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AfDB to sponsor Rwanda’s African Pharmaceutical Technology Foundation

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The African Development Bank (AfDB) says it will be sponsoring Rwanda’s venture to host the new African Pharmaceutical Technology Foundation.

The venture is expected boost the continent’s access to technology in manufacturing medicines and vaccines.

AfDB President Dr Akinwumi Adesina said the project includes “revamping Africa’s pharmaceutical industry, building Africa’s vaccine manufacturing capacity, and building Africa’s quality healthcare infrastructure.

“Even with the decision of the Trips waiver at the World Trade Organization (WTO), millions are dying -and will most likely continue to die – from lack of vaccines and effective protection,” Dr Adesina said.

Meanwhile the venture has drawn commendation from players. The Director-General of the World Trade Organization, Dr Ngozi Okonjo-Iweala, remarked that the project “provides part of the infrastructure needed to assure an emergent pharmaceutical industry in Africa.”

Africa is short of pharmaceutical companies that fits its population size. The continent is currently home to about 375 pharmaceutical firms, which produce less than 25 percent of the needed products annually, forcing the countries to import vastly to meet demand.

This dependence on imports leaves citizens vulnerable to shortages of medication — a problem that triggered a continent-wide crisis during the pandemic.

During the COVID-19 pandemic, small pharmacies and large medical stores in Rwanda ran out of stock. In South Africa, it became nearly impossible to fill prescriptions for psychiatric drugs and oral contraceptives. In Kenya, oncologists complained about challenges treating their cancer patients. And in Nigeria, stocks of treatments to manage chronic illnesses, including HIV medicines, dipped critically low.

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Nigeria: President Buhari makes U-turn on approval of Exxon unit acquisition by Seplat

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Nigeria’s President Muhammadu Buhari has made a U-turn in his earlier position that grant approval of Exxon Mobil’s  sale of local offshore shallow water assets to Seplat.

President Buhari had on Monday approved the $1.28 billion transaction, only for the Nigerian Upstream Petroleum Regulatory Commission to say it opposed the deal, although it did not give a reason.

Presidential spokesman Garba Shehu, told newsmen that “the president has decided to allow the regulator to do their work. He is withholding his earlier given approval, for now, to allow the process to be completed, that is basically it.”

In February, Seplat Energy Plc, unveiled plans to acquire the entire share capital of Mobil Producing Nigeria Unlimited (MPNU) from Exxon Mobil Corporation Delaware (USA Incorporated). That includes all of Exxon’s entire shallow water assets in the Niger Delta.

Seplat on its side said it is yet to received no official notification of President Buhari’s U-turn and is seeking clarification from authorities.

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Nigeria climbs to fourth position on World Bank’s list of most indebted nations

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Nigeria has moved into the fourth position of World Bank’s list of countries with the highest debts, according to the Bank’s financisl report released on Monday.

Going by the World Bank Fiscal Year 2022 audited financial statements for International Development Association (IDA), Nigeria now owes a debt stock of $13bn as at June 30, 2022.

The country also moved up one spot from the fifth position it was rated as of June 30, 2021, with an IDA debt stock of $11.7bn.

The global bank also revealed in its audited financial statements that Nigeria has accumulated about $1.3bn IDA debt within a fiscal year, adding that the debt is different from the outstanding loan of $486m from the World Bank’s International Bank for Reconstruction and Development.

What this means is that Nigeria now has the highest IDA debt in Africa, and is only bettered by the likes India with $19.7bn debt, Bangladesh, $18bn
and Pakistan, $15.8bn, all from the Asian bloc.

The Washington-based international Financial Institution also disclosed that Nigeria’s debt which may be considered sustainable for now, is fast growing into a state of vulnerability and could become costly.

“Nigeria’s debt remains sustainable, albeit vulnerable and costly, especially due to large and growing financing from the Central Bank of Nigeria,” it said.

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