Business
World Bank approves $1.57bn support fund for Nigeria
World Bank approves $1.57bn support fund for Nigeria
The World Bank has announced the approval for three new projects with the funding sum of $1.57 billion in Nigeria.
In a statement released on Monday, the World Bank said the new funding will help the country tackle governance issues in education, healthcare, strengthening the primary healthcare services and boost resilience to climate change by improving dam safety and irrigation infrastructure.
The approval, made on September 26, 2024, highlights the World Bank’s commitment to strengthening Nigeria’s human capital and building resilience.
This financing package consisting of $1.5 billion loan and a $70 million grant to address climate challenges is part of broader initiatives aimed at enhancing key sectors like education, healthcare, and water management, while also addressing poverty and increasing productivity.
The $1.57 billion funding is distributed across three major projects.
The HOPE-GOV programme will receive $500 million to improve governance in the education and health sectors by addressing issues in financial and human resource management.
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Another $570 million is allocated to the Primary Healthcare Provision Strengthening Programme (HOPE-PHC), which aims to enhance healthcare services, especially for women, children, and adolescents, while reducing maternal and child mortality rates.
The remaining $500 million will fund the Sustainable Power and Irrigation for Nigeria Project (SPIN), designed to mitigate climate challenges and improve irrigation and agricultural productivity.
The World Bank Country Director for Nigeria, Dr Ndiamé Diop in the statement, emphasised that investing in the health and education of Nigerians is crucial for improving future employment opportunities, productivity, and reducing poverty.
He added that the new financing will address the significant challenges faced by Nigerians, particularly women and girls, in accessing quality healthcare and services.
“Effective investment in the health and education of Nigerians today is central to increasing their future employment opportunities, productivity, and earnings, while reducing poverty of the most vulnerable. This new financing for human capital and primary healthcare will help to address the complex difficulties faced by Nigerians, especially women and girls around access and quality of services, but also the governance arrangements that also explain these difficulties.
“The SPIN programme is timely and will protect Nigerians from floods and droughts in the areas where it will be implemented, while enabling an increase in hydropower generation.
“The direct positive impact of this project on people and livelihoods is enormous, the World Bank is pleased to work with the government and other stakeholders to deliver this programme,” Diop said.
World Bank approves $1.57bn support fund for Nigeria
Business
PH refinery: 200 trucks will load petroleum products daily, says Presidency
PH refinery: 200 trucks will load petroleum products daily, says Presidency
No fewer than 200 trucks are set to load petroleum products at the government-owned Port Harcourt Refinery, the presidency has said.
A presidential spokesperson, Sunday Dare, made this known in a statement through his official X handle on Tuesday.
Newstrends had reported that the Nigerian National Petroleum Company on Tuesday announced that Port Harcourt Refinery has resumed operations and crude oil processing after years of inactivity.
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Reacting, Dare said, “200 trucks are expected to load products daily from the refinery, Renewing the Hopes of Nigeria.”
He added that “the Port Harcourt refinery has two wings.
“The Old Refinery comes on stream today with an installed production capacity of 60, 000 barrels per day of crude oil.”
PH refinery: 200 trucks will load petroleum products daily, says Presidency
Business
Breaking: CBN increases interest rate to 27.50%
Breaking: CBN increases interest rate to 27.50%
The Central Bank of Nigeria (CBN) has raised the lending interest to 27.50 per cent from 27.25 per cent.
This latest increase in the Monetary Policy Rate came after a meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Monday and concluded Tuesday.
The Monetary Policy Rate measures the benchmark interest rate.
The CBN Governor, Yemi Cardoso, announced this in Abuja on Tuesday after the MPC meeting, last for the year, held at the apex bank’s headquarters.
He said the MPC voted unanimously to raise the MPR by 25 basis points from 27.25% to 27.50%; and retain the Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks.
The CBN governor also said the MPC retained the Liquidity Ratio (LR) at 30% and Asymmetric Corridor at +500/-100 basis points around the MPR.
Business
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate stood at 4.3 per cent in the second quarter of 2024, the National Bureau of Statistics (NBS) has said in its latest report.
The report released on Monday said the unemployment rate decreased compared to the 5.3 per cent recorded in the Q1 of 2024.
The NBS defined the unemployment rate as the share of the labour force (the combination of unemployed and employed people) who are not employed but actively searching and are available for work.
“The unemployment rate for Q2 2024 was 4.3%, showing an increase of 0.1 percentage point compared to the same period last year,” the report stated.
“The unemployment rate among males was 3.4% and 5.1% among females.
“By place of residence, the unemployment rate was 5.2% in urban areas and 2.8% in rural areas. Youth unemployment rate was 6.5% in Q2 2024, showing a decrease from 8.4% in Q1 2024.”
Report also said the unemployment rate among persons with post-secondary education was 4.8 per cent; 8.5 per cent among those with upper secondary education, 5.8 per cent for those with lower secondary education, and 2.8 per cent among those with primary education in Q2 2024.
Employment rate – 76%
The report showed that the employment-to-population ratio, which measures the number of employed workers against the total working-age population, increased to 76.1 per cent in Q2 2024.
“In Q2 2024, 76.1% of Nigeria’s working-age population was employed, up from 73.1% in Q1 2024,” the report stated.
Self-employment – 85.6%
The report further showed that Nigeria’s labour market saw a notable shift as the proportion of self-employed individuals increased in Q2 2024.
It stated, “The proportion of persons in self-employment in Q2 2024 was 85.6%.”
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