THE Bank of America Chief Economist, Michelle Meyer has said in a note that America has officially fallen into recession, joining the rest of the world and it is a deep plunge in which jobs will be lost, wealth will be destroyed and confidence depressed.
The United States (US) is the largest foreign investor in Nigeria, with a foreign direct investment in stock of $5.6 billion in 2018 concentrated largely in the petroleum, mining and wholesale trade sectors.
According to Meyer, the U.S economy is expected to “collapse” in the second quarter, shrinking by 12 per cent and Gross Domestic Product (GDP) for the full year will contract by 0.8 per cent.
Bilateral relations fact sheet showed that at $2.2 billion in 2017, Nigeria is the second-largest U.S. export destination in Sub-Saharan Africa.
The two-way trade in goods between the US and Nigeria totalled over $9 billion.
The fact sheet also showed that Nigeria is eligible for preferential trade benefits with the U.S under the African Growth and Opportunity Act (AGOA).
Nigerian exports to the US included crude oil, cocoa, cashew nuts, rubber, antiques, food waste and animal feed, while U.S. exports to Nigeria include wheat, vehicles, machinery, kerosene, lubricating oils, jet fuel, civilian aircraft, and plastics.
The U.S news reported businesses under shutdown orders to range from coal mines to building contractors to many types of manufacturers, plus professional offices including law firms and accounting offices.
Retailers ordered to close include car dealers, clothing stores, furniture stores, florists, office supply stores and lawn and garden stores.
How this will affect Nigeria’s economy
Financial economist, Daniel Marcus who spoke with The ICIR said: “If the U.S economy halts, Africa at large would also feel the heat strongly because the U.S is a major supporter of businesses in most African nations in terms of exports.”
“Expected revenue from businesses with the U.S is most likely to drop to the barest minimum”, Marcus added.
Research Analyst, Seyi Kolawole of NASD PLC who spoke with The ICIR said: ” A sluggish American economy also means a deficit in the trade balance between Nigeria and the US”.
According to Chetan Ahya, Chief Economist at Morgan Stanley, “the disruptions and dislocations in the economy and markets will trigger a year over year contraction in global growth in the first half of 2020.”
Ahya believes the U.S. government is undertaking a “strong monetary and fiscal policy response” that “will help revive global growth” in the third quarter of this year.
SINCE the Osun State Government announced plans to employ 2,500 new teachers into the state Ministry of Education as part of measures to increase workforce in the state secondary schools and primary education, the decision has provoked serious concerns, questioning why the recruitment should be monetised.
Each of the prospective employees is required to pay indirectly by purchasing a pin to access the job website at a sum of N3,000.
But the state government claimed its inability to shoulder the cost of engaging best hands for the vacant positions.
It says the proposed teachers would have to be graduates of English Language, Mathematics and Science, Humanities and Social Sciences.
The ICIR also gathered that the candidates are expected to own Nigerian Certificate in Education (NCE), and while 1,000 of the recruits would be fixed in primary schools, 1,500 would be engaged in secondary schools across the states.
As at the time of filing this report, the actual figure of interested candidates remained unknown while the offer is still ongoing.
“The governor of the state of Osun, Adegboyega Oyetola, has approved in council, the immediate recruitment of teachers into the public basic and post-basic schools in the state,” an advert placed by the state education ministry showed.
Osun Advert on Recruitment Photo Source: The ICIR
“Consequently upon this, the state’s ministry of education hereby invites applications from suitably qualified candidates to its existing vacancies in the disciplines outlined below – English Language, Mathematics and Science, Humanities and Social Sciences.”
The advert further encouraged interested candidates to “register online through osun.com.ng after a login pin has been purchased from the ministry of education, state secretariat, Oshogbo.”
The advert was signed in February by S.F Olajide, Permanent Secretary of the state education ministry.
But The ICIR went further to ascertain the N3000 claim.
Ismaila Omipidan, Oyetola’s Chief Press Secretary was contacted but he referred the reporter to Folorunso Bamisayemi, the state Commissioner for Education.
Yes, we charge the sum because State is in distress, we need the best
Bamisayemi who later spoke with The ICIR in a phone interview affirmed the fixed sum. He said since the outbreak of the Coronavirus virus, the global oil price has been affected which could also affect the nation’s revenue, and by extension, the 36 states, as monthly allocation to states would be affected.
“Not just ours, every state in the country because Nigeria will earn less from oil, so if the country is earning less, that means Osun will still earn lesser as well in spite of our huge debt.”
He further shared insights on how the state had been in a dearth of English and Science teachers including teachers for primary school pupils.
The assessment, he noted, would be Computer Based Test (CBT).
He added that it is to be conducted by the Joint Admission Matriculation Examination (JAMB) at designated locations with supports from an Information Communication Technology (ICT) consultant and the state ministry of education.
“It is true because we will do a screening test, and we must get the best and the brightest,” Bamisayemi said.
“Substantial percentage of this (teachers) will go to English and the science subjects. It will be need-based. So, that’s why we have very serious shortages. We have acute shortages in English, chemistry and mathematics.”
“The state is in distress. Government cannot fund it. Even when the state was buoyant in 2013, the form went for N2,500 and the substantial part of that went to JAMB. They conducted the screening tests.”
“This time around, they are conducting the screening test for us. They will take a substantial part of that N3000. And 70 per cent will go to JAMB, then it is one thing is to know the subject, it is another to be able to communicate the subject across to the students.”
Speaking on other activities aligned with the assessment, the commissioner revealed that shortlisted candidates who scaled through the yet-to-be-determined cut-off would as well be engaged in micro-teaching to measure the ability of candidates to articulate their knowledge.
This, he said, would be supervised by retired principals, teachers and headmasters.
However, he insisted the gesture was not to inflict hardship on the unemployed youths stressing that, “a dime of the money is not going into the Internally Generated Revenue (IGR).
“We are not that wicked,” he added.
It could be recalled that in 2013, similar recruitment was done in the state and the form was sold for N2, 500.
“Eight years after, the form went for N3,000. Considering inflation and the value of money now, you can see the difference. So I can assure you, a dime is not going into the government cover or anybody’s private purse.”
I am not aware of such an arrangement – JAMB
The ICIR reached out to JAMB through Fabian Benjamin, the body’s spokesperson but he said he was unaware of the arrangement.
Benjamin, who appeared ignorant of the development further asked if it was Osun State government. He wondered the kind of service JAMB would render, the amount involved and the level of partnership.
“Honestly, I don’t have that information. I’m not even aware we are doing anything of such with the Osun State government in that regard. So I don’t know,” Benjamin said.
“I am no saying what the government is saying is untrue but I don’t have the information. I don’t now to what extent we are partnering with them, what kind of service are we rendering? How much are they paying? I don’t know.”
THE US Food and Drug Agency says there are currently no ‘FDA-approved therapeutics or drugs to treat, cure or prevent COVID-19, contrary to claims by President Donald Trump on Thursday that the agency has approved chloroquine as a drug to cure the disease.
Chloroquine is used to treat malaria, lupus and rheumatoid arthritis but has now been claimed to be effective in the treatment and cure of the novel virus.
Trump claimed during a White House briefing on Thursday that the Food and Drug Administration had approved the “very powerful” drug chloroquine to treat coronavirus.
“It’s shown very encouraging — very, very encouraging early results. And we’re going to be able to make that drug available almost immediately. And that’s where the FDA has been so great. They — they’ve gone through the approval process; it’s been approved. And they did it — they took it down from many, many months to immediate. So we’re going to be able to make that drug available by prescription or states,” he said.
However, the FDA in a press release titled “Coronavirus (COVID-19) Update: FDA Continues to Facilitate Development of Treatments,” noted that there are several of its-approved treatments that may help ease the symptoms from a supportive care perspective.
The agency disclosed that it was working closely with innovators in their work to expedite these efforts, including leveraging scientific information about the virus and trials currently being conducted in other countries such as China, Japan, South Korea and Italy as well as in the U.S.
“Quickly after the emergence of this virus, the FDA began working directly with partners and innovators to foster the development of medical countermeasures against COVID-19, and we are continuing to provide regulatory flexibility, advice, guidance, and technical assistance.
“The FDA continues to work with interested sponsors to help expedite any additional clinical trials for COVID-19 medical countermeasures that may be appropriate. The FDA is able to, and has been, turning around requests very quickly to assist in initiating clinical trials,” it said
Chloroquine was banned as a first line treatment drug for malaria in Nigeria in 2005.
The decision, based on the recommendation of the World Health Organisation, was taken by the Federal Ministry of Health due to high treatment failures resulting from drug resistance.
In 2002, the WHO recommended the ban of chloroquine for treatment of malaria when the Therapeutic Efficacy Testing conducted across the six geopolitical zones in Nigeria showed that the drug had an efficacy of 35 percent as against the standard 95 percent efficacy.
According to the report by WHO, in most countries of East Africa and Ethiopia, more than 50 percent of patients were not cured by chloroquine.
Moderate levels of resistance were found in Central and Southern Africa whereas in West Africa, report levels vary widely but tend to be lower than in Central and Southern Africa.
This led to the removal of chloroquine as a first line treatment for malaria in the National Antimalarial Treatment Policy 2005.
Fifteen years later, the COVID-19 outbreak is bringing back chloroquine into the market, although the ban has not been strictly adhered to over the year.
Meanwhile on Friday, National Agency for Food and Drug Administration and Control (NAFDAC) approved for the testing of chloroquine in the treatment of COVID-19.
Chloroquine was discovered in 1934 by Hans Andersag, an Italian scientist.
It is a synthetic form of quinine, which has been used to treat malaria since its discovery, while hydroxychloroquine shares a similar mechanism of action but is less toxic.
THE National Agency for Food and Drug Administration and Control (NAFDAC) on Friday has approved the production of chloroquine for clinical trials in preventing the spread of COVID-19.
Director-General of the agency, Mojisola Adeyeye, has disclosed this at the NAFDAC headquarters in Lagos.
Adeyeye, however, clarified that the approval of chloroquine for clinical trial does not equate its usage for the treatment of coronavirus in Nigeria.
“In the case of Chloroquine, it has been demonstrated in the literature and with clinical research which is still ongoing, that Chloroquine is superior to the Placebo.
“NAFDAC is not approving Chloroquine as a product that can be used for Coronavirus because there is no submission to us for registration but because it is under clinical trials, NAFDAC approves medicines meant for clinical trials.
“Therefore the medicine is being approved just for the clinical trials,” Adeyeye said, calling on experts and researchers interested in doing a clinical trial on Chloroquine to approach approved outlets.
“Right now, we have asked one company to make a batch of Chloroquine for the purpose of a clinical trial.
“Nobody should use chloroquine as anti-malaria because of the resistance that has been proven to develop in the past after the use of chloroquine in the population,” the NAFDAC DG said.
On Wednesday, the World Health Organisation (WHO) reportedly listed chloroquine among four drugs identified for a multinational clinical trial as part of efforts to find a cure to the pandemic.
The trial is code-named Solidarity Trial.
“The drugs to be tested are antiviral drug remdesivir; a combination of two HIV drugs – lopinavir and ritonavir, lopinavir and ritonavir plus interferon beta and the antimalaria drug chloroquine,” report says.
“All show some evidence of effectiveness against SARS-CoV 2 virus, which causes Covid-19, either in vitro and/or animal studies.”
WHO said the four drugs or a combination of an existing drug used to cure other ailments would be tested while 10 nations already signified interest in the clinical trial.
However, the federal government had expressed indifference about the use of chloroquine as a cure for the novel coronavirus in Nigeria.
The Minister of Health, Osagie Enanire in a press conference earlier on Friday in Abuja, noted that although chloroquine had effectively yielded a positive outcome on the surface through on In-Vitro test that is conducted on the outside of the human surface, it has not been confirmed to effectively cure the COVID-19 when an In-Vivo test is done inside the human body.
MINISTER of Health, Osagie Ehanire on Friday said the would wait for the recommendations by the World Health Organisation (WHO) as cure for the pandemic coronavirus, rather than adopting chloroquine that is purported to be the cure for the virus.
“We no longer use chloroquine in Nigeria. We look at what the World Health Organisation recommends and the scientists here, what their recommendation is,” Ehanire said during a press conference called to give update on the pandemic in the country.
“And so far, there are things that have been said about chloroquine, that it was active in In-Vitro test and not proven to have been active In- Vivo test.
“The situation might change, and that is the information we have so far. We may not necessarily look at that but we are not ignoring either the possibility or option,” he added.
He stated that the Federal Government might consider some elements of the drug, noting that its functionality is limited to external germs on the body rather than to cure the disease from within the body system.
The Minister reiterated that the WHO was yet to make a valid position on the drug as a cure to the pandemic.
According to his explanation, in-vitro, is a test on the surface of the human body, while invivo is a test carried out inside of the human body with the germs within inherent.
He said the use of chloroquine with an In-Vitro test appears to have had a positive outcome while the In-Vivo has not been proven to be active.
Ehanire however, noted that Nigeria has so far not witnessed any case that required the use of chloroquine or any other form of medication.
“As for hydroxychloroquine, we don’t generally use that for that purpose except for some immune situation,” he said.
The Federal Government stance on the use of chloroquine as cure for coronavirus came on the heels of the recent development in the United State (US) approving the use of the chloroquine to combat the spread of COVID-19.
The US President, Donald Trump on Thursday had approved the anti-malaria drug chloroquine for use as a treatment against coronavirus.
He stated that the drugs would be made available for prescription as successive inquiries on chloroquine had proven as effective to cure the coronavirus pandemic.
The US Food and Drug Administration (FDA) said it was working with the government and academic entities to investigate the holistic effectiveness of chloroquine in treating patients with mild-to-moderate COVID-19 to potentially reduce the duration of symptoms, as well as viral shedding, which can help prevent the spread of disease.
THE Governing Board and Executive Council of the University of Ibadan Muslim Community has shut down the central mosque of the institution over the revelation that the Ekiti State Index case stayed in Ibadan for 14 days.
In the memo obtained by The ICIR, and duly signed by M.O. Abdulrahman, the Chief Imam of the central mosque, the action was in response to the COVID-19 and prevent its spread in the institution.
The Imam announced that Jumat service has been suspended until further notice in the mosque beginning from Friday, March 20, while advising the Muslim community to sit and pray in the respective homes.
It could be recalled that the state governments of Lagos and Ogun, on Wednesday announced a total shut down of gathering of worship centers with more than 50 persons.
The Lagos State Commissioner for Home Affairs, Olanrewaju Elegushi told reporters after a meeting with religious leaders that the suspension of large gatherings had taken effect.
“We met with religious leaders, both Christians and Muslims. We discussed, argued and realised that the lives of Lagosians are important to us. We prefer to offend people than to kill our people,” he said.
PRESIDENTIAL spokesperson, Garba Shehu, on Thursday carpeted Nigerians who have called out President Muhammadu Buhari for not addressing the nation on the government’s preparedness to contain the spread of coronavirus in the country.
As the novel virus spreads across states in the country, Nigerians have intensified their calls on the president to address the nation on the pandemic that infected 11 Nigerians in the last two weeks.
In his response to the calls, Shehu described the calls as “cheap politics and populism saying “these are not the times for populism and cheap politics.”
“In this regard, populist advocacies such as the one accusing the President of “complacency” simply because he has not made a television address by ranking members of our respected parliament are cheap and sensational.
He however, explained that government has taken adequate measures to mitigate the effects of the pandemic on the Nigerian people, citing the president’s recent travel ban on 13 countries with more than 1,000 confirmed cases of COVID-19 and suspension of visas to the nationals of the countries which is expected to take effect as from March 20.
Garba also cited the reduction in the price of premium motor spiri (PMS) from N145 to N125 per litre as one of those measures to cushion the impacts of the virus on the Nigerian economy.
He added that the Central Bank of Nigeria (CBN) on Monday announced N1.1trillion credit relief and established a facility for household, Small and Medium Enterprises (SMEs) with reduction of interest rates for loans from 9 per cent to 5 per cent for businesses that may be affected by the virus.
Calling on Nigerians to unite to fight the plague, Shehu said “North, South, East, and West – all Nigerians must unite to fight this plague, irrespective of religious or ideological affiliation.”
“We do not want to create panic. But we will continue to update the Nigerian public with relevant information.
“We plead with every Nigerian to cooperate with the government in the fight against Covid-19 and obey all instructions from the NCDC.
“We also plead with Nigerians not to see this most peculiar of times as one to be politicised or seen as an opportunity to regurgitate grudges against the government or the ruling All Progressives Congress (APC).”
THE Federal Capital Territory, FCT management in a press statement on Thursday announced that all schools in Abuja be shut down until further notice.
Austine Elemue, Special Assistant on Media to the FCT Minister of State made this disclosure on behalf of the Minister of State, FCT, Ramatu Tijjani Aliyu,saying the move was necessary to protect children in FCT from the disease.
“We should not endanger the lives of children for whatsoever reasons. You know, when these children are in schools, they pick up anything and put them in their mouths without taking precautions of washing their hands.
“Therefore, the best and safer thing to do is to close down the schools for a week, two or even a month pending on the outcome,” she said.
She said the move was necessary as other states were ahead of the FCT with regards schools closure to halt the spread of the disease.
“It might interest you to know that some states have gone ahead of us by closing down schools and we in the Federal Capital Territory, the seat of government cannot fold our hands and watch helplessly.
“As a matter of fact, as from tomorrow being Friday, all public and private schools in the territory should be closed down indefinitely,” she said.
On Wednesday, five new cases of the virus were discovered in Nigeria, bringing the total number of cases in the country to 12.
This development is coming on the heels of the recent indefinite strike embarked upon by resident doctors in Abuja over the failure of the FCT management to pay their arrears of allowances due to the doctors and non-payment of salary to doctors employed since October 2019.
In a Twitter post the Benue State Government on Thursday also ordered that all schools be shut from Friday as part of measures to protect the state from coronavirus pandemic.
This was announced after the State Executive Council Meeting held in Makurdi, by Benue’s Commissioner for Education, Professor Dennis Ityavyar, directing that schools in the state should conclude their examinations on or before March 27 and proceed on indefinite holiday.
BREAKING
CORONAVIRUS: SCHOOLS TO CLOSE INDEFINITE
All Schools in Benue State, starting from Basic Education, Secondary and Tertiary Institutions are to close down on 27/03/2020~ Prof. Dennis Ityavyar. pic.twitter.com/q2Ggoom3OL
Ityavyar stated that the decision to close schools before the scheduled end of the current academic term had become necessary as part of measures to prevent an outbreak of the disease in the state.
Commissioner for Health and Human Services, Sunday Ongbabor, also confirmed that Benue has established an isolation centre at the State University Teaching Hospital in Makurdi to address possible cases that might arise.
Benue State joins several North-west states namely Kebbi, Jigawa, Kaduna, Sokoto Zamfara and Niger that shut down schools for 30 days due to the outbreak of coronavirus.
In February, health ministers of the 15-member Economic Community of West African States, ECOWAS, had met in Mali’s capital, Bamako, to develop a regional preparedness plan and boost cross-border collaboration to promote rapid diagnosis and containment.
Along with increased screening at points of entry, particularly at airports, Nigerian authorities have established testing capacity in four laboratories and expanded surveillance to follow up with travellers from countries affected by the infectious disease within 14 days of arriving in the country.
PRESIDENT Donald Trump said Thursday that the US has approved the anti-malaria drug chloroquine for use as a treatment against the new coronavirus.
“We’re going to be able to make that drug available almost immediately, and that’s where the FDA (Food and Drug Administration) has been so great,” Trump told reporters.
“They’ve gone through the approval process — it’s been approved. They took it down from many, many months to immediate. So we’re going to be able to make that drug available by prescription.”
This news coming less than 24 hours scientists confirmed the anti-malaria drug has proven to be effective in the treatment of the virus, and also a sign of relief to millions of people around the world.
Meanwhile, Responding to Trump’s claim the FDA Commissioner Stephen Hahn said in a statement that it is working with government and academic entities that are investigating the effectiveness of chloroquine in treating patients with mild-to-moderate COVID-19 to potentially reduce the duration of symptoms, as well as viral shedding, which can help prevent the spread of disease.
Studies are underway. Hahn emphasized that the study process is necessary even though the coronavirus situation is urgent.
“We also must ensure these products are effective; otherwise we risk treating patients with a product that might not work when they could have pursued other, more appropriate, treatments,” Hahn said.
THE Lagos State University (LASU) on Thursday has postponed its 24th convocation ceremony indefinitely, over the recent threats of Coronavirus pandemic in the country.
LASU coordinator, centre for information, press and public relations, Ademola Adekoya disclosed this in a statement in Lagos State.
The event was earlier scheduled to hold between March 20 and March 27 and, according to Adekoya, further information on the convocation would be relayed in due course.
“The Lagos State University Management hereby announces the postponement of the 24th Convocation Ceremonies of the University indefinitely. The Convocation Ceremonies were scheduled for Friday 20th to Friday 27th March 2020.
“The postponement is as a result of the prevailing health threats occasioned by Coronavirus pandemic and the resolution of the Federal and State Governments to discourage the gathering of people in public places at this point.
“The Management regrets every inconvenience this postponement might cause all our graduating students, awardees, family, friends and other stakeholders of the University,” the statement said.
Lagos State government has continued to take steps in containing the spread of the COVID-19 pandemic which has risen to a total of 12 in the country.
Earlier on Thursday, the state had confirmed four new cases of the virus in Lagos and according to the State Commissioner for Health, Akin Abayomi, 19 people were tested on Wednesday, and four tested positive.
He said the infected individuals had been isolated for treatment at the Infectious Disease Hospital in Yaba, Lagos.
