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  • World Bank to invest $15b in African human capital projects

    The World Bank has said it will invest 15 billion dollars into human capital projects in Africa by the year 2023.

    Hafez Ghanem, World Bank Vice President for Africa said this in a statement issued in Nairobi.

    “The projects are part of World Bank’s new plan to help promote skills development for African youth and enhance their competitiveness in a digitalising global economy.

    According to the World Bank’s Africa Human Capital Plan, the programme aims at a reduction in child mortality to save 4 million lives and averting stunting among 11 million children.

    Others are increasing learning outcomes for girls and boys in school by 20 per cent by 2023.

    By doing so, it will increase African workers’ productivity by 13 per cent.

    “Preventing a child from fulfilling his or her potential is not only fundamentally unjust, but it also limits the growth of economies whose future workers are held back,” Ghanem said.

    Read Also: World Bank cuts sub-Saharan Africa’s growth forecast

    “GDP per worker in Sub-Saharan Africa could be 2.5 times higher if everyone were healthy and enjoyed a good education from pre-school to secondary school,” he added.

    According to the World Bank, Sub-Saharan African region scores the lowest on the World Bank’s Human Capital Index which gauges whether countries have adequately invested in the next generation of workers.

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  • World Bank names David Malpass 13th President

    The Executive Directors of the World Bank yesterday unanimously selected David Malpass as President of the World Bank Group for a five-year term, beginning on Tuesday, April 9.

    The board expressed its deep gratitude to interim President Kristalina Georgieva for her dedication and leadership in recent months.

    The Executive Directors followed the selection process agreed in 2011. The process included an open, transparent nomination where any national of the bank’s membership could be proposed by any Executive Director or Governor through an Executive Director. This was then followed by thorough due diligence and a comprehensive interview of Malpass by the Executive Directors.

    The board looks forward to working with Malpass on the implementation of the Forward Look  and the capital package agreement as articulated in the Sustainable Financing for Sustainable Development Paper.

    Malpass previously served as Under Secretary of the Treasury for International Affairs for the United States.  As Under Secretary, Mr. Malpass represented the United States in international settings, including the G-7 and G-20 Deputy Finance Ministerial, World Bank-IMF Spring and Annual Meetings, and meetings of the Financial Stability Board, the Organization for Economic Cooperation and Development, and the Overseas Private Investment Corporation.

  • Breaking: David Malpass is World Bank 13th President

    The Executive Directors of the World Bank on Friday unanimously selected David Malpass as President of the World Bank Group for a five-year term beginning on Tuesday, April 9, 2019.

    The Board expressed its deep gratitude to Interim President Kristalina Georgieva for her dedication and leadership in recent months.

    The Executive Directors followed the selection process agreed in 2011. The process included an open, transparent nomination where any national of the Bank’s membership could be proposed by any Executive Director or Governor through an Executive Director. This was then followed by thorough due diligence and a comprehensive interview of Malpass by the Executive Directors.

    The Board looks forward to working with Malpass on the implementation of the Forward Look and the capital package agreement as articulated in the Sustainable Financing for Sustainable Development Paper.

    Malpass previously served as Under Secretary of the Treasury for International Affairs for the United States.  As Under Secretary, Mr. Malpass represented the United States in international settings, including the G-7 and G-20 Deputy Finance Ministerial, World Bank-IMF Spring and Annual Meetings, and meetings of the Financial Stability Board, the Organization for Economic Cooperation and Development, and the Overseas Private Investment Corporation.

    In his role as Under Secretary, Malpass played a crucial role in several major World Bank Group reforms and initiatives, including the recent capital increase for IBRD and International Finance Corporation (IFC).

    He was also instrumental in advancing the Debt Transparency Initiative, adopted by the World Bank and International Monetary Fund (IMF), to increase public disclosure of debt and thereby reduce the frequency and severity of debt crises.

    Read also: World Bank to compensate 30,000 affected by Ekiti water project

    Prior to becoming Under Secretary, Malpass was an international economist and founder of a macroeconomics research firm based in New York City.

    Earlier in his career, Malpass served as the U.S. Deputy Assistant Secretary of the Treasury for Developing Nations and Deputy Assistant Secretary of State for Latin American Economic Affairs.

    In these roles, he focused on an array of economic, budget, and foreign policy issues, such as the United States’ involvement in multilateral institutions, including the World Bank.

    Malpass has served on the boards of the Council of the Americas, Economic Club of New York, and the National Committee on US–China Relations. Malpass earned his bachelor’s degree from Colorado College and his MBA from the University of Denver.  He undertook advanced graduate work in international economics at the School of Foreign Service at Georgetown University.

    The World Bank President is Chair of the Boards of Directors of the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA). The President is also ex officio Chair of the Boards of Directors of the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and the Administrative Council of the International Centre for Settlement of Investment Disputes (ICSID).

  • World Bank to compensate 30,000 affected by Ekiti water project

    THE World Bank has promised to give adequate compensations to those affected by water reform project being undertaken across Ekiti State in partnership with the government.

    Speaking in Ado-Ekiti yesterday at a one-day capacity-building organised by Environmental Development and Family Health Organisation, the General Manager, Ekiti State Water Corporation, Olabisi Agbeyo, said $50 million was released for the project, tagged: “National Water  Reform Project” in 2013.

    Agbeyo, who was represented by Nancy Otagbo, said the money released by the World Bank was being expended to rehabilitate Ero and Ureje dams as well as water treatment plants by Governor Kayode Fayemi-led administration.

    She said the World Bank was ready to rebuild buildings affected, adding that those permanently displaced would be given adequate compensation in the process of replacing the old pipes or laying new ones, where reticulation is to be extended to.

    “The victims of this water project are categorised as projected affected persons. The 30,000 affected will be protected or safeguarded.

    “Some may have to be permanently displaced or have the fences to their buildings pulled down or may not be able to access their means of livelihoods – all these people will get compensations from the World Bank,” she assured residents.

    Agbeyo said the Lusaka Water Works in Zambia has also been subscribed into the project for its success and sustainability on how to drive the water system.

    A World Bank Environmental Consultant, Mr. Odinakachi Eric, said the institution is committed to reform water sector in Ekiti for the citizens to have access to potable water.

  • Shaibu assures World Bank on sustainable land reforms

    Edo State Deputy Governor, Rt. Hon. Comrade Philip Shaibu has assured the World Bank that the state government will sustain its land reforms to attract investment that will further consolidate socio-economic development and generate job opportunities for Edo people.

    The deputy governor, who is acting as governor of the state following the transfer of power by the governor, who is currently on annual vacation, gave the assurance during a courtesy visit by a delegation of the World Bank, headed by Ms. Edda Ivan-Smith, at the Government House, in Benin City.

    He said the Governor Godwin Obaseki-led administration will strengthen the existing partnership with the World Bank, and assured the delegation that the state government has resolved issues relating to land grabbing by proscribing the activities of the Community Development Association (CDA), a move that received the backing of the revered Omo N’Oba N’Edo Uku Akpolokpolo, Oba of Benin, Oba Ewuare II.

    READ ALSO: 54,000 women benefit from World Bank-backed Project in Edo

    According to him, “We are already partners with the World Bank in terms of development. We are set to break new ground in Edo, which other states will emulate. As regards the research on land management by the World Bank, we have already put mechanisms in place to create an enabling environment for businesses to thrive. This is because we are determined to create job opportunities for youths.”

    He noted that research on land reforms and allocation to encourage private sector development being promoted by the World Bank showed that Edo is already working hard to ensure transparent and trusted land management across the state.

    Leader of the World Bank delegation, Ms. Edda Ivan-Smith, said their research in the state will enable the Bank understand the land ownership system in Nigeria, with a view of providing solutions to current challenges.

    Ivan-Smith said the World Bank is working with governments to improve land administration in the country, noting that the findings of the team’s research is targeted at stimulating dialogue in government, especially on how land is allocated to encourage private sector investment.

    She said the team is carrying out similar research in Lagos, Ogun, Jigawa and Kaduna states.

  • World Bank, Lagos to enhance food security

    The World Bank, in partnership with Lagos State, through its Agro Processing, Productivity Enhancement and Livelihood Improvement Support (APPEALS) project, is to help 10,000 farmers improve their livelihoods, writes DANIEL ESSIET.

    The agriculture sector plays a major role in boosting food security globally. But the sector in Nigeria still is yet to achieve  self sufficiency in food production. Despite attaining a level of self-sufficiency in some staple foods, food insecurity remains a concern across the country.

    However, there is hope as the World Bank has stepped in to help. through its  Agro-Processing, Productivity Enhancement and Livelihood Improvement Support (APPEALS) project aimed at enhancing the productivity of small and medium-scale farmers and improving value addition along priority value chains.

    The bank has earmarked $200 million for the project. Six states -Kano, Kaduna, Lagos, Cross River, Kogi and Enugu – will participate in the project.

    Speaking during a farmers’ sensitisation on APPEALS in Lagos, the state Ministry of Agriculture  Permanent Secretary, Dr. Olayiwola Onasanya, said Lagos and the World Bank would foster sustainable agriculture and rural development.

    Through APPEALS, he said, the World Bank aims to promote decent opportunities for women and  youths through exchanges of knowledge and best practices on agriculture, access to markets and management of financial resources.

    He said the value chains to be supported by APPEALS in Lagos were aquaculture, poultry and rice.

    The number of direct beneficiaries, Onasanya said, is about 10,000 with 50,000 farm households as indirect beneficiaries.

    To him, Lagos has the potential to be a powerhouse in agriculture and the government wants to help the sector attain full potential.

    Onasanya reiterated that the government was determined to establish Lagos  as a hub for agricultural and food innovation.

    On rice, he said Lagos was working on a rice mill, with a projected 32 metric tonnes per hour production capacity. The plant will create more than 200,000 jobs  and produce 130 million kilogrammes of rice yearly.

    He said the state was determined to promote rice as an agro enterprise venture.

    Onasanya reiterated that the state has integrated youth employment into its agriculture and rural development policies, strategies and programmes.

    The Permanent Secretary said the state has developed testing capacity  for agro exports and local foods, adding that the Ministry of Agriculture is strengthening the capacity of its product department to provide services in support of market access for exporters.

    Onasanya said every effort is being made to enable farmers comply with international food testing standards and good  agricultural practice techniques.

    The State Project CorodinatorAPPEALS, Mrs Oluranti Oviebo said the project relies on strategic alliances with  partners to provide better life opportunities for women and  youths.

    According to her, the project will tackle key constraints of the agriculture sector, such as low productivity, lack of seed funds for establishing agro-processing plants, lack of access to supportive infrastructure, and low level of technology adoption and limited access to markets.

    On poultry, she said the project recognises its importance for rural livelihoods and its role in improving food and nutritional security.

    She said APPEALS will work with farmers in some areas, including the development of training focused on profitable poultry production.

    To meet their needs, she said farmers would be provided extension support, and special efforts made to link poultry producers to distributors for input and offtake.

    She said the project is committed to helping inclusive businesses grow and continue to have a positive impact on people living at the base of the economic pyramid.

    Lagos State Agricultural Development Authority (LSADA) Programme Manager, Dr Olamilekan Sheteolu-Pereira said the government is committed to empowering small-scale women and youth farmers.

    He said the state has been able to crash the price of rice per bag  from N24,000 to N14,000, adding that there is a plan to reduce the price to N10,000.

    A member of the APPEALS Steering Committee, Mrs. Bosun Solarin  said the Lagos Chamber of Commerce and Industry is  ready to support the state to promote sustainable livelihood for farmers.

  • World Bank urges protection of Africa’s biodiversity

    The World Bank Group, at the weekend, canvassed the protection of Africa’s biodiversity. It said the continent is home to a rich and diverse animal, plant, and marine biodiversity that provide critical ecosystem services, driving its economy and serving as buffers to climate change.

    According to the global bank, the continent is however, experiencing a dramatic loss of biodiversity. The bank said it is estimated that by 2100, climate change alone could cause the loss of over half of African bird and mammal species, as well as trigger a 20 per cent–30 per cent decline in lake productivity (the plant and animal life produced by a lake), and a significant loss of plant species.

    “Even more immediate are ongoing threats to African biodiversity from natural habitat loss and degradation (especially from agricultural expansion), direct overexploitation of wildlife and fishery species (including from illegal hunting and trade), and the spread of certain non-native invasive species. This loss of biodiversity affects livelihoods, water supply, food security and lessens resilience to extreme events, particularly for people living in rural areas who are often the poorest,” it said in a statement on its website at the weekend.

    To address the challenges this might pose, the World Bank Group said it is working with countries to better conserve and sustainably manage biodiversity. This includes investing in watershed management, integrated coastal zone management and protected areas, as countries strive to achieve their development goals and poverty reduction plans.

    It said a key approach is to help countries find ways to generate revenues from biodiversity—including through tourism or payments for environmental services—that can cover the cost of managing biodiversity and improving local economies.

    “At the same time, the World Bank Group also works closely with partners to improve forest governance and prevent wildlife crime as a way to protect the value of nature-based tourism which in turn affects the resilience of people living around protected areas. Recognising, measuring and managing natural capital and ecosystem services at the country level are vital to protecting biodiversity. The World Bank has been working with several countries in Africa to incorporate the physical and monetary values of natural capital in decision-making processes,” the bank said.

    The World Bank, with support from the Global Environment Facility (GEF), has been among the largest financiers of biodiversity conservation in Africa. Biodiversity work, valued at about $360 million, is included in around 50 projects currently being implemented in the Africa region by the bank.

    In Mozambique, the World Bank said it is supporting the government’s Mozambique Conservation Areas for Biodiversity and Development Programme (MozBio). Mozambique’s Conservation Areas were designated to protect the country’s diverse habitats —which include a coastline with spectacular coral reefs and over 6,000 plant, bird and mammal species. Its phase,  2015-2019, involved over 60,000 beneficiaries (almost half of whom are women) in 10 protected areas, including the Chimanimani, Maputo Special Reserve, Gilé and Quirimbas National Parks.

    It leveraged over $500 million in private investment pledges. The second phase will go through 2023 and aims to further support rural communities while continuing conservation and biodiversity efforts.

     

  • First Bank, Azuri partner to give Nigerians solar power

    …Deepen financial inclusion

     

    Azuri Technologies, a leader in pay-as-you-go solar technology, and First Bank of Nigeria Limited have signed agreement to enter into a unique partnership that will help deepen financial inclusion in Nigeria while bringing affordable, reliable and clean power to millions of Nigerians.

    Under the partnership, Azuri’s solar home TV product will be co-branded and co-marketed by FirstBank and Azuri. Pay-as-you-go customers will be able to pay for their solar via FirstBank’s Firstmonie agent network and mobile payment solution. Firstmonie agents are positioned within rural and semi-urban locations across the country and provide basic financial services such as account opening, cash deposit, cash withdrawals and bill payments. First Bank has the reach in Nigeria with 750 branches and 16,000 agents. Azuri Technologies will leverage these branches and agents to reach every part of Nigeria.

    More than 60 million out of about 200 million people do not have bank accounts and as little as six percent of people have a mobile money account, according to World Bank report in 2018.

    Speaking on the partnership, the Chief Executive of Azuri Technologies, Simon Bransfield-Garth and FirstBank Chief Executive Officer, Adesola Adeduntan, stated the partnership was a positive step in providing much needed energy and enabling access to financial services in rural, low-income areas.

    “This partnership combines the reach of FirstBank with Azuri’s technology and pay-as-you-go solar expertise to bring next generation power to off-grid consumers in Nigeria” said Bransfield-Garth.

    “Azuri and FirstBank share the vision of a level playing field where all consumers have the ability to benefit from modern financial and digital services, regardless of where they live and this agreement is another step in making that vision a reality,” he added.

    Read Also: First Bank BC to register 18 players for new season

    According to FirstBank’s chief, “Financial inclusion is a priority with FirstBank and we are excited that with this partnership, our customers are able to access a wide range of services that address real problems such as access to power. With our over 16,000 Firstmonie Agents spread across the length and breadth of Nigeria, our customers are at an advantage in enjoying seamless financial services from the Bank that puts them first.”

    From solar home lighting to solar satellite TV, Azuri systems are designed to deliver world class performance at an affordable price for all customers that experience irregular power supply. Customers make small weekly or monthly payments to unlock their system and power.

    Pay-as-you-go solar is transforming lives by providing energy for lighting, phones and TVs while helping boost local economies with new employment opportunities and connecting off-grid households to financial and digital services that are helping improve productivity and increase income.

  • LCCI to World Bank: review ease of doing business indicators

    The World Bank should review the indicators for composing the Ease of Doing Business (EoDB) Index to reflect the reality of each country, the Lagos Chamber of Commerce and Industry (LCCI) has said.

    Speaking in Lagos, its Director-General, Mr. Muda Yusuf, said country-specific criteria was desirable and not just using the same indicator for every country.

    He said countries vary in their peculiarities and challenges.

    “Some of the indicators in the EoDB composition do not properly capture the critical variables in our own environment.

    “Issues of power, transportation, security and our regulatory environment are not captured. We need to address all these other variables that are not on the list of the EoDB parameters,” Yusuf said.

    The LCCI chief pointed out, for instance, that the present indicators were about construction permit, ease of starting business, credit, reforms, trading across borders, among others.

    “There are some issues on the parameters that are not fundamental to our own business environment in terms of impact.

    “In many of those countries that you roll out these parameters, security is not an issue, power and transportation are taken for granted; whereas in our environment, these are very big issues,” he said.

    Yusuf said it was cogent for the World Bank to include these excluded variables in order to have a parameter that reflects the reality of each country.

    According to him, the excluded variables were factors that should be addressed as they drive the cost of doing business in the country, which invariably affect the ease of doing business and the business environment.

    The World Bank Doing Business Index (DBI) is a yearly ranking that objectively assesses prevailing business climate conditions across 190 countries based on 10 EoDB indicators.

    The Index offers comparative insights based on private sector validation of reforms delivered in the two largest commercial cities in countries with a population higher than 100 million.

    A nation’s ranking on the index is based on the average of 10 sub-indices namely, starting a business; dealing with construction permits; getting electricity; registering property; getting credit and protecting investors.

    Others are: paying taxes, trading across borders, enforcing contracts and resolving insolvency.

  • World Bank shops for Kim’s successor

    The Board of Executive Directors of the World Bank met at the weekend  to discuss the selection for the next president of the Group.

    The meeting, which was covened under the Chairmanship of its Dean, Dr. Merza Hasan, follows the announcement by President Jim Yong Kim that he would be stepping down on February 1.

    The executive directors expressed appreciation to Kim for his leadership of the World Bank Group and its significant accomplishments during his tenure.

    The World Bank Board affirmed its commitment to an open, merit-based and transparent selection process.

    They agreed that candidates should be committed to the implementation of the Forward Look and the capital package agreement as articulated in the Sustainable Financing for Sustainable Development Paper.

    According to them, candidates should have a proven track record of leadership; experience of managing large organisations with international exposure, and a familiarity with the public sector; the ability to articulate a clear vision of the World Bank Group’s development mission; a firm commitment to and appreciation for multilateral cooperation; and, effective and diplomatic communication skills, impartiality and objectivity in the performance of the responsibilities of the position.

    Nominations shall be submitted during a period starting on February 7. Eastern Standard Time (EST) and ending on March 14, and may be made by Executive Directors, or by Governors through their Executive Director. Candidates must be nationals of the Bank’s member countries.

    Following the close of the nomination period, the Executive Directors will decide on a shortlist of up to three candidates and publish the names of the shortlisted candidates with their consent.

    Formal interviews by the Executive Directors will be conducted for all shortlisted candidates with the expectation of selecting the new president before its Spring Meetings of this year.

    The president of the World Bank is an ex-officio chair of the Board of the Executive Directors of the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA).

    The president is also ex-officio chair of the Board of Directors of the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and the Administrative Council of the International Centre for Settlement of Investment Disputes (ICSID).