Breaking limitations by Pastor Favour Onoja

BREAKING LIMITATIONS:

 

 

By Favour Onoja

 

 

WHAT IS LIMITATION?

1. A Limitation is an inhibition, a barrier, a force resisting your rising; advancement and hindering you from realizing or fulfilling your God given purpose or reaching your maximum potential.

2. It is a prolonged period of challenge that looks a bit difficult to surmount with the physical eyes

3. It is any prolonged or persistent effort to overcome resistance.

4. It is also a force hindering you from expressing or experiencing the fullness of God’s blessings upon your life.

5. It is accepting the status quo as an answer or alternative.

TYPES OF LIMITATION:

1. Self Imposed Limitation: (Numbers 13:33): This is the limitation imposed by oneself. It is the worst form of limitation because the Bible says in Numbers 14:28 “Say unto them, As truly as I live, saith the LORD, as you have spoken in mine ears, so will I do to you”. This kind of limitation limits you and also hinders God from helping you because you are bound by your words. As a man thinketh in his heart, so he is (Proverbs 23:7). You cannot rise above your thought level. Do you want to see limitless possibilities? Then take off the limits.

2. Sin & Disobedience (Judges 6:1-9): Sin and disobedience are another major causes of limitation.

3. Curses & Spells (Genesis 3:14-19; Deuteronomy 28:15-68; Galatians 3:13-14)

4. Indecision (Deuteronomy 1:6): Indecision can limit you. The children of Israel couldn’t get to their destination because of indecision. God had to rebuke them for their indecision and challenged them to go forward.

5. Fear (Job 3:25): Fear is defined as false evidence appearing real. Job was bound by the spirit of fear. He said “For the things which I greatly fear is come upon me, and that which I was afraid of is come unto me”. Fear is a spirit, so deal with it; for the Bible said “He has not given us the spirit of fear, but of a sound mind (2Timothy 1:7)”.

HOW TO BREAK OUT OF LIMITATION:

1. Prayer & Fasting (Matthew 17:21) Howbeit this kind goeth not out but by prayer and fasting: Engage the ministry of prophetic prayer with periodic fasting. Look up to God for divine intervention and help (Psalm 121:1-8; 34:5)

2. Forceful Declaration: Isaiah 43:26 says “Put me in remembrance: let us plead together: declare thou, that thou mayest be justified. Your mouth is not only for eating. It’s also your instrument of victory through your declarations. Your mouth is an instrument of victory through positive and prophetic declarations. The Bible said “Open your mouth wide and I will fill it” (Psalm 81:10). Job said “How forcible are right words” (Job 6:25).

3. The Ministry of the Prophet is another veritable tool with which you can handle and tackle limitations. The story was told in 2Kings 6:1-7 when the axe head fell into the water and by the prophetic ministry of Elisha, the law of density that said that a heavier object cannot be suspended upon the water, that it must go down, was demystified and the axe head was recovered.

4. Meditation: Joshua 1:8; Psalm 1:1-3. Meditation is thinking upon the promises of God’s words until the reality of it enters into your spirit. When that happens, your light breaks forth and whatever that is holding you back will let you go; because it is light that disarms darkness.

5. Praise & Worship : Engage the ministry of Praise and Worship. Paul and Silas did so in Acts 16:25-26; Jehoshaphat did same in 2Chronicles 20:20-22 and the enemies were defeated cheaply.

6. Arm Yourself with Revelational Light: Paul said I went up by revelation (Galatians 2:2). The way up is through revelation, not by tears and murmuring. Light is the terminator of darkness. With light, every voidness, darkness and formlessness can be handled and done cheaply. Light is the end of toiling and struggles (Luke 5:4-5). Whatever is lost, with requisite light, can be found (Luke 15:8-9). Light also speed up and fast track the process for you.

7.  Introduce A Seed: Every woman goes through the menstrual cycle until a seed is introduced that interrupts the cycle and a miracle takes place. What 700 men that drew sword couldn’t do, a seed did it (2Kings 3:26-27)

Pastor Favour Onoja

E-mail: onojaaf@yahoo.comTel: +234(0)8055842594 (WhatsApp Number).

Rotimi Ameachi bags law degree, among 504 graduates from Baze University

 

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Thirty-five years after Rotimi Chibuike Ameachi earned his first degree, the former Minister of Transportation bagged a law degree at Baze University, Abuja.

At the 9th Convocation Ceremony held in Abuja today, Amaechi, a former governor of Rivers State, was awarded a Bachelor of Law, LL.B Degree.

Baze University also graduated 504 other students in various fields of study, having not only successfully passed their examinations but also found worthy in learning and character by the authorities of the school.

Amaechi had his early education at St Theresa’s Primary School from 1970 to 1976. He earned his West African Senior School Certificate in 1982 after attending Government Secondary School Okolobiri.

He received a Bachelor of Arts degree (Honours) in English Studies and Literature from the University of Port Harcourt in 1987, where he was the President of the National Union of Rivers State Students (NURSS).

He completed the mandatory National Youth Service Corps in 1988, and thereafter joined Pamo Clinics and Hospitals Limited owned by Peter Odili, where he worked until 1992

 

Solar-powered piped water schemes helps Zimbabwe’s urban communities

CAPTION:
Zimbabwe President, Emmerson Mnangagwa
By Favour Nnabugwu
Zimbabwe, one of the countries vulnerable to climate change, the country is ranked second in the 2021 Global Climate Risk Index (link is external) and the latest evidence indicates that the country will continue to warm through 2080.
Harare, Zimbabwe’s capital and its most populous city, with a population of 2.4 million people, has not been spared the effects of climate change. Its natural water supply, Lake Chivero, which is fed by the Manyame river, has registered a general decline in the available stored water and increased variability of inflows due to changing rainfall patterns.
Environmental degradation in the catchment area of Chivero and Manyame  has increased surface runoff, soil erosion and siltation, resulting in volume reductions of 6 percent and 10 percent, respectively of the original design capacity. In addition, increased pollution in the catchment spurred greater need for water treatment chemicals to make it safe for human consumption.
The impacts of climate change are further compounding complex and multidimensional challenges to secure water service delivery to Harare. The city has been facing a profound challenge to keep services in line with rapid population growth and to fund the maintenance of an outdated and dilapidated network that is inadequate to current and future demands.
Water scarcity leaves residents reliant on unsafe water sources, and compels them to queue for hours to fetch freshwater from safer sources. Water rationing is still a reality for many, who go for days or weeks without potable water due to climate change-related water scarcity.
Fault Shumba, his wife, Marvelous, and their children, aged 3 and 5, who live in Mabvuku, a suburb east of Harare, know this daily struggle. Accessing clean and reliable water became an impossible task after the municipal water supply to their house ran dry three years ago.
Marvelous says: ‘’Water has always been a challenge in my neighborhood. For drinking water, my family and surrounding community members relied on a few boreholes that were always congested due to high demand. Desperation also caused my family to fetch water, a task often left to children, at unsafe sources like shallow wells, which sometimes dried up.”
She added that she woke up as early as 2 am to queue at the borehole. “A borehole near my home was particularly congested because it served many people and the shopping centre, clinic and people from neighboring wards. The bush pump could no longer meet the high demand.
Disorder, fights and bullying characterized the situation around the manual borehole,” Marvelous said. In response, community health clubs are being set up to enhance the social cohesion in the suburbs and prevent conflicts around the piped water system.
The Harare Water Department supplies an estimated 4.5 million people in Harare Metropolitan province, Chitungwiza and other satellite towns nearby.
The estimated demand is 800 megalitres/day against current production of 500 megalitres/day and a design capacity of 704 megalitres/day at the two water treatment plants (Morton Jaffray and Prince Edward).
Further, power cuts have reduced the effectiveness of water treatment systems. Communities have too often resorted to using unsafe water sources, which exposes them to water-borne diseases.
In response, the Government of Zimbabwe and UNICEF, with financial support from the African Development Bank, partnered to improve access to climate resilient water services. Harare has faced cholera and typhoid outbreaks in the past but the COVID-19 pandemic sharpened the need for access to basic services, including water, especially for vulnerable households.
The introduction of a locally-based solarized piped water scheme in Mabvuku, has provided a pumped supply of safe water close to the community. “We appreciate the solar-powered piped water scheme that was installed as alternative water supply systems to combat COVID-19 and other WASH-related diseases in our suburb, Mabvuku”, says Fault
The Shumba are among the 850,000 people that have benefited from the introduction of solarized piped water schemes in Harare Province.
Fault and Marvelous fetching water at one of the collection points in Mabvuku, Harare.
In recognition of the growing impact  of climate change on the vulnerable, the African Development Bank has partnered with UNICEF, the Zimbabwean government, and civil society organizations including Oxfam, Welthungerhilfe, GOAL, Africa Ahead and the Zimbabwe Red Cross Society) to mount a response to COVID-19.
The African Development Bank, through its Transition Support Facility (TSF), has supported the funding and implementation of renewable sources of energy to power alternative water sources for vulnerable communities, reducing the need for children to fetch water and the risk of such diseases as diarrhea.
As a result of the initiative, 61 solar-powered piped water schemes have been established, 164 boreholes rehabilitated, and 15 new water points constructed, reaching over 854,975 people. The communities also benefited from 10,000 WASH hygiene kits, including to people living with a disability or with HIV/AIDS. In total, over 1.8 million people were reached with health and hygiene messages, among other project activities.
FCT Minister of State, Ramatu Tijjani Aliyu to get award in Germany tomorrow

By Favour Nnabugwu

 

 

The  Minister of State for the Federal Capital Territory (FCT),  Dr Ramatu Tijjani Aliyu, will be honoured in Berlin, Germany tomorrow

The Award/Gala Night, at which the 52-year-old minister will be bestowed with an award for excellence in public service, will take place at the prestigious Sana Hotel in central Berlin. Located about 700m from the highbrow department store KaDeWe.

The event, organised jointly by the African-German Association (AGA) e.V. and ABG Paulas Germany GmbH, is to recognise the minister for being a shining example of successful women in government in Africa.

“This is based on her distinguished leadership style and the innovations she has introduced in the FCT,” AGA and ABG Paulas said in a joint press statement explaining their decision to choose the minister for the award.

L- Ambrose Okojie (right), Minister of State for the Federal Capital Territory (FCT) of Nigeria, Dr Ramatu Tijjani Aliyu (2nd from left), and officials of ABG Paulus when a delegation went to Abuja to inform the minister of the decision to honour her/Photo: ABG Paulus

 

Mrs Aliyu will be accompanied on her visit to Berlin by a delegation that includes senior officials of the FCT and the chairpersons of its six Area Councils.

The event, organised jointly by the African-German Association (AGA) e.V. and ABG Paulas Germany GmbH, is to recognise the minister for being a shining example of successful women in government in Africa.

“This is based on her distinguished leadership style and the innovations she has introduced in the FCT,” AGA and ABG Paulas said in a joint press statement explaining their decision to choose the minister for the award.

Mrs Aliyu will be accompanied on her visit to Berlin by a delegation that includes senior officials of the FCT and the chairpersons of its six Area Councils.

The Award/Gala Night is a partnership between AGA, a social, economic and cultural development organisation, and ABG Paulas, a business promotion company, to showcase positive stories out of Africa.

The CEO of ABG Paulas, Ambrose Okojie stated the negative stories about Africa can only be counteracted by showing positive things going on in the continent.

“Despite the often-repeated problems in Africa, people are working tirelessly to change the story of the continent,” Okojie said. “And we have to showcase such persons as emblems of hope for Africa.”

Okojie, whose company has been organising trade missions between Nigeria and Germany for more than twenty years, said the investment opportunities in Africa are many and the award scheme is one of the ways ABG Paulus and AGA want to promote the continent as a place to do business and invest.

The Chairman of AGA, Michael Iyare revealed his organisation is co-staging the event because “it’s important to honour Africans who have shown remarkable leadership qualities in their areas of service”.

The ceremony will be graced by the Ambassador of Nigeria to Germany, HE Yusuf Maitama Tuggar, members of the diplomatic corps in Berlin and directors of German companies doing business in Africa.

Others expected event at the event include the African businessmen and women, leaders of major German-African organisations and members of the African community.

“Our main appeal to those interested in this event is that they should be punctual as we will commence promptly at 6pm because of the many dignitaries who will grace the occasion,” Okojie said. “If you would like to join us, please be there on time!”

 

CIIN entreats Corps members on  becoming insurance professional

By Favour Nnabugwu

 

The Chartered Insurance Institute of Nigeria (CIIN) has entreat the National Youth Service Corps (NYSC) members on the need to become professional members of the Institute.

This is part of its mandate to boost insurance education, awareness and attract young graduates into the insurance industry

Speaking at the NYSC Orientation Camp in Sagamu, Ogun State, the Director General of CIIN, Mrs. Abimbola Tiamiyu, enlightened the Corps members on the benefits of insurance to individuals, businesses and the economy at large.

According to her, “Being a member of the Institute comes with numerous advantages for the graduates especially, those who have entrepreneur skills”

Tiamiyu said, “Insurance stands as the back bone of any civil society because it repositions an individual or business to its former foundation when eventualities occur”.

“A major instance is the #ENDSARS protest that resulted in massive destruction; those who had one form of insurance policies or the other were able to recover from the unfortunate incident.

“The beauty of insurance is that it gives peace of mind and the industry as a whole is very lucrative and viable. There are various professional career positions you can attain by being in the insurance industry.

“With entrepreneurial prowess, you can be an agent who markets insurance policies and earn commissions, insurance broker, loss adjuster, underwriter; consultant and much more”

“We have different entry levels at the CIIN. The foundation level qualification is suitable for those coming into the industry to gain the essential basic knowledge of the market, key discipline and products.

The Intermediate level qualification recognizes technical development achieved by those with a growing understanding of the industry.

“The advanced level is the professional qualification awarded to experienced and expert market practitioners. In essence, becoming a member of the Institute would give you an edge above others in the labour market, it makes you a professional”, Mrs. Tiamiyu explained.

RSAs transfer over N227bn between PFAs since inception in 2020

*** PenCom marks two years of RSA transfer window
By Favour Nnabugwu
Retired Saving Accounts, RSA, owners have been able to pull out over  N227 billion between the Pension Fund Administrators, PFAs by 78,821 RSAs as National Pension Commission, PenCom marks two years of it
RSA Transfer is the transfer of an individual’s Retirement Savings Account (RSA) from one Pension Fund Administrator (PFA) to another, processed through the RSA Transfer System (RTS).
Since inception of the RSA transfer window, a total of 78,549 RSAs have transferred accounts from one PFA to another, pulling out a grand total of N227,200,170.318.02 from November 16, 2020 to September 30, 2022.
Even as PenCom marks the second anniversary of the rollout of RSA Transfer window, the main goal of the RSA Transfer Window is to allow RSA holders the right to transfer their accounts from their existing Pension Fund Administrators (PFAs) to other PFAs of their choosing as provided by Section 13 of the Pension Reform Act (PRA) 2014.
In the second quarter of 2022, 14, 821 RSAs moved N50, 218,505,218.53 form one PFA to another.

Specifically, section 13 of the Pension Reform Act (PRA) 2014, states that a Retirement Savings Account (RSA) Holder may transfer his RSA from one Pension Fund Administrator (PFA) to another. It also specifies that such transfer should not be more than once a year.

The RSA transfer window, between November 2020 and December 2021 has enabled over 50,000 contributors to switch to their preferred PFA. This has increased the competition in the industry, as PFAs are forced to best themselves by printing impressive ROIs and improving their consumer experience in order to ensure customer retention.

In terms of transfer eligibility, Only recaptured RSA holders and those who registered after June 2019 can transfer their RSAs. Active contributors and retirees on Programmed Withdrawal can transfer their RSAs. Retirees who are receiving an annuity and making voluntary contributions can also transfer their RSAs. 

Furthermore, RSA holders can only make subsequent RSA transfers 365 days after the effective date of their last RSA transfer.

Director-General of PenCom, Mrs Sishat Dahiru-Umar said the Data Recapturing Exercise, DRE is necessary before transfer of RSAs.

According to her, “The DRE is of immense benefit to the RSA holder, as it will facilitate the payment of retirement benefits to RSA holders and transfer by RSA holders from one PFA to another”

Dahiru-Umar further stated, “The  DRE would also allow RSA holders to amend incorrect personal details earlier submitted to PFAs and assist the commission in identifying and eliminating multiple RSA registrations from the contributors registration system (CRS) database”.

Kebbi Govt to pay retirees N3.5bn Outstanding gratuities

By Favour Nnabugwu

 

 

Kebbi State Governor, Senator Abubakar Atiku Bagudu said his administration has earmarked N3.5billion for the payment of outstanding gratuities to retired civil servants in the state.

Bagudu revealed this at a Town Hall meeting on the 2023 budget of the state held at the Banquet Hall of the Presidential lodge, Birnin Kebbi.

According to the governor, the state government will defray the outstanding gratuities owed retirees from Dec. 2021 to Sept. 2022.

He explained that the state government has made adequate arrangements to ensure that the payments were made on before the end of this year.

Bagudu also vowed that his administration would not bequeath any unnecessary liabilities to the incoming government in the state.

The governor said hat the last seven years had been horrendous for the world economy, resulting in global financial turbulence.

The Chairman of the APC Governors’ Forum further said,”it is even a miracle that Nigeria had been kept together.

Bagudu said:”I must thank the public servants and the generality of the people of the state for their uncommon show of support and cooperation.

“” I must also thank the people of the state for making do with some of our inadequacies .

“”However, every government should be judged by the challenges it faces and we are glad that we have done our best.

“We will sustain our modest efforts to govern the state transparently, honestly and piously and insha Allahu, the incoming administration will consolidate our achievements.”

He reeled out some completed and ongoing programmes, projects and policies of the state government, saying, “our main objective is to make life easier for the people of the state.

“This affects all the sectors of the economy and we are happy that we have done modestly fabulous.”

He commended the Ministry of Budget and Economic Planning under the leadership of the Commissioner, Dr. Abba Sani Kalgo, the Permanent Secretary, Hajiya Aisha Usman and their team for ensuring the annual budget of the state receives input from traditional rulers, associations and other of relevant stakeholders.

In his welcome address, the Secretary to the State Government, SSG, Babale Umar Yauri,mni appreciated the presence of Kebbi State Governor, Senator Abubakar Atiku Bagudu, top Government officials ,royal fathers, civil society groups and international partners at the town hall meeting.

He said the budget town hall meeting, which was the 4th in the series of town hall meetings organized by this administration, was aimed carrying along every indigene of the State in the preparation and execution of fiscal policies aimed at promoting good governance.

Earlier, the Permanent Secretary, Ministry for Budget and Economic Planing, Hajiya Aisha Usman gave and overview of 2022 budget performance while the Co-Chair Open Government Partnership, OGP, Ibrahim Abdullahi Ngaski presented outcomes of zonal town halls meeting and citizen input into the 2023 budget.

The Commissioner of Budget and Economic Planning, Abba Sani Kalgo had earlier given highlights of the 2023 budget tagged ‘ Budget of Enduring Legacies ‘

According to him the proposed 2023 budget was prepared in
line with the Kebbi State 2023-2025 Medium Term Expenditure Framework.

He explained that the 2023 Budget is based based on a benchmarked oil price of $57 per barrel, Oil production is benchmarked at 1.8 million Barrels Per day, inflation rate is estimated at 20.77% and an Exchange rate of N440 to $1.

The Commissioner averred that the proposed 2023 Budget is in the total sum of One Hundred and Sixty-Six Billion, Nine Hundred and Eighty-Five Million,Seventy-Five Thousand, One Hundred and Ten Naira (N 166,985,075,110) only.

Capital Expenditure he said is 107,323,421,342 – 64% while
Recurrent Expenditure – 59,661,653,768 – 36%.

He pointed out that ‘ This is 10.7% reduction in total budget size from 2022 This is a 3% reduction in capital expenditure from the 2022 budget

” Projected VAT increases from 20.05 billion in 2022 to 20.05 29.95 billion in 2023. Grant and aid projections are down from
47.63bn in the 2022 budget to 38.56 bn. Our Miscellaneous Revenue projections have
reduced from N3.0bn in 2022 Budget to N3.47 bn in the proposed 2023 budget.

Kalgo commended Kebbi State Governor, Senator Abubakar Atiku Bagudu for his transparency and accountability approach in the management of state’s resources which earned the state five honors from the Federal Ministry of Finance and the World Bank.

AfDB predicts 4.0% economic recovery for East Africa

By Favour Nnabugwu

 

The African Development Bank, AfDB, has  predicted a slow recovery in the region in 2022 at 4.0 percent against 5.1 percent in 2021.

AfDB in it’s latest East African Economic Outlook released said slowdown is due to the lingering effects of COVID-19; the adverse impacts of geopolitical tensions (notably the Russia-Ukraine conflict); climate change and devastating locust invasion, together with regional conflicts and tensions.

The report notes that because of these obstacles, countries in the region have experienced heightened inflationary pressures, particularly on food and fuel, leading to rising cost of living. This has resulted in weakening national currencies, floods and drought, contraction in agricultural production; depressed business activity, and falling revenue collection, among others.

However, the continued reopening of economies globally could mitigate these adverse effects in 2023 with a projected growth rate of 4.7%, repositioning East Africa as the top-performer in growth among the regions of the continent, according to the report.

The report, themed “Supporting Climate Resilience and a Just Energy Transition”, was launched on 28 October 2022.

In developing the 2022 East Africa Economic Outlook, the African Development Bank critically studied various factors affecting growth in the 13 countries which constitute the East African region. The vulnerability of the region to the impact of climate change effects such as drought and flooding, could further hold back the region’s fragile recovery.

Speaking at the launch, Tanzania’s Finance Minister, Dr. Mwigulu Lameck Nchemba, said that the report was timely, considering the current cost of living which is of concern to every citizen in the region.

Disruption of the regional supply chains, public debt, and the public discussions on the need for pro-poor spending policies were dominating debate, Mwigulu said. He noted: “despite the ramp up in infrastructure investments, more needs to be done to accelerate the development of sustainable infrastructure, including renewable energy to support industrialization and catalyze inclusive growth.”

He called for mobilization of additional resources to expanded energy access, observing that the Democratic Republic of Congo was endowed with immense renewable energy resources to light up the entire continent.
risks affecting the region’s medium-term economic outlook.

Dr Rose Ngugi, Executive Director of Kenya Institute for Public Policy Research and Analysis (KIPPRA) encouraged countries of the region to intensify their efforts to increase their annual growth rate at a least 7%, the minimum rate required to ensure the achievement of Sustainable Development Goals (SDGs). To this end, countries should achieve internal and external macroeconomic stability, she said.

Reflecting on the theme of the report – climate resilience- Edward Sennoga, Lead Economist at the Bank, noted that East Africa has the second lowest resilience to climate change in Africa, with most countries in the region also characterized by high vulnerability and low readiness to respond to climate change.

He said there was the urgent need for innovative financing approaches to bridge the huge gap in climate change financing
According to the report, the climate financing gap for East Africa is estimated at an average of about $60 billion per year for the period 2020-2030.

The report cites Public -Private partnerships, Green Bonds, partial risk and partial credit guarantees, carbon offsets, and regional energy trade as some of the measures that can provide alternative financing for climate change. Teddy Mugabo, CEO Rwanda Green Fund echoed this perspective by stressing on need for innovative financing instruments and the effective use of carbon market.

Two twins among 233 First Class graduate from UI

By Favour Nnabugwu

 

 

Double twins, Taiwo and Kehinde Sanuade and Judith and Juliet Agu have graduated with First Class from the University of Ibadan, Oyo State.

Taiwo and Kehinde Sanuade have graduated with degrees in Law while Judith  and Juliet Agu of the Faculty of Agriculture, Department of Agronomy,  the four are among the 233 that came out with First Class from the same university

Taiwo Sanuade announced the feat via their convocation pictures shared on his Facebook page on Monday.

“Happy Convocation to us: Sanuade, Taiwo David (LL.B) (UI) (First Class Honours). Sanuade, Kehinde Daniel (LL.B) (UI) (First Class Honours).
Thank you Jesus. The honour of this is for Jesus who has graciously given us wisdom and the necessary resources to pull this through,” he captioned the pictures.

Judith and Juliet Agu

 

The Vice-Chancellor of the University, Prof. Kayode Adebowale, speaking on Tuesday at the second day of the Foundation Day and Convocation Ceremonies at the International Conference Centre of the university, urged the graduands to be worthy ambassadors of the institution by making a positive impact.

These times have crucial messages for all of us. For us as university administrators, we have continued to ask and answer the question, how do we rejig and restructure administration in a way to lighten students’ burdens, ensure maximum productivity and absorb the shocks of disruptions?

“For students and the graduands, one lesson of this season that must not be lost on you is the power and desirability of resilience. As you step into life after school, situations will arise that will require you to call up your ability to exercise resilience, instead of giving in and giving up.

Seven countries to benefit from $260.1m Global Shield of G7 Group

By Favour Nnabugwu

 

 

Seven countries which are most vulnerable to climate change are to benefit from US$260.1million Global Shields of G7 of world powers

The first group of countries to benefit from the new program includes Bangladesh, Costa Rica, Fiji, Ghana, Pakistan, the Philippines, and Senegal.

The “Global Shield” mainly includes insurance coverage against damage to crops, buildings or business interruption

The new fund has been endowed with an amount of 260.1 million USD, of which 175.5 million USD come from Germany, 61.9 million USD from France (over three years), 10.3 million USD from Ireland, nearly 5.2 million USD from Denmark and 7.2 million USD from Canada.

This, money in specifically, is where catastrophe bonds and risk transfer to the capital markets are cited, particularly at the sovereign level, alongside risk pooling and development insurance.

Reinsurance capital and third-party capital could have a significant role to play in supporting the role out of Global Shield initiatives, through and alongside the World Bank facilitated Global Shield Financing Facility, as capacity requirements are going to be particularly significant if this is to become a meaningful initiative.

The German presidency of the G7 group of world powers and the 58 members of the club of countries most vulnerable to climate change (V20) have set up a “Global Shield” against climate risks.

The Group of Seven (G7) is an intergovernmental political forum consisting of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States; additionally, the European Union (EU) is a “non-enumerated member”.

This initiative was launched on 14 November 2022 at the COP27, which is being held between 6 and 18 November 2022 in Sharm El Sheikh, Egypt.

The new international structure aims at helping the populations most affected by climate change to cope with extreme events such as droughts and floods.