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Tag: world bank

  • W/Bank to spend $200m on new project in nine states

    W/Bank to spend $200m on new project in nine states

    Nine states in the country would participate in a new World Bank supported $200 million agricultural programme, an official said in Kaduna on Wednesday.

    The programme, tagged Agriculture Productivity Processing Enhancement and Livelihood Scheme Project (APPEALS), will focus on food security, local production, job creation and economic diversification.

    Dr Sheu Salau, the bank’s Task Team Leader, made the disclosure in an interview with the News Agency of Nigeria (NAN) on the side line of a two-day Wrap-up meeting on Commercial Agriculture Development Project (CADP).

    The team leader said 40 per cent of the amount would go to projects to support youth and women in the participating states.

    He said that Kano, Kaduna, Lagos, Cross River, Kogi and Enugu have been selected to participate in the programme while the remaining three states would be announced after fulfilling set conditions.

    Salau said the successful implementation of the CADP programme informed the approval for the new project.

    NAN recalls that the World Bank in March, 2017 approved the $200 million credit to support the Federal Government in enhancing agricultural productivity of small and medium scale farmers.

    “The project supports the country policy thrusts on food security, local production, job creation and economic diversification.

    “It responds to the recurring issues of low productivity, limited farmers’ participation to agribusiness supply chains, and institutional realignment in the agricultural sector. “

    According to the bank, the project will help increase agricultural productivity and production.

    It would also improve processing and marketing, foster job creation, and increase household income and livelihood in participating states.

    It added that the new project would benefit women and youth businesses such as horticulture, poultry and aquaculture.

    “The project will tackle the key constraints of the Nigeria 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.

    “Priority value chains under the project will include products with potential for immediate improvement of food security, products with a potential for export and foreign currency earnings (Cocoa and Cashew) and enhancement of the national production of crops including rice, maize, cassava and wheat.

    “The number of project’s direct beneficiaries is 60,000 individuals, 35 percent of which will be women.

    “Overall, about 300,000 farm household members are indirect beneficiaries,” the bank said.

    On the CADP, Salau said 82 per cent of the funds had been released to the beneficiaries and disbursement of the balance would continue even after May 31, when the project would wind up.

    He said so far, more than 3,000 youth and women had benefited from the project in various food supply value chain programmes in the five states that participated.

     

  • World Bank sanctions six Nigerian firms, 12 others

    World Bank sanctions six Nigerian firms, 12 others

    The World Bank has barred six local firms from transacting business with it, including engaging in any form procurement activity.
    The affected organisations were accused of contradicting the World Bank’s procurement and consultant guidelines during the bank’s procurement for projects and programmes.
    The bank listed the affected firms to include, Karitex Limited, Gurpreet Singh Malik limited, Kamal Sharda limited, Sharda Impex (U.K) limited, Shereena Agriculture Limited and Vikram Deepak Gursahaney Limited.
    Among the barred firms, only Shereena Agriculture Limited is based in Kano State, the others are in Lagos.
    Procurement guideline 1.15 of the bank stipulates that borrowers, suppliers, contractors as well as bidders should observe highest ethical standard and shun any fraudulent practices during procurement process.
    The section reads: “It is the Bank’s policy to require that borrowers (including beneficiaries of bank loans), as well as bidders/suppliers/contractors under bank-financed contracts, observe the highest standard of ethics during the procurement and execution of such contracts.
    “In pursuance of this policy, the bank: (a) defines, for the purposes of this provision, the terms set forth below as follows: (i) ‘corrupt practice’ means the offering, giving, receiving, or soliciting of anything of value to influence the action of a public official in the procurement process or in contract execution; and
    “(ii) ‘fraudulent practice’ means a misrepresentation of facts in order to influence a procurement process or the execution of a contract to the detriment of the Borrower, and includes collusive practices among bidders (prior to or after bid submission) designed to establish bid prices at artificial, non-competitive levels and to deprive the Borrower of the benefits of free and open competition.”
    The bank temporarily barred 12 additional firms for contravening Sections 1.12, 1.14 and 1.15 of the World Bank procurement guidelines.
    While the sanction duration for one of the firms Xl Management Services Limited extended to 12 months, Snc-Lavalin International (Nigeria) Limited was sanctioned for 10 years with sanction period to end in year 2023. Others ranged between four and five years.
    The temporarily suspended firms include Best Scan Solutions Limited, Mr. Iyke Ambrose, Xl Management Services Limited, Zarcus Construction Nigeria Ltd, Engr. Hammed MutiuOlalekan, Honeyomar Ventures Ltd., Agonic Associates Nig Ltd, Mr. Agomuo Nicholas and D.A. Construction Limited.
    Others are Snc-Lavalin International (Nigeria) Limited, Contransimex Nigeria Limited and Sego Ventures Nigeria Limited.
    Section 1.12 titled Reserved Procurement stated that; “When open competition would be the appropriate method of procurement for particular goods or works of the project, but the Borrower wishes to reserve this procurement for one or more specific firms or enterprises, the Bank may accept such reserved procurement only on condition that: (a) it is not eligible for financing out of the Bank loan; and (b) it will not significantly affect the satisfactory project implementation in terms of costs, quality, and completion time.”
    While Section 1.14 of the procurement procedure titled References to Bank stated that: “If the Borrower wishes to refer to the Bank in procurement documents, the following language shall be used:
    “(name of Borrower) has received (or in appropriate cases „has applied for ) a loan from the International Bank for Reconstruction and Development in various currencies equivalent to US Dollars toward the cost of (name of project), and intends to apply a portion of the proceeds of this loan to eligible payments under this contract.
    “Payment by the International Bank for Reconstruction and Development will be made only at the request of (name of Borrower or designate) and upon approval by the International Bank for Reconstruction and Development, and will be subject, in all respects, to the terms and conditions of the Loan Agreement.
    “The Loan Agreement prohibits a withdrawal from the Loan Account for the purpose of any payment to persons or entities, or for any import of goods, if such payment or import, to the knowledge of the Bank, is prohibited by a decision of the United Nations Security Council taken under Chapter VII of the Charter of the United Nations. No party other than (name of borrower) shall derive any rights from the loan agreement or have any claim to loan proceeds.”

  • W/Bank disburses 82% CADP funds to farmers in five states

    W/Bank disburses 82% CADP funds to farmers in five states

    The World Bank says it had disbursed over 82 per cent of funds for the pilot Commercial Agriculture Development Project (CADP) scheme in five states.

    The Bank’s Task Team Leader, Dr Shehu Salau made this known to journalists at the opening of the 14th CADP implementation support mission and wrap-up meeting which opened in Kaduna.

    The News Agency of Nigeria (NAN) reports that the Bank initiated the scheme in 2009 with Kaduna, Kano, Lagos, Enugu and Cross River states participating.

    The scheme, being funded with 150 US dollars is scheduled to end on May 31, 2017.

    NAN reports that the scheme was initiated to transform the practice of subsistence farming  to agribusiness along value chains of production, processing and marketing of some selected crops.

    It also targeted poverty reduction among youth and women through skill acquisition programmes to check their vulnerability in the society.

    The scheme had provided  access roads to farms in some of the benefiting communities as part of its multiplier effect and benefits.

    The value-chain initiative, according to the bank, had created direct employment to over 3,000 youth and women across the five states.

    This, he said, was in addition to numerous indirect agribusiness activities that sprang up from the skills acquired by the youth and women.

    NAN learnt that each of beneficiaries had been empowered with start-up kits for businesses of their choices in the skills they had acquired.

    NAN further reports that the project was implemented along selected crops, livestock, fisheries and dairy, targeting production, processing and marketing in accordance with the states’ priorities.

    Salau, however, said that meeting was summoned to address some of the challenges encountered by the bank in the course of implementing the scheme.

    He said that the participants would share information and experiences aswell as proffer solutions to identified problems during the two-day meeting.

    Salau said that the outcome of the meeting would assist the bank in designing and implementing future programmes.

    Meanwhile, the permanent secretary, Kano State Ministry of Agriculture and Natural Resources, Hajiya Binta Rabiu told newsmen that more than 850 youth and women benefited from the project in the state.

    She said the state government had invested N465 million into the project within the period.

    NAN reports that Kano state implemented the project in Rice, Dairy and Tomato value chain of production, processing and marketing.

    Similarly, the Permanent Secretary, Cross River State Ministry of Agriculture, Mr Unimniake Ugbe said 600 youth and women benefited from groundnut and fish value chain in the state.

    Ugbe said the project had already started yielding multiplier effects for youth and women in terms of employment as well as food supply chain.

    He said the CADP had sensitised many farmers on agriculture value chain, leading to the establishment of various agribusinesses in the state.

    In Kaduna State, the CADP Communication officer, Malam Aliyu Saidu, said 110 youth and women got starter packs valued at about N3 million each.

    Saidu said another 200 applications had been approved and awaiting disbursement of the start-up packs in the state.

  • World Bank support to EFCC in capacity building

    The World Bank is to support the Economic and Financial Crimes Commission (EFCC) in the areas of facilities and capacity building to further strengthen the anti-graft war in the country.

    A statement by the commission spokesman, Mr. Wilson Uwujaren, said the bank’s Director of Governance, Global Practice, Dr. Edward Olowo-Okere, gave the indication when he visited the EFCC head office in Abuja.

    Uwujaren quoted Olowo-Okere as saying that the assistance would be rendered under an operation of the World Bank called “Economic Governance Project.”

    “It is supposed to be a follow-up project to the one approved by the World Bank in 2004,” Olowo-Okere said.

    The World Bank director lauded the commission for the tremendous feat it had attained in the last 14 years of its establishment.

    Responding, the EFCC acting Chairman, Ibrahim Magu, commended the bank for its assistance, saying it had contributed in no small measure to the successes recorded by the commission so far.

    NAN

  • NDE, World Bank train Ekiti job seekers

    NDE, World Bank train Ekiti job seekers

    The National Directorate of Employment (NDE), in conjunction with the World Bank, has begun the training of job seekers in Ekiti State under the Skills for Job (S4J) initiative to reduce unemployment.
    Four hundred and thirty-seven beneficiaries are undergoing the training, which will last nine months.
    The trainees are expected to work in the private sector for six months of internship/apprenticeship, after the training.
    They are also expected to be paid stipends by the Federal Government through World Bank’s support.
    The project is being executed on the platform of the Youth Employment and Social Support Operation (YESSO) and taking place in six other states – Bauchi, Niger, Cross River, Kwara, Oyo and Kogi.
    NDE State Coordinator Babatope Akinyemi said the scheme was aimed at enhancing Federal Government’s drive towards poverty reduction and creating marketable jobs for youths.
    He said: “This S4J training will result in trained youths who are finding sustainable jobs evidenced by increased earning, either in wage or self-employment.”

  • Adeosun, G24 discuss tax revenue, compliance

    Adeosun, G24 discuss tax revenue, compliance

    Finance Minister, Kemi Adeosun has discussed with fellow finance ministers in the G24 Group on ways to boost tax revenues and compliance to drive sustainable economic development.

    Speaking at the ongoing International Monetary Fund (IMF)/ World Bank Spring Meetings in Washington, she said revenue mobilisation is critical to the success of Nigeria’s economic reform agenda.

    “We have an unacceptably low level of non-oil revenue, and much of that is driven by a failure to collect tax revenues. With a tax to Gross Domestic Product ratio of only six per cent, one of the lowest levels in the world, we have a lot of work to do if we are going to build a sustainable revenue base that will deliver inclusive growth. Our data gathering programme over the last year has now given us the tools we need to be more aggressive at pursuing tax avoiders, both domestically and abroad,” she said.

    Speaking further, she explained that as some of her contemporaries in the G24 have done successfully, Nigeria is going to focus on tax in 2017 through an asset and income declaration scheme to address her low tax revenue collection and ensure improved compliance, a broader tax base and more sustainable revenue.

    The minister also highlighted the need for strong budget implementation and transparency to create trust and accountability in government: “While we focus on raising revenue’s and bringing people into the tax system, we must be equally aggressive in our approach to budget implementation and transparency. Our people must know where their hard earned tax contributions are being spent and the impact that they are having on national development, and the daily lives of citizens. This will be a core focus for us.”

    The Minister also met with the ratings agencies Moody’s and Fitch to update them on progress towards economic reform objectives, and met with the World Bank Country team to discuss the status of on-going projects in Nigeria, and the pipeline of projects for 2018.

    The Minister will be attending meetings on Closing the financing gap for water, affordable housing finance food security and nutrition over the coming days as part of the government’s focus on sustainable solutions to some of Nigeria’s most pressing social challenges.

    “While the infrastructure that we build to facilitate power and transportation is vital to our economic growth, we are equally focused on addressing the challenges we face to deliver services to our people. Water quality and nutrition are fundamental to quality of life, but also deliver economic benefits. We must do more to improve living standards for our people and so addressing food security, water and nutrition are central to our reform agenda. This isn’t just about economics, these are the basic responsibilities of government, we need to redouble our efforts and show people that their tax revenue can deliver real change in their daily lives.”

     

  • NDE, World Bank train Ekiti job seekers

    The National Directorate of Employment (NDE), in conjunction with the World Bank, has begun the training of job seekers in Ekiti State under the Skills for Job (S4J) initiative to reduce unemployment.

    Four hundred and thirty-seven beneficiaries are undergoing the training, which will last nine months.

    The trainees are expected to work in the private sector for six months of internship/apprenticeship, after the training.

    They are also expected to be paid stipends by the Federal Government through World Bank’s support.

    The project is being executed on the platform of the Youth Employment and Social Support Operation (YESSO) and taking place in six other states – Bauchi, Niger, Cross River, Kwara, Oyo and Kogi.

    NDE State Coordinator Babatope Akinyemi said the scheme was aimed at enhancing Federal Government’s drive towards poverty reduction and creating marketable jobs for youths.

    He said: “This S4J training will result in trained youths who are finding sustainable jobs evidenced by increased earning, either in wage or self-employment.”

  • Finance ministers hold talks on growth sustenance – IMF

    Finance ministers hold talks on growth sustenance – IMF

    More than 150 finance ministers across the world are discussing ways to ensure that ongoing economic recovery and growth in their respective countries are sustained, International Monetary Fund (IMF) Managing Director, Christine Lagarde, said on Thursday.

    Nigeria’s Finance Minister, Mrs. Kemi Adeosun, is among the ministers in talks with their counterparts across the world on sustained economic growth.

    The IMF projected that Nigeria’s economic growth would rise by 0.8 per cent this year.

    Lagarde, who spoke at the opening news conference of the IMF and World Bank Spring Meetings in Washington, said there was no single country in the world with negative forecast for this year even as the world economy is projected to grow at 3.5 per cent this year.

    “We are finally seeing the global economy picking up the momentum, which will be sustained. We need to ensure that the momentum is sustained and growth shared more equitably. We are discussing how to sustain the momentum with finance ministers. We need to reinvigorate productivity through innovation and trade,” she said.

    World Bank President, Jim Yong Kim, said the global body was encouraged to see stronger economic prospects after years of disappointing global growth.

    He said there are still many downside risks, however, and countries that have the fiscal space need to continue with structural reforms. “This is vital to accelerating the sustainable and inclusive economic growth needed to end extreme poverty by 2030. We are meeting at a time when we face several overlapping crises, both natural and man-made, all of which add urgency to our mission,” he said.

    Kim said there was need to find new and innovative ways to reach the poor, and make the world more secure and stable.

    “Last week at the London School of Economics, I outlined how we are working to change our approach. We have to start by asking whether the private sector can finance a project. If the conditions aren’t right, we will work with our partners to de-risk that project or, if needed, de-risk entire countries or sectors,” the World Bank chief said.

  • World Bank’s $350m for mining, livestock revival coming

    World Bank’s $350m for mining, livestock revival coming

    The World Bank is injecting $350million into Nigeria’s mining and agricultural sector to revitalise its livestock sub-sector.

    While $200million will go into livestock sector resuscitation, the balance of $150million credit will be used used to help increase the mining sector’s contribution to the  economy.

    World Bank FADAMA Team Leader, Dr Adetunji Oredipe, who spoke in Abuja yesterday, said the global lender was working with the Federal Government to formulate the intervention policy, adding that discussions with the government’s team on the modalities for the project execution had also started.

    Oredipe said essentially, the bank would revive the livestock sub-sector with critical intervention in the areas of productivity and access to markets.

    “Productivity depends on a number of factors as it concerns the feeds which are very critical; the major problem of livestock production in the country is dearth of high-quality animal feeds, as the feeds determine what you get from your livestock.

    “World Bank is also looking at critical health aspects of the livestock industry, the veterinary aspects, as we are merging it with the surveillance,’’ he said.

    Speaking on the mining sector financial lifeline,  Senior Communication Officer of the bank, Ms Olufunke Olufon said the project would help to establish a strong foundation for mining sector development in the country.

    She said the credit would also enhance competitiveness by improving information infrastructure and knowledge of mining, adding that it would equally help in strengthening key government institutions and foster domestic investments in the sector.

    domestic investments in the sector.

    She said: “The project will help develop measures for formalising; regulating and inventorying artisan and small-scale mining; facilitate the flow of mineral transactions and facilitate access to finance.

    “It will facilitate access to technology and equipment; increase knowledge and support the mining and processing of the minerals in accordance with best practices.’”

    According to her, environmental and social protection will  also be enhanced by the credit line.

    Olufon said the expected results include the ability to attract and develop mineral transactions on medium and large mining operations and any other mining related investments.

    The  World Bank Country Director, Rachid Benmessaoudm was quoted to have said:“Nigeria has a favourable geological potential.

    “The potential is such that if adequately assessed, well exploited and managed in a sustainable manner, can support broader economic growth through mineral sector.’’

    Benmessaoudm said one of the key objectives of the project was to support Nigerian government’s priority to diversify the economy to a broader range of non-oil productive sectors.

    “The support will include the realisation of the full mineral endowment for sector policy, promotion, conducive business environment and integrated long-range resources and investment planning.’’

    He said the Nigeria had been unable to attract significant investment in exploration and mining into the sector.

    The global financial giant said the current productivity from the mining sector was still insufficient to meet local demands particularly for industrial minerals.

    The bank listed the critical binding constraints of the sectors development to include insufficient geo-data and geological knowledge, weak implementation and enforcement of the mining law and regulations.

    Benmessaoudm said that a large poorly regulated and informal artisanal and small-scale mining sub-sector was also one of the critical constraints of the sector.

    Elaborating more on the livestock financial support, Oredipe said there were series of reforms that would facilitate the efforts of livestock owners to change the business environment.

    He said the reform programme would be executed under the Livestock Micro Reforms Project, adding that the bank and government officials were now looking at the policy and business environment, with a view to perfecting them for the intervention.

    Oredipe said the World Bank’s focus on the livestock sub-sector was based on the request of President Muhammadu Buhari’s administration.

    “The administration made it clear that they want the bank to critically look into the livestock sector because not much is going on in that sector,’’ he added.

    He said that the livestock sub-sector accounted for a sizeable part of Nigeria’s Gross Domestic Product (GDP), providing income, employment, food, farm energy, manure, fuel and transport.

    Oredipe said that in the past, the livestock sub-sector was a major source of government revenue, adding that government was, therefore, making efforts to restore the lost glory of the sub-sector.

     

  • World Bank cautions Nigeria, others on ‘excessive-borrowing’

    World Bank cautions Nigeria, others on ‘excessive-borrowing’

    The World Bank has cautioned Nigeria and other African countries against excessive borrowings.

    To check this development, the World Bank is advocating “a balance between massive spending for development on the one hand and moderation in borrowing on the other.

    World Bank’s Chief Economist for African Region, Albert Zeufack, spoke on the latest update on the continent’s economy, Africa’s Pulse, via webcast from the bank’s headquarters in Washington DC, United States, on Wednesday.

    He lamented that Nigeria’s debt to the GDP ratio is still low but the debt to revenue ratio is already high.

    “Fiscal restructuring is going to be challenging and the government has to be careful in order to balance efforts to develop the country with a moderation in borrowing,” the World Bank official said.

    On Nigeria, Zeufack argued that the libralisation of the exchange rate being advocated by some international organizations could create inflationary pressures but that with tightening of monetary policies, inflation would reduce.

    Growth in 2017 for the Sub-Saharan Africa was put at 2.6 percent.

    According to him, after registering the worst decline in more than two decades in 2016, economic growth in Sub-Saharan Africa is rebounding and would hit a 2.6 per cent growth rate this year.

    He, however, described it as “a weak growth” and that “the per capita income growth remained negative because the growth does not keep pace with the population growth rate.”