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
90 million litres stuck as NNPCL shuts petrol purchasing portal – Marketers
90 million litres stuck as NNPCL shuts petrol purchasing portal – Marketers
Oil marketers have raised concerns about a potential fuel scarcity following the shutdown of the Nigerian National Petroleum Company Limited (NNPCL) petrol purchasing portal.
The shutdown has prevented dealers from placing new orders for fuel, leading to supply disruptions.
According to marketers, over 90 million litres of petrol, worth approximately N79 billion, are pending delivery from NNPCL.
The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, confirmed that while marketers can still load fuel, they cannot access the portal to check prices or make new purchases.
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Ukadike stated that there are currently over 2,000 pending tickets for 45,000-litre petrol trucks, which amounts to a significant volume of fuel awaiting supply. He warned that the continued closure of the portal could result in another wave of fuel shortages across the country.
Other marketers, speaking anonymously, echoed concerns that the portal’s shutdown is already causing fuel shortages.
One marketer mentioned, “Everyone is affected because we all go to the NNPC portal to place our orders, and when the portal is inaccessible, supply is disrupted.”
As of now, there has been no official response from NNPCL spokesperson Olufemi Soneye regarding the situation. However, some marketers believe the portal was shut down temporarily to resolve backlogs of pending orders.
90 million litres stuck as NNPCL shuts petrol purchasing portal – Marketers
Business
Naira appreciates to N1,685 in parallel market
Naira appreciates to N1,685 in parallel market
The Naira yesterday appreciated to N1,685 per dollar in the parallel market from N1,700 per dollar on Monday.
Similarly, the Naira appreciated to N1,659.26 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.
Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,659.26 per dollar from N1,669.15 per dollar on Wednesday, indicating N9.89 appreciation for the naira.
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The volume of dollars traded (turnover) in the official market increased sharply by 155.2 percent to $450.39 million from $176.45 million traded on Wednesday.
Consequently, the margin between the parallel market and NAFEM rate narrowed to N25.74 per dollar from N30.85 per dollar on Wednesday.
Naira appreciates to N1,685 in parallel market
Business
Naira records marginal appreciation, exchanges for N1,700/$
Naira records marginal appreciation, exchanges for N1,700/$
The Naira yesterday appreciated to N1,700 per dollar in the parallel market from N1,705 per dollar on Monday.
Similarly, the Naira depreciated to N1,669.15 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.
Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,669.15 per dollar from N1,541.94 per dollar on Monday, indicating N127.2 appreciation for the Naira.
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The volume of dollars traded (turnover) in the official market declined by 2.97 percent to $176.45 million from $181.86 million traded on Monday. Consequently, the margin between the parallel market and NAFEM rate narrowed to N30.85 per dollar from N163.06 per dollar on Monday.
Naira records marginal appreciation, exchanges for N1,700/$
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