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Afreximbank to Assist Nigeria Mitigate Economic Effect of Ukraine War

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Afreximbank

By Adedapo Adesanya

The African Export-Import Bank (Afreximbank) says discussions are ongoing to assist Nigeria’s economy with proceeds from the $4 billion Ukraine Crisis Adjustment Trade Financing Programme for Africa (UKAFPA).

According to the President of the Cairo-based lender, Mr Benedict Oramah, the move would help mitigate the impact of the food and fuel crises in Nigeria.

Speaking at a virtual news conference on the $4 billion UKAFPA, which was launched on April 6, 2022, he said it is a programme of credit facilities that the bank had developed to manage the impacts of the Ukraine crisis on African economies and businesses.

He added that it was launched as a programmed response to an urgent call for emergency intervention by member states of the bank.

UKAFPA-compliant financing requests received from across Africa already exceed US$15 billion.

Mr Oramah said the bank was also expanding its support to Nigeria in the areas of fuel importation, in addition to other provisions made earlier by the bank.

He said: “Nigeria is an African Union and Afreximbank member and should be able to access the facility as a member country.

“We supported fuel import and we are expanding that because there are urgent needs. There are discussions currently going on with regards to food also. We are supporting Nigeria.

“We are living in an unprecedented time. For two years, the world has been going through major challenges.

“The COVID-19 pandemic, which became a global challenge and crisis in the first quarter of 2020, is still raging.

“Again, early this year, the Ukraine crisis set in. The crisis was magnified by sanctions that had been placed and the fact that the war affects Ukraine in many other ways.”

According to him, Russia and Ukraine were the breadbaskets of the world, producing most of the world’s wheat, corn, cornflour, and a number of food items as well as other essentials,

“The same thing applies to agro-chemical items, especially fertiliser. Africa is very dependent on all these. Many countries in Africa import most of their wheat and fertiliser from Russia and Ukraine.

“Tourism arrivals from Russia and Ukraine support economies of many African countries. So, with the war and the sanctions that followed, all of a sudden, all these became threatened.

“So, the effect has been rising food prices and challenging economic situation. And there is an indication that if this continues, the continent might run back into recession.”

He pointed out that the UKAFPA-compliant financing requests received from across Africa could reduce the risk of political crises and other social upheavals.

According to him, with the $4 billion already earmarked for the programme, the bank expects to generate up to $16 billion, leveraging partnerships and other intervention structures.

He said: “We use this opportunity to call on the international community to join us in this effort.

“This is really a call to action because we see, every day, requests from companies in various countries.

“We have made our own modest contribution; we are determined to do all we can, working with partners to deal with this urgent short-term demand.

“We have a good relationship with the Arab world and all the big financial institutions. We have our institutions in Africa also, which we will approach and pool resources together.

“We also get support from European institutions. We also have structures to increase our capacity to be able to get more than $4 billion.”

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Pastor Ogbueli’s Abuja Night of Glory Holds Today

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Abuja Night of Glory

By Blaise Udunze

Momentum is gathering for the Abuja Night of Glory taking place today, Friday, December 5, 2025, at the main bowl of the Moshood Abiola National Stadium.

The crusade is being hosted by Dominion City Church headed by Pastor David Ogbueli and it starts by 7pm.

The all-night programme will feature dynamic worship leaders like Nathanial Bassey, Dunsin Oyekan, Theophilus Sunday, Chioma Jesus, Kaestrings, Sunmisola Agbebi Okeleye, Minister GUC, Ebuka Songs, Anthony Kani, and DC Angels.

Reputed as a teacher of righteousness and anointed minister of the gospel, evidenced by the miracles that have trailed his ministry, and one who champions the cause of the poor through empowerment initiatives, Dr. David Ogbueli will be joined by renowned ministers from within and outside Nigeria, including Evangelist Andres Bisonni, Dr. Charles Ndifon, Evangelist Dan Scott, Apostle Ikechukwu Nnajiofor, and several others.

Night of Glory has, in previous editions held across Nigeria’s cities, recorded remarkable results, such as immediate healings and freedom from chronic ailments, recovery of vision and movement after many years of paralysis, along with liberation from dependencies and emotional distress. Numerous participants have also shared testimonies of breakthroughs and big personal changes after the experience. Organisers state that this year’s event, in Abuja, is anticipated to exceed previous editions.

The event is intended for all individuals trusting God for divine intervention in any area of life.

Understanding the role of faith in the destiny of individuals and nations, a dedicated prayer session for Nigeria will take place during the crusade to tackle some of the current challenges being faced in the country and also to uplift he leaders and institutions before God.

Attendance is free, and registration is encouraged via the QR codes on event banners. Organisers expect a massive turnout as worshippers travel from across the country for what is anticipated to be a transformative encounter.

Adequate security and free transportation have been put in place ALL over the city of Abuja, while those outside Abuja are expected to join online.

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Rivers Speaker, 15 Other Lawmakers Leave PDP for APC

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rivers speaker Martin Amaewhule defect

By Modupe Gbadeyanka

The Speaker of the Rivers State House of Assembly, Mr Martin Amaewhule, has defected to the All Progressives Congress (APC).

At the plenary on Friday, Mr Amaewhule joined the ruling party from the opposition Peoples Democratic Party (PDP), along with 15 other members of the state parliament.

This development comes some months after they had earlier declared their support for the APC in the wake of a crisis with the state governor, Mr Sim Fubura.

The lawmakers had an issue with Mr Fubura, which led to a state of emergency declared on the oil-rich state by President Bola Tinubu in March 2025.

This embargo was only lift in September 2025 after the duration of the six-month emergency rule in the state.

A few days ago, members of the Rivers Assembly passed a vote of confidence on President Tinubu, backing him to remain in office till 2031, when he would have spent eight years in office if re-elected in 2027.

Announcing their defection today, the lawmakers pinned their decision on the crisis rocking the PDP at the national level.

It is not certain if their political godfather, Mr Nyesom Wike, who is the current Minister of the Federal Capital Territory (FCT), will join them in APC.

Mr Wike, who governed Rivers State from 2015 to 2023, has been accused of instigating the crisis in the opposition PDP. He was expelled from the party last month at a national convention held in Ibadan, Oyo State.

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Nigeria Risks Brain Drain in Energy Sector—PENGASSAN

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energy sector

By Adedapo Adesanya

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has warned that Nigeria risks massive brain drain in the oil and gas sector due to poor remuneration.

The president of PENGASSAN, Mr Festus Osifo, said at the end of the National Executive Council (NEC) meeting of the union on Thursday in Abuja that the industry was facing challenges arising from Naira devaluation and inflation, noting that, oil and gas skills remained globally competitive.

Painting an example, he said, “A drilling engineer in Nigeria does the same job as one in the US or Abu Dhabi,” noting that the union must take steps to bridge the wage gap to prevent members from leaving the country for better opportunities abroad.

“If we don’t act, the brain drain seen in other sectors will be child’s play,” he said.

According to him, PENGASSAN has recorded significant gains through collective bargaining across oil and gas branches.

“We signed numerous agreements across government agencies, IOCs, service and marketing sectors,” he said.

He said the agreements brought relief to members facing rising costs of living, adding that, the association’s duty is to protect members’ jobs and enhance their pay.

Mr Osifo urged companies delaying salary reviews and those foot-dragging as a result of the prevailing economic realities, to do the needful.

He said the industry employed some of the nation’s best talents, making competitive pay critical to retaining skilled workers.

“This industry recruits the best. Companies must provide the best conditions,” he said.

On insecurity, Mr Osifo urged government to take decisive action against terrorism and kidnappings across the country.

“We are tired of condemnations. government must expose sponsors and protect citizens,” he said.

He urged government at all levels to prioritise tackling insecurity through better funding and equipment for security agencies.

Mr Osifo said PENGASSAN supported calls for state police to improve local security response, adding that decentralising policing will protect citizens better than rhetoric.

He also said economic indicators meant little, if food prices remained high and farmers could not return to farms due to insecurity.

“Nigerians want to see food on the table, not macroeconomic figures,” he said, urging the government to coordinate fiscal and monetary policies to ensure economic gains reach households.

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