General
COVID-19: 60 Countries Get $22bn in Emergency Funding–IMF
By Adedapo Adesanya
The International Monetary Fund (IMF) has disbursed $22 billion in emergency financing to nearly 60 countries to cushion the impact of the coronavirus outbreak on their respective economies.
This was disclosed by the Bretton Wood institution’s Managing Director, Ms Kristalina Georgieva, at the United Nations event on Financing for Development in the Era of COVID-19.
She stated: “We are providing emergency financing on unprecedented scale – we have already disbursed $22 billion to nearly 60 countries and continue to receive and process new requests. Never before have we supported so many countries at the same time and at such speed.”
Ms Georgieva said the lender was exploring ways to deploy Special Drawing Rights (SDRs) to support low-income and small economies, stating that the Fund, together with the World Bank, was also supporting the G20 debt service suspension initiative that could make about $12 billion available to eligible low-income countries.
“We are at the service of our members to fight the crisis and underpin sustainable and inclusive global recovery. After the global financial crisis, our shareholders had the wisdom to quadruple the Fund’s lending capacity to $1 trillion and we are ready to use this capacity to the fullest, working together with all of you,” she stated.
According to her, countries with weaker fundamentals, especially in terms of high debt levels, with dependence on hard-hit sectors, or affected by conflict, are suffering and market access remains difficult, or impossible.
“From commodity exporters in sub-Saharan Africa to the tourism-dependent small island economies in the Caribbean and elsewhere, 2020 is expected to result in their worst GDP growth outcome in decades and a large decline in per capita income,” she added.
She noted that 170 countries – almost 90 percent of the world, would have been badly hit by the crisis at the end of this year, noting that recent data indicates that global output could even shrink by more than the 3.0 percent this year that the IMF had initially projected.
She, however, said IMF was expecting partial recovery in 2021 and welcomed the decisive actions taken by policy makers around the world to stabilize the economy.
“Crucially, central banks responded swiftly and forcefully to the dramatic shock of this crisis as, in February and March, volatility spiked, liquidity deteriorated significantly, and massive asset market dislocations materialised.
“By cutting interest rates, purchasing over $4 trillion of assets and announcing plans for more, and introducing foreign currency swap lines, major central banks helped abate strains in financial markets, and ease global financial conditions,” Ms Georgieva noted.
Despite this, she said financial conditions remain dependent on uncertain economic and health developments, warning that countries are now facing bankruptcies, which could affect banks, particularly those with weaker buffers.
“To counter the impact of the crisis and support recovery, we advocate continued fiscal support, especially for workers and small and medium-sized enterprises. Globally, fiscal actions so far amount to about $9 trillion and significant further efforts will be needed in the months ahead,” she stated.
By Adedapo Adesanya
The governments of Nigeria and Turkey have agreed to collaborate on enhancing bilateral relations, with a focus on visa facilitation, business mobility, and consular matters.
The agreement followed a meeting in Abuja between the Minister of Interior, Mr Olubunmi Tunji-Ojo, and the Turkish Ambassador to Nigeria, Mr Mehmet Poroy, during a courtesy visit.
Mr Tunji-Ojo highlighted the strong historical and cultural ties between the two countries and Nigeria’s commitment to a “smart, structured, and practical approach to international cooperation” that promotes people-to-people contact and legitimate business engagement.
“These ties provide a solid foundation for deeper collaboration,” he said.
Ambassador Poroy provided updates on improved visa facilitation for Nigerian businessmen traveling to Turkey, noting that “under the new arrangement, applications are processed locally, allowing verified businesspersons to benefit from faster processing timelines of about three to four days.”
He also raised concerns about Turkish businesspeople facing challenges when visiting Nigeria for trade fairs and investments, citing conflicting information about Nigerian visa arrangements. “We request written clarification to guide applicants accurately,” Poroy said.
A key proposal during the meeting was the inclusion of Turkey in Nigeria’s electronic visa (e-visa) system.
“The absence of a Nigerian visa office in Istanbul creates logistical challenges,” the Ambassador explained, adding that, “Including Turkey in the e-visa regime would significantly enhance business mobility for Turkish nationals.”
In response, Mr Tunji-Ojo assured that “denying visas to genuine Nigerian or Turkish businesspeople is not in the interest of either country.”
He emphasized the Ministry’s commitment to “transparency, dialogue, and continuous improvement in visa administration,” stressing Nigeria’s openness to legitimate investors and international business partners.
The discussion also addressed recognition of Nigerian marriage certificates by foreign missions. The Minister clarified that “all marriage certificates issued under Nigerian law are constitutionally valid and should not require additional verification.”
The Turkish Ambassador acknowledged the concern and committed to reviewing embassy procedures, as both parties agreed on the importance of continued engagement to strengthen bilateral cooperation.
By Adedapo Adesanya
The United States has delivered military supplies to Nigerian security agencies to bolster operations in several parts of the country.
This was disclosed in a post via X on Tuesday by the United States Africa Command (AFRICOM).
“The US forces delivered critical military supplies to our Nigerian partners in Abuja. This delivery supports Nigeria’s ongoing operations and emphasizes our shared security partnership,” the post read.
The development shows cooperation between both nations after US President Donald Trump previously threatened to invade the country over the killing of Christians.
Last November, the federal government dispatched a delegation to Washington, the US capital, aimed at strengthening security partnerships between the two countries and opening new avenues for cooperation.
Leading the delegation then was the National Security Adviser, Mr Nuhu Ribadu, who met with senior officials across the US Congress, the White House Faith Office, the State Department, the National Security Council, and the Department of War.
During the meeting, the Nigerian delegation refuted allegations of genocide in Nigeria, emphasising that violent attacks affect families and communities across religious and ethnic lines.
It also rejected the wrongful framing of the situation, saying such a portrayal would only divide Nigerians and distort the realities on the ground.
According to the presidency at the time, both countries agreed to implement a non-binding cooperation framework and to establish a Joint Working Group to ensure a unified and coordinated approach to the agreed areas of cooperation.
The Nigerian delegation also reaffirmed the government’s commitment to strengthening civilian protection measures.
On Christmas Day 2025, the US has launched strikes against militants linked to the Islamic State group (IS) in north-western Nigeria, where militants have sought to establish a foothold.
According to the Nigerian government, the operation was a joint operation and had nothing to do with a particular religion, adding that the strikes had been planned for quite some time using intelligence provided by the country.
The Nigerian government has long been fighting an array of jihadist groups, including Boko Haram and IS-linked factions, but largely in the North-East. However, some new groups are gaining footholds and the new supplies could help the Nigerian military continue its fight against terrorism.
By Modupe Gbadeyanka
State governments have been advised to ban the use of wooden boats for commercial water transportation to reduce waterway accidents.
This call was made by the federal government through the Minister of Marine and Blue Economy, Mr Adegboyega Oyetola.
The Minister argued that wooden boats are unstable and are highly prone to capsizing because they deteriorate quickly, unlike fibre and aluminium vessels which are more durable and safer.
His call followed incessant boat accidents in some parts of the country.
He charged the sub-nationals to adopt safer fibre-reinforced plastic and aluminium vessels to tackle the recurring and avoidable waterway accidents.
Mr Oyetola urged strict adherence to water safety regulations, warning against night travel, overloading, and the use of rickety vessels, while stressing the importance of wearing life jackets.
He disclosed that 35,000 life jackets were distributed to riverine states in 2025 and called for stronger collaboration with state governments to improve safety, noting that water transport remains critical to Nigeria’s blue economy.
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