Nigeria has received nearly four million doses of COVID-19 vaccines from the World Health Organization.

01 COVID-19 vaccines arrive in Nigeria

According to Nigeria's Punch newspaper, Nigeria has received nearly four million doses from the World Health Organization. COVID-19 vaccines, which the World Health Organization hailed as a historic step towards ensuring equitable distribution of COVID-19 vaccines globally. Edward Kallon, the UN Resident Coordinator in Nigeria, stated that the UN and WHO support Nigeria's vaccination efforts to curb the spread of the new coronavirus, with at least 2 billion doses of COVID-19 vaccines expected to be delivered globally by the end of 2021. The National Primary Healthcare Development Agency stated that these vaccines would be administered to priority groups, starting with frontline healthcare workers.

According to Nigeria's ThisDay newspaper, the Secretary to the Government of the Federation and Chairman of the Presidential Task Force on COVID-19 Mustapha announced last Saturday that, barring unforeseen circumstances, the first batch of 4 million doses of AstraZeneca COVID-19 vaccine is expected to arrive in Abuja from India on March 2. These vaccines are provided by the World Health Organization's COVAX Facility, which is expected to provide approximately 84 million doses of vaccines free of charge to Nigeria, covering 20% of the national population, with about 16 million doses to be provided in the first quarter. Mustapha stated that the Nigerian government is also actively seeking AstraZeneca and Johnson & Johnson vaccines from the African Vaccine Acquisition Task Team (AVATT) established by the African Union, with an estimated quantity of 41 million doses. In 2021, Nigeria plans to vaccinate 40% of its population, and it is expected that by 2022, 70% of the national population will be fully vaccinated, ultimately achieving herd immunity.

Source: Voice of Lagos

02 Nigerian Finance Minister Says Economy Will Recover Steadily

According to 'Voice of Nigeria' reported on February 24, Nigeria's Finance Minister Zainab stated at the Federal Executive Council meeting that the economy began to emerge from recession in the fourth quarter of 2020 and is expected to achieve stable and sustained growth. Due to the positive economic growth in the fourth quarter, the full-year economic growth for 2020 was -1.92%, better than Nigeria's own forecasts and those of some international organizations.

Minister Zainab stated that despite the economy in 2020 experienced a recession compared to the previous year, there were still some positive factors. The economic recession caused by COVID-19 was one of Nigeria's shortest-lived recessions, a result of the Buhari government's fiscal, monetary policies, and sustainable economic development plans. Among 46 economic sectors, 17 recorded positive growth, with quarter-on-quarter growth of 2.48% and 3.73% in the third and fourth quarters, respectively. This indicates that the policies implemented are correct, the trend is positive, and Nigeria is returning to sustained stable growth. The oil sector's slowed growth due to reduced global demand was a major cause of the recession. However, at the same time, the non-oil sector grew by 1.69%, indicating the effectiveness of the ongoing economic diversification efforts. Mining, communication, cement, broadcasting, and agriculture showed strong performance, offsetting the decline in oil revenues.

03 Buhari Pledges to Unlock Lagos' Economic Potential

According to 'Voice of Nigeria' reported on February 16, President Buhari stated at an economic forum that the Federal Government supports more large-scale investments in Lagos State to realize its economic vision of becoming one of the fastest-growing mega-cities in the world.

Buhari stated that Lagos, a federal government city, is the core of Nigeria's economy. Over the past year, Lagos has been the national COVID-19 pandemic epicenter. The Federal Government, through approved special funds, supported Lagos in overcoming challenges and achieving economic recovery. The Presidential Infrastructure Development Fund (PTDF) is investing in the reconstruction of the Lagos-Ibadan Expressway, and the Lagos International Airport road has also been approved for reconstruction. The Federal Government has also completed the standard-gauge railway from Lagos to Ibadan, which will connect Abuja and Kano in the future, improving transportation efficiency on Nigeria's busiest routes. He also approved investment in the renovation of Lagos' National Arts Theatre to transform it into a world-class creative and cultural hub, benefiting more young people.

Furthermore, Buhari also highlighted various ongoing federal initiatives in Lagos, including the National Social Investment Programme, the Vibrant Economy Programme, and the Economic Sustainability Plan, emphasizing the importance of cooperation and understanding between the Federal and State Governments in social development.

04 Nigeria's CPI Rose by 16.47% in January 2021

The National Bureau of Statistics of Nigeria released the " January 2021 CPI Report", which showed that Nigeria's overall CPI increased by 16.47% in January, 0.72 percentage points higher than the previous month, reaching a new record high. CPI in urban areas rose by 17.03%, and in rural areas by 15.92%, both higher than the previous month's increases. Excluding volatile agricultural product prices, the core CPI rose by 11.85% in January, up by 0.48 percentage points from the previous month.

The food price index in January rose above 20%, reaching 20.57%, 1.01 percentage points higher than the previous month, primarily due to increases in the prices of bread and cereals, starchy tubers like potatoes and yams, meat, vegetables, fruits, fish, and edible oils.

05 Nigeria's Port Calls by Cargo Ships Decreased by 6.5% in 2020

According to 'Daily Trust' reported on February 25, Hadiza Bala Usman, the Managing Director of the Nigerian Ports Authority (NPA), revealed that the number of vessels calling at Nigerian ports decreased from 4,251 in 2019 to 3,972 in 2020, a 6.5% decrease. During the same period, cargo throughput also decreased from 80.2 million tons to 78.4 million tons, a 2.1% decrease. Usman attributed the decline in cargo volume to the COVID-19 pandemic.

06 UN Deputy Secretary-General Says Nigerian Economy Moving in Right Direction

According to Nigeria's ThisDay newspaper, UN Deputy Secretary-General Amina Mohammed stated on Thursday at a meeting with Nigeria's Federal Ministry of Industry, Trade and Investment that Nigeria's economy is moving in the right direction, but slowly. She said Nigeria, with its large population, faces significant economic challenges but is also full of opportunities. The UN fully recognizes the reforms being undertaken by Nigeria and other countries to collectively achieve the Sustainable Development Goals. Mohammed also commended the Nigerian government's rapid response to the COVID-19 pandemic, expressing hope that the pandemic can be ended through swift vaccination. Mohammed previously served as Nigeria's Minister of Environment.

Source: Economic and Commercial Office of the Embassy of the People's Republic of China in Nigeria