WASHINGTON, DC—The coronavirus pandemic presents an unprecedented challenge to public health systems across the world as well as to the global economy. The United States has quickly become the unofficial epicenter of the virus, with more confirmed cases than any other country, and business, travel and trade between the United States and Nigeria is coming to a screeching halt. While Nigeria has not yet experienced rates of infection seen elsewhere in the world, the longer-term political and economic effects of the outbreak will have a significant and deleterious impact on the country’s economy.
Nigeria is battling the double burden of a sudden and dramatic drop in oil prices and a coronavirus-induced global economic slowdown. Nigeria’s top trading partners – China, the United States, the United Kingdom, and the European Union – are among the worst affected by the novel virus. In an effort to mitigate the impact of coronavirus on the economy, President Buhari approved a N10 billion grant to fight the outbreak in Lagos State and a N5 billion grant to support the Nigerian Centre for Disease Control. The Central Bank of Nigeria has introduced a stimulus package to help households and small businesses hardest hit by the coronavirus pandemic and adjusted the official currency rate by 15 percent.
However, the government has not been alone. I am proud to note that the private sector, including several US-Nigeria Council (USNC) members, have risen to the occasion, putting significant resources behind Nigeria’s COVID-19 relief effort. Here are just a few examples:
As part of the Nigerian Private Sector Coalition Against COVID-19 (CA COVID), USNC Founding Members Aliko Dangote, Zenith Bank’s Jim Ovia and Herbert Wigwe of Access Bank have all contributed upwards of N1 billion (about $2.7 million) each to support the government in curtailing the COVID-19 pandemic, encouraging other private sector leaders to do the same.
The CA COVID initiative will help to provide treatment and isolation centers across Africa’s most populous nation as it braces for the impact of the coronavirus pandemic.
John Coumantaros, Honorary Co-Chair of the Council, and Flour Mills of Nigeria have contributed N1 billion to the CA COVID Fund. The company has also provided an additional N1 billion in medical and food aid.
Wale Tinubu from Oando and ABC Orjiako of Seplat Patroleum Development Company have joined thirty-two other oil companies to pledge $30 million to the country’s COVID-19 relief effort.
Amid much concern surrounding the global COVID-19 pandemic, I am pleased to see the Nigerian business community stepping up and utilizing their assets and funds for social good. Coronavirus presents an unprecedented challenge for the United States and Nigeria, and the business community will be central to the relief effort. Thank you, USNC members, we applaud your continued efforts to help Nigeria navigate this historic global crisis. We also join with the sentiments expressed by the leaders of the United States and Nigeria, and offer our thanks to all our heroic health care workers and other essential staff on the frontline of the response for their dedication and commitment.
Ambassador (ret.) Terence P. McCulleyFormer U.S. Ambassador to Nigeria (2010-2013);Chairman U.S. Nigeria Council for Food Security, Trade, and Investment