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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

Value Addition is new Standard in Mining Operations – Alake

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The Minister of Solid Minerals Development, Dr Dele Alake has declared value addition as the new indispensable standard for mining operations in the country.

Alake made the declaration in a statement issued by his Special Assistant on Media, Mr Segun Tomori, on Tuesday in Abuja.

The minister had earlier said that the federal government had resolved to ensure compliance to value addition before permitting investors to operate.

He said that his seven-point agenda for the ministry had placed the mining sector on the global front burner since assuming office, which had generated renewed interest from the international community in Nigeria`s mineral resources.

According to the statement, the minister lauded a mining company, African Natural Resources and Mines Ltd.

(ANRML), during an inspection tour in Kaduna State, for its 600 million dollar facility dedicated to the mining and processing of magnetite iron-ore.

He described the move as in line with the government`s resolve for value addition, which is especially apt given President Bola Tinubu`s quest to develop the solid minerals, to boost Nigeria`s economic profile and to meet the global upsurge in energy transition.

“The company aligns with our vision of value addition and beneficiation through its processing of iron-ore, and I urge other mining companies to take a cue from them, “ he said.

He reiterated the government`s commitment to abstain from granting mining licenses to companies that lack the necessary plans for value addition.

The minister acknowledged that resilience, courage and laying a solid foundation were critical in contributing to the company success.

He added that such factors also serve as guidelines for President Tinubu`s administration in its efforts for economic transformation.

“ We have set our minds in this administration and invariably in Nigeria to achieve success, that is why Mr President is restructuring the economy.

“When this company (ANRML) started seven years ago, we saw one of the foundations through the video documentary, the amount of concrete that went in to erect a foundation, just to carry a giant edifice.

“That is what we are going through. When we get through the gestation period, the results will manifest, and it will herald prosperity, “he said.

The minister had stated that no license would be granted to companies wishing to enter the mineral sector without presenting a plan for value addition, such as processing and refining which has multiplier effect on the economy. (NAN)

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Economy

Life Insurance Records 95% Net Claims in Q4 2023-NAICOM

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The National Insurance Commission (NAICOM) says Life insurance business recorded about 95 per cent net claims of the total claims in the fourth quarter of 2023.

A report by NAICOM in Abuja on Tuesday hinted that the record was due to the direct reflection of the ongoing regulatory measures by the Commission regarding claims settlements.

NAICOM said the insurance market average stood at about 71.

4 per cent of the N536.
5 billion gross claims reported at the close of the fourth quarter.

The Commission said the market also recorded retention of about 87.7 per cent for the life business, 54 per cent for non-life while the aggregate market average retention stood at 66.

7 per cent for the period.

It showed that the insurance industry sustained its progressive trend of positive market performance at the close of 2023 fourth quarter.

According to NAICOM, the insurance market recorded a milestone growth to close at N1.003 trillion, representing about 27 per cent growth compared to the N790 billion recorded in 2022.

”Major growth drivers in the non-life segment of the market were oil and gas and fire Insurances contributing 27.3 per cent and 24.1 per cent respectively.

”In a direct reflection to the “no-premium no-cover” policy of the Commission, the outstanding premium continues to decline.

”The premium posted 1.6 per cent as outstanding of all the premiums generated in the market during the period.

”Statistics also shows that the market recorded total assets of about N2.67trillion and capitalisation of N851billion in 2023,” NAICOM said. (NAN)

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Economy

No Mining License without Mineral Value Addition Plans-Alake Warns

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The Minister of Solid Minerals Development, Dr Dele Alake has warned that no mining license would be issued to prospective investors without requisite plans for value addition on minerals.

Alake gave the warning in a statement  by his Special Assistant on Media, Segun Tomori on Tuesday.

He said the Federal Government had resolved to ensure compliance before permitting investors to operate.

He said that his Seven -Point Agenda for the ministry had placed the mining sector on global front burner since assuming office, which had generated renewed interest from the international community in Nigeria’s mineral resources.

He said the support of the executive and the legislature had enabled the ministry to showcase the solid minerals sector globally, resulting in his election as the Chairman of the Africa Minerals Strategy Group (AMSG) at the Future Minerals Forum in Riyadh, Saudi Arabia.

According to him, with the pact that led to the formation of the AMSG, there is now unity of purpose on the African continent regarding the issue of local value addition.

“We are no longer going to allow anybody or license any company that wants to go into the mineral sector without giving us a plan for local value addition,  like processing, refining and this has a multiplier effect on the economy.

“It instantly generates employment rather than a few people carting away lithium, gold, and the likes to other countries to sell.

“These minerals must now be processed in Nigeria, creating more value and beneficiation for local communities where they are sourced, ” he said.

Reports says that the minister had earlier received members of the House Committee on Solid Minerals who were on oversight visit to his office.

The minister commended the lawmakers for their support in repositioning the mining sector, stressing that boosting the economic profile of Nigeria required joint task by both the executive and legislature.

He acknowledged the significant contribution of sub-nationals to mining development, emphasising that state chairmen of  Mineral Resources and Environmental Management Committee (MIREMCO) and five committee members were nominated by state governments. (NAN)

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