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Tag: world bank

  • Eight Nigerian start-ups, 12 others for World Bank’s digital programme

    Eight Nigerian start-ups are amongst 20 of the most promising African digital start-ups that will take part in the XL Africa residency, the flagship initiative of the business accelerator launched last April by the World Bank Group’s infoDev program. XL Africa is funded by the governments of Finland, Norway, and Sweden, and administered by the World Bank Group with implementation support from IMC Worldwide, VC4A, and Koltai & Co.

    The program, which ends on November 17 in Cape Town, South Africa, will allow the entrepreneurs the opportunity to learn from their mentors and peers, increase their regional visibility, and get access to potential corporate partners and investors.

    The eight selected Nigerian start-ups that will participate in the event include Electronic Settlement Limited (FinTech, Nigeria), MAX (Transport, Nigeria), ogaVenue (Venue Platform, Nigeria), Prepclass (EdTech, Nigeria), Printivo (Printing, Nigeria), Rensource (Energy, Nigeria), TalentBase (HR, Nigeria), and Tizeti Network Ltd. (Connectivity, Nigeria).Other participating African digital start-ups include Aerobotics (Data, South Africa), Asoko Insight (Data, Kenya, Ethiopia, Ghana, United Kingdom, and Nigeria), Coin Afrique (Marketplace, Senegal and Benin), Edgepoint Digital (Jamii), (FinTech – Insurance, Tanzania),and Lynk Jobs Ltd. (HR, Kenya).

    Others are Ongair (SME Services, Kenya), Pesabazaar.com (FinTech, Kenya), Rasello Company Ltd. (SME Services, Tanzania), Sendy Ltd. (Delivery, Kenya), Snapplify (Publishing, South Africa and Kenya), Sokowatch (Delivery, Kenya), and Timbuktu (Travel, South Africa).

    The 20 successful African start-ups were selected from a pool of over 900 applicants, specializing in digital solutions for the African market, including Financial Technology (Fin-Tech), transportation, health care, education, human resources, and Business to Business (B2B).

    All companies provide a digital product or service currently available in one or more African markets and show potential to scale across the region.

    The residency will conclude with the XL Africa Venture Showcase, a regional event organised in association with the African Angel Investor Summit, in which the entrepreneurs will present their business models to a select audience of corporations and investors.

    With support from African investment groups, XL Africa will help the start-ups attract early stage capital between $250, 000- $1.5 million.”We are pleased by the interest infoDev and XL Africa generated across the continent in just a few months,” Director of the Trade & Competitiveness Global Practice at the World Bank Group, Klaus Tilmes, said.According to him, XL Africa attracted firms with high-growth potential, with many having female co-founders, and have already raised early stage investment while also demonstrating significant market traction.

  • World Bank presents 2018 Doing Business ranking to govt

    World Bank presents 2018 Doing Business ranking to govt

    The World Bank team yesterday, formally presented the 2018 Doing Business ranking to the Federal Government as evidence of progress made by Nigeria on the recent reforms embarked upon by the government.

    The World Bank in its latest ranking on Doing Business confirmed Nigeria’s progress across several indicators comprising, starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts, and resolving insolvency.

    A statement from Mr. Laolu Akande, Senior Special Assistant to the President on Media and Publicity, Office of the Vice President said “the council which is meeting for the first time since the release of the latest rankings by the World Bank will look at the significance of Nigeria’s ranking, especially as the country features as one of the 10 economies showing the most notable improvement in Doing Business 2018.”

    He noted that “other indices that will feature in the council’s discussions on Doing Business index include the distance to frontier metric which rose from 48.18 in 2017 to 52.03 in the 2018 outlook, and per capita income, among other issues.”

    Akande also disclosed that the Presidential Enabling Business Environment Council (PEBEC) will appraise the ongoing implementation of the second National Action Plan (NAP 2.0.) as well as get an update on PEBEC special projects.

  • NGF ranks Edo highest in reforms

    NGF ranks Edo highest in reforms

     

    …as Edo First Lady empowers 18,000 women

     

    Edo State Government has been ranked the best reform-driven state in Nigeria by the Nigeria Governors’ Forum, a representative of the World Bank, Mr. Umar Hamza, has said.

     

    Hamza, who is Team Leader on the Women Initiative for Socio-economic Empowerment (WISE) programme, a proposed five-year project by the World Bank, said that the ranking informed the selection of Edo State as a beneficiary of the WISE project.

     

    Specifically, he stressed that the successes recorded with past projects and reforms in the state gave Edo the slot.

     

    He disclosed this during a meeting of the Assessment Team of the project at the Government House, Benin City, with the Edo First Lady, Mrs. Betsy Obaseki.

     

    Hamza said Edo was shortlisted as one of the states “where the project will be done going by the recommendations made by the Nigeria Governors’ Forum that the state ranks the highest in terms of reform-driven states in the country.”

     

    The wife of the Edo State Governor, Mrs Besty Obaseki said plans are underway to empower 18,000 widows and vulnerable women across the state’s 18 local government areas on agricultural production.

     

    She said her office is keying into the 200,000 jobs initiative of the State Governor, Mr Godwin Obaseki, by empowering women, who would take to agricultural production and entrepreneurship.

     

    “We are targeting 1000 women from each of the 18 local government areas to train them on poultry production. We started the pilot phase under the Edo Women for Agriculture and Enterprise Initiative (EWEAI) in March this year and the outcome was successful.  

     

    “We are also setting up women cooperatives and getting partners to help us create smallholder women farmers across the state in vegetable production with the intention to export the vegetables,” she said.

     

    Noting that her office is pursuing these wide-ranging initiatives to discourage human trafficking, she said, “We want to put the necessary structures in place to ensure that Edo will compete with Lagos in supporting women empowerment.”

     

    Mrs Obaseki said part of the plans include building an academy where successful Edo female entrepreneurs will train young girls on entrepreneurial skills, adding, “We have identified the Lady Mechanic Initiative and women cobbler to train returnees and young female school dropouts to give them skills for sustainable livelihoods.

     

    “The Lady Mechanic Initiative is training young girls on vehicle refurbishment and has refurbished many vehicles for the state government.”

     

    The first lady also noted that her office is working to link market women to financial institutions and create opportunities for women in other business ventures to access funds.

  • Lagos trade fair will enhance economic growth – Ambode

    Lagos trade fair will enhance economic growth – Ambode

    Gov. Akinwunmi Ambode of Lagos State says the 2017 Lagos International Trade Fair ( LITF ) will be an avenue for collaboration toward enhancing economic growth.

    Ambode, represented by Dr Idiat Adebule, Deputy Governor of Lagos State, made the remark on Friday, at the opening of the fair with the theme: “Promoting Industrialisation for Economic Recovery and Sustainable Growth.”

    The fair is an annual event organised by the Lagos Chamber of Commerce and Industry ( LCCI ).

    Ambode noted that the previous edition of the event was held amid economic recession, but now, the economy had not only exited recession, but had received positive global rating.

    According to him, the rating has shown an improvement in the country’s Ease of Doing Business ranking of the World Bank.

    “This positive development is the cumulative effect of policies and reforms being implemented diligently to ensure a conducive environment for business growth and development,” he said.

    The governor said the large turnout of participants, networking events and volume of transactions recorded yearly are testaments of the trade fair’s relevance in boosting national economic growth and recovery plans.

    In her comments, Mrs Nike Akande, President of LCCI, said that the theme of the fair was to underscore the critical importance of industrialisation in the nation’s economic recovery and diversification process.

    She said that it would also draw attention to the imperative of creating an enabling environment to attract new investments, grow existing ones and the necessity to build a sustainable economy.

    “There is perhaps no better time to do this than now. This is the time to focus more on the non-oil sector for diversification.

    “The non-oil economy is more inclusive and integrated. It is also more growth-oriented, characterised by high economic linkages, stable, and above all, more sustainable,” she said.

    According to her, appreciating the dynamics of the economy will enable government to construct policies that will ensure sustainable economic development.

    Akande said that government’s priority should be to fix impediments to productivity and competitiveness in the economy.

    She said that tackling the constraints would encourage domestic investment, attract foreign capital and facilitate the realisation of the objectives of the Economic Recovery and Growth Plan (ERGP) of the government.

    Chief Alaba Lawson, President, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), urged the government to implement infrastructural development measures, toward improving all sectors of the economy.

    She said that doing this would make the country take its rightful position as not only one of the largest economies in Africa, but also the most industrialised one.

    The 31st edition of the Lagos International Trade Fair ends on Nov. 12.

    NAN

  • Buhari hails Nigeria’s progress in World Bank’s ranking

    Buhari hails Nigeria’s progress in World Bank’s ranking

    President Muhammadu Buhari has welcomed most heartily the phenomenal improvement of Nigeria on the World Bank’s Doing Business latest rankings released on Tuesday.

    Besides moving up 24 places in the rankings, Nigeria is also reported by the World Bank to be among the Top Ten Reformers globally.

    The President, in a statement issued by the Special Adviser on Media and publicity, Femi Adesina, congratulated all Nigerians on this very significant step forward which symbolizes the real success achieved by the Presidential Enabling Business Environment Council, (PEBEC), the National Assembly and State Governments in making it easy for people to register their businesses speedily, obtain licenses and approvals from government agencies without unnecessary bureaucratic bottlenecks.

    According to President Buhari, “it also reflects our efforts to make it easy for foreign business visitors to obtain visa on arrival, pass through our airports and do their businesses with ease and speed.”

    He particularly commended PEDEC chaired by Vice President Yemi Osinbajo, SAN, for a job well done, stressing that he looks forward to even greater achievements for the nation.

     

  • Akwa Ibom, World Bank train 800

    Akwa Ibom, World Bank train 800

    The Akwa Ibom State government, in collaboration with the World Bank, has trained over 800 persons to implement community-based projects in 40 communities.

    The partnership, at the end of a two-day training session at the weekend, disbursed over N50million as first tranche payment for the execution of three projects each by the trained stakeholders of the beneficiary communities.

    The project, which covers provision of rural water, electricity, construction of culverts, school buildings, civic centres, rural markets, viewing centres and health centres, will be implemented in phases within one year.

    Presenting the cheques to the beneficiary communities on behalf of the government/World Bank, at the E3 Event Centre, Uyo Village Road, Uyo Local Government, the  Accountant-General, Pastor Uwem Andrew-Essien, urged the beneficiaries to make use of the funds and provide basic facilities in their communities.

    He advised them to shun fighting, the attitude that it was government’s funds and should be embezzled, mismanaged or misappropriated.

    “This money is meant for projects and not for embezzlement.  You see, this is the first tranche; you use it meticulously and religiously and finish the project, the people come for inspection and where they are satisfied, they give you another money, more development.”

    Andrew-Essien enjoined them to use the money effectively, so that more money would come to their communities.

    He hailed the management and workers of Akwa Ibom State Agency for Community and Social Development, (AKSCSD), for the strategy, arrangement and effective organisation of the programme, saying the gesture would herald development.

    “If rural water is provided  in 40 communities, or we give electricity, or we build a school block there, you can imagine the transformation it will bring to Akwa Ibom communities. That’s why I’m so elated,” the accountant-general said.

    He praised Governor  Udom Emmanuel for supporting the agency and providing  counterpart funding that had resulted in projects.

    Andrew-Essien said the  Emmanuel administration was committed to development through provision of counterpart funding to donor agencies for the execution of projects, stressing that the government was on the verge of providing counterpart funding for the implementation of the Nigerian Erosion and Watershed Management Project, (NEWMAP).

    “Under this scheme, NEWMAP will end erosion menace in our communities. There are a lot of projects the World Bank is providing in Akwa Ibom and our duty is to provide counterpart funding, which the governor is committed to. It’s for our development,” he said.

    The General Manager of  AKSCSD, Mr Ishmael Akpan, said the gesture was part of the five-point agenda of the Governor Emmanuel administration of wealth creation, economic and political inclusiveness, poverty alleviation, infrastructure consolidation and expansion, as well as job creation, hailing the governor for providing an enabling environment for the scheme to begin.

    He said the training was to prepare Community and Project Management Committee (CPMC) members to take on the role of implementing community-driven development, particularly, as it had to do with the responsibility of monitoring the implementation of micro-projects by communities.

  • Rivers govt partners World Bank, others to provide potable water

    Rivers government on Wednesday said it was in partnership with World Bank and other foreign agencies to ensure supply of  potable water for its citizens.

    Rivers Commissioner for Water Resources and Rural Development Prof. Kaniye Ebeku said this during his inspection tour of water facilities in Ahoada, Ahoada East Local Government Area of the state.

    He said other agencies in the partnership included European Union, African Development Bank and UNICEF.

    Ebeku said at present, the administration of Governor Nyesom Wike was moving to ensure the rehabilitation of the existing water schemes as a short term measure.

    The commissioner, however, frowned at the level of the damage to water facilities in Ahoada Water Station by some unknown persons.

    He called on the community to partner with government in rehabilitating the moribund water scheme and ensuring that the facilities are protected and sustained on completion.

    Dr Felix Otuwarikpo, the Eze Igbu Upata 111 of Ahoada commended the state government for its kind gesture to the community.

    The traditional ruler said that the community was ready to partner with government to ensure the availability of safe water in the community.

    He also pledged that the facilities in his jurisdiction would be protected from vandals and appealed that the project should be extended to more communities in the state.

     

  • World Bank and Buhari’s other enemies

    World Bank President, Jim Yong Kim’s last week innocuous statement that President Buhari directed his Breton Wood  institution to focus developmental efforts exclusively in the north was all the ammunition the president’s other enemies needed for an all-out assault on his person and his government.  The denial by the presidency that the demand made on the World Bank was the “rebuilding of the beleaguered North-east” has been dismissed as an afterthought by those who have an axe to grind with him especially defeated PDP and its men who are at the receiving end of Buhari’s anti- corruption war, some restless office seekers and Christian warriors who want us to be wary of Buhari’s islamisation agenda. It was also an opportunity to once again regale us with stories of nepotism, marginalisation and domination of Buhari’s cabinet by Muslims, a claim the vice president, Pastor Osinbajo denied after pointing out that there are indeed more Christians than Muslims in the president’s cabinet. We are also told by tale bearers that Buhari as a former Fulani herdsman before Ahmadu Bello identified him as a candidate for the military and now as Nigerian President as well as a self-confessed proud owner of 500 heads of cows; he cannot but be associated with the dastardly acts of some Fulani herdsmen that have turned farmland and villages across Nigeria into killing fields. And how about the president’s silent support for Baru, the GMD of NNPC in his current face-off with the Minister of State, Petroleum Resources, over contract award? The president, as a Fulani man cannot resist taking side with Baru, another Fulani man, the President’s political foes insisted. Drowning PDP held a press conference citing the President cover up of Baru’s alleged $25b contract as another evidence of what was dismissed as his selective anti-corruption war. This was coming long after Vice President Osinbajo had said there was no $25b contract award of any type contrary to the claim of the Minister of State for Petroleum Resources.

    All is fair in war as in politics; not even the advice of former Minister of Education, Oby Ezekwesili, who is not a fan of Buhari or any leader for that matter, against politicizing the discussion between President Buhari and Jim Yong Kim about ‘the prioritizing given to North-east’ as ‘reconstruction of post-conflict zone has often proved to be key for the rest of country’s growth and stability’ received any attention.

    Neither did Adams Oshiomhole, the immediate past governor of Edo State’s assertion that “It is a matter of fact that I (he) was present at the meeting of President Muhammadu Buhari with the World Bank President Dr. Jim Yong Kim on July 21, 2015 at the Blair House, Washington DC where Mr President made the request against the backdrop of the devastation of the North-east zone and the need for international organisations to rise in support of the efforts of the Nigerian government in arresting the humanitarian crisis in that part of the country” succeeded in changing the mindset of those who believe Buhari is a northern irredentist is on a mission to subvert the interest of the south if he cannot immediately Islamise Nigeria.

    As evidence of his loyalty to the north as against his constitutional obligation as Nigerian President, Buhari’s political enemies also reminded us of his lopsided appointments and the domination of the security services by Muslim military officers of northern extraction. They did not forget to call attention to the president’s deafening silence on corruption allegation against Babachir Lawal, the former Secretary to the Government of the Federation.

    Our revered father, Pa Ayo Adebanjo was not one that will allow such an opportunity to go without taking a swipe at Buhari for whom he has nothing but contempt. Pa Adebanjo says by telling the World Bank president that more attention should be given to the northern region, Buhari has shown which section of the country matters most to him, insisting “President Muhammadu Buhari is president of the North and not president of Nigeria”. As a parting shot he said “The greatest mistake made was for Yoruba to vote for Buhari. The South-west is regretting voting for him”. He however did not say when the Yoruba who rejected his attempt to drag them to PDP and clueless Jonathan who after marginalizing the Yoruba that worked for his ascendancy to power for six years tried to ridicule Yoruba leaders with bribes in the run up to the 2015 election told him this. It is curious that Pa Adebanjo often forgets the warning of Awo, his leader who as far back as the 1940s said ethnic consideration or pressure from leaders would not sway the voting pattern of the Yoruba in favour of someone who has no agenda to improve their lives.

    Of all Buhari’s enemies, the World Bank as an institution is perhaps the most potent. It was the bank that worked hand in gloves with MKO Abiola and General Babangida to dump him during his first coming in 1983 as military Head of State for insisting Nigerians should starve if they could not produce their own grains and for challenging us look inwards instead of importing the labour of other societies while our own children roam the streets in search of non-available jobs. It is on record that to please IMF and World Bank, IBB and his group, following the removal of Buhari, introduced Structural Adjustment Programme (SAP) that led to the collapse of our budding industries and the flooding of our market with foreign goods.

    It is instructive that the same World Bank that never enforced devaluation of currency in European countries such as Italy, Greece, Spain and France during their economic challenges few years back, canvassed for the devaluation of the naira when Buhari came in 2015. They gave out bailouts to European countries facing economic down turn, but have for two years advised President Buhari against taking loans. Inability to borrow money to inflate the economy has the potential for social dislocations. If that is not happening yet, perhaps twisting what President Buhari said can quicken same.

    Finally, Buhari is haunted by his past as part of the military that fraudulently claimed to have sacrificed their present for our future but ended up destroying our structure and political socialization process.

    President Buhari like the rest of us may be a victim of Nigeria’s common affliction –love for our ethnic group and fierce protection of our religious freedom. But since these are virtues celebrated by the federal arrangement we pretend to practice, the President’s perceived weaknesses do not make him any less committed to our nation. If anything, President Buhari, the author of “Nigerians have no other country to call their own” has in spite of his personal weaknesses earned his place in history as one leader who is fully committed to making Nigeria a better place for our children.

    Fortunately for President Buhari, his position in history is not threatened by antics of his many enemies including mischief makers, discredited politicians and corrupt elements who as Oshiomhole said ‘are trying to twist, manipulate and politicize a patriotic request borne out of altruistic motivation’.

  • World Bank: no rift with Adeosun over borrowings

    World Bank: no rift with Adeosun over borrowings

    The World Bank Group, yesterday, denied disagreeing with the Minister of Finance, Mrs. Kemi Adeosun, over foreign borrowings by the Federal Government to stimulate the economy and finance infrastructure projects in the country.

    A statement from the ministry said the World Bank, through its Senior Communications Officer, Mr. Rachid Benmessaoud, sent a mail to Mrs Adeosun insisting that “the media misrepresented and quoted out of context the comments made by its Senior Economist for Nigeria, Gloria Joseph-Raji, at an event in Abuja.”

    According to the statement, Benmessaoud was quoted to have said: “On October 11th, during the launch of Africa’s Pulse, the World Bank’s biannual analysis of African economies, World Bank Senior Economist for Nigeria, Gloria Joseph-Raji, was asked by a reporter to share her views on the Federal Government’s plan to increase external borrowing.

    “At no point did she mention that the World Bank and the Federal Government of Nigeria (FGN) disagree on the need to rebalance the country’s debt portfolio. Where expenditures exceed revenue, governments will need to borrow.

    “In doing so, the Federal Government is trying to rebalance its portfolio towards more external borrowing with lower interest rates and longer maturities.”

    The World Bank Senior Economist was quoted by Benmessaoud to have commended the Nigerian Government’s effort to rebalance its portfolio in order to lower the cost of its borrowing, as outlined in its 2016-2019 medium term debt management strategy released last year.

    “The use of IDA concessional financing, among others, is supportive of the FGN’s effort in this regard, with the added focus on poverty alleviation and building shared prosperity in Nigeria.

    “The latest issue of Africa’s Pulse points out that growth is Nigeria is projected to pick up from 1.0 per cent in 2017 to 2.5 per cent in 2018 and 2.8 per cent in 2019. While Government debt in 2017 is projected to rise, it remains low in Nigeria,” Joseph-Raji was further quoted to have stated.

    The World Bank spokesman expressed the Bank’s full commitment to help the Federal Government restore macroeconomic resilience as well as strengthen ongoing economic recovery and achieve sustainable inclusive growth.

  • World Bank okays $150m for mining sector

    The Federal Government has secured $150million (about N43.2billion) loan from the World Bank for the Mindiver Project, the Minister for Mines and Steel Development, Kayode Fayemi, has said

    Fayemi who stated this at the second Annual Nigeria Mining Week in Abuja yesterday, said the fund will go to strategic interventions in the mining sector. He added that plans are also underway to pull another $600million investment fund for the sector working with the Nigerian Sovereign Investment Authority (NSIA), Nigerian Stock Exchange (NSE)among others.

    The forum is organised by the Miners Association of Nigeria in partnership with IPAD Nigeria, PricewaterhouseCoopers (PwC) and Spintelligent

    Fayemi said the ministry would focus on delivering key performance indicators (KPIs) including a robust institutional and governance framework that would provide adequate oversight and guidance, stronger participation and shared responsibility from the states and communities. He also added that the government will promote a wider spectrum of vibrant participants across the entire value chain, a solid archive and database of geo-sciences research and data that would actively encourage investor participation, a thriving enabling environment that would provide the key support infrastructure and services that enables the industry to flourish.