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
FG Targets Improved Wheat Production With Subsidies Agricultural Growth Scheme
Joel Ajayi
The Federal Government has launched a groundbreaking initiative to enhance Nigeria’s wheat production, aligning with its efforts to strengthen food security and reduce dependence on imported wheat
.
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, who stated this in his office in Abuja, disclosed that the Ministry is thus advancing Nigeria’s wheat production through the National Agricultural Growth Scheme and Agro Pocket (NAGS-AP).
The initiative, he said, spans 16 wheat-producing States, aiming to enhance agricultural productivity and boost economic growth.
National Project Coordinator, Ishaku Buba, while briefing the Minister, informed that the scheme is targeting 280,000 smallholder farmers and a select group of medium-scale farmers in selected clusters.
Participants, he said, are required to contribute resources to cover inputs for one hectare of irrigated land, noting that fertilizer packages vary, with farmers in most States receiving 50kg of Urea and 100kg of NPK fertilizer, while farmers in Jigawa State will receive increased inputs due to its soil nutrient demands and a commitment of the State Government to boost wheat production.
He added that the project provides significant financial support, including 25% subsidies on certified wheat seeds and 50% subsidies on fertilizers, thus reducing costs for participating farmers.
To facilitate distribution, 409 redemption centres have been established, with 281 already operational, reaching 68,389 farmers (24.42% of the target).The program is expected to conclude its input distribution phase later this month, aligning with the wheat planting calendar.
Enhanced security measures have also been enacted, with personnel drawn from the Police, DSS, and NSCDC in place at redemption centres to ensure smooth operations.
In his closing remarks, HM Edun commended the project team for their efforts, emphasizing the scheme’s potential to strengthen food security, support rural economies, and reduce Nigeria’s dependence on imported wheat.
With this innovative subsidy scheme, Nigeria is poised to make significant strides in wheat production, ultimately contributing to a more food-secure and prosperous nation.
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