Africa Beyond Covid-19: President Weah, US Senator Coons, Elumelu, Others urge govt., private sector collaboration at UBA Day … Demand a new deal in and for Africa … Advocate speedy implementation of AFCFTA … Call for Increased Investment in Digital Connectivity

United Bank for Africa (UBA) celebrated Africa Day 2020, by bringing together global leaders at the 2nd UBA Africa Day Conversations, screened live across the continent. UBA helps set the debate around African economic development through its series of “Africa Conversations”. This year, the focus was on the Sustainable Development Goals (SDGs) and the Covid-19 pandemic. Leaders emphasised the need for meaningful collaboration between governments and the private sector, as a requirement for the quick recovery of the economy of the African continent post Covid-19.

Africa’s Post-Covid Economic Recovery: Elumelu Moderates as World President, senators Convene at UBA Africa Day Conversations 2020

The President of Senegal, H.E. Macky Sall, President of Liberia, H.E George Weah and United States Senator Chris Coons will form part of a High-Level Leadership Panel to be moderated by the Chairman, United Bank for Africa (UBA) and Founder of the Tony Elumelu Foundation, to discuss Africa’s economic recovery in the 2020 edition of UBA’s Africa Conversations.

COVID-19 lockdown: GSM service providers emerge gainers as schools move online

Almost every sector of the economy is/was shut down for COVID-19 to be caged. But the GSM service providers, along side the power sector ‘ganged’ up against suffering Nigerians to emerge winners.
Analysts say, because of the lock down, most people relied on mobile calls and data to know what is happening on the other side of the divide. This, they say brought about the ‘ables’ telling those without data or call credit what is happening or not.

Revenue shortfall may spike fiscal deficit to $5.3trn, beyond 3% threshold … Fiscal adjustments imperative

The implication of the significant revenue shortfall witnessed as a result of the economic lockdown looks dire, with an estimated fiscal deficit of $5.3 trillion, more than twice the initial projection of N2.2 trillion. Worse still, it is beyond the three per cent threshold set by the Fiscal Responsibility Act (2007).

Elumelu says Covid-19 Presents Opportunity to Reset Africa … Advocates Martial Plan to Boost Electricity And Ease Debt Burden … Wants Youths Prioritised as SMEs are Empowered

The Chairman of the United Bank for Africa (UBA) Plc, Tony Elumelu, has stated that the Coronavirus Pandemic currently ravaging the world presents an opportunity to reset the African continent so that Africans can be empowered to become more productive and self reliant. He said this today at the high-level Roundtable discussions made up of African leaders including Dr. Ngozi Okonjo – Iweala, the Special Envoy of the African Union on Covid-19 and Tidjane Thiam who is also a Covid-19 Special Envoy responsible for mobilising international economic support for Africa.

China Mobile, MTN, others to build a 37,000km subsea cable for Africa and Middle East region

China Mobile International, MTN GlobalConnect, Orange, stc, Telecom Egypt, Vodafone and WIOCC announced yesterday that they will partner to build 2Africa, which will be the most comprehensive subsea cable to serve the African continent and Middle East region. The parties have appointed Alcatel Submarine Networks (“ASN”) to build the cable in a fully funded project which will greatly enhance connectivity across Africa and the Middle East.
At 37,000km long, 2Africa will be one of the world’s largest subsea cable projects and will

Nigeria amending 2020 budget assuming oil at $20 per barrel -finance minister

Nigeria’s government is amending its 2020 budget to assume an oil price of $20 per barrel, Finance Minister Zainab Ahmed said on Tuesday.
Nigeria’s economy, which emerged from a recession in 2017, was already contending with low growth of around 2% before oil prices plummeted.
Africa’s top oil exporter relies on crude sales for around 90% of foreign exchange earnings and more than half of government revenue.

Q1 2020: Starting Strong, UBA Records Double-Digit Earnings Growth

Pan African financial institution, United Bank for Africa Group (UBA) Plc has released its unaudited results for the first quarter ended March 31st, 2020, showing double-digit improvement across all its major income lines.
The bank leveraged on modest growth in both interest and non-interest income as well as increased efficiency to deliver an impressive 8.5 percent year-on-year growth in profit before tax in the first three months of 2020, to N32.7 billion compared with N30.2 billion recorded in the first quarter of 2019. Again, UBA sustained its strong profitability recording an annualized 20% Return on Average Equity (RoAE).

1.7mn households to benefit from private sector food relief package, among others

The the Private sector-led Coalition Against COVID-19 (CACOVID) has disclosed that no less than 1.7 million households would benefit from its food relief package as part of complementary efforts to help alleviate the effects of the lockdown and restrictions adopted by governments across the nation.

AfDB debars China Zhonghao Nigeria Limited for 18 months for fraudulent practices ,,, Renders China Zhonghao Nigeria ineligible to participate in Bank-financed projects

The African Development Bank Group (www.AfDB.org) on 14 April 2020, announced the debarment of China Zhonghao Nigeria Limited, a civil engineering company registered in Nigeria, for 18 months, for fraudulent practices.