August.
Shettima emphasized the principled approach of President Bola Ahmed Tinubu, highlighting a commitment to consensus building in decisions related to international partnerships.
As Nigeria eyes BRICS membership, the move is seen as a strategic step towards enhancing its global economic and diplomatic influence.
Nigeria Spends N231.27 Billion on Arms Procurement in Four Years Amidst Rising Security Challenges
The Federal Government of Nigeria has disbursed a total of N231.27 billion for arms and ammunition procurement over the past four years.
Despite this significant investment, security agencies argue that the allocated funds are insufficient to effectively tackle the myriad security challenges afflicting the nation.
Chief of Defence Staff, General Christopher Musa, defended the substantial budget for arms purchases during a session with the House of Representatives.
He emphasized that Nigeria’s dependence on foreign countries for military hardware, which are priced in dollars, diminishes the impact of the substantial budget when converted to the local currency.
General Musa explained, “We don’t produce what we need in Nigeria, and if you do not produce what you need, that means you are at the beck and call of the people that produce these items. All the items we procured were bought with hard currency, none in naira.”
He further illustrated the challenges faced, citing that a precision missile for drones costs $5,000, underscoring the magnitude of the expenses associated with arms procurement.
An analysis of the annual budgets for the Ministry of Defence and eight other armed forces from 2020 to 2022 reveals allocations of N11.72 billion, N10.78 billion, and N9.64 billion, respectively.
In 2023, N47.02 billion was disbursed for arms procurement, supplemented by a recently passed budget of N184.25 billion, resulting in a total of N231.27 billion.
Security expert Chidi Omeje raised concerns about the Defence Industries Corporation of Nigeria (DICON), which is tasked with manufacturing arms locally. Omeje criticized DICON’s underperformance, urging the government to revamp the agency to reduce reliance on foreign nations for arms and ammunition.
Omeje stressed, “The new government must make sure that DICON lives up to its responsibilities,” highlighting the urgency of fostering self-sufficiency in arms production to address the country’s security challenges effectively.
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