Business
World Bank Finally Approves $1.5billion Loan To Strengthen Nigeria’s Economy
The World Bank has finally approved Nigeria’s request for a $1.5 billion loan.
This was announced in a statement by World Bank on Tuesday noting that the facility is a five-year Country Partnership Framework (CPF) that will last from 2021 to 2024.
“This Country Partnership Framework will guide our engagement for the next 5 years in supporting the Government of Nigeria’s strategic priorities by taking a phased and adaptive approach,” World Bank Country Director for Nigeria, Shubham Chaudhuri said.
World Bank Board of Directors approved the $1.5 billion for two projects, which include: Nigeria Covid-19 Action Recovery and Economic Stimulus – Program for Results (Nigeria CARES) and the State Fiscal Transparency, Accountability and Sustainability Program for Results (SFTAS).
The CPF will focus on four areas of engagement which include investing in human capital by increasing access to basic education, quality water, and sanitation services; improving primary healthcare; and increasing the coverage and effectiveness of social assistance programs.
Promoting jobs and economic transformation and diversification by supporting measures to unlock private investment and job creation and increasing access to reliable and sustainable power for households and firms.
The CPF will also focus on boosting digital infrastructure, and developing economic corridors and smart cities, to provide Nigerians with improved livelihoods.
Strengthening the foundations of the public sector by improving public financial management and strengthening the social contract between citizens and government through improved fiscal and debt management.
World Bank in the statement added that Nigeria is at a critical juncture, hence the approval of the loan.
“With the sharp fall in oil prices as a result of COVID-19, the economy is projected to contract by over 4% in 2020, plunging the country into its deepest recession since the 1980s. Government revenues could fall by more than 15 billion dollars this year, and the crisis will push an additional 5million Nigerians into poverty in 2020,” the statement read in part.
The World Bank noted that the facility was prepared jointly with the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA).
This CPF proposes a collaborative approach of how resources across the entire Bank Group can best support the Government’s effort to achieve its goal to lift 100 million citizens out of poverty.
“The Country Partnership Framework leverages the World Bank Group to enable business growth that is inclusive and sustainable,” IFC Director for Southern Africa and Nigeria, Kevin Njiraini also said.
Business
Clean Energy Transition Can’t Succeed Without Workers’ Rights – REAN
By Joel Ajayi
The Executive Secretary of the Renewable Energy Association of Nigeria (REAN), Dr. Tosin Akande, has emphasized that a successful clean energy transition is impossible if workers’ rights are neglected.
The energy transition refers to the shift from reliance on fossil fuels to renewable and cleaner energy sources for a more sustainable and environmentally friendly future.
Dr. Akande issued this warning in her goodwill message at the public presentation of the Workers’ Charter of Demand and Stakeholders’ Engagement held on Thursday in Abuja.
She stressed the importance of worker inclusion in the clean energy transition, warning that ignoring labor rights could jeopardize the process.
“A clean energy transition cannot be successful if workers are neglected. We must create mechanisms for reskilling and upskilling, particularly for workers who have spent their careers in the fossil fuel industry,” she stated.
Dr. Akande also highlighted the renewable energy sector’s vast potential for job creation, emphasizing the need for strong policies to prevent unemployment and poor working conditions.
“Without strong policies, many workers could face job losses or poor working conditions,” she warned.
Her goodwill message reinforced the urgent need for collaboration among government, labor unions, and industry stakeholders to ensure that Nigeria’s transition to clean energy is both equitable and sustainable.
Dr. Akande commended Friedrich-Ebert-Stiftung (FES) Nigeria and its partners for their dedication to advocating labor rights amid Nigeria’s energy transition process.
The event, organized by the Institute for Peace and Conflict Resolution (IPCR) in collaboration with FES Nigeria, also marked the launch of the Justice Department Transition Project, which aims to ensure a just and sustainable shift to renewable energy.
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