Economy
Despite the Infections, Africa Without Monkeypox Vaccines
By Kestér Kenn Klomegâh
The World Health Organization (WHO) has declared monkeypox a new global health emergency after 20,000 cases were reported in 77 countries. Some 75 people have died in the 11 African countries where the disease was recorded, according to the latest reports in late July. It said monkeypox is an “extraordinary” situation that qualifies as a global health emergency.
Despite these few deaths last month and signs that it would spread further, Africa is fighting monkeypox without vaccine the same as it has been with Covid-19. A surge in monkeypox infections has particularly been reported since early May outside the West and Central African countries where the disease has long been endemic.
The vast majority of deaths due to monkeypox have been registered on the African continent. Africa remains the only part of the world with no doses of the vaccine, according to the Africa Centers for Disease Control and Prevention.
“Let us get vaccines onto the continent,” acting head of the African Centre for Disease Control, ACDC, Ahmed Ogwell, said in a weekly media briefing pointing to another instance of 1.3 billion people on the continent without access to a vaccine, as in the Covid-19 pandemic.
Reports said that monkeypox has been established in parts of central and west Africa for decades, but it was not known to spark large outbreaks beyond the continent or to spread widely among people until May when authorities detected dozens of epidemics in Europe, North America and elsewhere.
Ogwell said the Africa CDC has engaged with international partners in attempts to obtain vaccines, and while he said “good news” is expected in the coming days, “we cannot be able to give you a timeline.”
Even doses of the smallpox vaccine, which has shown effectiveness against monkeypox, are not available in Africa, Ogwell said. “The solutions need to be global in nature,” he said, in a warning to the international community. “If we’re not safe, the rest of the world is not safe.”
The Covid-19 pandemic and the global hoarding of vaccine doses were a jolt to African leaders, who quickly joined together in an unprecedented effort to obtain doses and establish the production of more vaccines on the continent.
WHO’s Director-General Tedros Adhanom Ghebreyesus said there were about 16 million doses of approved vaccine available, but only in bulk, so it would take several months to get them into vials. His organization is currently urging countries with stockpiles to share vaccines while supply is constrained. It, however, estimates that between 5 million and 10 million doses of vaccine will be needed to protect all high-risk groups.
It has said it is creating a vaccine-sharing mechanism for protection against monkeypox, but the organization has released few details, so there’s no guarantee that African countries will get priority. No countries have yet agreed to share any vaccines with the health organization.
WHO, however, warned against discrimination. “A failure to act will have grave consequences for global health,” Lawrence Gostin, the director of the WHO Collaborating Center on National and Global Health Law, said on Twitter.
Health officials have emphasized that monkeypox can infect anyone in close contact with a patient or their contaminated clothing or bedsheets. Researchers are still exploring how it spreads but believe it’s mainly through close, skin-to-skin contact and through contact with bedding and clothing that touched an infected person’s rash or body fluids.
Another report also pointed to the fact that monkeypox has been a globally neglected public health problem in parts of Africa for decades, but cases began to be reported outside countries where it is endemic in May. It generally causes mild to moderate symptoms, including fever, fatigue and painful skin lesions that resolve within a few weeks.
In Africa, monkeypox mainly spreads to people by infected wild animals like rodents in limited outbreaks that typically have not crossed borders. In Europe, North America and elsewhere, however, monkeypox is spreading among people with no links to animals or recent travel to Africa. In the U.S. and Europe, the vast majority of infections have happened in men who have sex with men, though health officials have stressed that anyone can contract the virus.
By Adedapo Adesanya
The oil market slid about 2 per cent on Wednesday after paring deeper losses earlier in the trading session, as Iran reviewed a proposal by the United States to end the war that has disrupted global energy flows.
Brent futures fell $2.27 or 2.2 per cent to settle at $102.22 a barrel, while the US West Texas Intermediate (WTI) crude futures lost $2.03 or 2.2 per cent to trade at $90.32 per barrel.
It was reported that Iran was still reviewing a US proposal to end the war in the Gulf, despite an initial response that was negative, indicating that it had so far stopped short of rejecting it outright.
Pakistan delivered the 15-point proposal on behalf of the US government, and the consideration appeared to signal that at least some figures in Iran may be considering it.
Meanwhile, the White House Press Secretary, Mrs Karoline Leavitt, said President Donald Trump would hit Iran harder if it fails to accept that the Middle East country has been “defeated militarily”.
Currently, the market is facing the biggest-ever oil supply disruption as the US-Israel war has halted shipments of oil and liquefied natural gas through the Strait of Hormuz, which typically carries about 20 per cent of the world’s LNG and crude supply.
Market analysts noted that this has resulted in around 20 million barrels of crude losses daily, or some 500 million barrels, or five full days of global supply, since the war began on February 28. Countries have started rationing fuel use.
India, one of the world’s largest oil consumers, has bought its first cargo of Iranian liquefied petroleum gas in years after the US temporarily removed sanctions.
Meanwhile, Japan has called on the International Energy Agency (IEA) for an additional coordinated release of oil stockpiles, as it seeks to shield consumers from higher energy prices.
In Venezuela, oil production, including condensate and gas liquids, reached 1.1 million barrels per day in March.
Amid these developments, Russia’s major export terminals suspended crude oil and oil products loadings after massive Ukrainian drone attacks sparked blazes. At least 40 per cent of Russia’s oil export capacity has been halted following Ukrainian drone attacks on its energy infrastructure.
The US Energy Information Administration (EIA) said energy firms added 6.9 million barrels of crude into stockpiles during the week ended March 20.
That was higher than the build of 2.4 million barrels reported by the American Petroleum Institute (API) on Tuesday.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited remained in the green territory on Wednesday after further appreciating by 0.11 per cent, driven by gains in bellwethers like MTN Nigeria, GTCO, and others.
Data from Customs Street showed that the insurance and the consumer goods sectors went up by 0.76 per cent and 0.42 per cent apiece, offsetting the 0.98 per cent loss posted by the banking index and the 0.11 per cent decline suffered by the industrial goods counter. The energy sector closed flat at the close of transactions.
When the closing gong was beaten at midweek, the All-Share Index (ASI) increased by 219.87 points to 200,925.75 points from 200,705.88 points, and the market capitalisation went up by N141 billion to N128.977 trillion from N128.836 trillion.
Investor sentiment remained strong yesterday after the bourse recorded 36 price gainers and 33 price losers, representing a positive market breadth index.
Legend Internet grew by 10.00 per cent to N7.26, Zichis gained 9.93 per cent to settle at N11.40, Premier Paints expanded by 9.93 per cent to N31.00, John Holt improved by 9.79 per cent to N15.70, and Consolidated Hallmark advanced by 6.26 per cent to N5.26.
On the flip side, Fidson declined by 9.97 per cent to N94.85, Austin Laz lost 9.89 per cent to quote at N4.01, Living Trust Mortgage Bank shrank by 7.08 per cent to N4.46, Secure Electronic Technology slumped by 7.04 per cent to N1.32, and Sterling Holdco depreciated by 5.56 per cent to N7.65.
The busiest equity for the day was Wema Bank, which transacted 104.3 million units worth N2.8 billion. Access Holdings traded 42.8 million units valued at N1.1 billion, Zenith Bank exchanged 33.9 million units for N3.6 billion, Zichis sold 26.6 million units worth N221.2 million, and GTCO recorded a turnover of 25.6 million units valued at N2.9 billion.
In all, investors bought and sold 538.0 million units for N25.4 billion in 45,641 deals on Wednesday compared with the 1.3 billion units worth N65.3 billion traded in 89,949 deals on Tuesday, implying a decrease in the trading volume, value, and number of deals by 58.62 per cent, 61.10 per cent, and 49.26 per cent apiece.
By Aduragbemi Omiyale
The federal government, through the Minister of Women Affairs and Social Development, is working together with the Nigerian Exchange (NGX) Group Plc to deepen the participation of women in capital markets.
The Minister of Women Affairs and Social Development, Ms Imaan Sulaiman-Ibrahim, underscored the urgency of inclusion in achieving national economic ambitions.
“The capital market reflects our collective choices, who participates, who has access, and who benefits. Women remain underrepresented in formal finance despite their critical role in Nigeria’s productivity.
“Through strategic partnerships and targeted interventions, we are working to change this narrative and expand opportunities for women across the economy.
“Achieving a one-trillion-dollar economy requires the full participation of Nigerian women,” she said at the closing gong ceremony at the NGX on Tuesday in Lagos.
She said the government was ready to partner with capital market stakeholders to expand financial access and unlock opportunities for women across the country.
Welcoming the Minister, the chairman of NGX Group, Mr Umaru Kwairanga, commended the Ministry’s leadership in promoting women’s development and economic participation.
“Women are central to Nigeria’s economic progress. As we work towards a more inclusive and resilient economy, the capital market remains a vital platform for expanding access to finance, supporting women-led enterprises, and enabling broader participation in wealth creation.
“NGX Group remains committed to partnering with the Ministry to drive sustainable impact and empower the next generation of women leaders,” he stated.
Also speaking, the Director General of the Securities and Exchange Commission (SEC), Mr Emomotimi Agama, emphasised the importance of deliberate inclusion.
“Behind every successful market are women. For Nigeria’s capital market to reach its full potential, we must be intentional about empowering women as active participants.
“Current participation levels do not yet reflect our population or potential. Collaborations like this send a strong call to action for more women across Nigeria to engage with the market and contribute to national growth,” the SEC chief stated.
On his part, the chief executive of NGX Group, Mr Temi Popoola, said, “At NGX Group, we are building a dynamic and inclusive market ecosystem that expands access to investment opportunities and supports diverse participants. Through partnerships such as this, we are unlocking new pathways for women to participate as investors, entrepreneurs, and wealth creators.”
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