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AfDB moves to cut $14bn annual import of medicine into Africa

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AfDB inaugurates project to create jobs in 3 African countries

The Board of Directors of the African Development Bank (AfDB), has approved the establishment of the African Pharmaceutical Technology Foundation for Africa’s access to technologies.

According to the bank, this is for the manufacture of medicines, vaccines and other pharmaceutical products.

Also read: AfDB’s infrastructure projects in West Africa hit $11.5 bn — Official

In a statement by the bank”s Communication and External Relations Department on Monday in Abuja, the AfDB President, Dr Akinwumi Adesina described the development as a leap for Africa.

He said, with Africa importing more than 70 per cent of all the medicines it needs and consuming 14 billion dollars per year, the establishment of the Foundation was a major development.

Adesina said “Global efforts to rapidly expand manufacturing of essential pharmaceutical products including vaccines in developing countries, particularly in Africa, to assure greater access, had been hampered.

“This has been hampered by intellectual property rights protection and patents on technological know-how, manufacturing processes and trade secrets.

“African pharmaceutical companies do not have the scouting and negotiation capacity, and bandwidth to engage with global pharmaceutical companies.

“They have been marginalised and left behind in complex global pharmaceutical innovations.”

He decried that of 35 companies which recently signed a licence with America’s Merck to produce Nirmatrelvir, a COVID-19 drug, none was African.

According to him, no institution exists in Africa to support the practical implementation of Trade-Related Intellectual Property Rights (TRIPs) on nonexclusive or exclusive licencing of proprietary technologies, know-how and processes.

He expressed optimism that the Foundation would fill existing gaps when fully established.

“It will be staffed with world-class experts on pharmaceutical innovation and development, intellectual property rights, and health policy.

“It will act as a transparent intermediator advancing and brokering the interests of the African pharmaceutical sector with global and other Southern pharmaceutical companies,” the statement said.

It quoted Adesina as saying, “Africa must have a healthy defence system, which must include three major areas.

“Revamping Africa’s pharmaceutical industry, building Africa’s vaccine manufacturing capacity, and building Africa’s quality healthcare infrastructure.”

The statement said that African leaders had called on AfDB to facilitate the establishment of the African Pharmaceutical Technology Foundation.

It said that the AfDB president, who presented the case for the institution to the African Union at the Summit in Addis Ababa in February, said it was a bold initiative.

“Africa can no longer outsource the healthcare security of its 1.3 billion citizens to the benevolence of others.

”With this bold initiative, the African Development Bank has made good on that commitment.

“The decision is a major boost to the health prospects of a continent.

Troops clear IPOB/ESN camps in Anambra, Enugu, recover weapons

“A continent that has been battered for decades by the burden of several diseases and pandemics such as COVID-19, but with very limited capacity to produce its own medicines and vaccines.”

The statement noted that the World Trade Organisation WTO)and the World Health Organisation (WHO), welcomed the bank’s decision to establish the Foundation.

It quoted the Director-General of the WTO Dr Ngozi Okonjo-Iweala as saying, “the African Pharmaceutical Technology Foundation is innovative thinking and action by the African Development Bank.

“It provides part of the infrastructure needed to assure an emergent pharmaceutical industry in Africa.”

The statement also quoted the Director-General of WHO, Dr Tedros Ghebreyesus as saying “establishing the Foundation was a game-changer”.

It also quoted him as saying it was a game-changer “on accelerating access of African pharmaceutical companies to IP-protected technologies and know-how in Africa,”

On activities of the Foundation, the statement said that it would prioritise technologies, products and processes focused primarily on diseases that were widely prevalent in Africa.

It noted that the Foundation would build human and professional skills, and a research and development ecosystem while supporting the upgrade of manufacturing plant capacities and regulatory quality to meet WHO standards.

According to the statement, the African Pharmaceutical Technology Foundation is being established under the auspices of the AfDB,

It stated that the Foundation would operate independently and raise funds from various stakeholders including governments, development finance institutions, and philanthropic organisations among others.

“The Foundation will boost the African Development Bank’s commitment to spend at least three billion dollars over the next 10 years.

“This is to support the pharmaceutical and vaccine manufacturing sector under its Vision 2030 Pharmaceutical Action Plan.

“The Foundation’s areas of work will also be an asset to all other current investments into pharmaceutical production in Africa.

“Rwanda will host the African Pharmaceutical Technology Foundation.

“It will have its own governance and operational structures while promoting and brokering alliances between foreign and African pharmaceutical companies.”

The statement further pointed out that the Foundation would strengthen local pharmaceutical companies to engage in local production initiatives with systematic technology among others.

The Foundation according to the statement, will work with African Union Commission, European Union Commission, WHO and other stakeholders, for collaboration in developed countries and developing countries.

 

Economy

Makinde Presents N434.2bn 2024 Budget Proposal For Oyo State

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PDP’s Agboworin wins House of Representatives re-run election in Oyo

 Gov. Seyi Makinde of Oyo State on Tuesday presented a budget of N434.2 billion for 2024 to the State House of Assembly for consideration and approval.

According to Makinde, the budget is made up of N222.3 billion for capital expenditure, and N211.8 billion for recurrent expenditure.

Presenting the budget tagged: “Budget of Economic Recovery”, the governor said the capital expenditure is 2.4 percent higher than the recurrent expenditure.

He added that the 2024 budget was estimating an increased Internally Generated Revenue of N72 billion with an average of N6 billion monthly.

Education gets the highest share of the budget with N90.6 billion or 20.8 percent of the budget, followed by Infrastructure which gets N74.3 billion or 17.1 percent of the appropriation bill.

The health sector takes the third position with N40.9 billion, which is 9.4 percent and Agriculture has N15.8 billion, which is 3.6 percent of the total budget proposal.

PDP’s Agboworin wins House of Representatives re-run election in Oyo

*Governor Seyi Makinde

He promised that the 2024 budget would cover projects, policies, and actions “which when implemented will cushion the effect t of the hardship the people are facing as a result of fuel subsidy removal.”

Makinde further said that his administration would continue to use technology to block loopholes, saying his government has no plan to increase taxes.

He urged the House of Assembly to see to the speedy passage of the budget proposal for the state’s economic growth and benefit of the people of Oyo State.

Responding after the presentation, the Speaker of the House of Assembly, Mr ‘Debo Ogundoyin (PDP Ibarapa East) assured the governor of speedy consideration of the Appropriation Bill.

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Economy

Troops Destroy 51 Illegal Refining Sites, Recover Stolen Crude Oil – DHQ

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….Destroy 7 dugout pits, 25 boats, 47 storage tanks, five vehicles, one outboard engine, others

The Defence Headquarters says  troops of Operation Delta Safe have  destroyed 51 illegal oil refining sites and recovered stolen crude oil and refined products in the Niger Delta in the last one week.

The Director of Defence Media Operations, Maj.-Gen. Edward Buba, disclosed  in a statement on Friday in Abuja.

Buba said the troops also apprehended 58 perpetrators of oil theft and denied them of  estimated sum of N668.7 million

He said the troops destroyed seven dugout pits, 25 boats, 47 storage tanks, five vehicles, 141 cooking ovens, one pumping machine, one outboard engine, one tricycle, one speedboat and one tugboat.

According to him, troops recovered 267,700 litres of stolen crude oil, 567,700 litres of illegally refined AGO and 5,000 litres of DPK.

“Troops has maintained momentum against oil theft and arrested persons involved in oil theft in Bonny and Ikpoba Local Government Areas of Rivers and Edo States respectively.

“Troops also arrested suspected armed robbers and foiled illegal bunkering activities in Oshimili South and Ukwa West of Delta and Abia States respectively,” he said.

In the South East, Buba said  troops of Operation UDO KA arrested 15 suspected criminals and repelled attacks by IPOB/ESN criminals in Anambra, Abia and Imo States.

He said the troops conducted raids and rescued kidnapped hostages in Ishielu and Igbo Eze North Local Government Areas of Ebonyi and Enugu States respectively.

He said the troops neutralised three criminals, rescued five kidnapped hostages and recovered 14 rounds of 7.62mm NATO ammo.

In the South West, Buba said  troops of Operation AWATSE foiled armed robbery attacks in Orelope and Olorunsogo Local Government Areas of Oyo State and arrested a gunrunner in Obafemi Owode Local Government Area of Ogun.

According to him, troops rescued 15 kidnapped hostages and recovered two vehicles.

“All recovered items, arrested suspects and rescued hostages were handed over to the relevant authority for further action,” he added.

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Economy

NEPZA Boss Says Nation’s Free Trade Zones Not Really `Free’

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The Nigeria Export Processing Zones Authority (NEPZA) says the country’s Free Trade Zones are business anchorages that have for decades been used to generate revenues for the Federal Government.

Dr Olufemi Ogunyemi, the Managing Director of NEPZA, said this in a statement by the authority’s
Head of Corporate Communications, Martins Odeh, on Monday in Abuja, stressing that the the widely held notion that the scheme is a `free meal ticket’ for investors and not a means for the government to generate revenue is incorrect.

Ogunyemi said this public statement was essential to clarify the misunderstanding by various individuals and entities, in and out of government, on the nature of the scheme.

He reiterated the authority’s commitment to enhancing public knowledge of the principal reason for the country’s adoption of the scheme by the NEPZA Act 63 of 1992.

“The Free Trade Zones are not hot spots for revenue generation. Instead, they exist to support socioeconomic development.

“These include but are not limited to industrialisation, infrastructure development, employment generation, skills acquisition, foreign exchange earnings, and Foreign Direct Investments(FDI) inflows,” Ogunyemi said.

The managing director said the NEPZA Act provided exemption from all federal, state, and local government taxes, rates, levies, and charges for FZE, of which duty and VAT were part.

“However, goods and services exported into Nigeria attract duty, which includes VAT and other charges.

“In addition, NEPZA collects over 20 types of revenues, ranging from 500,000 dollars-Declaration fees, 60,000 dollars for Operation License (OPL) Renewal Fees between three and five years.

“There is also the 100-300 dollar Examination and Documentation fees per transaction, which occurs daily.

“There are other periodic revenues derived from vehicle registration and visas, among others.

“The operations within the free trade zones are not free in the context of the word,” he said.

Ogunyemi said the global business space had contracted significantly, adding that to win a sizable space would require the ingenuity of the government to either expand or maintain the promised incentives.

“These incentives will encourage more multinational corporations and local investors to leverage on the scheme, which has a cumulative investment valued at 30 billion dollars.

“The scheme has caused an influx of FDIs; it has also brought advanced technologies, managerial expertise, and access to global markets.

“For instance, the 52 FTZs with 612 enterprises have and will continue to facilitate the creation of numerous direct and indirect jobs, currently estimated to be within the region of 170,000,” he said.

Ogunyemi said an adjustment in title and introduction of current global business practices would significantly advance the scheme, increasing forward and backward linkages.

“This is with a more significant market offered by the Africa Continental Free Trade Agreement (AfCTA).

“We have commenced negotiations across the board to ensure that the NEPZA Act is amended to give room for adjusting the scheme’s title from `Free Trade Zones to Special Economic Zones respectively.

“This will open up the system for the benefit of all citizens,” he said.

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