Nigeria begins malaria vaccine rollout

Nigeria, the country with the most malaria deaths worldwide, began rolling out a vaccine against the disease for the first time.

The vaccine — which is being administered to children up to five years old, the worst affected population — has an effectiveness rate of 75%, meaning other prevention tools are still necessary.

“We are confident that this vaccine, in combination with other preventative measures, will drastically reduce the burden of malaria in Nigeria,” the World Health Organization’s Nigeria representative earlier said.

Africa accounts for almost the entirety of global malaria deaths, with Nigeria, the continent’s most prosperous nation, representing nearly a third of those in 2022.
Billions of dollars lost every year to malaria

Besides the human toll, estimates suggest Africa loses billions of dollars a year in productivity and health expenses linked to malaria. In turn, a 90% reduction in case incidence by 2030 — part of the Sustainable Development Goal target on malaria — could boost the GDP of malaria-endemic countries by $142.7 billion, according to research conducted by Oxford Economics Africa on behalf of Malaria No More UK. The corresponding increase in international trade would also significantly benefit the global economy, the report added.

Human movement is one of the biggest challenges to eliminating malaria, two scientists noted in The Conversation. Vulnerable populations are also more likely to travel significant distances, and high rates of mobility are associated with greater onward transmission, they wrote. In the US, a combination of public health measures and infrastructure improvements helped to eliminate malaria in the mid-twentieth century. But malaria hospitalizations have increased in recent years as people travel into the country from malaria-endemic areas, according to the Johns Hopkins Bloomberg School of Public Health.

By Mizy Clifton and Jeronimo Gonzalez, Semafor

Regional analysts suggest caution as Nigeria signs new deals with France

Political analysts in Nigeria say the country needs to be careful after signing a series of agreements with France during President Bola Tinubu’s three-day visit to the European country last week.

Tinubu’s three-day visit to France was the first official state visit to Paris by a Nigerian leader in more than two decades.

During the visit, Nigeria and France signed two major deals, including a $300 million pact to develop critical infrastructure, renewable energy, transportation, agriculture and health care in Nigeria.

Both nations also signed an agreement to increase food security and develop Nigeria's solid minerals sector.

Tinubu has been trying to attract investments to boost Nigeria's ailing economy. While many praise his latest deals with France, some critics are urging caution.

The deals come as France looks for friends in West Africa following a series of military coups in countries where it formerly had strong ties — Burkina Faso, Mali and Niger.

Ahmed Buhari, a political affairs analyst, criticized the partnership.

"Everybody is trying to look for a new development partner that would seemingly be working in their own interest, but obviously we don't seem to be on the same page,” Buhari said. “We're partnering with France, who [has] been responsible for countries like Chad, Niger, Mali, Burkina Faso and the likes, and we haven't seen significant developments in those places in the last 100 years."

Abuja-based political analyst Chris Kwaja said France's strained relationships with the Sahelian states do not affect Nigeria.

"That the countries of the Sahel have a fractured relationship with France does not in any way define the future of the Nigeria-France relationship,” Kwaja said. “No country wants to operate as an island. Every country is looking at strategic partnerships and relationships.”

France has a long history of involvement in the Sahel region, including military intervention, economic cooperation and development aid. Critics say the countries associated with France have been grappling with poverty and insecurity.

Eze Onyekpere, economist and founder of the Center for Social Justice, said Nigeria must be wary of any deal before signing.

"It is a little bit disappointing considering the reputation of France in the way they've been exploiting minerals across the Sahel,’ Onyekpere said. “They've been undertaking exploitation in a way and manner that's not in the best interest of those countries. I hope we have good enough checks to make sure that the agreements signed will generally be in the interest of both countries and not a one-sided agreement."

Nigeria is France’s top trading partner in sub-Saharan Africa.

During the president's visit, two Nigerian banks — Zenith and United Bank for Africa — also signed agreements to expand their operations into France.

By Timothy Obiezu, VOA

Video - Ngozi Okonjo-Iweala secures second term at WTO

The former Nigerian finance minister ran unopposed, and the WTO's 166 members agreed by consensus to the proposal to reappoint her. Okonjo-Iweala called on members to adopt a creative approach to deal with the issues that will face the world trading system. Her next term is set to commence on September 1, 2025.

CGTN

Nigeria seeks South Africa's help to join G20, BRICS

The Nigerian government on Monday signaled a desire for South Africa's endorsement to join the G20 and BRICS groups of leading and emerging economies.

Nigeria's Minister of State for Foreign Affairs, Bianca Odumegwu-Ojukwu, officially made the request on a trip to Cape Town for bi-annual talks between the two countries, sometimes seen as political and economic rivals.

However, South Africa, which assumed the rotating G20 presidency on Sunday, welcomed the request.

"We will count on Nigeria's wise counsel as we assume this major responsibility," Minister of International Relations Ronald Lamola was quoted by Nigerian news agency NAN as saying.

"Our people expect South Africa and Nigeria, given our common roots, to continue working together and more closely in order that their conditions and prospects are improved and the quality of life enhanced," he added.

At the same summit, known as the Bi-National Commission Meeting (BNC), the two countries pledged closer cooperation in key areas of development such as mining and infrastructure.
 

BRICS account for major share of global GDP

In addition to being a member of the G20 bloc of the world's biggest economies, South Africa was also an early member of the BRICS group of emerging economies meant to offer an alternative to Western dominance. Other members include China, Russia, and India.

According to European Union figures, the BRICS group, which comprises nine nations, now represents about 37% of global GDP. Recently, several other African nations have joined, such as Egypt and Ethiopia.

On Tuesday, Odumegwu-Ojukwu and Lamola are expected to present their draft communique on Nigerian membership of both groups to South African President Cyril Ramaphosa and Nigerian President Bola Tinubu for their approval.

Earlier this year, President Tinubu announced a series of ambitious reforms that he hopes will diversify Nigeria's oil-dependent economy and revive flagging growth.

By Elizabeth Schumacher, DW

Nigeria Raises $2.2 Billion in First Eurobond Issue Since 2022

Nigeria raised $2.2 billion with its first eurobond sale since February 2022, attracting demand for more than four times the amount on offer.

Africa’s biggest oil producer offered two maturities: a 6.5-year note that priced at 9.625%, and a 10-year issue that sold at 10.375%, Nigeria’s Debt Management Office said in an emailed statement late Monday. It raised $700 million in the shorter issue and $1.5 billion in the longer-dated paper, according to the statement.

“The transaction attracted a peak orderbook of more than $9 billion,” with demand from a combination of fund managers, insurance, pension and hedge funds as well as banks and other financial institutions, it said.

African borrowers have returned to international debt markets this year after a two-year hiatus in which most governments were locked out by debt distress and the punitive cost of borrowing. The Nigerian sale follows offerings by countries including Benin, Ivory Coast, Kenya and South Africa.

Measures taken by Nigerian President Bola Tinubu’s government over the past 18 months have resulted in the yield spread of its sovereign bonds over US Treasuries narrowing by more than 153 basis points, after reaching a high of 713 basis points on Aug. 5, according to the JPMorgan EMBIG Nigerian Sovereign Index.

Since his inauguration May 2023, Tinubu has allowed a more flexible exchange rate and ended gasoline subsidies, while the central bank has embarked on an aggressive interest-rate hiking cycle in a bid to curb inflation that’s near a three-decade high. The policy measures have drawn praise from international investors as well as the World Bank and the International Monetary Fund, while triggering protests in the nation that hosts the most number of poor people globally.

Proceeds from the issue will be used to partly finance an expected budget deficit of 9.18 trillion naira ($5.86 billion) this financial year, Tinubu said in a proposal sent to lawmakers last week.

Chapel Hill Denham, Citigroup Inc., Goldman Sachs Group Inc., JPMorgan Chase & Co. and Standard Chartered Plc acted as joint bookrunners, while FSDH Merchant Bank Ltd. was the financial adviser.

Nigeria deferred a planned $950 million Eurobond issue in May 2022 because of unfavorable yields, after raising a first tranche of $1.25 billion of seven-year paper at a yield of 8.375% in the same year. It shelved another planned issue earlier this year and instead sold dollar bonds in the domestic debt market, raising $900 million at a yield of 9.67%.

Bloomberg