General
Afreximbank, EU Investment Bank to Finance €300m COVID-19 Response
By Adedapo Adesanya
The African Export-Import Bank (Afreximbank) and the European Investment Bank (EIB), the European Union’s lending arm, are directing €300 million to finance the flexibility and recovery support of African countries in response to the COVID-19 epidemic.
This was disclosed in a statement issued by Afreximbank on Wednesday, explaining that the money will guarantee companies across the continent the working capital to maintain jobs and maintain vital imports.
The support package is the first expedited COVID-19 response to the entire sub-Saharan region under the European Investment Bank’s European Team Initiative – a € 6.7 billion package, to help the most vulnerable and vulnerable countries respond to the immediate health crisis, mitigate social and economic impacts and build resilience for the future.
Support for sub-Saharan Africa is organized with Afreximbank in two parts, with the package reallocating €200 million of funds previously earmarked for trade-related investments, specifically channelled to sectors most affected by the epidemic.
Realizing the urgent need for support, Afreximbank and EIB are also pumping an additional €100 million into the package, according to the statement.
Giving reasons for this, it stated that the COVID-19 pandemic is having an unprecedented negative impact on African economies, just as it has on countries around the world as manufacturing in the global supply chains is disrupted.
It noted that remittances from migrants to some of the world’s poorest economies have dwindled, leaving the most vulnerable groups in those markets worsening the difficulties.
As a result, many African economies suffer from serious weaknesses including liquidity pressure, the risks of defaults in trade payments and financial challenges, as well as reductions in foreign direct investment, long-term financing, and portfolio flows.
Part of the support package will be targeted to enable cross-border trade in medical supplies and equipment needed to slow the spread of COVID-19.
In addition, the support package will provide financing for long-term investments in commercial expansion, helping both commodity availability and growth in the economic boom and will also support the member states participating in the African Bank, including part of the Cotonou Agreement in sub-Saharan Africa.
The statement pointed out that there are two main areas of focus in Africa on women in business and the green revolution. As a result, it will target part of the business package owned or run by women.
In addition, at least 25 per cent of the funds earmarked will be allocated in the partnership framework for green projects, such as renewable energy, energy efficiency and climate change adaptation measures.
Afreximbank also explained that part of the funds will support factory redesign to manufacture personal protective equipment and other materials, through the African Medical Supplies platform, a digital platform promoted by Centre for Disease Control (CDC) Africa, Afreximbank, United Nations Economic Commission for Africa (UNECA) and African Union Envoy, Mr Strive Masiyiwa.
Quoting Mr Benedict Urama, President of Afreximbank, “As continental neighbours, Europe and Africa must stand together against the global epidemic. The funding announced today is welcome not only because it meets an urgent need, but because it is being published quickly.
“With the combined expertise of Afreximbank and the European Investment Bank, support will quickly reach the most affected and will be carefully designed to have the greatest impact on post-epidemic recovery.
“Moreover, the package’s support for green projects will help push Africa towards a sustainable economy for the future and all the opportunities it presents,” according to the head of the African Export Bank.
On the part of the EIB, Vice President Ambroise Fyol added, “Once again, the European Investment Bank is strengthening our close cooperation with Afreximbank to open high impact investments by companies across Africa.
“A total of €300 million was saved as a direct result of the Fast Track and Global Response support from the European Investment Bank as part of the Europe team.”
He continued: “The European Investment Bank Board agreed to increase funding with existing partners to provide an immediate response quickly.
“This new financing will work with Afreximbank to open up medical investment and ensure that investment in climate action does not delay to reduce energy use and emissions.”
Under the 2018 agreement, EIB and Afreximbank have already pumped some of the €200 million previously earmarked for projects that now support African countries ’resilience to the epidemic.
These include programs to expand intra-African trade and export manufacturing in sectors with high employment rates, and both organizations aim to continue to focus on this proven approach to providing short-term relief and long-term resilience.
By Modupe Gbadeyanka
Celebrated broadcaster with Arise TV, Mrs Ayo Mario-Ese, has charged women to be open to collaboration and not limit themselves.
The charming media personality was one of the panellists at the UBA Business Series themed Introducing Gen W – The Evolved Woman, held at the UBA House in Lagos last Thursday.
At the event moderated by popular actor, Mr Tobi Bakre, the Morning Show anchor on Arise TV expressed worry about females who are usually laidback about speaking up and sharing their achievements, and said that women need to own their stories.
“A lot of women are doing phenomenal work and are sometimes afraid of showcasing what they are doing. As an evolved woman, you have to find out what you are comfortable doing, create your own unique offering, and also be open to collaboration,” she submitted.
Another panellist, Ms Joycee Awosika, described an evolved woman as one who has awareness of who she is.
“That woman does not need to ask to sit at the table; she is creating her own table and adding value. As your company is growing, you must grow too, and always do an audit of where you need to become a better leader,” the energy economist stated.
For a digital entrepreneur, Ms Tomike Adeoye, the question of what a woman is bringing to the table has now become obsolete, as the evolved woman is now bringing their own table.
“She is now more vocal about their struggles, setting the standards, and she is not ready to give up on her dreams,” she declared.
For the founder of Fine-Funky, Ms Olufunke Davies, she remarked that, “Creating unique designs that are affordable remains my driving force and something that has helped me grow as an evolved woman.”
In her remarks, the Group Head for Brand, Marketing and Corporate Communications at UBA, Ms Alero Ladipo, said, “Raising each woman is actually not that hard, because everyone has their community as well as their story; and so as women, we need to take a position so that we can give to others.”
She said the Gen W platform of the lender is dedicated to the evolved woman, adding, “Through expert insights, real stories, and practical resources, the platform connects women who are building brands, creating businesses, growing careers, and leading across industries. They also have access to a plethora of discounted products and loans. The best part: it is open to every woman. No UBA account needed. This is Gen W, for the evolved woman.”
This edition of the UBA Business Series was hosted to mark International Women’s Month.
By Adedapo Adesanya
The Nigerian Navy has intensified its crackdown on crude oil theft and illegal bunkering, destroying a reactivated illegal refinery site in Rivers State and intercepting suspected stolen petroleum products in Calabar.
The Director of Naval Information, Captain Abiodun Folorunsho, disclosed this in a statement on Sunday in Abuja, revealing that personnel of the Nigerian Navy Ship SOROH, operating under Operation Delta Sentinel, destroyed a reactivated illegal refinery site at Okolomade Community in Abua-Odual Local Government Area (LGA) of Rivers State.
He said the action followed credible intelligence that a previously dismantled illegal refining site had resumed operations.
According to him, an Anti–Crude Oil Theft (Anti-COT) team deployed to the location discovered that the dismantled refining oven had been reconstructed.
“Further exploitation of the area led to the discovery of additional refining equipment and storage facilities containing about 3,000 litres of product suspected to be illegally refined Automotive Gas Oil (AGO),” he said.
Mr Folorunsho added that the illegal refining infrastructure—including ovens, storage tanks, hoses, connected pipes and newly acquired metal components used for illegal refining—was destroyed in line with operational procedures.
He said personnel of the Nigerian Navy Ship Victory, in another operation, intercepted about 3,950 litres of suspected stolen petroleum products at the Nigerian Ports Authority (NPA) area in Calabar, Cross River.
He said the interception was based on credible intelligence on suspected siphoning of petroleum products from vessels berthed at the port.
The naval patrol team, according to him, swiftly deployed to the area and traced the illegally siphoned products to a trailer park within the port facility.
“On sighting the naval patrol team, the suspected perpetrators fled the scene, after which the area was cordoned off and the illegally siphoned products secured,” he said.
The official said further inspection led to the recovery of about 3,950 litres of Automotive Gas Oil stored in drums and jerrycans, which had been evacuated to the naval base for further necessary action in line with extant regulations.
He noted that the successes aligned with the directive of the Chief of the Naval Staff, Vice Adm. Idi Abbas, to intensify operations against crude oil theft and other maritime crimes across Nigeria’s maritime domain.
The captain reiterated the Navy’s commitment to sustaining the operational tempo of Operation Delta Sentinel through intensified surveillance, patrols and intelligence-driven operations aimed at combating crude oil theft, illegal bunkering and other forms of economic sabotage.
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