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Afreximbank, EU Investment Bank to Finance €300m COVID-19 Response

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COVID-19 Test

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.

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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KWAM 1 Ends Awujale Ambition, Withdraws Legal Challenge

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By Adedapo Adesanya

Fuji musician, Mr Wasiu Ayinde, popularly known as K1 De Ultimate or KWAM 1, has formally withdrawn from the race for the Awujale of Ijebuland after staunch opposition to his ambitions.

This came as the minstrel filed a notice of discontinuation at the Ogun State High Court to end his legal challenge against the ongoing selection process.

The notice, filed on Monday, December 22, 2025, by his legal team led by Mr Wahab Shittu (SAN), brings to a close his controversial bid for the revered throne.

The withdrawal followed a ruling by Justice A. A. Omoniyi of High Court 3, Ijebu-Ode Judicial Division, who dismissed KWAM 1’s application for an interim injunction seeking to restrain the Ogun State Governor, Mr Dapo Abiodun, the Fusengbuwa Ruling House and other parties from proceeding with the selection of a new Awujale.

Justice Omoniyi held that the application lacked merit but ruled that the substantive suit could proceed on its merits, fixing January 14, 2026, for further hearing.

KWAM 1, the Olori Omooba of Ijebuland from the Fidipote Ruling House, had approached the court after the Fusengbuwa Ruling House declared him ineligible to contest for the stool, insisting he was not a bona fide member of the ruling house and therefore could not vie for the throne under its platform.

However, with the filing of the notice of discontinuation, KWAM 1 appears to have formally recused himself from the Awujale selection process, effectively ending his challenge.

He joined as respondents in the case: the Ogun State Governor, the Commissioner for Local Government and Chieftaincy Affairs, the Attorney General and Commissioner for Justice, the Secretary of Ijebu-Ode Local Government, the Chairman of the Awujale Interregnum Administrative Council, and the Chairman of the Fusengbuwa Ruling House.

In the application, KWAM 1 contended that he is a bonafide member of both the Fusengbuwa and Fidipote ruling houses, and that his rights as a potential candidate were being threatened by what he described as a flawed and unlawful process.

He alleged that the Awujale Interregnum Administrative Council, which he described as an “unrecognised body”, was exerting influence over the nomination procedure in violation of Ogun State chieftaincy laws.

Central to his claim was the argument that due process was not followed, particularly the requirement that the Ijebu-Ode Local Government formally publish the names of the 13 recognised kingmakers before any selection exercise commences.

KWAM 1 maintained that the failure to comply with this step rendered the process vulnerable to legal challenge.

The suit was filed against the backdrop of the vacancy created by the death of Oba Sikiru Kayode Adetona in July, at the age of 91, after a reign of more than six decades.

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Dangote Unveils Phone Number to Report MRS Stations Selling PMS Above N739

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Dangote monopoly Political Economy of Failure

By Modupe Gbadeyanka

A hotline number, 0800 123 5264, for Nigerians to report any MRS Oil Nigeria Plc filling stations selling Premium Motor Spirit (PMS), commonly known as petrol, above the approved pump price of N739 per litre, has been released by Dangote Petroleum Refinery.

The private refiner said the number was now active nationwide, enabling consumers to promptly report violations and help maintain fair pricing across over 2,000 MRS stations.

This measure follows the refinery’s recent commencement of nationwide PMS sales at N739 per litre—a strategic intervention aimed at stabilising fuel prices and easing the financial burden on Nigerians during the festive season.

“We encourage Nigerians to avoid purchasing PMS at inflated prices when locally refined fuel is available at N739 per litre.

“Report any MRS station selling above this price by calling our hotline. Together, we can ensure that the benefits of this price reduction reach every consumer,” the company stated in a statement.

The organisation stressed its mission to deliver affordable, high-quality fuel while safeguarding national economic interests, reaffirming its commitment to steady supply, backed by a guaranteed daily output of 50 million litres, and warned against attempts to create artificial scarcity or manipulate supply.

Regulatory authorities have been urged to remain vigilant and take decisive action against unpatriotic practices.

By refining locally at scale, Dangote Refinery is reducing Nigeria’s dependence on imports, conserving foreign exchange, stabilising the Naira, and strengthening energy security. This initiative represents a significant milestone in the country’s journey toward sustainable energy solutions and economic recovery.

The refinery also issued a stern warning against attempts by unscrupulous operators to create artificial scarcity in response to the price reduction, calling on government agencies to act decisively.

“Any attempt to create artificial scarcity or manipulate supply to frustrate recent price reductions is unpatriotic and unacceptable. We urge regulatory authorities to remain vigilant and take firm action against such practices, especially during this critical festive period,” the statement added.

Consumers were advised to resist purchasing fuel at inflated prices when cheaper, high-quality alternatives are readily available.

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ANLCA Airport Chapter Scores Salamatu High on Stakeholder Engagement, Trade Facilitation

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By Bon Peters

The Airport Chapter of the Association of Nigerian Licensed Customs Agents (ANLCA) at Omagwa Rivers State has praised the Customs Area Controller for Customs Area 1 Command, Comptroller Salamatu Atuluku.

At the end-of-the-year party attended by stakeholders, including the leader of the association’s chapter, Mr Charles Onyema, said the customs officer has done well in stakeholder engagement and trade facilitation.

At the event held last Friday, he said his association has been enjoying a very cordial relationship with other organisation in the ecosystem.

“You can see what is happening today, everybody is working together and our operations here are seamless,” he noted.

He stated that apart from creating a very robust business environment for his members and other stakeholders to operate, he has taken a decision to build and commission a befitting ANLCA Secretariat which would be completed soon and be commissioned by the ANLCA national president, Mr Emenike Nwokeoji.

The ANLCA chapter chief said since “Comptroller Salamatu Atuluku assumed office at Customs Area 1, Port Harcourt Command, it has been a different ball game, facilitating  trade and increasing Revenue generation.”

“I remember I told her she was a mother during her maiden visit to the airport.

“You know when you have a woman in charge of an affair, food will not lack, compassion will not lack and motherly love will not lack.

“She is very wonderful in stakeholder engagement, revenue generation and trade facilitation,” Mr Onyema enthused.

Projecting into the future, Mr. Onyema said the year 2026 would be better for his members, adding that he has advised them on financial discipline which he said would help them during the trying period.

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