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UK Pledges £105m To Assist Nigeria, Others Tackle Omicron

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The United Kingdom (UK) has pledged the sum of £105million to help tackle Omicron in Nigeria and other African countries.
The British High Commission, Abuja, said in a statement that the £105million of emergency aid will help countries most in need to tackle Omicron and other COVID-19 variants, with a particular focus on Africa.
The British High Commission also said funding will help millions of people by supporting measures to reduce transmission, scale-up testing, and boost oxygen supplies.
It added that the UK has now fulfilled its pledge to donate 30million Coronavirus vaccine doses by the end of 2021, marking the one-year anniversary of the UK becoming the first country to approve the Oxford-AstraZeneca vaccine.
“The UK Foreign Secretary, Liz Truss, has pledged up to £105million of UK emergency aid to help vulnerable countries tackle the Omicron COVID-19 variant, with a particular focus on Africa. The vital aid will be delivered through trusted partners, such as the Nigeria Centre for Disease Control (NCDC), and will:
“Scale-up testing – especially in parts of Africa where testing rates for COVID-19 remain lowest – allowing health systems to track and respond to the spread of the virus more effectively. This is in addition to the UK’s world-leading genomic sequencing support.
“Improve access to oxygen supplies for ventilators – a surge in demand for oxygen is a significant risk for some countries.
“Provide communities with hygiene advice, products and access to handwashing facilities and support deep cleaning in schools, health centres and other public places. This will build on the successful global hygiene campaign between UK aid and Unilever which has reached over 1.2billion people since its launch in 2020.
“Fund the UK’s ground-breaking science and research into the spread of variants like Omicron to enable innovative evidence-based policy responses in low and middle-income countries.
“Ready the UK’s own expert emergency teams for deployment overseas to crisis hotspots, including with new medical equipment,” the British High Commission said.
The British High Commission further said the Government of the United Kingdom has also confirmed that over 30million vaccines have been delivered so far as part of the UK’s pledge to donate 100million doses to the world, benefitting more than 30 countries, including Nigeria.
“Doses donated by the UK have reached four continents and provided vital protection from COVID-19 in countries including Nigeria, Angola, the Democratic Republic of Congo, Ethiopia, Ghana and Rwanda. Of the more than 30million doses now donated so far, 24.6million have been received by COVAX for delivery to countries and 5.5million have been shared directly with countries in need. The UK has so far donated to Nigeria over 1.2m doses of Oxford-AstraZeneca vaccines through COVAX in 2021. Millions more vaccines will be sent to Nigeria and other countries in 2022, including 20million Oxford-AstraZeneca doses and 20million Janssen doses.
“The UK has been at the forefront of the global response to COVID-19. Today’s announcement builds on the £1.3billion in UK aid committed to the international health response early on in the pandemic, supporting vaccines, health systems and economic recovery in developing countries. The UK Government has also invested more than £88million to support the development of the Oxford-AstraZeneca vaccine, and the UK became the first country in the world to approve the jab a year ago today.
“In Nigeria, the UK Health Security Agency (UKHSA) supported the improved capability and capacity of the NCDC for COVID genomic sequencing, which has now conducted more than 2000 tests compared to about 400 tests six months ago. The UKHSA is also building the diagnostic capacity in Nigeria for common childhood diseases, such as pertussis (whooping cough) and other diseases of public health significance. The UKHSA is also supporting the development of national and subnational health security plans, including building the technical and leadership capacity within the NCDC. The UKAid funded Lafiya programme has also supported the procurement of £2million worth of PPE kits, protecting more than 5,000 health workers in the five Northern States: Borno, Yobe, Kaduna, Kano and Jigawa.
“Thanks to AstraZeneca’s commitment distribute the vaccine on a non-profit basis, 2.5billion doses have been used in more than 170 countries, two thirds of which are low- and middle-income countries,” the British High Commission added.
Following the pledge, Foreign Secretary, Liz Truss said: “The UK is providing vital assistance to help tackle the spread of new variants around the world. This is key to securing our freedom and ending this pandemic once and for all.
“I am proud that we have also delivered over 30 million vaccines to benefit our friends around the world this year. The UK is helping other countries most in need. No one is safe until everyone is safe.”
Also speaking, Health and Social Care Secretary, Sajid Javid said: “The global pandemic has challenged health systems around the world and the best way to overcome this awful disease is to unite and stand side by side with our international partners.
“By supporting countries with the UK’s ground breaking science and research into the spread of variants, improving access to oxygen and scaling up testing we will help those most in need chart their course out of the pandemic. I am proud that we have already delivered over 30 million vaccines to our friends abroad. The UK, as a global leader, is helping other countries most in need. No one is safe until everyone is safe.”
The Chief Executive Officer of Gavi, the Vaccine Alliance, Dr Seth Berkley, said: “We welcome the UK’s commitment in new funding to protect the most vulnerable, particularly in Africa; the UK’s continued focus on COVAX and equitable global access to COVID19 vaccines, both through early financing commitments made at UNGA 2020, as well as meeting the Prime Minister’s G7 commitment to dose sharing – the 30million target set by the end of 2021.
“We look forward to operationalising the remainder of the UK’s dose sharing commitment via COVAX in 2022, while we also work with the UK Government on continuing to support Gavi’s ambitious 2021-2025 routine vaccination programmes, of which the United Kingdom is the largest funder through the PM’s commitment made at the UK-hosted Global Vaccine Summit in June 2020.”

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FG Approves ?758bn Bonds To Clear Pension Backlogs, Says PenCom 

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The Federal Government has approved ?758b in bonds to offset long-standing pension liabilities, including pension increases owed since 2007.
The Director-General, National Pension Commission, Omolola Oloworaran, disclosed this at a two-day Sensitisation Workshop on the workings of the Contributory Pension Scheme for Employees and Pensioners in the North-East, in partnership with the National Salaries, Incomes, and Wages Commission (NSIWC), and held in Yola, last Thursday.
Represented by the Commissioner for Administration in PenCom, Alhaji Bello Abubakar, Oloworaran described the approval as a bold step by President Bola Tinubu to bring relief to vulnerable pensioners and restore confidence in the pension system.
She said the workshop formed part of ongoing reforms to enhance awareness and deepen understanding of the CPS among retirees and other stakeholders.
According to her, other key interventions under the reforms included pension increases for over 241,000 retirees, representing 80 per cent of those under the programmed withdrawal arrangement.
“The increases raised monthly payments from ?12.15 billion to ?14.83 billion, effective from June 2025.
“The commission has also eliminated waiting time for pension payments, ensuring that, since July 2025, retirees now access their benefits immediately after retirement.
“The proposed reintroduction of gratuity for civil servants, with a framework developed to restore gratuity benefits for federal workers under CPS, in line with Section 4(4) of the Pension Reform Act (PRA) 2014,” she said.
The PenCom DG explained that the initiative was aimed at further enhancing post-retirement benefits and improving the welfare of pensioners.
Oloworaran stressed that the sensitisation workshop would help address misconceptions and build public confidence in the CPS while offering an opportunity for engagement, feedback, and trust-building with stakeholders.
Also speaking, the Chairman, National Salaries, Incomes and Wages Commission, Ekpo Nta, represented by the Deputy Director of Compensation, Chika Ochor, said the workshop would promote better understanding of the CPS and its benefits.
Nta insisted that pension provides financial security in old age, enabling retirees to maintain their standard of living, reduce poverty, and avoid dependence on families and government adding that the current administration had introduced far-reaching reforms in pension administration to ensure prompt and sustainable payment of retirees’ benefits.
In his remarks, the Director-General, National Orientation Agency (NOA), Lanre Issa-Onilu, commended PenCom and NSIWC for their collaboration in bridging knowledge gaps on the CPS and online enrolment processes.
He reaffirmed NOA’s commitment to promoting national values, policy awareness, security consciousness, and disaster preparedness.
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Banks Must Back Innovation, Not Just Big Corporates — Edun

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Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has called on Nigerian banks to channel more credit to young innovators and small businesses, saying the era of concentrating lending on big corporates must give way to inclusive, innovation-driven financing.

Edun made the call while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he reaffirmed the federal government’s commitment to sustaining ongoing reforms and expanding access to finance as key drivers of economic growth beyond four per cent.

Edun emphasised that while the reforms under President Bola Tinubu have begun to yield tangible progress since May 2023, inclusive growth remains critical to sustaining the recovery.

“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.

The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create jobs for young Nigerians.

“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.

The minister who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.

He commended the Central Bank of Nigeria (CBN) for maintaining monetary discipline under its current leadership, describing the tight policy stance as a necessary step to curb inflation, stabilise the financial system, and restore investor confidence.

Also speaking, Chairman of the Committee of Bank CEOs and Group Managing Director/Chief Executive Officer of United Bank for Africa (UBA) Plc, Oliver Alawuba, commended the CBN and the Federal Ministry of Finance for their coordinated policies that have eased pressure on the foreign exchange market and restored investor confidence.

“We thank the Minister of Finance and the CBN Governor. We have seen the difference. A year ago, customers were asking for dollars; today, we are asking them if they need any. Thanks to the efforts of the coordinated economic team,” Alawuba said.
He urged newly inducted Fellows and Senior Members of the Institute to champion digital transformation, strengthen trust, and promote collaboration within the banking industry.

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FG Seeks Fresh $1b World Bank loan To Boost Jobs, Investment 

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The Federal Government has begun discussions with the World Bank for a new $1 billion loan under a programme designed to accelerate private investment, job creation, and economic diversification.

The facility, known as the Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) operation scheduled for World Bank Board consideration on December 16, 2025.

According to the Bank’s concept note , the financing would comprise $500m in International Development Association (IDA) credit and $500m in International Bank for Reconstruction and Development (IBRD) loan.

If approved, it would be the second-largest single loan Nigeria has received from the World Bank under President Bola Tinubu’s administration, following the $1.5 billion facility granted in June 2024 under the Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative.

The World Bank said the new programme aims to support Nigeria’s shift from short-term macroeconomic stabilisation to sustainable, private sector–led growth.

The loan would back reforms intended to expand access to credit and digital financial services, lower prices for households and firms, and boost productivity in key agricultural value chains.

“The proposed Development Policy Financing (DPF) supports Nigeria’s pivot from stabilization to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500 million IDA credit and US$500 million IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.

The document further stated that Nigeria’s private sector credit-to-GDP ratio stood at only 21.3 per cent in 2024, significantly below that of emerging-market peers, while capital markets remain shallow, with sovereign securities dominating the bond market.

To address these weaknesses, the DPF will support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and introduction of a comprehensive Central Bank of Nigeria rulebook to strengthen risk-based regulation and consumer protection.

The operation also includes measures to deepen digital inclusion through the passage of the National Digital Economy and E-Governance Bill 2025, which will establish a legal framework for electronic transactions, authentication services, and digital records.

Beyond the financial and digital sectors, the programme targets reforms to lower production and living costs by tackling Nigeria’s restrictive trade regime. High tariffs and import bans have long driven up consumer prices and constrained competitiveness, particularly for manufacturers and farmers.

Under the proposed reforms, Nigeria would adopt AfCFTA tariff concessions, rationalise import restrictions, and simplify agricultural seed certification to increase the supply of high-quality varieties for maize, rice, and soybeans. The World Bank projects that these measures will help reduce food inflation, attract private investment, and enhance export potential.

The operation is part of a broader World Bank FY26 package that includes three complementary projects—Fostering Inclusive Finance for MSMEs (FINCLUDE), Building Resilient Digital Infrastructure for Growth (BRIDGE), and Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW)—all focused on expanding access to finance, strengthening institutions, and mobilising private capital.

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