The fact of the matter is African countries will need some form of sizable fiscal expansion in order to address the most pressing issues emanating from the COVID-19 pandemic, which for the time being, has yet to take hold with the same severity as witnessed in other parts of the world.
These measures must primarily target infrastructure: first, to bolster critical healthcare services; and second, in the form of government assistance in the primary utility sector to ensure unrestricted access to water and electricity following implementation of requisite lockdown protocols. Furthermore, funding should also be made available to the private sector as a backstop to the inevitable economic contraction driven by a freeze in real economic activity.
Moratorium on debt repayments “is not as critical”
The issue of a moratorium or a ‘standstill’ on debt repayments as suggested is not as critical in relation to the aforementioned needs, and more importantly, would greatly compromise the future access of African economies to international markets. Such a standstill would be perceived as a default, and no matter the severity of the current shock, it would inflict great damage over the long run. Private markets themselves ought to be the ultimate provider of productivity enhancing capital that is so critical for the continued development on the continent.
As an example, the ability for countries such as Benin and Ghana to access capital markets over the past year at 5.75% for seven years (EUR500m), and 8.875% for 40 years (US$750m), respectively, is a testament to the favourable conditions from which African nations have benefited. It would be wise not to jeopardize such a milestone at this juncture.
The issue of Eurobond debt repayment could instead be addressed as part of a comprehensive package that includes, most importantly, a fiscal backstop aimed at addressing the current and incoming economic challenges facing Sub-Saharan African countries as outlined above. Such funds could be disbursed to the countries in need by multilateral institutions in the form of a 10-year zero coupon debt at a cost of say 1% (as merely one possibility).
Nigeria is a case in point, which recently requested $6.9bn of multilateral financing from the IMF, World Bank and African Development Bank to combat the brewing coronavirus crisis. Part of the request would be used to establish a $1.2bn COVID-19 crisis intervention fund to upgrade healthcare facilities and provide intervention funds to states. Such an amount needs to be compared to its external debt servicing commitments which will average less than $750m over the next 48 months.
If Africa is to wean itself from its long-standing dependency on donors and multilateral funds to finance its economic development, it needs to evolve towards market-based financing. With principal and interest commitments on all outstanding Sub-Saharan Africa Eurobonds tallying approximately $5bn per year over the next 48 months, such “relief” as proposed would be a high price to pay to compromise the region’s hard-earned access to international capital markets and unhindered future development.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
Africa’s efforts at securing much needed support to tackle the rampaging Coronavirus pandemic received a boost with the donation of Chinese billionaire entrepreneur Jack Ma who through the Jack Ma Foundation, will donate to each one of the 54 African nations 20,000 testing kits, 100,000 masks, and 1,000 medical use protective suits and face shields “to help combat the potential surging for demand for medical supplies and equipment in Africa”, Jack Ma Foundation and Alibaba Foundation said in a statement.
Prime Minister Abiy Ahmed
The donation came a day after Ethiopian Prime Minister Abiy Ahmed announced a coronavirus support package for the whole of Africa. The supplies will be flown to the Ethiopian capital Addis Ababa from where PM Abiy has agreed to lead in managing the logistics and disbursement efforts. The donation under the aegis of the Jack Ma Foundation confirmed that millions of prevention and containment materials will be flown into Africa.
In addition, we will immediately start working with medical institutions in Africa to provide online training material for COVID-19 clinical treatment,” the statement added. “Now it is as if we are all living in the same forest on fire. As members of the global community, it would be irresponsible for us to sit on the fence, panic, ignore facts or fail to act. We need to take action now!” the statement concluded.
Jack Ma
Ethiopia Prime Minister Abiy Ahmed had earlier this week announced that he had secured a continent wide support coronavirus support from Chinese businessman Jack Ma. Abiy said the package which was to benefit all African countries will comprise testing kits, masks and guideline books on treatment methods.
“Great appreciation to Jack Ma for partnering with Ethiopia to distribute 10-20k corona testing kits per country; more than 100k masks for each African country, and guideline books developed recently on how to treat patients with the virus,” he wrote in one of three tweets.
It remains to be known the exact testing kit the PM is referring to given that currently only laboratory tests are being used. The Institut Pasteur de Dakar in Senegal has, however, hinted that it would soon roll out a rapid test kit. Jack Ma, the Ali Baba founder had recently donated a million face masks to the United States as part of measures to help deal with the spreading virus.
In November last year, Ma was in Addis Ababa where he met with Abiy. The two parties discussed the launch of the Electronic World Trade Platform in Ethiopia. The platform was to promote Ethiopia’s export products to the global market and open the door for small enterprises to become competitive. The visit followed a 2018 meeting between the Abiy and Ma at the Alibaba Headquarters in Hangzhou. In January 2019, they met at the World Economic Forum in Davos and discussed a potential partnership to build a tech city in Ethiopia.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
There seem to be a flicker of hope from findings of a new study published in science journal Nature Medicine which examines the case of a patient who contracted COVID-19 in Wuhan and fell ill in Melbourne, Australia which according to researchers could provide a more comprehensive view of how and why certain people react to the virus more seriously than others.
The patient’s case was described as a “mild-to-moderate” case, and while she was hospitalized, she was only treated with intravenous fluids to counter dehydration and didn’t receive any other drugs, nor did she require being put on a ventilator. Accordingly, her case was one of the less severe that required hospitalization, providing an opportunity for scientists to study in detail her body’s mostly positive immune response to the novel coronavirus.
Researchers from the Peter Doherty Institute for Infection and Immunity received the patient’s permission to participate in their research, along with a number of other subjects, and were able to collect blood samples that showed how her immune responses performed, and when they activated. The research showed that the patient started developing antibodies in the patient’s blood before her symptoms fully disappeared, and that they remained present at least seven days after the infection went away.
While this case alone won’t provide any definitive information without additional study and examination of other patients, it’s a promising step towards evaluating how healthcare professionals treating COVID-19 patients might be able to discover earlier which patients will end up with more severe symptoms, and which will develop milder cases. They could also inform the development of new medical interventions to ultimately reduce case severity, or help develop vaccines with maximum efficacy.
This research could also help us better understand how post-illness immunity works for COVID-19. With other coronaviruses, like the common cold and the flu, immunization is temporary, which is why we have a seasonal flu shot, for instance. We don’t yet know in great detail how immunity works for recovered COVID-19 patients, and this research could provide more insight into that.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
Here is a note that we sent to Sequoia founders and CEOs today to provide guidance on how to ensure the health of their business while dealing with potential business consequences of the spreading effects of the coronavirus.
Dear Founders & CEOs,
Coronavirus is the black swan of 2020. Some of you (and some of us) have already been personally impacted by the virus. We know the stress you are under and are here to help. With lives at risk, we hope that conditions improve as quickly as possible. In the interim, we should brace ourselves for turbulence and have a prepared mindset for the scenarios that may play out.
All of you have been inundated by suggestions for precautions to take around COVID-19 to protect the health and welfare of you, your employees, and your families. Like many, we have studied the available information and would be happy to share our point of view — please let us know if that is of interest. This note is about something else: ensuring the health of your business while dealing with potential business consequences of the spreading effects of the virus.
Unfortunately, because of Sequoia’s presence in many regions around the world, we are gaining first-hand knowledge of coronavirus’ effects on global business. As with all crises, there are some businesses that stand to benefit. However, many companies in frontline countries are facing challenges as a result of the virus outbreak, including:
Drop in business activity. Some companies have seen their growth rates drop sharply between December and February. Several companies that were on track are now at risk of missing their Q1–2020 plans as the effects of the virus ripple wider.
Supply chain disruptions. The unprecedented lockdown in China is directly impacting global supply chains. Hardware, direct-to-consumer, and retailing companies may need to find alternative suppliers. Pure software companies are less exposed to supply chain disruptions, but remain at risk due to cascading economic effects.
Curtailment of travel and canceled meetings. Many companies have banned all “non-essential” travel and some have banned all international travel. While travel companies are directly impacted, all companies that depend on in-person meetings to conduct sales, business development, or partnership discussions are being affected.
It will take considerable time — perhaps several quarters — before we can be confident that the virus has been contained. It will take even longer for the global economy to recover its footing. Some of you may experience softening demand; some of you may face supply challenges. While The Fed and other central banks can cut interest rates, monetary policy may prove a blunt tool in alleviating the economic ramifications of a global health crisis.
We suggest you question every assumption about your business, including:
Cash runway. Do you really have as much runway as you think? Could you withstand a few poor quarters if the economy sputters? Have you made contingency plans? Where could you trim expenses without fundamentally hurting the business? Ask these questions now to avoid potentially painful future consequences.
Fundraising. Private financings could soften significantly, as happened in 2001 and 2009. What would you do if fundraising on attractive terms proves difficult in 2020 and 2021? Could you turn a challenging situation into an opportunity to set yourself up for enduring success? Many of the most iconic companies were forged and shaped during difficult times. We partnered with Cisco shortly after Black Monday in 1987. Google and PayPal soldiered through the aftermath of the dot-com bust. More recently, Airbnb, Square, and Stripe were founded in the midst of the Global Financial Crisis. Constraints focus the mind and provide fertile ground for creativity.
Sales forecasts. Even if you don’t see any direct or immediate exposure for your company, anticipate that your customers may revise their spending habits. Deals that seemed certain may not close. The key is to not be caught flat-footed.
Marketing. With softening sales, you might find that your customer lifetime values have declined, in turn suggesting the need to rein in customer acquisition spending to maintain consistent returns on marketing spending. With greater economic and fundraising uncertainty, you might even want to consider raising the bar on ROI for marketing spend.
Headcount. Given all of the above stress points on your finances, this might be a time to evaluate critically whether you can do more with less and raise productivity.
Capital spending. Until you have charted a course to financial independence, examine whether your capital spending plans are sensible in a more uncertain environment. Perhaps there is no reason to change plans and, for all you know, changing circumstances may even present opportunities to accelerate. But these are decisions that should be deliberate.
Having weathered every business downturn for nearly fifty years, we’ve learned an important lesson — nobody ever regrets making fast and decisive adjustments to changing circumstances. In downturns, revenue and cash levels always fall faster than expenses. In some ways, business mirrors biology. As Darwin surmised, those who survive “are not the strongest or the most intelligent, but the most adaptable to change.”
A distinctive feature of enduring companies is the way their leaders react to moments like these. Your employees are all aware of COVID-19 and are wondering how you will react and what it means for them. False optimism can easily lead you astray and prevent you from making contingency plans or taking bold action. Avoid this trap by being clinically realistic and acting decisively as circumstances change. Demonstrate the leadership your team needs during this stressful time.
Here is some perspective from our partner Alfred Lin, who lived through another black swan moment as an operating executive:
“I was serving as the COO/CFO of Zappos when I was summoned to Sequoia’s office for the infamous R.I.P. Good Times presentation in 2008, prior to the financial crisis. We didn’t know then, just like we don’t know now, how long or how sharp or shallow of a downturn we will face. What I can confirm is that the presentation made our team and our business stronger. Zappos emerged from the financial crisis ready to seize on opportunities after our competitors had been battered and bruised.”
Stay healthy, keep your company healthy, and put a dent in the world.
Best,
Team Sequoia
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer.
He could be contacted at udohrapulu@gmail.com
With the ravaging impact of the Corona Virus pandemic spreading across the world, the safety and well-being issues dominate global news headlines. To this end, SAP today announced it is opening up free access to two of its leading applications to assist businesses grappling with the effects of the coronavirus.
Alicia Tillman, Global Chief Marketing Officer at SAP Africa
According to Alicia Tillman, Global Chief Marketing Officer at SAP Africa, all businesses are facing unprecedented challenges as the impact on the global economy continues. “Business travel is restricted; events are cancelled, and supply chains have been weakened. It is not business-as-usual in any sense of the phrase. As a purpose-led organisation SAP is uniquely positioned to leverage its technology to support businesses at a time where supply chain and business travel disruption is a real concern.”
SAP, the Experience Company powered by the Intelligent Enterprise, is the market leader in enterprise application software, helping companies of all sizes and in all industries run at their best: 77% of the world’s transaction revenue touches an SAP® system. Its machine learning, Internet of Things (IoT), and advanced analytics technologies help turn customers’ businesses into intelligent enterprises. SAP helps give people and organizations deep business insight and fosters collaboration that helps them stay ahead of their competition.
SAP will open access to its SAP Ariba Discovery solution for the next 90 days to enable any buyer to post their immediate sourcing needs, and for any supplier to respond if they can deliver. The solution will be free to anyone to use for posting and responding to sourcing requests. Tillman says this will help buyers and suppliers to connect quickly and effectively, minimising the disruption caused by shipment delays, capacity issues and increased consumer demand in times of crisis. “SAP operates the largest business network in the world, representing more than four million suppliers in over 190 countries and with $3.21-trillion in commerce via our Ariba network. By providing free access to Ariba Discovery we can help make the connections to keep the supply chain intact and ultimately minimise the impact on businesses and consumers.”
The company has also announced that between March 13 and March 31st, any individual traveler can sign up for TripIt and receive the Pro version for six months. TripIt forms part of SAP Concur and processes hundreds of thousands of travel itineraries for people around the world, monitoring flights and alerting them to any changes or delays. Existing TripIt users will also get the premium service complimentary for six months.
“The SAP Concur portfolio offers a tremendous pulse into the travel industry,” says Tillman. “We want to do our part to help those who must travel and face increasing schedule changes and cancellations stemming from Covid-19.”Tillman points to a prevalence of uncertainty and fear around the impact of Covid-19 around the world. “Opening access to SAP technology is one way we can contribute to addressing global challenges and aligns with our commitment to achieving the UN Sustainable Development Goals.”
SAP believes in simplifying technology for companies so they can consume its software without disruption. SAP’s end-to-end suite of applications and services enables more than 437,000 business and public customers to operate profitably, adapt continuously, and make a difference. With a global network of customers, partners, employees, and thought leaders, SAP helps the world run better and improve people’s lives.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
Sometimes it is easy to forget how interconnected human lives across the globe have become. Perhaps we no longer talk as much about globalization as we used to in the 1990s because it is no longer an issue to be discussed or protested against, it is simply the reality that surrounds us. And there is no cruder evidence of that than the Coronavirus.
NJ Ayuk is Executive Chairman of the African Energy Chamber, CEO of pan-African corporate law conglomerate Centurion Law Group
Despite the fact that the virus hasn’t yet affected African nations in anyway as seriously as other regions of the world, a fact the World Health Organization is still unable to explain, forecasts already indicated that just through reduced demand for African exports, the virus was expected to wipe at least USD$4 billion in revenue from the continent’s economy. Most of that was simply because China in particular, and Asia and Europe in general, were reducing oil and gas consumption dramatically as transport and economic activities came to a standstill in light of the epidemic that already forced several dozens of millions of people to be put under quarantine.
Last week, news reports indicated that oil traders in Africa were unable to find buyers for fifty-five Nigerian oil cargoes as global demand crashed. By last Friday morning, the virus had wiped the equivalent of USD$5 trillion in value from the global stock markets. That’s two and a half times the GDP of the whole African continent.
And all that was before OPEC+’s Friday meeting in Vienna. Wasn’t that one surprising?
I believe it is safe to say that few people could have expected this outcome. After all, for the last three and a half years, the world, and the oil industry in particular, had learned to trust the alliance of OPEC countries with Russia and other oil producers to work together to stabilize the markets and guarantee a sustainable price for the barrel of crude.
Through their decision to cut down oil production to address reduced demand and balance out the effect of the US shale play, all together, they were keeping 1.7 million barrels of oil per day away from the market, a landmark decision of cooperation like we had never seen in history. Perhaps also because of its novelty, of its width and because it was dependent on the will and cooperation of so many, it also fell victim to the infestation this virus has brought.
The Saudi-led consortium of nations was proposing a combined further cut of 1.5 million barrels per day to continue to match the decline in global demand. The Russia-led group was not going to go further than 600 thousand. The conclusion… no new cuts at all and no renewal of the previous cuts. The OPEC+ alliance that saved the industry from collapse in 2016 has, at least for the moment, come to an end. All bets are off. At the end of April, when the current agreement ends, all restrictions will be lifted and the world is bracing for an oil flood.
The markets have already factored that in, with the Brent and the WTI registering its biggest daily crash since the beginning of the first Gulf War. While oil seems to have rebounded slightly today, it will take time to make up for Monday’s 25% crash. That is, if the recovery is anywhere in sight, since Saudi Arabia announced it was ramping up production and selling its oil discounted by as much as USD$8 per barrel, on a barrel priced at little more than USD$30.
In all honesty, the situation looks bleak. If Saudi Arabia and Russia do go on having a price war, a USD$20 barrel is possible, if not probable.
But what does this mean for Africa?
Several African petroleum and energy ministers were in Vienna last Friday, both as members of OPEC and as members of APPO. Shortly before the announcement on the fall of the agreement, they had decided to strengthen cooperation between African oil producers, promote synergies, intra-African trading, and knowledge exchange. Surely, we need that more than ever.
For the moment, however, there is no reason to panic. Surely, things might get worse before they get better, as the world battles this rapidly spreading virus. And surely, some oil dependent African nations will suffer with reduced revenue. Angola’s state budget, for instance, was designed for an oil price of USD$55 not USD$35. But we have survived the oil price crisis of 2014, and we will survive this one two. Further, most African producers have learned from the past experience and have adjusted themselves to respond to price crashes. The progressive economic diversification the continent has witnessed in recent years will also contribute to minimize the impact of this situation. Yes, final investment decisions might be slightly delayed until the situation stabilizes, but they will come in due time.
So what’s next?
If 2020 is showing itself challenging for African energy, 2021 will be a year of opportunity, but for that to happen, we have to start adapting now, laying down the policies that will allow us to take advantage of the future opportunities. It is in moments of crisis that true leaders have the opportunity to shine.
While it is difficult to predict the future, there are a few deductions and inductions we can try to make with some certainty.
One, is that neither Russia nor Saudi Arabia want a low oil price and there is a limit to how long they are willing to sustain it. No one gains from it and if anyone has the capacity and funds to sustain it for a longer period of time is Saudi Arabia. So, it is not really a price war, since it can’t really be a war if you already know the winner at the head start. Already, Russia has suggested it might be open to negotiate coordinated cuts within OPEC+ during the group’s next meeting in May/June.
What seems likely that will happen is that the first to suffer from this will be American shale producers. This sector was already finding it hard to finance itself in recent years but continued to unbalance the market with its rapid response times to price fluctuations. These producers are highly leveraged, and it is likely that most will go bust in the present situation. This is something Russia and Saudi Arabia tried to do back in 2015/2016. While it did not succeed at the time, it might have better chances now.
Further, in three months time, at the time of the next OPEC+ meeting, the virus situation might also be very different. This week, president Xi Jinping visited Wuhan, the epicenter of the epidemic, for the first time since the beginning of the outbreak, in a clear demonstration of a strong response to a rapidly evolving situation that seems to be stabilizing. China itself is an extremely leveraged economy and cannot afford to slow down for much longer. It can be expected that demand in the country will start rising again in the foreseeable future. If that happens in a scenario when the US shale sector is no longer able to respond, it might just be that the price will climb higher than it was before the virus, and with Saudi Arabia securing for itself a much larger slice of the global marketplace. Again, things will get worse before they get better, but they will certainly get better.
So, for African nations, this is the time to position ourselves correctly, and that will require close attention to international developments and close cooperation, to be able to take advantage of new opportunities. The African Energy Chamber will be instrumental in that, but so will be the African members of OPEC. The time to show statesmanship and stay close to Saudi Arabia and the decision-making table is now. To grow Africa’s relevance in the international oil stage by showing level-headedness and cooperation in face of a global crisis. If we take that route, we will come out of this stronger than ever.
NJ Ayuk is Executive Chairman of the African Energy Chamber, CEO of pan-African corporate law conglomerate Centurion Law Group.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
Greg Hayes is the CEO and co-founder of Branch, a 10-employee venture-backed office furniture startup in New York that has raised $2.5 million. Branch sells affordable, modern-inspired office furniture and has manufacturing facilities in the US and China.
Branch relies heavily on contract Chinese manufacturers in Guangzhou, China, which produces about 70% of Branch’s custom furniture parts, Hayes said in an interview with Business Insider. The remaining parts, along with the assembly work, is done in the US.
At the start of January, Hayes published a jubilant article on Starter Story saying that, even though he and his cofounders had no experience in the furniture industry, since their first products began shipping in Q1 of 2019, the company has done over $1 million in sales, including nearly $400,000 in December.
But just a few days later, on January 29, it looked like that would all come tumbling down.
That’s when he learned of the coronavirus and the fact that his factories would be shutting down for a couple of weeks, maybe more, with production expected to be slow for some time after that.
He spent a harrowing month scrambling to make sure his company wouldn’t get crushed just as it was starting to succeed.
But his Chinese manufacturers are now back to about 90% capacity, Hayes said. And thanks to some fast-acting planning and a stroke of luck, his business won’t be hurt in any significant way, he further said.
A harrowing month
Guangzhou is 600 miles from the coronavirus epicenter in Wuhan, “But even at that distance, we saw firsthand how the fallout from the virus had the potential to shut down our supply chain,” Hayes said.
His Chinese suppliers contacted him on January 29. “That’s when we received word that our most crucial factories wouldn’t be reopening until February 10 and even that date was tentative,” he recalled.
His suppliers were only communicating “in dribs and drabs,” so most of what he learned about the situation came from the news.
He learned about travel bans and safety rules, such as employees having to stay several feet apart from one another, which meant the factories would not be fully staffed even if they did reopen on the 10th. This would limit how many parts they could produce.
Branch Furniture
Panicked, he turned to his backers who had backgrounds in the furniture business to find factories outside of China.
“Within a week we had new partners identified and were in a position to start production on these new lines if needed,” he said.
But he and his cofounders also made a lucky business decision in the Fourth Quarter (Q4) of 2019.
They had paid for an extra large order of parts in Q4 in anticipation of the Chinese New Year on January 25. That’s a major holiday in China where production slows as everyone goes home to their families. Last year, Branch had inventory shortages during that time.
The extra order was built before the holiday and it miraculously “arrived at our warehouses in the US and Canada in February,” he said.
He now had enough parts on hand to make it through a short-to-medium term supply chain disruption.
But he didn’t have to.
The factories did open on February 10. He promptly put in another big order, as big as possible without draining his capital too precipitously, as his next concern is that any shipments coming out of China might be delayed thanks to a logjam at the ports, as everyone rushes to obtain their overdue stock.
“The headlines nowadays of Chinese factories ‘remaining closed for the foreseeable future’ is a broad overstatement,” he says. “We’re seeing the output ability of our factories increase each week. The next milestone will be successfully getting the products out of the port, because freight forwarding delays persist.”
All told, the experience made Hayes more hopeful about the resilience of the global supply chain economy — though it helps that his factories are not in Wuhan, which is still in lockdown.
“Despite the seriousness of this disease, the world can still function, the economy can still operate. There have been scary moments, but at the end of the day, we’re OK.”
Julie Bort is the Chief Tech Correspondent — Business Insider.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer.
He could be contacted at udohrapulu@gmail.com
The battle to contain the Covid-19 Virus in Nigeria received a boost today with the donation N200 million by the Dangote Foundation. The pledge is in support current effort of the Nigerian government towards curbing the spread of Corona Virus or Covid-19 in the country. ADF’s intervention is considered the largest single donation by a corporate organization in the country to contain the spread of coronavirus since Nigeria recorded its first index case last month in Lagos, Nigeria.
Managing Director and Chief Executive Officer of the Aliko Dangote Foundation Ms. Zouera Youssoufou
The Managing Director and Chief Executive Officer of the Aliko Dangote Foundation Ms. Zouera Youssoufou, represented by the Health and Nutrition Programme Officer Maryam Shehu-Buhari, at a donor coordinating meeting in Abuja on Tuesday, March 3, 2020 said the donation was part of the Foundation’s cardinal objective of partnering with governments at all levels against the dreaded disease in Nigeria and the rest of Africa. The Foundation is also the only Nigerian donor that attended the meeting and made monetary pledge.
To this extent, she said the Aliko Dangote Foundation has earmarked N124million that will support facilities to help prevent, assess and respond to health events at Point of Entry to ensure National Health Security. Ms Youssoufou also highlighted other areas of intervention to include surveillance and epidemiology, where facilities worth N36million will be provided by the Foundation to support government’s effort.
According to her the ADF will also donate N48million for case management training of health workers. Speaking at the meeting facilitated by World Bank, the Country Director represented by the Operations Manager Ms. Kathleen Whimp identified four thematic areas to tackling the spread of COVID 19. These are: Regular communication with the public, contact tracing, training of volunteers and international co-operations.
Speaking also, the Director, Health Emergency Preparedness and Response of the Nigeria Centre for Disease Control (NCDC) Dr. John Oladejo said some of the challenges, going forwarded include lack of enough isolation centres, contact tracing, training of volunteers, international cooperation, fake news and panic, among others.
Mr. Noel Chisaka of the Regional Disease Surveillance System Enhancement Project commended the Aliko Dangote Foundation for the contribution and encouraged others to join in the fight against Covid-19. Other donors invited to the meeting include: WHO, UNICEF, BMGF, RTSL, EU, USAID, US CDC, DFID, Public Health England, GIZ, JICA, Africa CDC, WAHO, PHI, MTN, Red Cross, IFRC and AFENET.
According to reports there are a total of 90,936 confirmed cases worldwide – although more than half of those (47,995) have already recovered. The biggest numbers are still by far in mainland China (80,151), followed by South Korea (4,812), Italy (2,036) and Iran (1,501). Japan has 274 confirmed cases, France 191, Germany 165, Spain 120, Singapore 108, US 106, and Hong Kong 100. There are also cases in South America, Africa and Australia.
The total death toll stands at 3,117 with 2,936 of those coming from China. The countries with the next highest numbers are Iran (66), Italy (52) and South Korea (29).There have also been deaths in Japan, the US, France, Australia, the Philippines, Taiwan and Thailand.
It would be recalled that the Aliko Dangote foundation also committed N1billion in the fight against the dreaded Ebola Virus Disease (EVD) in Africa, helping to build resilience and strengthen Nigeria’s health system in a manner expected to endure beyond the Ebola crisis period.
The foundation’s support during the Ebola crisis ensured the establishment of the National Ebola Emergency Operations Centre (EEOC) in Yaba, Lagos; provision of 12 units of thermal cameras across Nigeria’s International Airports with training for 160 staff/personnel of the Federal Ministry of Health, Port Health Services Department, on the use of the thermal cameras; provision of W.H.O-certified Personal Protective Equipment, PPEs and comprehensive logistics support for the returnee volunteers on Ebola intervention across countries ravaged by Ebola.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
Nigeria confirmed its first case of the coronavirus in Lagos, the West African country’s biggest city and commercial capital, the Health Ministry said. It’s also the first reported in sub-Saharan Africa.
The case was confirmed on Feb. 27, the ministry said in a statement on its website. The case is an Italian citizen who works in Nigeria and returned from Milan to Lagos on Feb. 25, it said.
The patient is clinically stable with no serious symptoms, and is being managed at the Infectious Disease Hospital in Yaba, Lagos, the ministry said. Officials are working to identify all the patient’s contacts since he entered Nigeria.
Africa’s most populous country is also one of China’s major trading partners on the continent, with most of its imports coming from the Asian country, according to Nigeria’s National Bureau of Statistics.
Algeria has also reported a coronavirus case. Health experts have voiced concerns over the possible spread of the coronavirus in places like Africa that may be ill-equipped to handle such a crisis.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer.
He could be contacted at udohrapulu@gmail.com
As the impact of the Coronavirus continues to bite harder on the traveling and tours industry which has impacted demand for petroleum products. Major oil producing and exporting countries are calling for concerted efforts to tackle it. Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman Al-Saud expressed confidence over the Chinese authorities’ abilities to contain and eradicate the new coronavirus. China had placed total travel ban across Wuhan District and other key cities across the country as part of efforts to mitigate the spread of the Coronavirus. But with the emergence of the disease in neighboring countries, the impact on travel is being felt across Asia and the world.
H.E. Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons.
Reacting to the call, Equatorial Guinea has expressed full support to Saudi Arabia’s proposal aimed at containing the impact of the pandemic on crude oil demand, stressing that oil producing countries should join hands to fashion out ways to react to any potential impact of the Coronavirus on the global oil market.
Yesterday, Prince Abdulaziz bin Salman Al-Saud, Minister of Energy, and expressed confidence over the Chinese authorities’ abilities to contain and eradicate the new coronavirus. He added that in the case of psychological factors impacting oil prices, the Kingdom would be ready to act with OPEC and OPEC+ members on maintaining stability of the market.
“As an OPEC member, Equatorial Guinea stands by Saudi Arabia’s statement and is fully ready to engage on a coordinate action with OPEC if future evolutions of the coronavirus were to affect global oil market stability,” declared H.E. Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons. “We share confidence in the ability of China and the international community to put an end to the spread of the virus at the soonest, and will continue to monitor market expectations accordingly.”
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
