Author: Val Kosi

  • Africa’s diabetes cases could increase to 54 million by 2045 – WHO warns

    Africa’s diabetes cases could increase to 54 million by 2045 – WHO warns

    The World Health Organization (WHO) says the number of people living with diabetes in Africa will likely rise to 54 million in 2045 unless urgent action is taken to mitigate it.

    WHO Regional Director for Africa, Dr. Matshidiso Moeti, said this on Thursday, in her message to celebrate World Diabetes Day with the theme” Breaking Barriers, Bridging Gaps.”

    According to Moeti, in Africa, more than 24 million adults are currently living with diabetes, half of whom remain undiagnosed.
    “Against a background of rising diabetes prevalence in Africa, complicated by multiple drivers including urbanization, unhealthy diets, and physical inactivity, the theme appropriately emphasizes the imperative of a collaborative approach to this ‘silent killer’.”

    “Without urgent interventions, predictions are that the number of people living with diabetes in the African Region will rise to 54 million by 2045, the highest projected increase globally,” she added.

    WHO’s commitment to reducing diabetes risks
    According to her, the underlying WHO commitment is to reduce risk and ensure that everyone diagnosed with diabetes has access to equitable, comprehensive, affordable, and quality treatment and care.

    She said that diabetes, a chronic lifelong disease, leads to uncontrolled blood sugar levels because the body can no longer produce or use the insulin it produces efficiently.

    Moeti said if left untreated, diabetes could lead to complications such as heart disease, stroke, nerve damage, kidney failure, lower-limb amputation, and eye disease that could result in blindness.

    “This poses a significant dual health and economic burden, including catastrophic spending by individuals to control their disease,” she said.

    Africa’s low investment in diabetes care
    “Compounding the challenge is that Africa has the lowest investment rate in diabetes care worldwide, at only 1 percent of the region’s health expenditure,” Moeti pointed out.

    She noted that health systems are also traditionally designed to deal with acute, infectious diseases, without sufficient attention paid to chronic diseases like diabetes.

    According to her, managing diabetes requires a sustained effort to balance physical health activity, healthy diet, and mental well-being. “WHO in the African region is committed to holistic solutions, including proper nutrition, access to the requisite essential medicines, and mental health support.”

    “Equally crucial are comprehensive prevention strategies to address risk factors including obesity, poor diet, and physical activity, combined with community engagement to ensure good support systems and reduced stigma,” she added.

    Significant step forward in diabetes care
    The director mentioned that one important step forward was African member States’ endorsement of WHO’s framework for the Implementation of the Global Diabetes Compact (GDC) in Africa during the Seventy-fourth session of the WHO Regional Committee for Africa in August.

    “Focused specifically on the challenge of integrating diabetes care into broader health systems in a multi-sectoral approach, it provides a roadmap for countries to strengthen diabetes prevention, diagnosis, and care, especially at the primary health care level,” she said.

    Call for collective action
    “On this day, I urge individuals, communities, governments, health workers, policymakers, and civil society organisations to join hands and act now,” Moeti concluded.

    She said: “For individuals, prioritise a healthy lifestyle, and if you’re already living with diabetes, have regular medical check-ups.”

    According to her, communities can play their role by creating supportive environments that promote healthy living, reduce stigma, and provide access to affordable diabetes care and education.

    “For governments, we commit our full support to your efforts to implement policies that enhance access to essential medicines, strengthen primary healthcare systems, and foreground investment in diabetes prevention and care.”

    “Strengthening diabetes control in the African region demands that we address key gaps, including myths and misconceptions about diabetes, fragile primary health care systems, and insufficient capacity and training of health care workers,” Moeti said.

    Moeti concluded, “Together, let us all commit to breaking down the barriers and addressing the gaps, by raising awareness, spreading knowledge, and creating lasting change for everyone in Africa affected by diabetes.”

  • Over 800 million people worldwide have diabetes – Study reveals

    Over 800 million people worldwide have diabetes – Study reveals

    The number of people with diabetes has doubled over the past 30 years to more than 800 million globally, according to new data released by The Lancet.

    The authors emphasize the urgent need to improve early detection and effective diabetes treatment, particularly in low- and middle-income countries (LMICs), where cases have significantly increased since 1990.

    The study reports that the global prevalence of diabetes (types 1 and 2 combined) in adults rose from 7% to 14% between 1990 and 2022.
    Over the years, LMICs have experienced the largest increases, with diabetes rates soaring while access to treatment remains persistently low. In 2022, almost 450 million adults aged 30 and over—59% of all adults with diabetes—did not receive treatment.

    The analysis, conducted by the NCD Risk Factor Collaboration (NCD-RisC) with support from the World Health Organization (WHO), underscores the urgent need for stronger global action to address both the rising rates of diabetes and widening treatment gaps.

    Commemorating World Diabetes Day 2024, this year’s theme, “Breaking Barriers, Bridging Gaps.” focuses on uniting to strengthen diabetes well-being” and it highlights the daily challenges faced by millions living with diabetes.

    Commenting on the report, Dr. Tedros Adhanom Ghebreyesus, WHO Director-General, said: “We have seen an alarming rise in diabetes over the past three decades, which reflects the increase in obesity, compounded by the impacts of the marketing of unhealthy food, a lack of physical activity and economic hardship.

    “To bring the global diabetes epidemic under control, countries must urgently take action. This starts with enacting policies that support healthy diets and physical activity, and, most importantly, health systems that provide prevention, early detection, and treatment,” he said.

    Nigeria’s diabetes crisis
    According to the International Diabetes Federation, Nigeria is one of 48 African countries with a high diabetes prevalence, affecting 37% of the population as of 2021.

    Estimates from leading physicians suggest that over 11 million Nigerians are living with diabetes, marking the condition as an epidemic amid the country’s broader health challenges.

    If left untreated, diabetes can cause permanent vision loss by damaging the blood vessels in the eyes. It can also lead to nerve damage and poor circulation in the feet, resulting in ulcers and, in severe cases, amputation.

    “Diabetes impacts both the physical and mental well-being of millions,” said Comrade Bernard Enyia, Vice President II of the Diabetes Association of Nigeria. “People living with diabetes face daily challenges managing their condition at home, in the workplace, and at school.”

    He urged the federal government, policymakers, and stakeholders to ensure equitable access to comprehensive, affordable, and quality treatment and care for people with diabetes in Nigeria.

    “Diabetes care must be accessible to all, and physical and mental health should take precedence over profit,” Enyia emphasized.

    Projected rise of diabetes in Africa
    In Africa, WHO Regional Director Dr. Matshidiso Moeti highlighted the alarming rise in diabetes prevalence, projecting that the number of people living with diabetes in the African region will reach 54 million by 2045, marking the highest predicted increase globally if urgent action is not taken.

    Dr. Moeti noted that urbanization, unhealthy diets, and lack of physical activity are driving the rise in diabetes in Africa. Over 24 million adults in the region currently live with diabetes, with half of them undiagnosed. Without intervention, complications such as heart disease, stroke, kidney failure, and blindness will worsen.

    “The rising prevalence poses a dual health and economic burden, with individuals facing catastrophic costs to manage their condition,” Dr. Moeti explained. “Additionally, Africa has the lowest investment rate in diabetes care globally, with just one percent of the region’s health budget allocated to it.”

    What You Should Know
    Diabetes is a chronic condition that occurs when the pancreas either doesn’t produce enough insulin or the body cannot use it effectively.

    Uncontrolled diabetes leads to hyperglycemia (elevated blood sugar), which over time can damage various body systems, particularly the nerves and blood vessels.
    Type 1 diabetes is an autoimmune disease where the body attacks insulin-producing cells in the pancreas. Type 2 diabetes, affecting over 95% of diabetes cases, is a metabolic disorder that prevents the body from using insulin properly.
    While Type 1 diabetes cannot be prevented, Type 2 is largely avoidable, with risk factors including obesity, poor diet, lack of exercise, and genetic predisposition.

  • Africa has the potential to become the global capital for Bitcoin development - Abubakar Nur Khalil

    Africa has the potential to become the global capital for Bitcoin development - Abubakar Nur Khalil

    Abubakar Nur Khalil is a Nigerian programmer, Bitcoin core contributor, and CEO of Recursive Capital, a VC fund dedicated to funding Bitcoin-focused projects in Africa.  

    Recursive Capital was recently backed by Jack Dorsey, the Founder of Twitter in a Fund 1 raise alongside other investors like Pete Briger and Jeff Booth.  

    In this Interview with Nairametrics, He discussed the role of the Bitcoin Ecosystem in Africa and what he is hoping to achieve with Recursive Capital in the African space.  

    Nairametrics: Why did you start Recursive Capital and why did the fund pivot to focus only on the development of the Bitcoin Ecosystem in Africa? 

     

    AbubakarRecursive was born from the realization that for Bitcoin to thrive in Africa, it will need efficient capital allocation to companies built locally for people on the ground. As such, the best approach would be for someone on the ground with a great understanding of the Bitcoin ecosystem and technology to embark on this.  

    As for our exclusive focus on Bitcoin and Africa, we initially branded ourselves in our initial year as Web 3, being what we classified as the combination of online sovereignty via Bitcoin and data sovereignty. We realized we needed a more precise focus after publishing our launch post a year ago to clarify what we were looking for. An exclusive emphasis on Bitcoin best captured the essence of the emerging development I tried to articulate. 

    We believe Bitcoin is the only technology that will still be around over the next couple of decades, as such, all developments for products, tools, and services should be built on this resilient system that enables wide use cases such as energy grid management and electrification via Bitcoin mining to financial freedom and access to a monetary rail for cheap instant global settlements to ensure long-term availability and lasting impact. 

    As captured in our thesis, a primary driver revolved around the notion that Africa’s unique problems make it a prime location to become the global Bitcoin development capital, which will naturally lead to the creation of the most innovative and impactful native Bitcoin companies — i.e., companies that most effectively reflect the anti-fragility, resilience, and ethos of Bitcoin. 

    Nairametrics: Recursive Capital has funded Bitnob, Fedi, and Synota. What are the criteria used by the fund to select Viable Web 3 products for funding? 

     

    AbubakarThe fund only invests in Bitcoin companies. 

    A Bitcoin company is any company that operates with the core belief that Bitcoin is the future global monetary asset and internet-native digital cash. It develops products and services that utilize the Bitcoin protocol stack, including associated layers like the Lightning Network, to create value for customers. The company’s success is closely tied to the success of Bitcoin itself, and it fosters innovation both technically and in its business models across the protocol stack. 

    Given we strictly make equity investments, we do not invest in companies looking for alternative investment support or those who plan to roll out tokens or coins. 

    As for criteria, we bucket it out to two, companies with a reasonable track record, value proposition, and solving an actual problem using Bitcoin technology, and for companies at earlier stages the focus is on the capacity of the founders, the potential growth and value proposition of their idea, and how we could help make it a reality. 

    Nairametrics: How have you been able to have an impact on the African crypto space operating from Kano Northern Nigeria, a region not quite known for technological exploits? 

     

    Abubakar: We exclusively operate in the Bitcoin ecosystem. Additionally, Recursive does not operate from Kano. However, as someone based and from the north, in trying to support entrepreneurs building for Bitcoin in this region, I have noticed a large amount of talent there, as evidenced by companies we have invested in, like Bitnob, whose founder is from the north.  

    I have continued to see developers from programs Btrust Builders has run come from the north. In terms of our impact in that region, it has been in the form of helping incubate and support companies and entrepreneurs from that region and educating them on what it means to build on Bitcoin.  

    Those just starting their journey can take advantage of the developer resources Btrust provides, primarily via Btrust Builders, including the recently launched Bitcoin developer meetup in Kaduna. 

    Nairametrics: As a self-taught Developer with a strong interest in Bitcoin. What is your vision for African Developers like yourself in the Web 3 space? 

    AbubakarI foresee Africa as becoming the global Bitcoin development capital very soon. 

    I genuinely believe that we are an excellent point for developers given the more significant amount of funding to support careers in the Bitcoin ecosystem, and especially resources via programs like Btrust Builders, which offers a systematic pipeline for developers to become Bitcoin developers who can get jobs in Bitcoin companies or get supported by organizations like Btrust via grants to work on Bitcoin Open-Source Software full time. For both the latter and former, we have numerous case studies to point to in the form of alums from the Btrust Builders programs, for example. 

    Nairametrics: What milestones have Portfolio companies of Recursive Capital attained over the years? What are the success stories? 

     

    AbubakarThere are quite a few, so I’ll narrow it down to one of our companies, Bitnob. Over the years, they set the stage — and can be mainly credited — for starting the Dollar-Cost Averaging and savings culture for buying Bitcoin in Nigeria, being the first company in Africa to implement the Lightning Network in 2022, which allowed users for the first time to send and receive Bitcoin globally instantly and cheaply. They continued to innovate around this and are one of the leading Bitcoin companies building tools on the Lightning Network and supporting novel features like lightning addresses. Lastly, having its infrastructure all built in-house has been a huge distinguishing factor between it and its competitors. 

    Nairametrics: Nigeria has the highest crypto adoption in Africa and one of the highest in the world. How can African Web 3 developers leverage this opportunity to build products that meet the demand in the African market? 

     

    AbubakarBuilders can position themselves strategically by learning and equipping themselves with the right tools and knowledge to solve our burning problems. In doing so, these developers can benefit on three fronts: 

    1. With their knowledge of Bitcoin, they can begin to save in Bitcoin, hold their Bitcoin securely, and transact instantly, globally, and cheaply, making them total global economic participants for the first time. 
    2. They can kickstart a career in Bitcoin where they can even earn Bitcoin and help contribute to building the global future of money. 
    3. They can also try to narrow down specific challenges that can be solved using Bitcoin technology and send VCs like Recursive Capital a pitch for funding. 
    4. I am Michael Ndu-Okeke, a crypto reporter and analyst covering the intriguing world of Cryptocurrencies and its market. My work focuses on informative news, industry trends and research explaining the crypto industry to a wide range of readers.

       Abubakar Nur Khalil Bitcoin
  • Customs, NAFDAC sign MoU to combat illicit drugs and harmful products

    Customs, NAFDAC sign MoU to combat illicit drugs and harmful products

    The Nigeria Customs Service (NCS) has signed a Memorandum of Understanding (MoU) with the National Agency for Food and Drug Administration and Control (NAFDAC) to combat the rising influx of illicit pharmaceutical products and other harmful substances into Nigeria.

    The MoU was signed during the Comptroller General of Customs (CGC) conference on Thursday in Abuja.

    Speaking on the significance of the partnership, the Comptroller-General of NCS, Adewale Adeniyi, described the MoU as the culmination of years of dedicated dialogue and coordination between the two agencies.
    This partnership is a response to a major scourge we are facing in the country,” he remarked, emphasizing the MoU includes a comprehensive scope of collaboration, particularly in intelligence sharing, which involves the exchange of intelligence between both agencies.

    Adeniyi highlighted one of the agreement’s central elements: intelligence sharing between the two agencies.

    “Sometimes, at midnight, NAFDAC DG sends intelligence to me, saying, we learn that a suspicious container may be birthing in the morning. This kind of real-time information flow is critical to our joint efforts,” he noted.

    The customs chief recounted a recent state of emergency declared at one of Nigeria’s ports, explaining that reports indicate the move was merely a scratch on the surface of illicit pharmaceutical products entering Nigeria’s markets.

    He called for a unified response to end the circulation of such harmful items, saying, “It is time for all of us to say, collectively, that this will be the beginning of the end. We are going to save Nigeria and the future of our kids from these dangerous products.”

    NAFDAC DG emphasizes daily impact on Nigerians
    Prof. Moji Adeyeye, Director-General of NAFDAC, described the MoU as a significant and necessary step, given the daily impact of the products regulated by her agency on Nigerians. “We consume at least two of our regulated products every day—food and healthcare items. This partnership is about ensuring that the food, drugs, and healthcare products we take are safe and of the highest quality,” she stated.

    Addressing national security concerns
    Prof. Adeyeye further explained that the threats posed by unregulated and illicit products pose not only public health risks but also national security threats, citing how some approved chemicals could be misused by criminals and terrorists.

    “We have ghost companies that are not on our lists. This MoU marks the beginning of the end of such practices,” she affirmed.

  • Nigerian Stocks end a November in red, first time since 2018

    Nigerian Stocks end a November in red, first time since 2018

    The All-Share Index fell by 0.15%, ending the month below its opening level in November, as price movements struggled to establish an upward trend. 

    This is the first time the All Share Index has closed the month of November in red since 2018 snapping a 5-year winning streak 

    By the close of trading on November 29, 2024, the All-Share Index stood at 97,506.87 points, marking a slight decrease month-to-date from an opening of 97,650.66. 

    Market activity surged as total trading volume reached 10.8 billion shares, reflecting a 28.74% increase from the 8.3 billion shares recorded in October.  

    Despite the lackluster price movements, the market’s overall capitalization remained robust, staying above the N59.1 trillion mark.   

    Year-to-date, the All-Share Index has shown an impressive growth of over 30.4%, reflecting a strong underlying performance despite the relatively flat price action in November.  

    Market performance highlights  

    November saw a brief lull in overall price activity, with the broader index experiencing limited movement. This subdued momentum was reflected across the sub-indexes, which closely followed the flat trend of the main index.   

    In the month under review, the NGX Main Board Index and NGX 30 experienced declines of 0.87% and 0.04%, respectively. In contrast, the NGX Premium Index demonstrated a more robust performance, advancing by 1.49%. 

    Despite the general stagnation, several sectors posted notable gains.

    Market performance highlights  

    November saw a brief lull in overall price activity, with the broader index experiencing limited movement. This subdued momentum was reflected across the sub-indexes, which closely followed the flat trend of the main index.   

    In the month under review, the NGX Main Board Index and NGX 30 experienced declines of 0.87% and 0.04%, respectively. In contrast, the NGX Premium Index demonstrated a more robust performance, advancing by 1.49%. 

    Despite the general stagnation, several sectors posted notable gains.   

    • The NGX Insurance index surged by a monthly 9.11%, fueled by strong performances from SUNU ASSURANCES and PRESTIGE.   
    • The NGX Banking index also showed solid growth, rising 3.39%, bolstered by impressive increases in ZENITH and UBA shares, both of which saw gains of over 9%.  
    • The NGX Oil and Gas index rose by 3.20%, largely driven by the positive performance of CONOIL.   
    • Meanwhile, the NGX Industrial Goods index grew by 2.14%, and the NGX Consumer Goods index saw a 2.40% increase propelled by outstanding performances from CADBURY and UNILEVER, which both saw their share prices soar by more than 15%.  
    • Top gainers   

      Leading the charge among gainers was JOHNHOLT PLC, which saw an impressive surge of 170.30% over the month. SUNU ASSURANCES followed closely, rising by 86.60%, while LAFARGE AFRICA posted a notable gain of 50.04%.  

      Other gainers included:  

      CONOIL: Up by 45.80% (closing at N276.00)  

      PRESTIGE: Up by 35.59% (closing at N0.80)  

      CONSOLIDATED HALLMARK: Up by 35.14% (closing at N2.00)  

      FLOUR MILLS OF NIGERIA: Up by 30.81% (closing at N81.10)  

      CADBURY NIG: Up by 29.88% (closing at N21.30)  

      MANSARD INSURANCE: Up by 19.32% (closing at N7.04)  

      DANGOTE SUGAR: Up by 13.64% (closing at N35.00)     

      Top losers   

      At the opposite end of the spectrum, OANDO topped the list of decliners, suffering a significant drop of 27.55%. Other notable losses were recorded in ABBEY MORTAGE BANK, which declined by 26.15%, and MULTVERSE, which saw a decrease of 25.79%.  

      Other decliners included:  

      ETERNAOIL: Down by 24.36% (closing at N20.80)  

      RTBRISCOE: Down by 18.03% (closing at N2.50)  

      LASACO ASSURANCE PLC: Down by 16.47% (closing at 2.13)  

      VERITAS KAPITAL: Down by 15.49% (closing at N1.20)  

      DEAP CAPITAL MANAGEMENT TRUST: Down by 15.20% (closing at N1.06)  

      DAARCOMM: Down by 10.29% (closing at 0.61)  

      MEYER: Down by 9.98% (closing at N7.67)  

      Corporate actions   

      A range of corporate actions unfolded in November, with the release of third-quarter results comprising the bulk of the key disclosures for the month.   

      FBN Holdings Plc disclosed its Q3 financial report.  

      Cadbury Nigeria Plc released its Q3 financial report.  

      Zenith Bank Plc shared its Q3 financial report.  

      Access Holdings Plc released its Q3 financial report.  

      Oando Plc announced its Q3 financial report.  

      Seplat Energy Plc revealed the currency exchange rate for its Q3 2024 interim dividend.  

      MTN Nigeria Communications Plc completed the issuance of Series 11 and 12 commercial papers.  

      Outlook  

      • Every month, the All-Share Index is currently undergoing a period of retracement within the broader context of a long-term upward trend. This phase of consolidation offers the potential for a strong rebound in the coming months as market conditions evolve.  
      • However, the sustained robust performance of large-cap stocks could act as a catalyst, steering the index back toward its long-term bullish trajectory.  
      • Izuchukwu Okoye

        Okoye Izuchukwu is a financial market writer and trader with extensive expertise in both Nigerian and international markets. With a keen eye for market trends and a passion for insightful analysis, he translates complex financial concepts into engaging content. By combining practical trading experience with thorough research, Okoye offers valuable perspectives that empower readers to make informed decisions in the ever-evolving world of finance.

      •  NGX
  • Measles cases surge by 20% globally, over 10 million people infected in 2023

    Measles cases surge by 20% globally, over 10 million people infected in 2023

    Measles cases globally have increased by 20% from 2022, with over 10 million people infected, revealing inadequate immunization coverage is driving the surge in cases.

    Worldwide, there were an estimated 10.3 million measles cases in 2023, according to a newly released report from the World Health Organization and the US Centers for Disease Control and Prevention (CDC).

    About 107,500 people died from measles worldwide in 2023 and children under 5 were mostly affected, new data shows.
    Measles is one of the world’s most contagious infectious diseases caused by a virus. With two doses of the measles vaccine, it is preventable; yet more than 22 million children missed their first dose of measles vaccine in 2023.

    Vaccine coverage falls short of the required 95%
    Globally, an estimated 83% of children received their first dose of measles vaccine in 2023, while only 74% received the recommended second dose.

    At least coverage of 95% or greater of two doses of measles vaccine is needed in each country and community to prevent outbreaks, the study showed.
    “Measles vaccine has saved more lives than any other vaccine in the past 50 years,” said Dr Tedros Adhanom Ghebreyesus, WHO Director-General.

    “To save even more lives and stop this deadly virus from harming the most vulnerable, we must invest in immunization for every person, no matter where they live.”

    Also, CDC Director Mandy Cohen said the number of measles infections is rising around the globe, endangering lives and health.
    “The measles vaccine is our best protection against the virus, and we must continue to invest in efforts to increase access.”

    As a result of global gaps in vaccination coverage, 57 countries experienced large or disruptive measles outbreaks in 2023, representing a nearly 60% increase from 36 countries in the previous year, the study revealed.
    All regions were affected except the Americas, and nearly half of all large or disruptive outbreaks occurred in the African region.

    High death rates despite being a preventable disease
    Measles is a highly contagious and serious airborne disease which have killed 107,500 people and, children at age 5 died more due to measles in 2023.

    Although this is an 8% decrease from 2022. “Far too many children are still dying from this preventable disease,” they said.
    The agencies explained that the slight reduction in deaths was mainly because of the surge in cases that occurred in countries and regions where children with measles are less likely to die, due to better nutritional status and access to health services.
    The agencies cautioned that as measles cases surge and outbreaks increase, the world’s elimination goal, as laid out in Immunization Agenda 2030, is “under threat”
    By the end of last year, 82 countries had achieved or maintained measles elimination.

    Just this week, Brazil was reverified as having eliminated measles, making the WHO Americas Region once again free of endemic measles.

    All regions, except for Africa, at least one country in all WHO regions has eliminated the disease.
    The agencies have called for urgent and targeted efforts by countries and partners, particularly in the African and Eastern Mediterranean regions, and in fragile, conflict-affected, and vulnerable settings, to vaccinate all children fully with two doses of measles vaccine.

    “This requires achieving and maintaining high-performing routine immunization programmes and delivering high-quality, high-coverage campaigns, ” they said.

  • Stablecoins to make up 10% of total US money supply and FX transactions -Report 

    Stablecoins to make up 10% of total US money supply and FX transactions -Report 

    An extensive joint report by Standard Chartered and Zodia Markets research has predicted stablecoins to account for 10% of the total US money supply and Foreign exchange transactions.  

    Stablecoins currently make up only 1% of the above metric in the US and are still a new alternative making up a tiny fraction of global financial transactions.  

    The Joint report titled: Stablecoins: The First Killer App by the two firms spelled out the current metrics of stablecoins in the US money flow while predicting it to surge significantly following the arrival of Donald Trump as president in 2025.

    “ At present, stablecoins are equivalent in size to only 1% of US M2 transactions and just 1% of FX transactions. As the sector becomes legitimized, a move to 10% on each measure is feasible. We think both cross-border payments and (via nonUSD stablecoins) FX-equivalent transactions are key growth areas that could achieve this.  

    The main way for stablecoin market cap and use to increase tenfold as per this suggestion would be via US regulation of stablecoins. Three significant bills were brought forward during the Biden administration but little progress was made. Each aimed to create the guardrails for banks to issue stablecoins. More progress on this is likely under the Trump administration when it takes power in early 2025.” The report read in parts.  

     

    Regulations key to unlocking stablecoins potential   

    The report pinpointed regulation as the key to stablecoins making a major transition and increasing its share of global financial transactions. It explained that stablecoins have evolved beyond their original utility in the cryptocurrency space and are now used for a myriad of other things. Stablecoins are increasingly employed in cross-border payments, payroll, trade settlements, and remittances.  

    These New utilities for stablecoins demonstrate their ability to address inefficiencies in existing financial systems, such as high costs, delayed transaction times, and poor adoption in developing countries.  

    The upsides of stablecoin adoption include faster and cheaper transactions. This offers a compelling solution for international remittances and business operations making stablecoins an important tool in the modern financial world.  

    What to Know  

    • According to Chainalysis, Two-thirds of every crypto transaction is conducted using stablecoins and there is no doubt that the asset class represents the future of transactions. The research firm also revealed that Nigerians are shifting towards stablecoins to hedge against the devaluation of the Naira.  
    • Stablecoins are crypto assets that have their value pegged to a commodity or currency. Popular stablecoins like Tether USDT and Circle USDC are dollar-backed stablecoins and make up the bulk of stablecoins in circulation in the crypto market. 

    I am Michael Ndu-Okeke, a crypto reporter and analyst covering the intriguing world of Cryptocurrencies and its market. My work focuses on informative news, industry trends and research explaining the crypto industry to a wide range of readers.

    Stablecoins Standard Chartered

  • Global surge in synthetic opioid, psychoactive drug use demands urgent health action – WHO

    Global surge in synthetic opioid, psychoactive drug use demands urgent health action – WHO

    Tedros Adhanom Ghebreyesus, Director-General of the World Health Organization (WHO), has called for immediate global action to address the escalating crisis of synthetic opioid and psychoactive drug use.

    Speaking at the COP29 UN Climate Conference in Baku, Republic of Azerbaijan, Ghebreyesus shared a clip via his X handle, emphasizing the critical public health toll of this crisis.

    He warned, “No country is immune,” urging world leaders to prioritize the public health impacts of non-medical drug use, both legal and illegal.

    He highlighted that drug use disorders are wreaking havoc on public health systems globally. “We are facing a mounting crisis,” he noted, revealing that approximately 64 million people are affected by drug use disorders, with synthetic opioids and psychoactive drugs at the forefront.

    This epidemic is responsible for an estimated 600,000 deaths each year.

    He stressed the necessity of addressing public health impacts across all drug types, adding, “We cannot address the drug problem without addressing the public health impacts of the non-medical use of both legal and illegal drugs.”

    Synthetic opioids are man-made drugs mimicking natural opioids, often more potent and addictive, like fentanyl. Psychoactive drugs alter brain function, affecting mood and perception, including substances like alcohol, marijuana, and cocaine.

    WHO’s four-pillar strategy for tackling the drug crisis
    In outlining WHO’s strategic roadmap, Ghebreyesus presented four critical priorities designed to mitigate the global drug crisis:

    “First, prevention, treatment, and harm reduction services must be scaled up by expanding access to cost-effective evidence-based treatment and harm reduction services.”

    “Second, surveillance and early warning systems must be improved to monitor emerging drug trends so public health agencies can respond swiftly and tailor interventions to evolving risks.”

    “Third, we must address stigma and discrimination, including at the institutional level, so that people who use drugs can access the care they need safely.”

    “Fourth, even as we try to prevent harm from drug youth, we must ensure safe and timely access to controlled medicines for those in need.

    We can strike a balance between policies that protect people from the harms of drug use while enabling access to treatment and care for those in need.” He added.

    Ghebreyesus reaffirmed WHO’s commitment, saying, “We remain committed, working with the International Narcotics Control Board (INCB), United Nations Office on Drugs and Crime (UNODC) , member states, civil society, and other partners to find solutions that protect health, are evidence-based, and grounded in human rights.

  • Nigeria needs 11.6m toilets to end open defecation by 2030 – Minister

    Nigeria needs 11.6m toilets to end open defecation by 2030 – Minister

    Nigeria needs an additional 11.6 million toilets to achieve its 2030 target of becoming Open Defecation Free (ODF), according to the Minister of Water Resources and Sanitation, Prof. Joseph Utsev.

    Utsev, revealed on Friday that the Federal Government will unveil the Clean Nigeria Campaign Strategic Plan next Tuesday, aiming to accelerate progress towards the nationwide 2030 Open Defecation-Free target.

    Speaking at a press briefing in Abuja ahead of the strategic plan’s launch and the commemoration of the 2024 World Toilet Day, themed “Toilets: A Place for Peace,” he noted that achieving ODF status involved more than building toilets.
    He said that while huge progress had been made, ensuring access to and proper use of these facilities remained a crucial challenge.

    “About 11.58 million toilets have been built so far as an intervention for Nigeria to achieve ODF and efforts are still ongoing to provide more sanitation facilities,” Utsev disclosed.

    He explained that the challenge is not only the number of toilets available but also raising awareness and encouraging their consistent use.

    “This is why we are elevating the campaign to a higher level. The Vice President will lead the relaunch of our strategy in a more impactful way,” he said.

    Funding and partnerships
    Utsev acknowledged funding challenges, stating that while the initiative required an annual budget of N10 billion, only N5 billion had been released so far.

    Despite the shortfall, development partners like UNICEF have made significant contributions by providing toilet facilities, training, and awareness campaigns.

    “Our partners do not provide funds directly but support through the supply of toilets and training programmes, their efforts have been invaluable in driving this campaign forward,” he said.

    The minister also thanked President Bola Tinubu for his commitment to achieving ODF status in Nigeria.

    Progress and remaining challenges
    He said since the launch of the campaign in 2019, 135 local government areas and over 30,000 communities had achieved ODF status, with more areas undergoing verification.

    According to him, despite these achievements, the road to universal sanitation remains long, especially in underserved and vulnerable communities.

    “Ending open defecation is about more than toilets, it’s about improving health, boosting productivity, and enhancing the dignity and safety of our citizens,” the minister emphasized.

    Utsev called on the media, private sector, and local communities to join the effort to raise awareness and ensure behavioral change at all levels.

    He, however, urged renewed and collective action to achieve a cleaner and healthier Nigeria.

    “The campaign remains a critical component of Nigeria’s efforts to improve sanitation and public health, with the 2025 ODF target in sight but requiring sustained momentum to achieve,” he said.

    On strategic advocacy efforts, the minister said the ‘Clean Nigeria: Use the Toilet Campaign’ strategy will be relaunched on Nov. 19, coinciding with the World Toilet Day.

    “Vice President Kashim Shettima will lead the event, which aims to strengthen collaboration among state governors, community leaders, civil society organizations, and development partners.

    “We are calling on governors, community leaders, and partners to actively participate in this campaign,” he said.

    What you should know
    The theme for the 2024 WTD highlights toilets as a place of peace, protection, and progress, essential for public and environmental health.
    WTD is celebrated annually on November 19 to inspire action to tackle the global sanitation crisis and help achieve SDG 6, which promises sanitation for all by 2030.
    The activities highlighted for this year’s celebration include the launch of the Clean Nigeria Campaign Strategic Plan by Vice President, Kashim Shettima on November 19, 2024, at the State House in Abuja, a commemoration event by the Federal Ministry of Environment in collaboration with the Kano State Government on November 19, 2024.

  • Antibiotic resistance could claim 39m lives by 2050 – WHO warns

    Antibiotic resistance could claim 39m lives by 2050 – WHO warns

    The World Health Organization (WHO) has issued a warning about the escalating threat of antimicrobial resistance (AMR), predicting that it could claim 39 million lives by 2050 if urgent global action is not taken.

    This was revealed by Dr. Hanan Balkhy, WHO’s Regional Director for the Eastern Mediterranean, in her keynote speech at the Fourth Global High-Level Ministerial Conference on Antimicrobial Resistance (AMR) in Saudi Arabia on Friday,

    She emphasized that the broader impact of AMR, is not affecting just health, but global well-being, stating conflict exacerbates AMR and makes it even more deadly.

    Beyond the loss of lives, AMR is expected to have severe global consequences, including extreme impacts on overall well-being and economic stability.

    WHO emphasized that addressing AMR not only saves lives but also requires global peace and stability, as conflicts can exacerbate the toll of AMR.

    However, she said, if no action is taken, “39 million people will die of antibiotic resistance between now and 2050, there will also be extreme impacts on the overall well-being of people around the world.”

    She added that there is a need to ensure access to existing antibiotics and accelerate the development of new ones, which remains critically important.

    The conference, themed “From Declaration to Implementation – Accelerating Actions Through Multi-Sectoral Partnerships for the Containment of AMR,” focused on enhancing the global response to AMR. This includes strengthening governance, promoting evidence-based policymaking, ensuring sustainable financing, and fostering cross-sectoral collaboration.

    Dr. Balkhy pointed out that financial investment alone will not solve the issue.

    “There is a need for true partnerships and commitments at all levels. Investing in better quality health care is the smartest that we can do on antimicrobial resistance.”

    “By committing to timely interventions. we could save $99 billion in healthcare costs annually by 2025, and the economy could be $990 billion larger by 2050.”

    “The political commitments and collaborative efforts are extremely important in the fight against AMR,” she said.

    The urgency of addressing antimicrobial resistance
    Also speaking at the conference, WHO Director-General Dr. Tedros Adhanom Ghebreyesus stressed the immediate threat posed by AMR and the urgent need for global action to combat it.

    “The same is true of antimicrobial resistance,” Dr. Tedros said, drawing a parallel to the urgency of addressing climate change. “AMR doesn’t just threaten to make the medicines on which we depend less effective; it’s happening now. We’re not just talking about the risk of people dying from antibiotic-resistant infections; they’re dying now – 1.3 million people every year.”

    Dr. Tedros emphasized that tackling AMR action is equally as urgent as climate action. He referenced the Political Declaration on AMR adopted at this year’s UN General Assembly, noting its ambitious goals to mitigate the impact of bacterial AMR.

    “The political declaration agreed at the General Assembly set clear targets for prevention, diagnosis, treatment, and financing, which should ultimately reduce deaths from bacterial AMR by 10 percent by 2030,” Dr. Tedros stated.

    The WHO Director-General called on governments, stakeholders, and the international community to work collaboratively to translate commitments into action, ensuring that lives are saved, and the effectiveness of life-saving medicines is preserved for future generations.

    Key priorities for implementing the political declaration on AMR
    Ghebreyesus highlighted three major priorities for implementing the Political Declaration on AMR, especially in low- and middle-income countries.

    Dr. Tedros emphasized the need for sustainable financing, urging both domestic and international sources to invest in AMR responses. “I urge Member States and development partners to join the AMR Multi-Partner Trust Fund, as called for in the Declaration,” he said.

    With a modest target of US$100 million, Dr. Tedros called for greater financial resources to fund national action plans, aiming for 60% of countries to have these plans in place.

    The WHO head also stressed the importance of equitable access to quality antimicrobials, noting the paradox of AMR: inappropriate use contributes to resistance, while many also suffer due to lack of access. “Addressing AMR means increasing access for those who need them while preventing the overuse and misuse that drives antimicrobial resistance,” he said.

    Lastly, Dr. Tedros highlighted the urgent need for research, development, and innovation to address the “dry antimicrobial pipeline.” He pointed to the SECURE initiative, a global effort led by WHO and the Global Antibiotic Research and Development Partnership (GARD-P), as an essential step in improving access to both new and existing antimicrobials.

    “The threat of AMR is right here and right now, but so are the solutions,” Dr. Tedros concluded. “Let us seize this opportunity to accelerate action on AMR, commit to stronger collaboration, and protect the medicines that protect us.”