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 Modupe Gbadeyanka
An initiative designed to encourage entrepreneurship, expand access to opportunities in the digital economy, and improve the employability of young people in its host communities has been launched by Egbin Power Plc.
The tech-based empowerment programme will equip young persons from Egbin, Ijede and Ipakan areas of Lagos State with digital skills.
The chief executive of the power-generating firm, Mr Mokhtar Bounour, described the initiative as part of the company’s Personal Corporate Social Responsibility (PCSR) efforts, reflecting its commitment to inclusive and sustainable development, adding that its responsibilities extend beyond electricity generation to empowering people in surrounding communities.
“In today’s digital age, technology is no longer optional but a critical driver of economic inclusion and growth,” Mr Bounour said, noting that deliberate interventions were needed to bridge digital gaps and prevent uneven development.
He explained that when communities are excluded from the digital economy, development becomes uneven and unsustainable, reinforcing the need for deliberate interventions that bridge digital gaps.
He pointed out that, “The Empowerment Programme is designed to address this gap by providing young people in Egbin, Ijede and Ipakan with access to practical and in-demand digital skills that can improve employability, foster entrepreneurship, and create new economic opportunities within their communities.”
The first cohort brings together beneficiaries from the three communities for structured training in ICT fundamentals, graphic design, full-stack web development, digital marketing, cybersecurity and data analytics. The programme combines classroom instruction with hands-on learning.
Participants were selected through a screening process that assessed curiosity, determination and willingness to learn, the company said. Beyond technical training, the programme also includes workplace skills such as ethics, problem-solving, collaboration, professionalism and digital responsibility.
Mr Bounour urged beneficiaries to act as ambassadors of the initiative and demonstrate the values of integrity, discipline and service, saying their progress would serve as evidence that strategic corporate responsibility can deliver measurable impact.
He encouraged participants to recognise their broader responsibility to their communities, urging them to learn with character, pay their knowledge forward, mentor others, and use their skills to solve real local problems. He noted that the true legacy of the programme will be the ripple effects it creates through shared success and communal growth.
The launch of the Tech Empowerment Programme underscores Egbin Power’s continued commitment to sustainable community development, trust-building, and long-term value creation.
The company reaffirmed its dedication to investing strategically in people, strengthening host communities, and contributing meaningfully to Nigeria’s digital and economic future.
By Adedapo Adesanya
The managing director of the Nigerian Ports Authority (NPA), Mr Abubakar Dantsoho, has said the organisation is in collaboration with the International Maritime Organisation (IMO) to deploy the Port Community System (PCS) will eliminate manual bottlenecks and synchronise operations across Nigeria’s seaports.
Mr Dantsoho disclosed this at a recent three-day high-level stakeholder engagement in Lagos titled Achieving a 7-day Cargo Dwell Time, organised by the Presidential Enabling Business Environment Council (PEBEC) in collaboration with the NPA.
The engagement convened the Ports and Customs Efficiency Committee (PCEC) under the Business Environment Enhancement Programme Accelerator (BEEPA) framework, focusing on streamlining port processes to improve efficiency and ease of doing business.
According to the NPA boss, the PCS will serve as the digital backbone of the National Single Window, enabling seamless information exchange among port stakeholders and reducing delays caused by manual documentation.
On her part, the director-general of PEBEC, Mrs Zahrah Mustapha, said the session was designed to go beyond identifying challenges and focus on implementing long-overdue practical solutions.
“Nigeria loses significantly every day due to operational inefficiencies,” Mrs Mustapha said. “These are not just numbers; they represent missed opportunities, jobs not created, and delayed economic growth. This reform is about resilience and unlocking the nation’s economic potential.”
She added that the initiative brings together government regulators and private-sector stakeholders to promote transparency and accountability, with the ultimate objective of reducing cargo dwell time and improving vessel turnaround time.
Recall that the NPA recorded a 100 per cent success rate in PEBEC reforms, ranking fifth among government agencies in 2025 with an 84.2 per cent compliance rating.
Outcomes from the stakeholder engagement are expected to be implemented in the coming months. By addressing operational gaps identified during port inspections, the NPA and PEBEC aim to build a more competitive maritime environment that attracts investment and facilitates seamless trade.
By Modupe Gbadeyanka
The sum of $15 million has been invested in Phatisa Food Fund 3 by Swedfund to improve food security, support decent job creation, and contribute to more resilient and sustainable food systems across Africa.
Swedfund’s investment is part of an $86 million first close, together with development finance institutions BII, Norfund, IFC, and FinDev Canada.
The investment aims to improve food security, support decent job creation, and contribute to more resilient and sustainable food systems.
Phatisa will invest in companies seeking to grow or transition ownership, and building on its long track record in the sector, the investment is expected to support companies that can expand production capacity, enhance efficiency and create more stable employment in local and regional markets.
Africa’s food systems are under increasing pressure from population growth, climate impacts, and fragmented value chains. Enhancing production, processing, and distribution is essential to ensure food becomes more accessible and affordable, while strengthening livelihoods.
“Strengthening food systems is essential for inclusive and resilient growth across African markets. Through this investment, we help channel long-term capital to companies that can expand production, support decent jobs, and improve access to affordable and nutritious food.
“The investment also contributes to deeper value chain integration, supporting more stable and sustainable livelihoods over time,” the Investment Manager for Food Systems at Swedfund, Sebastian Süllmann, stated.
Phatisa Food Fund 3 focuses on established companies across the food value chain in multiple African markets.
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