LET’S TALK ABOUT: WEIGHING THE IMPACT OF COVID-19 LOCKDOWNS ON GLOBAL ECONOMY – ANALYSIS

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May 12, 2022

Counting the cost of the impact of covid-19 lockdown on Human lives is unprecedented. In the light of this LN247 NEWS in conjunction with Loveworld Media Coordinating Centre and Office of Corporate Affairs of Loveworld Incorporated, organised a town hall meeting to discuss the theme with stakeholders, at Water Falls event centre Oregun, Ikeja Lagos.

The impact of lockdown on global economy is enormous and felt across global supply chain to the plummeting of growth rate, high inflation and food security.

Microchip shortage was a prevalent problem for manufacturing industry during the pandemic. The combination of surging demand for consumer products such as laptops, phones and other mobile devices that contain chips and pandemic-related disruptions in production has led to shortages and skyrocketing prices for semiconductors over the past two years.

In automobiles, they are needed for everything from entertainment systems to power steering. And for the auto industry, the supply crunch and shortage of chips has forced car manufacturers to cut production and delivery targets and has led to a number of profit warnings. In a nutshell, the chip shortage is due to strong demand and no supply.

‘’carmakers across the industry are grappling with toned down sales expectations and production cuts. volkswagen (VW), Europe’s largest automaker said it had made around 800,000 fewer cars in q3 of 2021, or about 35% less than in the same quarter in 2020, blaming the semiconductor supply bottlenecks. ‘’

The impact of lockdown on transportation cannot be measured especially on the civil aviation. Airlines scrambled to seek financial support from government. Restrictions on global travel enormously affected businesses and tourism. Countries that are heavily dependent on tourism suffered a great deal. Which also inturn led to the forced introduction of vaccine passport in some regions.

In comparison to 2019, airlines would see 1.5 billion fewer international air travelers in 2020 resulting In a loss of $273 billion.

ICAO year-end report shows seating capacity fell by around 50 percent last year, just 1.8 billion passengers took flight through 2020 compared with around 4.5 billion in 2019.

The energy industry rallied on the back of this development, before the covid-19 pandemic, U.S oil production hit an all-time high of about 13 million barrels per day (bpd). As the pandemic unfolded, demand for oil collapsed, and production followed. by may 2020, oil production had dropped by more than 3 million bpd to 9.7 million bpd.

Rising oil prices, in response to insufficient supplies — are the predominant reason for the surge in gasoline prices.

The most recent data available from the energy information administration (EIA) shows current U.S oil production at 11.6 million bpd, which is still 1.4 million bpd short of pre-pandemic production.

and bringing it home to Africa and Nigeria…

His excellency babajide sanwo-olu executive governor of Lagos states, the commercial nerve centre of Nigeria, directed all markets and stores trading in non-essential commodities to close for seven days. the directive took effect from Thursday, march 26, 2020.

Also, the governor reduced the number of people that must participate in a public gathering at any given time from 50 to 25.

Other public places shut by the government include parks, playgrounds and recreational centres within the state, regardless of ownership.

Micro, small, and medium enterprises (MSME) engaged in wholesale and retail trade represent both a major segment of the economy and source of employment in developing countries. they also constitute a key link in the supply chains that carry goods to consumers.

In Lagos, Nigeria, wholesale and retail businesses were impacted by a lockdown that lasted from 26 March to 4 may 2020, as well as a range of continuing restrictions on market activity and travel after the lockdown was lifted. traders’ businesses were heavily impacted by the Lagos state lockdown. Almost all operated in markets that closed during the lockdown.

No doubt the shutting down of businesses, events centres and places of worship (the church) had a huge impact on human relationships and interactions. The introduction of emergency rule during this period was an unprecedented infringement on human rights and freedom of expression. for example the Lagos state government imposed a new rule for buying and selling in open markets for three days a week, from the hours of 9am to 3pm

Before the lockdown in 2019, the Nigerian economy was volatile, recording slow growth.

The Nigeria manufacturing industry is was heavilly hit by the lockdown, because the sector is largely import dependent which has made it very vulnerable to external shocks.

Another question is how the economic effects correlate to the environment?

It was recorded that coronavirus lockdowns had positive impact on the environment…reduced pollution, promote clean air in heavily populated countries such as china, India, and the u.s. apparently the world economy forum seeks to fund or promote clean air through Philantrophy

was the lockdowns imposed to curb the spread of the virus or to protect the environment?

Egyptians notice cuts in air pollution from covid lockdown while, china saw its first major decline of emissions in three years in march 2020 during the lockdown, study show 100 million tonnes of carbon emission drop in 2 weeks. Report also show air pollution returns after end of covid lockdown.

The introduction of United Nations target for a zero emission, carbon tax, energy transition and the likes as policies for climate action by world government has a correlation to the reduction of human activities especially industrial operations that saw the shutdowns and lockdown around the world during the pandemic very effective.

However, some of the climate change actions proposed and the pandemic aggravated the harsh economic situation in Nigeria. Professor Yemi Osinbajo, Vice president of Nigeria comments.

PUSHBACKS ON VACCINE MANDATES AND THE GLOBAL AWAKENING

In 2021, “the fact is that more than 3,600 people died of cholera in one year. This is really very far when compared to the number of people who died from covid-19 in two years in Nigeria.

The question remains why? covid-19 got all the political eagerness to halt it. While other ailments is still ravaging people in Nigeria.

1. VACCINE HESITANCY:

In Nigeria, a total of 20,617,588 vaccine complete doses have been administered out of a population of over 200 million, why the vaccine hesitancy? more than 80% of the population of the African continent has yet to receive a single dose of the covid vaccine.

Vaccine gone wrong…and signing of indemnity by vaccine manufacturers is something to question. in the west some countries suspended vaccination due to side effects discouraging many

2. NATURAL IMMUNITY VS VACCINATION:

experts say, the omicron varriant did change the risk benefit analysis of coronavirus, hence natural immunity beating vaccination hands down.

According to the lancet publication Nov 8,2021; several studies have found that people who recovered from covid-19 and tested seropositive for anti-sars-cov-2 antibodies have low rates of sars-cov-2 reinfection

3. VACCINE MANDATE IN LABOUR MARKET:

Introduction of vaccine mandate and passport swept through the labour market across the globe; and the protests that followed. in Europe, for example, the freedom convoy in Canada saw the freezing of accounts of protesters…

Meanwhile, Nigerian government adopted the vaccine mandate for public civil servants, many reacted and called it a copy and paste policy.

4. VACCINE MANUFACTURE/LOCAL PRODUCTION:

Egypt, Kenya, Nigeria, Senegal, South Africa and Tunisia are the first African countries to receive technology needed to produce mrna vaccines from the world health organization.

WHO director-general Dr. Tedros Adhanom Ghebreyesus announced the award friday feb 18, 2021. in Brussels at the EUROPEAN UNION-AFRICAN UNION SUMMIT. the question is this one way to gain compliance from Africa?

The US and Biden administration will “surge” more than $250 million to 11 African countries for coronavirus vaccine campaigns. The countries slated to receive the “intensive support” are: Angola, ivory coast, Eswatini – formerly known as Swaziland, Ghana, Lesotho, Nigeria, Senegal, South Africa, Tanzania, Uganda and Zambia.

The European Union (EU) has begun the implementation of its new €100million humanitarian initiative on vaccination campaigns in Africa. As of february 14, 2022, the world bank approved operations to support vaccine rollout in 67 countries amounting to $7.5 billion.

WHY AFRICA? WHY THE HUGE INVESTMENT?

However, Nigeria’s vice President Yemi Osinbajo speaks about the lessons learnt during the pandemic and lockdown saying no country can thrive in isolation.

As the world moved to post pandemic era, reactions have continued to trail the dedicated funds on covid-19 pandemic and vaccine campaign instead of human capital development, education and health care.

Buhari Signs Three Bills In Renewed Fight Against Money Laundering and Terrorism

By

faith Jegede

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May 12, 2022

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President Muhammadu Buhari on Thursday in Abuja signed into law, three bills aimed at improving the anti-money laundering and counter-terrorist financing/proliferation financing framework in Nigeria.

Speaking at a signing ceremony at the Council Chamber, State House, the President described the bills as being in tandem with this administration’s commitment to fighting corruption and illicit financing activities, as well as critical to the governance agenda and the development of Nigeria.

“The new laws have provided enough punitive measures and containment strategies against abuses and compromises,” he said, noting that the inadequacy of all the repealed Acts had impacted legal actions against offender.

“We will not rest until we rid the nation of the menace of money laundering, terrorism, and other financial crimes,” he added.

The bills are: the Money Laundering (Prevention and Prohibition) Bill, 2022, the Terrorism (Prevention and Prohibition) Bill, 2022, and the Proceeds of Crime (Recovery and Management) Bill, 2022.

President Buhari commended the National Assembly for their tenacity, courage, and commitment in ensuring that Nigeria has put in place effective measures to address the menace of money laundering, terrorism, and terrorism financing.

The President noted that the 9th National Assembly has proven to be patriotic, responsive, resourceful, and industrious in its legislative assignments, recalling that on 14th January, 2022, he had sought expeditious passage of the said Bills.

He lauded the Assembly under Senate President Ahmed Lawan and the Speaker, Femi Gbajabiamila, and their colleagues for responding to his request, saying they “have certainly carved out a worthy legacy for themselves.”

On the importance of the legislations, the President said: “The signing of these Bills into law today not only strengthens the Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) framework in the Country, but addresses the deficiencies identified in Nigeria’s 2nd round of Mutual Evaluation as assessed by Inter-Governmental Action Group Against Money Laundering in West Africa on compliance with the Financial Action Task Force global standards.

“Accordingly, the repeal of the Money Laundering (Prohibition) Act, 2011 as amended and enactment of Money Laundering (Prevention and Prohibition) Act, 2022 provides comprehensive legal and Institutional Framework for the prevention and prohibition of money laundering in Nigeria and confers on the Economic and Financial Crimes Commission, the legal status of the Special Control Unit Against Money Laundering.

“The repeal of the Terrorism (Prevention) Act, 2011 as amended in 2013, and enactment of the Terrorism Prevention and Prohibition) Act, 2022 provides for the effective implementation of international instruments on the prevention and combating of terrorism and suppression of the financing of terrorism.

“The enactment of the Proceeds of Crime (recovery and Management) Act, 2022 makes comprehensive provisions for the seizure, confiscation, forfeiture and management of properties derived from unlawful activity. “

President Buhari told the ceremony attended by the Senate President and other Senators, the Minister of Justice and Attorney-General of the Federation, Abubakar Malami, Heads of anti-corruption agencies, including ICPC and EFCC, that the executive arm of government “carefully avoided creating another asset recovery and management agency with its cost implications in deference to government’s sensitivity to the rising cost of governance.”

He explained that the new law mandates the creation of dedicated accounts for the proceeds of crime and other confiscated assets in order to enhance the accountability of the process:

“I have therefore taken time to note the emphasis placed on collaboration, synergy, and unification of strategies and measures to combat the scourge of Money Laundering and terrorism financing and proliferation financing in the Act.

“The primary objectives of these measures are to ensure an effective, unified and comprehensive legal, regulatory and institutional framework for the implementation of the Acts.

“This is profound and calls for coordinated responses to the challenges posed by the menace. I, therefore, charge all relevant agencies to ensure the effective implementation of these new laws.

“The robust frameworks diligently enshrined in the Acts can only serve useful purposes when every bit of them is enforced.”

Stressing that the fight against corruption requires an “All of Government, All of the Nation approach’’, the President affirmed that every Nigerian had a role to play to rid the country of corrupt practices.

He commended the members of the National Action Task Force comprising several Ministries, Departments, and Agencies of Government, noting that the bills are a clear demonstration of government functioning at its best with coordination, collaboration, and execution all towards a common goal.

The President assured Nigerians that his administration will continue to do its best to secure the nation, adding that the bills signed into law represent not just legislative instruments but very significant governmental actions projecting courage, determination, and sincerity in tackling the menace of Money laundering, terrorism, and other financial crimes.

Exploring Aldar HQ, United Arab Emirates, Iconic Fully Glazed Structure, Completely Circular In Elevation

By

Angel Gimalo

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May 12, 2022

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The Aldar headquarters building is the first circular building of its kind in the Middle East, which is located in Al Raha, the Emirate of Abu Dhabi, in the United Arab Emirates. The design of the building is certainly distinctive and innovative, and is done by MZ Architects.

The building has a semispherical form, comprising of two circular convex shaped façades linked by a narrow band of indented glazing.

This iconic fully glazed structure is completely circular in elevation and curved in all other directions.

It got it circular shape simply because the circle symbolizes unity, stability, rationality.

It is also the symbol of infinity, without beginning or end, the perfection, the ultimate geometric symbol. Represents an integrity that encompasses all space and time.

The original concept dates back to 2005. Following the construction boom of Abu Dhabi and in an effort to put the area on the map, the study MZ Architects undertook the design of Aldar HQ, a building that changed and expanded the Abu Dhabi skyline forever.

This icon of architecture was designed to shine in the center of real estate development for Al Raha Beach, Aldar also a draft for a new microcosm that bring life and activity to the coast of Abu Dhabi.

The building was completed in 2010, with a height of 110 m (360 ft). It has a floor area of 61,900 square meters (666,000 square feet), and it surprisingly features 12 passenger elevators, 2 service elevators, 3 mono space elevators, 1 circular hydraulic lift and 2 dumbwaiters.

Not surprisingly, the distinctive building was voted the “Best Futuristic Design” by The Building Exchange (BEX) Conference held in Spain.

A Look At South Africa’s Newest Safari Suite, Vintage Train Carriage

By

Angel Gimalo

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May 12, 2022

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There is something deeply nostalgic about buying a train carriage you used to travel in with your family and converting it into a hotel suite.

That’s exactly what South African conservationist Adrian Gardiner has done at Mantis Founders Lodge, the flagship safari hotel in a mini-empire that Gardiner launched in 2000.

Now, visitors to South Africa’s Eastern Cape can experience the thrill of sleeping on board a railway carriage – with the added bonus of big five game drives on the doorstep.

Mantis Founders Lodge is 72km from Gqeberha (formerly Port Elizabeth), about halfway between Cape Town and Durban.

The carriage dates back to the 1970s and from the outside, with its red and yellow livery, it still looks very much like a heritage train. But Mantis has made a few upgrades so guests feel like they’re travelling in first class.

The suite is permanently stationed on a hilltop within Mantis’ private safari concession, with sweeping views over the surrounding countryside where rhinos, warthog and giraffe roam.

Outside, a big decking area is perfect for al fresco dining alongside a private swimming pool.

Inside, parts of the original decor such as the bathroom and wood panelling have been preserved, so that guests can immerse themselves in rail nostalgia. There’s also an outdoor bathroom with spectacular views, playfully called the ‘Ticket Office’.

The suite can accommodate up to five guests in three cabins, arranged as a main compartment with double bed, a two-berth cabin and a one-berth cabin.

Kruger Shalati: The Train on the Bridge hotel opened in Kruger National Park in 2020.

Bleached spots in underwear sign of healthy vagina -physician

By

Cleopatra Okohai

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May 12, 2022

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A health expert, Dr. Toluwani Binutu, says women should not be worried about the bleached spot that appears on their underwear, noting that stained underwear is a sign of a healthy vagina.

According to Binutu, the bleaching stain on underwear is an indicator of the health of the vagina.

Speaking via his social media handle, the UK-based health expert said it is normal that a woman’s vaginal discharge bleaches her underwear.

He said, “Sometimes women get worried when they notice their underwear has bleached spots on them.

“Some may even think that it means they have an infection down there. It is not true.

“Most times your normal vaginal discharge leaks to your undies and because vaginal discharge is acidic in nature, it interacts with the dye in your underwear and causes those ‘bleached’ areas.

“Basically, the bleached areas are proof that your vagina has a normal healthy pH level.

“The acidic nature of your vaginal discharge creates those bleached areas. It is a sign that you are healthy down there,” he said.

According to a recent article published by Health Shot, an online platform providing health and wellness information on women, a bleached patch in underwear is an indication that the vagina is healthy.

The article explained that “a healthy vagina has a natural pH value between 3.8 and 4.5, which means it is largely acidic. No wonder, it leaves an orange patch behind when you send it over for laundry or put it in the washing machine.”

Explaining why a healthy vagina bleaches the underwear, the health information site stated that because a healthy vagina is acidic, it can produce large amounts of discharge.

“Sometimes, the pH levels can fluctuate because of a range of factors, including your hormones, sex life as well as periods.

“The vagina has good bacteria called lactobacilli which keep your vagina healthy by maintaining optimum acidity levels and preventing bad bacteria from causing infection.

“This discharge generally increases when you ovulate, as well as during pregnancy. When this discharge is exposed to air, it can cause a yellow or orange colour stain on your underwear due to oxidation,” the article further stated.

Minor Injuries Among 113 Passengers, As Chinese Planes Burst Into Flames

By

Angel Gimalo

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May 12, 2022

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Rescue workers are seen at the site where a Tibet Airlines plane caught fire, in Chongqing — Rescue workers are seen at the site where an Airbus A319 plane of Tibet Airlines caught fire after an aborted takeoff, at Chongqing Jiangbei International Airport in Chongqing, China May 12, 2022. cnsphoto via REUTERS

A Chinese plane burst into flames during an aborted take-off this morning (12 May), in the southwestern city of Chongqing.

It’s every flier’s worst nightmare, but fortunately, there were only minor injuries among the 113 passengers and nine crew members, Tibet Airlines said in a statement.

The pilots for flight TV9833 – which was due to depart shortly after 8am local time (around 2am CET) on Thursday – interrupted the takeoff after experiencing an abnormality, according to the Chinese aviation regulator.

It says this led to an engine ‘scrape’ and fire after the plane veered off the runway.

Mobile phone footage has captured the horrifying moment that the Tibet Airlines plane became engulfed in flames, as passengers ran away on the tarmac – some having been forced to jump from the aircraft.

Renewable Energy To Grow To New Record In 2022: International Energy Agency

By

Angel Gimalo

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May 12, 2022

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The world will set a new record for renewable power capacity this year led by solar energy in China and Europe, but growth could lose steam in 2023, the International Energy Agency said Wednesday.

A record 295 gigawatts of new renewable power capacity was added in 2021 despite supply chain bottlenecks, construction delays and high prices of raw materials, the IEA said in a report.

An additional 320 gigawatts is expected to be installed this year, equivalent to the entire electricity demand of Germany or the European Union’s total electricity generation from natural gas.

Solar energy will account for 60 percent of renewable power growth in 2022, ahead of wind and hydropower, according to the agency, which advises developed nations on energy policy.

The EU set a goal of slashing its heavy reliance on Russian natural gas by two thirds this year following Moscow’s invasion of Ukraine.

He urged governments to cut red tape, accelerate the deliveries of permits and provide the right incentives for a faster deployment of renewables.

US Interested in Africa Mining Investments – Official

By

Elizabeth Williams

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May 12, 2022

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A top U.S. energy official says Russia’s war on Ukraine has driven home the need to diversify supply chains, and that Africa can benefit from this. Jose Fernandez made the comment on Wednesday at an annual conference on African mining in Cape Town, South Africa.

Jose Fernandez, the U.S. Undersecretary for economic growth, energy, and the environment, is the highest-ranking American official ever to attend the Investing in African Mining conference, or Indaba. Indaba is a Zulu word for discussions.

Fernandez said the U.S. is very interested in working with African partners to make the kind of investments that will benefit both sides.

“That’s a message that I’m not sure has been made here in the last few years,” he said.

He said Russia’s attempts to weaponize its oil and gas exports to Europe highlights the fact that the U.S., and other countries, cannot depend on one, or two, or even three suppliers for important products.

“Something we need to diversity is our sources of energy. We need to invest more in renewables. That requires wind turbines, it requires solar panels, it requires electric batteries and other components that are going to be critical for the energy future,” he said.

Fernandez said the U.S. geological service has identified almost 40 critical minerals that are going to be needed for a clean energy future as well as in products like cars, computers and chips noting that Africa has many of them.

EU Plan Aims To Get Wheat From Ukraine To World

By

Elizabeth Williams

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May 12, 2022

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The European Commission proposed helping Ukraine export its wheat and other grains by rail, road and river to get around a Russian blockade of Black Sea ports, which is preventing those critical supplies from reaching parts of the world at risk of food insecurity.

The European Union’s executive arm said the plan aims to establish alternative routes and ease congestion between borders that also should facilitate getting humanitarian aid and other goods into the war-torn country.

Russia’s invasion of Ukraine has provoked disruptions of global food supplies, with both countries two of the world’s biggest exporters of wheat, barley and sunflower oil. The blockade of Ukrainian ports has been particularly harmful, having accounted for 90% of grain and oilseed exports before the war, the commission said.

“Twenty million tons of grains have to leave Ukraine in less than three months using the EU infrastructure,” said Adina Valean, EU commissioner for transport. “This is a gigantesque challenge, so it is essential to coordinate and optimize the logistic chains, put in place new routes, and avoid, as much as possible, the bottlenecks.”

The potential loss of affordable grain supplies that Africa, the Middle East and parts of Asia rely on has raised the risk of global food shortages and political instability in countries where many people already were not getting enough to eat. The disruptions from the war have further raised food prices, with the high cost of fertilizers — of which Russia is a top exporter — and cooking oils further squeezing the global food chain.

The head of the European Investment Bank said this week that Ukraine is “sitting on 8 billion euros worth of wheat” it can’t export.

In addition to the port blockade, Ukraine’s Foreign Ministry has accused Russia of stealing grain and trying to sell some on global markets. It cited official estimates indicating that Russia already may have stolen 400,000 to 500,000 metric tons of grain that cost over $100 million. It asserted that “practically all ships leaving Sevastopol with a load of grain are carrying the grain stolen from Ukraine,” referring to a major port on the Black Sea.

To get Ukraine’s food supplies to the world, Europe is looking to increase shipments by railroads and trucks. Trains have started carrying loads of grain to Austria and Germany via other EU countries but amount to only a fraction of the Black Sea port capacity.

A key challenge is the diverging rail gauge widths between Ukraine and EU countries. Since Ukrainian railroad cars don’t fit with most of the EU network, goods need to be transferred to trucks or other rail cars adapted to the system.

The EU says the average wait time for the thousands of rail cars at Ukraine’s border with the 27-nation bloc is 16 days, reaching up to 30 days in some places.

UK Economic Growth Slows, Raising Recession Concerns

By

Elizabeth Williams

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May 12, 2022

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Britain’s economy grew at the slowest pace in a year during the first quarter as retailers and manufacturers were hurt by supply disruptions and higher prices, raising concerns that the country may be headed for a recession.

Gross domestic product, the broadest measure of economic activity, rose 0.8% in the period, slowing from 1.3% in the previous quarter, the Office for National Statistics said Thursday. Monthly estimates indicate GDP shrank by 0.1% in March.

The figures “suggest the economy had less momentum than we thought even before the full hit from the cost of living crisis has been felt,” said Paul Dales, chief U.K. economist at Capital Economics. “The risk of recession has just risen.”

Growth is slowing as manufacturers and retailers struggle to overcome supply bottlenecks following the COVID-19 pandemic and the war in Ukraine fuels rising food and energy prices. Retail sales figures show British consumers are already reducing spending as economists forecast the U.K. will see the biggest drop in living standards in more than six decades this year.

Thursday’s figures underscore how the U.K.’s recovery from the pandemic has slowed over the past year.

Four straight quarters of economic growth mean GDP is now back above pre-pandemic levels for the first time, the ONS said.

But the first-quarter growth rate was the slowest since the first quarter of 2021, when the economy expanded 5.6%.

Treasury chief Rishi Sunak blamed the slowdown on Russia’s invasion of Ukraine and “other global challenges,” noting that Britain’s economy is still growing faster than those of the U.S., Germany and Italy.

“The U.K. economy recovered quickly from the worst of the pandemic and our growth in the first few months of the year was strong … but I know these are still anxious times,” he said in a statement.