Nigeria, Africa Business Radio, Nigeria Economic Summit Group discussed on Lagos Covid-19 Updates
Right It's still a very very good day here on Africa Business Radio and we're going into something novel I know the word novel has been in People's ears now in Relation to something a bit You know on the negative side of health and causing pandemic but still on that subject We are starting our partnership here with the Nigeria Economic Summit Group and Africa Business Radio. And we'll be looking at covered. Nineteen and Nigeria's socio economic outlook. It's going to be a five part series and we're going to be looking at the implications of what the pandemic is having might have a will have on the Nigerian economy medium short and long term. And to do this with us so we have a definite at the end. Of course somebody from Deny Jira economics group the G We be having that conversation and going into all of that. is Allying cut in your love. Good Day Sir and welcome. Thanks for having me It's a privilege to be here My time mentioned that You're the first to right the first time. So all right so Kudos to be congratulations to certain. Put myself on the back here. That's it right so Part one of the series is what you're listening to today and we're going to go straight into it so I'll ask the questions and he will answer we'll rent a little bit so here goes You Walk at the economic. Think tank The G since Nineteen ninety-three setup Doing some good things Since then What effect has coordinated hat on businesses livelihood and The German economy Thanks for having me once again. I think it has had a gruelling effect. You know on every single one of us Covy nineteen in modern two hundred and thirty countries and you know The world is A global market. Now it's a it's a neighborhood you know when you cross over to anywhere. Globalization has opened up the world and it has also allowed the covert dynasty and spread. What is nothing to really panic about? Because if you read history you'll go back and you find out that there have been many pandemics down here and the world always recovers and you know they say you know if you go in the fire you know. That's when it comes out so I'm sure that we recovered. There's no need to panic. However it's been grueling on the livelihood of everybody you know everybody is taking hard ninety has about two hundred million people and You know the federal government officially our showdown Leaguers Abu John Ogun state but if you realize those are the nerve centres of the country and also some state governors have followed suit to you know to shut down their own stakes just to protect the people because we all know that our health care system is in the best of the best way to do. It is to use policies to keep them people at home to protect them. You know But wanting to notice that Korea virus affects different countries. In different ways. You know Famous New York City's shutdown because health is in you know paramount before for nine. June's this quite different Everyone are on what has employed social distance in because he many of these western countries Have people most people have houses to go to buddies quite different here We have two hundred million people. The president on Sunday announced that You know some politics safety nets provided to two point. Eight million households but According to Niger statistics we have at least eighteen. Million poor people very poor people in the country. We have forty. We have forty million unemployed or on the employees people so two point eight million. Six people bars. Would you know about twelve thirteen about eighteen? Million People that the program will reach which means that there's a dearth of of of You know challenges that would confront us and it's it's not insurmountable but we would have to all come together and use something that we refer to as it trident to tackle this to tackle this challenge. Now explain that well Nigeria has is heavily reliant on the on the oil sector you know the honest contribution to GDP and the oil prices have dropped significantly to have effects on the economy and also on foreign direct investment because investors. Aren't you travel around the world and looking for opportunities right now everyone is trying to shore up? Who would have great effects on on our economy but the good thing also that helps us at this moment because is that our country is a has a huge informal economy as well you know not just the the guys will it means that doubt would also help us but sometimes the infamous economies is is hard to measure. What because of that? That's why I'm so upset mystic that we will bounce back bought. You know you would have serious serious effects on the formal. You know Economy why that is that Just think think about the Trident people say medical is the most important thing but The medics only three people that that are ill but the the also important in Detroit so number one is the medical efficiency number two is governance and number three is communication right dot trident is needs to. I read that to try and expand the other one in a bit. So I tried interviews in you know medical efficiency which Let's be honest. We do not really have bought through governance. In in this time we've been able to to Repack IN LAGOS STATE. You know And some other states. The state governors stepped up To to create Isolation centers in partnership with private. Sudas help so that. Trident of Medicare efficiency. Governors communication is what What determines how could. Ninety-nine affects every country of this world for example The number of cases occur virus in Germany is as high almost as high as spins but far less up people have died which is because the US destroyed and of medical efficiency. We all know what we call Germans. German machines machine yes. They've used exceptional government. I'm most importantly communication so when he social distance state whom Depending on who should stay at home. How people should get their resources how people should interact are people should commute. How the markets you walk out the essential services should walk solo. These trident is very important. I'm I'm I believe that If we get it right of course we are you know. At than economy on a state body if we get it right to to a certain level we will be able to. You know you know Solve our problems and covered nine hundred problems in our community at the moment. Now what does the other tried and against the nineteen the Audit Trident is Barbaro? Meet much it. Hit About Twenty eight twenty five which means that. The government cannot fund to telephones this process so the other trend is the is the funding. We all know business works with funding. Nothing works without funding so the Trident is the government which is the federal state and local government funding the efforts. The second is something. I would like to comment which is where the NASD operates which is Private sector organized and informal private sector use as the second part of the Trident and third the international community So the privates stepped up massively. I'm sure many of us in the in the cities I've heard about you know so much money that the privates have donated to us this 'cause you know the government to I spoke fifty nets died. The government put in place what the international community is important in helping us with medical efficiency. You know I mentioned earlier that You know without that efficiency. We can't do anything some weeks ago. Some Ferrari that some Chinese people came into nine Jonah. Treating people became to train people But if you notice the European Union the Dutch empty these people have been donating you know finances. Resources achieve maximum efficient. Whatever it is we are doing a wanted to To be rid of this pandemic what should be our priorities against Kobe? Nineteen at this time but we have to utilize bottom tridents to to tackle. A few of our priorities are mentioned. The you know the parodies Shortly but I'd like to mention Something quickly it is the fact that You know in in Lagos about six million people live on incomes largely on a daily basis. You know any represents millions of families who can only start buying making meals you know when the primary breadwinner gets home every day and the breadwinner has not been able to go out so you know number one. Is You know..