• Friday, July 19, 2024
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Five things to know to start your Wednesday


NAF Aircraft crashes in Kaduna killing two onboard


Nigerian Air Force (NAF) Super Mushak aircraft crashed in Kaduna State, killing the two pilots on board the aircraft Tuesday evening.

The aircraft was on a training flight as part of activities lined up to mark the Nigerian Air Force day slated for May, 14, when it crashed on Tuesday after the pilots lost control, reports said.

The remains of the two pilots who were Flight Lieutenants have already been recovered and deposited in the NAF Hopspital, kaduna, as the authorities wait to make any contact to their families.

The NAF has yet to release a comment in response to the disaster. At the time of reporting this story, a communication addressed to NAF Director Public Relations and Information Air Commodore Edward Gabkwet about the incident had not been responded to.

Investigation reveals that yesterday crash brings the total number of NAF aircraft crashes since 2021 to three, including the Beechcraft KingAir350i, which killed all seven officers on board in Abuja on March 21, 2021.

AfBD earmarks €10 million equity investment to drive technologies in the wake of Covid-19


The Board of Directors of the African Development Bank has authorised a €9.8 million equity investment to promote venture capital investments in African start-ups from the seed to growth stages.

According the AfDB, the Bank will contribute €7 million of the equity investment, while the European Union (EU) will contribute €2.8 million. This will be made possible with its collaboration with the Organization of African, Caribbean, and Pacific States (OACPS).

The investment is expected to assist Cathay-AfricInvest Innovation Fund in meeting its goal of raising €110 million to invest in over 20 early-stage enterprises in Sub-Saharan Africa, the bank said.

The Fund focuses on financial technology and insurance technology, as well as retail and logistics platforms for online and mobile users, healthcare innovations, and pay-as-you-go, off-grid energy solutions.

The Innovation Fund is also looking at extending its tentacles on start-ups that are capitalizing on new digital possibilities generated by the Covid-19 pandemic, or that have a high potential to aid in the battle against the coronavirus.

Read also: Explainer: Why Sub-Saharan Africa’s economy will remain subdued – World Bank


Central Bank governor to become vice president of Ivory Coast

Tiemoko Meyliet Kone
Tiemoko Meyliet Kone


President Alassane Ouattara has chosen Tiemoko Meyliet Kone, governor of the Ivory Coast central bank, to be his vice president.

The president’s decision is seen as a possible succession plan once his tenure as president comes to an end.

According to Reuters, the decision by the president was made public through an announcement to the parliament after Prime Minister Patrick Achi resigned. Ouattara, who has respect and admiration for the Paris-born economist, a person he describes as an “outstanding and brilliant economist.”

Ouattara’s preference for Kone has generated so much talk in both the conventional and social media spaces in the country, as many see him as the president’s anointed candidate to lead the country once his third term expires.

Before Kone’s appointment as vice president, Ouattara had in 2020 chosen the late Prime Minister Amadou Gon Coulibaly to succeed him. His death, according to political analysts, changed the political calculations in the country.

Out of fear of plunging the country into a political crisis, he decided to change the country’s constitution by running for a third term in November of 2020.

The president had praise for Kone, as he described him as not only a brilliant economist whose intellectual prowess has created stability for the world leader in cocoa production but also shown undulated devotion to the president’s economic agenda.

He said excitedly as he spoke to members of the parliament, “He’s a brilliant economist, a hard-working and competent man, who was involved in the reform of the CFA franc, which was a delicate operation.”

The announcement by Senate President Jeannot Ahoussou-Kouadio of the reappointment of Ivory Coast’s Prime Minister, Patrick Achi, was another major outcome of the joint session of both chambers of parliament on Tuesday. This is a common misunderstanding.

London Brent falls by 5% to below $107/barrel

London Brent futures fell 5% on Tuesday, trading below $107 per barrel due to falling demand and supply constraints.

Investors were reacting to the IMF’s decision to lower growth projections for this year and 2023 due to the negative impacts of the ongoing war in Ukraine and increased concerns about inflation in the US and most countries in the world. The Chinese “zero-covid-19” lockdown situation has also affected the price of crude oil as factories are yet to reopen.

According to reports from tradingeconomics, Chinese government officials have promised that factories in Shanghai would reopen soonest as production plans to get back to the pre-lockdown period.

Another major concern was the planned interest rate hike, which the Fed believes will help address inflation troubles. Fear not only sent the dollar higher but also put a lot of pressure on oil prices, forcing them lower.

Meanwhile, the shutdown of the El Feel oil field in Libya due to political unrest affected the country’s supply quota to OPEC. Another supply impact was also witnessed as the OPEC+ produced only 1.45 million BPD, which is below its production targets in March, as Russian output began to decline.

However, information this morning shows that the Brent has recovered from its previous day’s fall and is currently trading 0.98 percent above the $107/barrel to trade at $108/barrel.

Russian Forces extend attack in Donbas

russia-ukraine war

The Russian military continued its attack on soft and key areas in the Donbas region of eastern Ukraine. An attack commenced Monday night after Putin closed operations in Kyiv in order to concentrate effort on the eastern part of the country.

A Ukrainian senior military official said the attack by Russian forces was focused along the lines of contact in the Donbas region.

According to Bloomberg, President Volodymyr Zelensky said Moscow had opened a new campaign to conquer the area and asked parliament to extend martial law.

Meanwhile, President Joe Biden has promised to increase the United States of America’s weapons and other supplies to the Ukrainian government after his closed-door meeting with key allies.

NBC reported that an aid package worth $800 million would be sent to the Ukrainian government as support to the people and military of Ukraine.

The Russian military, however, will be facing environmental and technological challenges, including a highly motivated Ukrainian military that will do everything to contain and repel the attack on Donbas.

Putin sees the capture of Donbas as a gateway to other victories in the country, hence his decision to commit so many military personnel and artillery to the east of the country.

On a lighter note, in the pursuit of peace, United Nations Secretary-General Antonio Guterres has called for a four-day Holy Week cessation of fighting beginning Thursday to mark the Orthodox Christian Easter.