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Tag: world bank

  • Recession: Nigeria must create 40 million jobs – World Bank

    The World Bank has said Nigeria must create about 40 million qualitative jobs, between 2010 and 2030 to enable the country recover from the present economic recession.

    Country Manager, World Bank Group, Mrs. Eme Essien Lore, stated this at the inaugural meeting of Secretaries to State Governments (SSGs) of All Progressive Congress States, held in Alausa, Ikeja, Lagos, Thursday.

    She said the bulk of these jobs will be created by the public sector, adding that there is need for government at all levels to streamline its policies so as to create enabling environment for private sector growth in the country.

    She said these jobs must be productive and produce higher income than what is obtainable in the labour market today, stressing that if properly handled, job creation will reduce and tackle social unrest.

    “When we look at the need for job creation, what we checked was the number of young people entering the work force annually. And when we examine the number and look at Nigeria’s population today, we realized that Nigeria is a very young country, adding many more young people to the job market than any other African country.

    “The country population is growing fast and in it is estimated to have the third largest population behind India and China in few years. Due to that, the country will need to create huge number of jobs to correspond with the population,” Lore said.

    She said the World Bank is also looking at the economic recovery plan launched by the Federal Government and will align its objective with the plan.

    Lagos State Governor, Mr. Akinwunmi Ambode, while inaugurating the forum, tasked the SSGs on the need to be committed to the vision of their various governments by providing accountable, responsible and responsive leadership to the people.

     

     

  • Structures on reclaimed erosion sites will be demolished — Obiano

    Structures on reclaimed erosion sites will be demolished — Obiano

    Gov. Willie Obiano of Anambra has warned that structures and any other developmental projects constructed on erosion sites being reclaimed would be demolished.

    Obiano gave the warning while addressing community leaders in Enugu-Ukwu, Njikoka Local Government during the presentation of cheques to erosion affected persons by the Nigerian Erosion and Watershed Management Project (NEWMAP) in the state.

    He was represented by Mr. Ifeanyi Ejikeme, the state Commissioner for Environment, Beautification and Ecology.

    He said that the directive for people to stay off recovered areas was to enable the sites heal completely to forestall a recurrence.

    The Commissioner, who is also the steering Committee Chairman of NEWMAP in Anambra, said that previous owners could no longer lay claim to such lands as it was now under the care of the state, Federal Government and World Bank for beautification purposes.

    He explained that the Resettlement Action Plan (RAP) programme was designed to assist those who would lose their farmlands and economic trees in the course of civil works at the four new sites recently approved by the bank in the state.

    “The state government has fully paid the 2017 counterpart fund for the project as Anambra is the first to do so this year.

    “We have come to compensate those who will be affected when the civil works begin at the erosion site here in Enugu-Ukwu.

    “After the compensation, we do not expect anybody to go back to the reclaimed and bio-remediated sites.

    “It will now be under the care of sponsors of NEWMAP who could use such places for recreational or beautification purposes to enable the areas to heal.

    “We shall pull down structures in such place; we have a case in hand at Awka where we intervened but somebody has already built a structure there; we are still consulting and most likely such structure will be demolished.

    “Aside this compensation, we also have plans to train and issue grant to these people, so that they can get back to their normal lives,” he said.

    In her remark, Mrs. Ruth-Peter Mshelia from the Social and Livelihood Department of NEWMAP, Abuja, urged the people to change their attitude to the environment, noting that erosion was largely man-made.

    Mshelia called on the people of Enugu-Ukwu to take ownership of the project and ensure that it progressed seamlessly.

    Responding, the Deputy Prime Minister of Enugu-Ukwu, Chief Clem Nwafor said they were happy with the intervention, adding that the people had lived with the erosion menace for a long time.

    Nwafor thanked the World Bank and Anambra Government for considering the plight of the persons affected and paying them compensation to cushion their losses.

    He, however, urged NEWMAP to engage competent contractors who have the capacity and expertise to execute the project.

    “We are calling on them to engage professional contractors who will do a good job and not political contractors, so that our people will be better,’’ he said.

    The compensation was under the RAP of NEWMAP, which is the lead intervention agency in the state, jointly funded by the state government and World Bank.

    The News Agency of Nigeria (NAN) reports that cheques amounting to N10.4 million were issued to 76 households in the two erosion-ravaged communities of Urunebo and Enuoji in Enugu-Ukwu.

    This brings to a total of N37.1 million disbursed to 255 households under the RAP programme since March 6 in three towns of the state.

    Earlier, 64 households in Umuoji in Idemili South received compensation amounting to N10. 4 million while 85 households in Ogidi, Idemili North, got N9.23 million for damages to their farmlands and economic trees during construction work at the erosion sites.

    One of the beneficiaries of the RAP compensation programme, Mr. Moses Okonkwo, requested that youths in the communities should be involved in the execution of the projects.

     

  • World Bank’s $500m loan targets out-of-school children

    Nigeria’s effort to address  the problem of out-of-school children has been boosted by World Bank’s plan to offer a $500 million loan.

    An official of the bank and a Senior Education Specialist, Dr Olatunde Adekola, made this known in Sokoto.

    Leading a five-man team to state Governor Aminu Tambuwal, Adekola explained that the loan would be given under its “Better Education For All (BEDA)” project.

    According to the bank official, the project would focus on the north, especially in boosting girl-child education.

    “The project would be result-oriented, ensure that children are able to read and write, as well as strengthen government service delivery systems at all levels.

    “This is to help the government to strengthen its service delivery mechanisms to children, girls, women and other vulnerable groups.

    “Most of the challenges in the country are education-related and the five-year project is aimed at reversing the ugly trend,” he said.

    Adekola praised Tambuwal’s administration for pursuing meaningful projects to move the education sector forward.

    The bank official also praised the allocation of about 27 per cent of the state’s budget to education in 2016 and 2017.

    He said: “The state government also deserves a pat on the back for ensuring the prompt payment of teachers’ salaries.

    “We have also noted unlimited appetite by parents in the state for the education of their children.”

    Tambuwal promised to sustain the  partnership between the bank and the state, assuring that the government would ensure effective and efficient utilisation of the funds.

    “We will continue to honour our own side of commitments to such agreements in terms of finances and other issues.  We have begun the process of creating an agency to be in charge of the education of the girl-child,” he added.

     

  • Nigeria to get $500m World Bank loan to assist out-of-school kids

    Nigeria to get $500m World Bank loan to assist out-of-school kids

    Nigeria will soon get a $500 million loan from the World Bank to assist out-of-school children, the bank’s Senior Education Specialist, Dr. Olatunde Adekola, has said.

    Adekola spoke in Sokoto yesterday when he led a five-man team to Governor Aminu Tambuwal.

    The loan will be given under World Bank’s‘Better Education-For-All (BEDA)’ Project.

    News Agency of Nigeria (NAN), quoting the bank’s official, said the project would focus on the northern parts to bolster the girl-child education.

    He said: “The project will be results-oriented, ensure that children are able to read and write.

    “This is to help the government to strengthen its service delivery mechanisms to children, girls, women and other vulnerable groups.

    “Most of the challenges in the country are education related and the five-year project is aimed at reversing the ugly trend.”

    The World Bank official, however, expressed satisfaction with the efforts by Tambuwal to develop the education sector in the state.

    Adekola hailed the state for allocating about 27 per cent of its budget to education in 2016 and 2017.

    He said: “The state government also deserves a pat on the back for ensuring the prompt payment of teachers’ salaries.

    “We have also noted an unlimited appetite by parents in the state for the education of their children.”

    Tambuwal promised to sustain the existing partnership between the bank and the state government.

    “We will continue to honour our own side of commitments to such agreements in terms of finances and other issues.

    “We have begun the process of creating an agency to be in charge of the education of the girl-child.

    “We will ensure the effective utilisation of the funds, to avoid any infractions,” the governor said.

  • World Bank hails Osun for project monitoring

    The World Bank has commended the Osun State Government for ensuring that all projects of the agency are monitored and implemented properly.

    Task Team Leader, World Bank Abuja, Prof. Foluso Okunmadewa, gave the commendation in Osogbo at the mid-term review for YESSO/CSDP implementation in Osun State.

    According to him, the relationship between the bank and the state government has been cordial and has brought fulfilment to the two of them.

    The essence of the field visit by representatives of the World Bank is to assess the level of implementation  by the agencies concerned and to identify constraints to its success.

    Prof. Okunmadewa, who hinted that a formal national session to assess the progressnation nationwide would be done early in March, stressed that the state technical sessions was to mediate on things that will improve the project.

    Speaking with newsmen, the Coordinator of the Youth Employment and Social Support Operation (YESSO) in Osun State, Mr. Femi Ifaturoti, represented by the head of operations, Mr. Sola Adetoye, noted that 540 communities in 18 local government areas of the state have so far been registered in the programme with over 1,000 poor youths benefitting.

  • Fed Govt eyes $2.3b from World Bank, China

    Fed Govt eyes $2.3b from World Bank, China

    The Federal Government wants to borrow at least $1 billion from the World Bank and to sign within months for a $1.3 billion loan from China to fund railway projects, Finance Minister Kemi Adeosun said yesterday.

    The economy needs to plug a gap in its record N7.3 trillion ($23.17 billion) 2017 budget, which boosts capital expenditures by a quarter to end its first recession in 25 years due to low oil prices.

    The government has been in talks with the World Bank for a year and wants to finalise this month a reform proposal necessary for a loan application, according to officials.

    “We expected to borrow at least $1 bln dollars. There is also some possibility of doing sector specific intervention in the power sector, they are working very closely with us on power,” Adeosun told CNBC when asked about the talks with the Washington-based bank.

    Nigeria had initially promised to submit an economic plan to the World Bank by the end of December but did not do so, sources told Reuters last month.

    Adeosun also said Nigeria had been offered by China’s state Export-Import Bank (Exim) a $1.3 billion loan to fund railway projects.

    Nigeria will also present a reform proposal to the African Development Bank (AfDB) to release a second loan tranche worth $400 million, officials have said.

    The bank had paid out a first tranche of $600 million but has held back the rest pending reforms. Its president has criticized hard currency curbs hitting investment.

  • Plan for World Bank loan ready

    Plan for World Bank loan ready

    The Federal Government will present the required economic reform proposals to allow the country access loan from the World Bank this month, officials and diplomats have said.

    The government said it would need $5billion external borrowing to support the implementation of the budget to help haul it out of recession.

    The oil producer, which has been hit hard by a sharp fall in crude prices since 2014, has been in talks with the Washington-based lender for a year to secure a loan to help plug a yawning budget deficit and fund badly needed infrastructure projects.

    But the government has not specified how much money it was looking to borrow from the World Bank, saying  it aimed to raise $5 billion abroad. It was previously also unclear when Nigeria planned to present its proposed reforms to the lender – which will not consider a loan before it reviews the plans to make the economy more resilient and attractive to investment.

    According to Bloomberg report yesterday, the government now plans to present its economic reform proposals by the end of February, according to government officials and Western diplomats who declined to be named as they are not authorised to speak publicly.

  • World Bank spends $320m on community development in Nigeria

    World Bank spends $320m on community development in Nigeria

    A World Bank-funded Community and Social Development Agency (CSDA) in Nigeria yesterday said the bank has provided about $320 million credit to assist the poor and vulnerable groups in the country.

    The agency added that the bank late last year, approved addition $75 million for the Northeast region for resettlement of the internally displaced persons (IDPs) caused by insurgency in the region.

    Task Team Leader of CSDA in Nigeria, Prof Foluso Okunmadewa spoke in Ilorin, the Kwara State capital at the adoption of vulnerable groups’ operation manual meeting of the agency.

    The team leader said the project has gotten the support and endorsement of almost all the governors in the federation, noting that they “have all put the structures, mechanisms in place to be able to access the funds.”

    He said: “As at about seven years ago a credit of $200 million was provided by the World Bank to the government of Nigeria and was used up until 2015 by 26 states and the Federal Capital Territory (FCT). And this was exhausted and the then Federal Government requested for additional financing of $140 million.

    “It was provided and became effective in 2016. All the 26 states that were in original project are now active in this new additional financing of $140 million. All the states have established agencies and are moving into the communities to do all the micro projects that the communities have put forward.

    “I must say that as a result of the insurgency in the north-east and the desire by the Federal Government and the states in the region to have some more funds that can help in the resettlement and recovery of livelihood of people back in the rural areas. An additional request of $75 million was made by the federal government to the World Bank to put resources into this kind of project that seems appropriate be able to be used by these people as they go back.

  • World Bank: industrial commodities prices to rise

    World Bank: industrial commodities prices to rise

    The World Bank is forecasting strong gains for industrial commodities such as energy and metals this year due to tightening supply and strengthening demand.

    In its January 2017 Commodity Markets Outlook, the World Bank is holding steady its crude oil price forecast for the year at $55 per barrel, a 29 per cent jump from last year’s. The energy price forecast assumes that members of the Organisation of the Petroleum Exporting Countries (OPEC) and other oil producers will partially comply with an agreement to limit production after a long period of unrestrained output.

    The global lender is raising its metals price forecast to an increase of 11 per cent from the four per cent rise anticipated in its October outlook on further tightening of supply and strong demand from China and advanced economies.

    “Prices for most commodities appear to have bottomed out last year and are on track to climb in 2017; however, changes in policies could alter this path,” said John Baffes, Senior Economist and lead author of the Commodity Markets Outlook.

    Agriculture prices as a whole are expected to rise by less than one per cent this year. Small increases are anticipated for oils and oilseeds and raw materials, but grains prices are forecast to drop almost three per cent on an improved supply outlook.

    Precious metals prices are seen declining seven  per cent as benchmark interest rates rise and safe-haven buying slows.

    A special focus shows how commodity-exporting emerging and developing economies have been hit hard by slowing investment growth, which has declined from 7.1 per cent in 2010 to 1.6 per cent in 2015.

    “Investment weakness – both public and private – hinders a range of activity in commodity-exporting emerging market and developing economies. Most of these economies have limited policy space to counteract the slowdown in investment growth, so they need to employ measures to enhance the business environment, promote economic diversification, and improve governance to better growth prospects over the longer term,” said AyhanKose, Director of the World Bank’s Development Prospects Group.

    The World Bank’s Commodity Markets Outlook is published quarterly, in January, April, July and October. The report provides detailed market analysis for major commodity groups, including energy, metals, agriculture, precious metals and fertilizers.

  • Kwara, World Bank vote N850m for rural development

    To ensure infrastructural growth in its rural areas, the Kwara State government in partnership with the World Bank has embarked on N850 million community development projects.

    The aim of the programme is to ensure that all 193 wards across the senatorial districts of the state have improved access to infrastructural services that will bring about sustainable  development.

    Fifty-eight communities are beneficiaries of the project, but 41 communities will be the first beneficiaries as they will be given various sums for community projects, Governor Abdulfatah Ahmed has said.

    He added, saying, “The remaining communities will receive their funds in coming months.”

    Ahmed said this in Ilorin, the state capital, during the project launch and cheque presentation ceremony organised by the state Community and Social Development Agency (KWCSDA).

    He said, “The money disbursed is the first tranche of the programme under which the state government is responsible for about N165 million released, while the 58 participating communities are responsible for about N18.4 million.

    “Furthermore, in order to facilitate the continuity of community development projects in the state, this administration injected the  sum of N50 million last year and an additional budgetary provision of N200 million in 2016 into CSDP as additional funding to consolidate government’s commitment to the project.

    “The presence of the counterpart fund of N200 million as contained in the 2016 appropriation allowed for further draw-down of over N670m to scale up the implementation of projects across the state.”