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World Bank Approves $346m For Lake Chad Region

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By Tony Obiechina, Abuja


The World Bank has approved two operations totaling $346 million in International Development Association (IDA) financing to assist in strengthening resilience and livelihoods in the Lake Chad region comprising, Cameroon, Chad, Niger and Nigeria.

  


This was disclosed in a statement by the Washington based – global financial body and made available to the media in Abuja on Wednesday.

 


The first project, the Lake Chad Region Recovery and Development Project (PROLAC, $170 million), it further explained “will support national and regional coordination platforms and local capacity building, contribute to restore sustainable rural mobility and connectivity and strengthen the recovery of agricultural livelihoods in selected provinces of Cameroon, Chad, and Niger.

 


“It will also promote knowledge sharing and regional dialogue with a data platform hosted at the Lake Chad Basin Commission, while strengthening community empowerment through citizen engagement, social cohesion activities and labor-intensive public works. 


“PROLAC will contribute to the rehabilitation of rural roads and small transport infrastructure, and will promote productive investments by helping agricultural producers to increase productivity in the polder areas in Chad, the farming of oasis areas in Niger, and in the areas close to the shore of the Lake Chad in the Far North of Cameroon, the statement added.


The second project, the Multi-Sectoral Crisis Recovery Project for North Eastern Nigeria, Additional Financing (MCRP AF, $176 million), it went on, will help Nigerian government to improve access to basic services and livelihood opportunities for crisis-affected communities in the North Eastern States of Adamawa, Borno and Yobe”.


It will also “enhance coordination among these States and other Lake Chad countries. It expands the ongoing $200 million MCRP project and puts an increased emphasis on support for agricultural livelihoods and investments. 


“In addition, the MCRP AF will include support for labor-intensive approaches and works programs, promote rural and regional connectivity, rehabilitate market infrastructure and prioritize climate change adaptation and mitigation. 


“The project will also expand its education and health activities to include a focus on service delivery by providing grants to school committees and incentives to returning teachers, and by promoting quality of primary health care services in targeted public health centers and district hospitals”, the statement added. 


According the statement, the Lake Chad region suffers from poor development and economic indicators compared to the averages in the four countries. 


“There are significant gaps in infrastructure, access to basic services is poor, and natural resources and livelihoods are severely impacted by climate change. The situation is exacerbated by insecurity prevailing since 2009 due to insurgent activities that prevents more than 49 million people from attaining their livelihoods in fishing, livestock farming and agriculture, statement explained.
It further stated that the two  approved operations focus on enhancing regional collaboration among the four countries to support communities close to the shore of Lake Chad areas and to improve the living conditions of the population, including vulnerable women and youth who face the negative impacts of climate change and suffer from insecurity.


According to World Bank Director of Regional Integration for Africa, Deborah Wetzel, “The Lake Chad region remains a priority area of engagement given the common nature of the challenges faced by the sub-region and the huge potential for regional cooperation”
“The framework being created by both PROLAC and the MCRP AF will lay the foundation for future regional and coordinated investments that will improve access to regional markets, promote value-chains development and revive cross-border and regional trade”, she said. 


Both PROLAC and the MCRP are well aligned with existing regional and national strategies, including (i) the World Bank’s Regional Integration and Cooperation Assistance Strategy which promotes collective actions to address the risks of regional economic contagion, fragility, epidemic and climate hot spots; (ii) the World Bank’s Strategy for Fragility, Conflict and Violence; and with (iii) the Country Partnership Frameworks for Cameroon, Chad and Niger, and the Country Partnership Strategy for Nigeria.


The World Bank’s International Development Association (IDA), established in 1960, helps the world’s poorest countries by providing grants and low to zero-interest loans for projects and programs that boost economic growth, reduce poverty, and improve poor people’s lives.


IDA is one of the largest sources of assistance for the world’s 76 poorest countries, 39 of which are in Africa. Resources from IDA bring positive change to the 1.6 billion people who live in IDA countries.

Since 1960, IDA has supported development work in 113 countries. Annual commitments have averaged about $21 billion over the last three years, with about 61 percent going to Africa. 

Economy

Investors Gain N183bn on NGX

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The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.

Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.

The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.

68, against 98,206.
97 recorded on Tuesday.

Consequently, the Year-To-Date (YTD) return increased to 31.

74 per cent.

Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.

Market breadth closed positive with 34 gainers and 17 losers.

On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.

Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.

On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.

Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.

Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.

A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.

Meanwhile, ETranzact led the  activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)

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Economy

Yuan Weakens to 7.1870 Against Dollar

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The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.

The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.
(Xinhua/NAN)

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Economy

Bring Kaduna Refinery Back into Operation, Youth Group Urges NNPCL

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Arewa Youths Initiative for Energy Reforms (AYIFER), has urged  Nigeria National Petroleum Corporation Limited (NNPCL)  to do everything possible to bring Kaduna Refinery back into operation.

National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.

Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.

He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.

“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.

“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.

“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.

Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.

According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.

He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)

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