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Nigeria’s $1.5 billion loan request is still in the works – World Bank

The World Bank says Nigeria’s $1.5 billion budget support loan request is still in the works, but the country has to do a bit more.

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The World Bank has stated that the $1.5 billion loan to Nigeria is still in the works and has called for more monetary reforms going forward.

This was disclosed by Shubham Chaudhuri, World Bank Country Director for Nigeria, on Thursday during the presentation of the World Bank Nigeria Development Update (NDU) for December.

READ: Consolidated Hallmark Insurance Plc projects PBT of N336.6 million for Q1 2021

Chaudhuri stated that despite the reforms that had been put in place by the Federal Government, the World Bank was being cautious and had its reservations.

“I think the way that our board and our shareholders have approached this budget support, is really to say has the country that is requesting the support done all it can to help itself?” he said.

READ: PEBEC reforms to boost foreign direct investments – Osinbajo

“Think of it this way, when you have say a 10 or 15 billion dollar hole, 1.5 billion dollars is just a little bit of that, the question is how is the rest of that hole being made up?

“What is the sustainability in 2021 and beyond? And that is why we are thinking about the overall prospects going forward, in terms of the macro adequacy and the flexibility and exchange rate management.”

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READ: CBN Governor discloses why Nigeria must stop dependence on crude oil

He said the World Bank recognised the effort Nigeria had made, but the country still needed “sound macro-fiscal footing.”

“That is why our shareholders and our management are still saying we recognise how much Nigeria has done, but for this $1.5 billion to really be a part of the larger effort to put Nigeria on a sound macro-fiscal footing going forward, there needs to be a little bit more.”

READ: NNPC to use $1.5 billion prepayment deal to pay taxes owed by NPDC

He added that the World Bank was working on another $1.5 billion loan different from the budget support loan, which was two separate $750 million credits to support state government’s efforts,  slated for approval on December 14.

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“So, one is additional financing for the State’s Fiscal Transparency Accountability and Sustainability (SFTAS) programme for results.

READ: Afreximbank posts $217m net income in 9M 2020

“The other is the Nigeria COVID-19 Action Recovery and Economic Stimulus (CARES) Programme, which is meant to support the states towards protecting livelihoods, enhancing food security and supporting local economic activity.

“So those are the two operations that are being considered by our board on Monday,” he said.

READ: Reps to support total reforms in aviation industry through legislation – Speaker

What you should know 

  • Nairametrics reported in August that the World Bank was yet to approve the much-needed $1.5 billion loan sought by Nigeria in August. The delay was due to concerns over reforms, even as the World Bank believed that the country had not shown enough commitment towards achieving them.
  • Minister for Finance, Budget and National Planning, Zainab Ahmed, said Nigeria was set to achieve its plans of getting the $1.5 billion World Bank loan package, as it was in the closing stages of the deal, following its fulfilment of the conditions set by the international multilateral organization.

READ: FG secures $72 million from World Bank for states to develop land information systems

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Business

Lagos State seeks investors in aquatic and livestock agriculture value chain

The Commissioner revealed that the scheme was in line with the State’s five-year strategic agriculture roadmap.

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Lagos State begins recruitment for Agripreneurship programme, Sanwo-Olu confirms Abisola Olusanya as new Agriculture commissioner

The Lagos State Government announced it is seeking private sector collaboration for Agriculture sector value chain development in livestock feed mills, fisheries and red meat.

This was disclosed by the State Commissioner for Agriculture, Ms Abisola Olusanya, in a statement on Sunday in Lagos.

The Commissioner revealed that the scheme was in line with the State’s five-year strategic agriculture roadmap, as the State identified the 3 main sectors for value chain disruption.

READ: Lagos goes tough on illegal conversion of land use, enforcement begins in Ikeja GRA, Lekki, others

She also added that investment in the sectors would also develop jobs for the industry and boost the State’s GDP growth, through Private Sector collaboration as Lagos residents consume over N5 trillion worth of food annually.

“The objective is to stimulate and encourage more public-private partnerships in the three value chains,” she said.

“When you consider this pool of transactions happening in Lagos, it shows that we are the market. For instance, we demand over 400,000 metric tons of fish on an annual basis.

“But our fishermen and our aquaculture farmers are only able to produce just about 174,000 metric tons with deficit of 200,000 metric tons,” she added.

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READ: CBN invests over N120 billion on 320,000 farmers across CTG within four years

She also disclosed that the state has 9,000 artisanal fishermen, and bringing more youths into the space will increase the level of fish and seafood being harnessed from our water bodies. Looking at the transactional value on an annual basis, the fisheries sector is worth well over N120billion according to her.

In case you missed it: Nigeria exported agricultural products worth N321.5 billion in 2020, representing a 19.16% increase when compared to N269.8 billion recorded in 2019 and a 6.27% increase compared to N302.28 billion recorded in 2018.

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#DigitalSkillsTraining: FG announces conclusion of selection process

Only successful applicants that are contacted by the Ministry are to report at the training venue.

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President Buhari to address Nigerians on Lekki toll plaza shootings after investigation , Youth Investment Fund:  Ministry of Finance and CBN to launch provision of funds- Minister, Federal Ministry of Youth and Sports launch DEEL initiative

The Federal Government through the Ministry of Youth and Sports disclosed that the selection process for the upcoming Digital Skills Training has been concluded for the #DigitalSkillsTraining from April 11th to 30th, 2021.

This was disclosed in a statement by the Ministry of Youth and Sport on Sunday evening.

“The Federal Ministry of Youth and Sports Development wishes to inform the general public and all Nigerian Youths that the selection process has been concluded for successful applicants for the #DigitalSkillsTraining scheduled for April 11 to 30, 2021,” the statement said.

The Ministry added that only successful applicants that were contacted by the Ministry are to report at the training venue. Those who were not successful but arrive at the training would not be admitted.

Upcoming #DigitalSkillsTraining Programmes of the Ministry will be widely publicized on youthandsport.gov.ng , on : noya.ng and on the Ministry’s social media handles,” the statement added.

What you should know 

Recall that Nairametrics reported in November 2020, that the Ministry of Youths and Sports Development announced it will scale up its digital skills training to cover 500,000 youths across the country after securing funding under the COVID-19 stimulus budget.

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