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.
General
Nigeria Signs Defence Joint Venture with Terra Industries
By Adedapo Adesanya
Nigeria has signed a joint venture with defence technology company, Terra Industries Limited, as part of efforts to boost the country’s defence industrial capacity and advance indigenous high-technology development.
The Defence Industries Corporation of Nigeria (DICON) and Terra signed a Memorandum of Understanding (MoU) for the establishment of the Joint Venture Company (JVC), both parties announced on Monday.
The partnership provides a robust framework for the local production, assembly, research and development (R&D), and training in high-technology systems, including drones, cybersecurity solutions, robotics, and other ancillary software and hardware platforms.
The MoU, executed pursuant to the DICON Act 2023, underscores DICON’s statutory mandate to collaborate with indigenous and foreign defence-related industries through Public-Private Partnerships. Under the agreement, the Joint Venture Company will operate as a subsidiary of DICON, jointly promoted and owned by DICON and Terra Industries, and duly incorporated in Nigeria.
This marks the latest move by Terra, which recently became a $100 million company, following recent raises from investors including Flutterwave CEO, Mr Gbenga Agboola, American actor Jared Leto as well as 8VC founded by the co-founder of Palantir Technologies Inc., Mr Joe Lonsdale. Other investors included Valor Equity Partners, Lux Capital, SV Angel, Leblon Capital GmbH, Silent Ventures LLC, Nova Global.
Terrahaptix, founded by Mr Nathan Nwachukwu and Mr Maxwell Maduka, are using the new funding to expand Terra’s manufacturing capacity as it expands into cross-border security and counter-terrorism.
The latest agreement with DICON is designed to establish advanced production and assembly lines for high-tech equipment within Nigeria, while promoting meaningful technology transfer, skills development, and specialised training for Nigerian personnel.
It also aims to strengthen local sourcing of raw materials, reduce dependence on imports, and enhance domestic industrial capacity and strategic autonomy. Additionally, the partnership will support the supply of security equipment to the wider Nigerian security agencies, other security agencies, positioning Nigeria as a competitive player in the global defence manufacturing sector.
Under the agreement, Terra Industries will provide technical expertise, professional services, and training, and will attract both local and foreign investment to strengthen the defence industrial ecosystem.
The company will also facilitate the procurement of production equipment, coordinate local and international training programmes, and provide access to manufacturing know-how, tooling, spare parts, and established defence sector supply chains.
Speaking on this, Mr Nathaniel Nwachukwu, CEO of Terra Industries, noted that the partnership “Demonstrates confidence in indigenous Nigerian engineering capability and creates a platform for sustainable defence technology development, innovation, and export competitiveness.”
On his part, Major General BI Alaya, the Director General of DICON, described the agreement as “A transformational step toward strengthening Nigeria’s defence manufacturing base, reducing import dependence, and positioning Nigeria as a regional hub for advanced innovation.”
The need for security has risen in recent years, as groups such as Islamic State and al-Qaeda are gaining ground in Africa, converging along a swathe of territory that stretches from Mali to Nigeria.
General
Deep Blue Project: Mobereola Seeks Air Force Support
By Adedapo Adesanya
The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Mr Dayo Mobereola, is seeking enhanced cooperation between the agency and the Nigerian Air Force (NAF) with the aim of strengthening tactical air support within the Deep Blue project.
During a courtesy visit last week, Mr Mobereola told the Chief of Air Staff, Air Marshall S. K. Aneke at the NAF Headquarters in Abuja, that the Air Force was a strategic partner in enhancing maritime security in Nigeria and sustaining the momentum of the Deep Blue Project’s success.
According to the DG, “We are here to seek the Air Force’s support, given the importance of tactical air surveillance to the Deep Blue Project. Nigeria is the only African country with a record of zero piracy within the last 4 years. The Deep Blue Project platforms have been used to achieve zero piracy and sea robberies in the Gulf of Guinea, and we need your collaboration to sustain this momentum”.
He further emphasised that international trade depends on security, which is why vessels prefer to go to or transit through countries where they are secured. “With the traffic we have now, we need to show more security might through collaboration to strengthen our trade viability because of the risks attached to our route. We need these collaborations to sustain what we have achieved so far with the Deep Blue Project”.
The NIMASA DG expressed hope that the collaboration with the Nigeria Air Force will reduce response time.
On his part, the Chief of Air Staff, Air Marshall S.K. Aneke, noted that the Air Force desires to be “a very supportive and collaborative partner with NIMASA and is ready to match the Agency step by step and side by side to achieve the desired results.”
He noted that “collaboration between NIMASA and the Nigerian Air Force under the Deep Blue Project can be strengthened through a joint strategic framework, integrated command structures, and a standing steering committee to ensure shared objectives and accountability.
“Establishing a joint maritime domain awareness fusion cell will enable real-time intelligence sharing, synchronised surveillance, and faster response to maritime threats and ensure sustained operational effectiveness across Nigeria’s territorial waters and exclusive economic zone,” he said, according to a statement.
The Air Force Chief added that the Air Force can also support NIMASA outside the Deep Blue Project operations by providing its own ISR platforms, tactical air support, and rapid airborne deployment for interdictions and search and rescue missions.
While thanking the NIMASA DG for the basic trainings the Agency has provided the aircraft pilots under the Deep Blue Project, Air Marshall Aneke also highlighted areas of operational challenges needing NIMASA’s attention to include bridging the communication gap between NAF operators and NIMASA, higher level and in-depth maintenance trainings, readily available fueling of aircrafts to avoid delays on missions, and provision of flying kits among others.
He therefore pledged the Air Force’s collaboration and assured that the request by NIMASA has been noted and that things will begin to move at thrice its speed going forward.
General
Nigeria’s Democracy Suffocating Under Tinubu—Atiku
By Modupe Gbadeyanka
Former Vice President, Mr Atiku Abubakar, has lambasted the administration of President Bola Tinubu for the turnout at the FCT Area Council elections held last Saturday.
In a statement signed by his Media Office, the Adamawa-born politician claimed that the health of Nigeria’s democracy under the current administration was under threat.
According to him, “When citizens lose faith that their votes matter, democracy begins to die. What we are witnessing is not mere voter apathy. It is a direct consequence of an administration that governs with a chokehold on pluralism. Democracy in Nigeria is being suffocated slowly, steadily, and dangerously.”
He warned that the steady erosion of participatory governance, if left unchecked, could inflict irreversible damage on the democratic fabric painstakingly built over decades.
“A democracy without vibrant opposition, without free political competition, and without public confidence is democracy in name only. If this chokehold is not released, history will record this era as the period when our hard-won freedoms were traded for fear and conformity,” he stressed.
Mr Atiku said the turnout for the poll was below 20 per cent, with the Abuja Municipal Area Council (AMAC) recording 7.8 per cent.
He noted that such civic participation in the nation’s capital, the symbolic heartbeat of the federation, is not accidental, as it is the predictable outcome of a political environment poisoned by intolerance, intimidation, and the systematic weakening of opposition voices.
The presidential candidate of the People’s Democratic Party (PDP) in the 2023 general elections stated that the ruling All Progressives Congress (APC) under Mr Tinubu has pursued a deliberate policy of shrinking democratic space, harassing dissenters, coercing defectors, and fostering a climate where alternative political viewpoints are treated as threats rather than contributions to national development.
He called on opposition parties and democratic forces across the country to urgently close ranks and forge a united front, declaring, “This is no longer about party lines; it is about preserving the Republic. The time to stand together to rescue and rebuild Nigeria is now.”
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