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Nigeria Set To Receive Fresh $2.2bn World Bank Loan – Edun

Published

4 weeks ago

April 21, 2024

Editor

The Federal Government is set to receive around $2.2 billion single-digit interest loan from the World bank and another budget support facility from the African Development Bank.

Minister of Finance, Wale Edun, disclosed this during a press briefing at the end of Nigeria’s activities at the World Bank/International Monetary Fund Spring meeting in Washington DC, the United States on Saturday.

Speaking on the sources of international funding to the Nigerian economy, Edun listed diaspora remittances, foreign portfolio investments, and facilities from the World Bank and other international development partners.

He stated, “We have qualified for the processing just this week to the Board of Directors of the World bank of a total package of $2.25 billion of what you can call ‘the closest you can get to a free lunch’- virtually a grant. It’s for about 10- 20 years moratorium and about 1% interest.

“In addition, there is a similar budgetary support – low-interest funding from the African Development Bank (AfDB) and, clearly, there are ongoing discussions with foreign direct investors across many sectors.”

Edun also tapped issuing dollar-denominated securities specifically targeted at Nigerians in the diaspora and those with foreign-denominated savings in Nigeria as another measure to attract forex inflows into the country.

He further highlighted the efforts of the fiscal side of the economy in complimenting the recent monetary policy reforms by the Central Bank of Nigeria.

According to the minister, the issuing of government securities at an interest rate closer to the CBN’s monetary policy rate is an indication of the collaboration between both sides of the economy in tackling inflation in the country and attracting forex inflows.
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Burkina Faso, Mali, Niger Finalise Regional Alliance Project

Published

1 hour ago

May 18, 2024

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Junta-run Burkina Faso, Mali and Niger have finalised plans to form a confederation after turning their backs on former colonial ruler France to seek closer ties with Russia.

Their foreign ministers met Friday in Niger’s capital Niamey to agree on a text establishing the Confederation of the Alliance of Sahel States (AES).

“The objective was to finalise the draft text relating to the institutionalisation and operationalisation of the Confederation of the Alliance of Sahel States (AES)”, said Niger Foreign Minister Bakary Yaou Sangare as he read the final statement late Friday.

He said the text would be adopted by the heads of state of the three countries at a summit, without specifying the date.

“We can consider very clearly, today, that the Confederation of the Alliance of Sahel States (AES) has been born,” Malian Foreign Minister Abdoulaye Diop said after meeting General Abdourahamane Tiani, the head of Nigerien military regime.

The third foreign minister at the meeting was Burkina Faso’s Karamoko Jean-Marie Traore.

The Sahel region has been subject to deadly jihadist violence for years, which they accused France of not being able to curb.

The three countries said late January they were quitting The Economic Community of West African States (ECOWAS), which they said was under French influence, to create their own regional grouping.

AFP

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Paul Kagame, Chimamanda Adichie, Aig-Imoukhuede, Other Africans Make Top 100 Influential Global

Published

5 hours ago

May 18, 2024

Editor

Combo of Paul Kagame, Chimamanda Adichie, Aigboje Aig-Imoukhuede,Remi Dairo.

Rwanda President, Paul Kagame, Nigeria’s Chimamanda Adichie, and Aigboje Aig-Imoukhuede, have been listed among top 100 influential global voices 2023/24.

Others list are president, the president , Institute of Productivity and Business Innovation, Africa and the Chief Operating Officer of Productivate Plus LLC, headquartered in Houston, Texas, Mr Remi Dairo; Adebayo Ogunlesi; Jumoke Adenowo, Ibukun Awosika; Malala Yousafzai, Strive Masiyiwa, Sheikh Mohammed Bin Rashid Al-Maktoum.

In recognition of this groundbreaking record, Dairo was honoured by the Leaders Without Borders Development Centre at the event which took place on 19th April at House of Lords, Palace of Westminster, United Kingdom in recognition of being a global voice.

Commenting, Dairo said, “I feel so excited and motivated for the journey of my efforts and contribution to productivity in the community is globally recognized. The journey started in Nigeria as the School of Productivity in 2007 and metamorphosed into the Institute of Productivity and Business Innovation (IPBiM) in 2017.”

Remi Dairo is the president of the Institute of Productivity and Business Innovation Management (IPBIM), a distinguished African institution with global outreach that globally focuses on African institutions of productivity and innovation learning. The institution is in partnership with some of the world’s best institutions around the globe.

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Disregard Claim Of Me Bringing Investors To Nigeria – Ngozi Okonjo-Iweala

Published

16 hours ago

May 18, 2024

Editor

The Director-General of the World Trade Organization, Ngozi Okonjo-Iweala, has denied sending a WhatsApp message claiming she’s bringing investors to Nigeria due to Tinubu’s “commendable policies”.

A message had been circulating on Whatsapp alleging that former Minister of Finance has been contacted by President, respected instutitions and investors who congratulated her because Nigeria has finally found a “focused leader.”

Anything forwarded to you purporting to be a WhatsApp message from me is fake – Ngozi Okonjo-Iweala debunks news claiming she?s bringing investors to Nigeria due to Tinubu?s ?commendable policies?

Reacting via her X handle, Okonjo-Iweala described it as fake. She wrote;

‘’It’s been brought to my attention that another FAKE message has been manufactured and is being forwarded on WhatsApp in my name. I want to make clear that this fake message is not from me. I am pleased that those who know me instantly recognized this as fake.

“Thanks to friends who brought this to my attention. Please be aware that I do not use WhatsApp broadcasts, thus anything forwarded to you purporting to be a WhatsApp message from me is FAKE.

“This is a bad example of the use of social media. I want to warn those in the business of manufacturing FAKE messages, that they will not succeed.”