Gallagher Re has estimated that global insured losses from natural catastrophes in Q1 of 2024 were $20 billion, heavily driven by severe convective storm (SCS) activity in the US. According to the global reinsurance broker’s Natural Catastrophe & Climate Report, insured losses in Q1 2024 were 10% higher than the decadal average of $18 billion. […]
Nigeria has become the first country globally to launch Men5CV vaccine, which is recommended by the World Health Organization (WHO) for the prevention of meningitis globally. The Men5CV vaccine rollout by the country represented a major milestone in the global efforts targeted at combating meningitis outbreak, as it provides broader protection than the previous vaccines. […]
Ecobank, the pan-African banking group, has formally signed the Women’s Empowerment Principles by UN Women and the UN Global Compact (WEPs), which provide guidance to the private sector on how to advance gender equality and women’s empowerment in the workplace, marketplace and community. The bank’s Group Chief Executive Officer, Jeremy Awori, announced the signing of […]
Lingering controversies over Nigeria’s National Water Resources Bill, initially forwarded to the National Assembly in April 2017 to implement the Nigeria Sustainable Urban and Rural Water Supply, Sanitation and Hygiene Program-for-Results (SURWASH Programme) have stalled the release of the $700 million loan from the World Bank, documents from the multilateral development finance institution have indicated. […]
The Nigerian Sovereign Investment Authority (NSIA) and North South Power (NSP) Company Ltd have opened collaborative investment discussions on a solar-hydro hybrid grid targeting 20 Megawatts of power. The Vice President, Kashim Shettima, who gave this hint, said the Fund planned to flag-off the 20 megawatts in its first phase of a 300 megawatts project. Shettima, […]
The Nigerian Communications Commission (NCC) has reported that following the disruption last Thursday, March 14, which affected data and voice services due to cuts in undersea fibre optics along the coasts of Cote d’Ivoire and Senegal, telecom services have now been restored to approximately 90% of their peak utilization capacities. The telecom industry regulatory commission, […]
Global health donors, including the World Bank Group, Bill & Melinda Gates Foundation and the United Nations Children Education Fund (UNICEF), have pledged nearly $600 million to combat cervical cancer, marking the first-ever global forum solely dedicated to eradicating the disease. The World Bank is committing $400 million to the fund over three years, while […]
The Board of Directors of the African Development Bank Group (AfDB) has approved the proposal to take an initial stake of up to $10 million in the “Alliance for Green Infrastructure in Africa – Project Development” (AGIA-PD)” Fund as part of its investment supports for successful green transition of African countries. A news report from […]
Leading insurance and reinsurance broker, Aon, has disclosed that global insured losses in 2023 surged to $118 billion, representing the fourth consecutive year that insurance losses have exceeded the 21st-century average, reflecting the increasing impact of natural disasters on the global economy. The insurance brokerage firm, which gave the figures in its recently published ‘2024 […]
The global economic cost of natural catastrophe events reached an estimated $357 billion in 2023, of which approximately 34%, or $123 billion was covered by re/insurance, a leading reinsurance brokerage firm, Gallagher Re has reported. The reinsurance broker’s just published ‘2023 Natural Catastrophe and Climate Report’ reflected that 2023 was the fourth consecutive year in […]