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
Senate Passes Electoral Act Amendment Bill, Blocks Electronic Transmission of Results
By Modupe Gbadeyanka
The Senate on Wednesday passed the bill to amend the Electoral Act of 2022 after delays, which almost pitched the institution against several Nigerians.
Last week, the upper chamber of the National Assembly headed by the Senate President, Mr Godswill Akpabio, set up a panel to look into the matter, with the directive to submit its report yesterday, Tuesday, February 3, 2026.
However, after the report was submitted yesterday, the red chamber of the parliament said it was going to take an action on it on Wednesday.
At the midweek plenary, the Senate eventually passed the Bill for an Act to Repeal the Electoral Act No. 13, 2022 and Enact the Electoral Act, 2025.
However, some critical clauses were rejected, including the proposed amendment to make is mandatory for the Independent National Electoral Commission (INEC) to transmission election results electronically from polling units to the INEC Result Viewing (IReV) portal.
The clause was to strengthen transparency and reduce electoral malpractice through technology-driven result management.
It also rejected a proposed amendment under Clause 47 that would have allowed voters to present electronically-generated voter identification, including a downloadable voter card with a unique QR code, as a valid means of accreditation.
The Senate voted to retain the existing 2022 provisions requiring voters to present their Permanent Voter’s Card (PVC) for accreditation at polling units, and upheld the provision mandating the use of the Bimodal Voter Accreditation System (BVAS) or any other technological device prescribed by the electoral umpire for voter verification and authentication, rather than allowing alternative digital identification methods as proposed in the new bill.
The Senate also reduced the notice of election from 360 days to 180 days, with the timeline for publishing list of candidates by INEC dropped from 150 days to 60 days.
General
Amupitan Says 2027 Elections Timetable Ready Despite Electoral Act Delay
By Adedapo Adesanya
The Independent National Electoral Commission (INEC) has completed its timetable and schedule of activities for the 2027 general election, despite pending amendments to the Electoral Act by the National Assembly.
INEC Chairman, Mr Joash Amupitan, disclosed this on Wednesday in Abuja during a consultative meeting with civil society organisations.
Mr Amupitan said the commission had already submitted its recommendations and proposed changes to lawmakers, noting that aspects of the election calendar might still be adjusted depending on when the amended Electoral Act is passed.
He, however, stressed that the electoral umpire must continue preparations using the existing legal framework pending the conclusion of the legislative process and presidential assent to the revised law.
According to him, the commission cannot delay critical preparatory activities given the scale and complexity involved in conducting nationwide elections.
The development highlights INEC’s commitment to early planning for the 2027 polls, even as stakeholders await legislative clarity that could shape parts of the electoral process.
Yesterday, the Senate again failed to conclude deliberations on the proposed amendment to the Electoral Act after several hours in a closed-door executive session. The closed session lasted about five hours.
Lawmakers dissolved into the executive session shortly after plenary commenced, to consider the report of an ad hoc committee set up to harmonise senators’ inputs on the Electoral Act Amendment Bill.
When plenary resumed, the Senate President, Mr Godswill Akpabio, did not disclose details of the discussions on the bill.
Despite repeated executive sessions, the upper chamber has yet to pass the bill, marking the third unsuccessful attempt in two weeks.
The Senate, however, said it will not rush the bill, citing the volume of post-election litigation after the 2023 polls and the need for careful legislative scrutiny.
Last week, the red chamber of the federal parliament constituted a seven-member ad hoc committee after an earlier three-hour executive session to further scrutinise the proposed amendments.
General
REA Expects Further $1.1bn Investment for New Mini Power Grids
By Adedapo Adesanya
The Managing Director of the Rural Electrification Agency, (REA), Mr Abba Aliyu, is poised to attract an estimated $1.1 billion in additional private-sector investment to further achieve the agency’s targets.
He said that the organisation has received a $750 million funding in 2024 through the World Bank funded Distributed Access through Renewable Energy Scale-up (DARES) project.
He added that this capital is specifically intended to act as a springboard to attract an estimated $1.1 billion in additional private-sector investment, with the ultimate goal of providing electricity access to roughly 17.5 million Nigerians through 1,350 new mini grids.
Mr Aliyu also said that the Nigeria Electrification Project (NEP) has already led to the electrification of 1.1 million households across more than 200 mini grids and the delivery of hybrid power solutions to 15 federal institutions.
According to a statement, this followed Mr Aliyu’s high-level inspection of Vsolaris facilities in Lagos, adding that the visit also served as a platform for the REA to highlight its decentralized electrification strategy, which relies on partnering with firms capable of managing local assembly and highefficiency project execution.
The federal government, through the REA, underscored the critical role the partnership with the private sector plays in achieving Nigeria’s ambitious off-grid energy targets and ending energy poverty.
Mr Aliyu emphasized that while public funds serve as a catalyst, the long-term sustainability of Nigeria’s power sector rests on credible private developers who are willing to invest their own resources.
He noted that public funds are intentionally deployed as catalytic grants to ensure that the private sector maintains skin in the game which he believes is the only way to guarantee true accountability and the survival of these projects over time.
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