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World Bank worried Niger coup could escalate West African food crisis

Published

8 months ago

September 20, 2023

Multilateral body, World Bank has warned that the recent coup d’état in the Niger Republic may complicate issues around Nigeria and other West African nations’ food markets.

The bank stated this in its September “Food Security Update.” It said, “The coup d’état in Niger might put additional pressure on West African food markets.”

The bank claimed that the coup had increased the likelihood that seven million more people in the region could experience severe food insecurity. This is despite the fact that 3.3 million people already experience this during the lean season due to rising commodity and staple food prices.

President Mohamed Bazoum was ousted in July in a coup led by the head of the presidential guard, General Omar Tchiani. The coup was the fifth in the West African subregion within three years.

It said, “With the government’s limited financial capacity to implement its food assistance programme, continued provision of food aid by the World Food Programme remains essential, but access restrictions hinder aid delivery.

“Moreover, FAO expects that shortages of seeds and feed and high fertilizer costs will affect the next agriculture season, exacerbating food insecurity, which is expected to persist beyond the lean season.”

It added, “The main factors affecting food security are civil insecurity and conflict, which have led to forced displacement; climatic shocks; political instability; the consequences of the COVID-19 pandemic; and the war in Ukraine, which have increased the volatility of prices for foodstuffs and other commodities and caused widespread inflation. Current food prices of the main staple and imported food products remain higher than during the same period last year.”

According to a World Food Programme report, unless appropriate action is immediately taken, the number of women, men, and children affected by a food and nutrition crisis in West and Central Africa is expected to reach a new record high in June 2022 – quadrupling in just three years from 10.7 million in 2019 to 41 million in 2022.

The number of individuals in Western and Central Africa requiring food and nutritional assistance has increased from over 10.7 million in 2019 to almost 29 million in 2021 to more than 40 million in 2022 and 2023, according to the bank, which underlined the region’s ongoing food crisis.

Related Topics:Featured Niger coup Nigeria World Bank

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Nigeria offers oil majors faster exit if …

Published

2 hours ago

May 4, 2024

Ifeoluwa Dada

Oil-rich West African country, Nigeria, has offered major oil companies, such as Exxon Mobil and Shell, that planned to leave the country’s onshore oil an offer for quicker exit approval on the ground that they take responsibility for spills rather than wait for authorities to apportion blame.

The regulator tt a meeting with the companies in Abuja, Nigerian Upstream Petroleum Regulatory Commission (NUPRC) chief Gbenga Komolafe offered a short-term option with faster approval if the companies commit to cleaning up spills and compensating communities.

To concentrate on deepwater drilling, Exxon, Shell, TotalEnergies, and Eni have all attempted to withdraw from Nigeria’s oil-rich Niger Delta in recent years, claiming security issues including theft and sabotage. Regulatory obstacles have, however, caused their exits to be postponed.

“We have the undertaking here. The consent here though fixed for June, could be much shorter,” he said.

“If you agree to take that option, you sign the undertaking knowing that there are obligations to be fulfilled,” Komolafe said.

The second long-term alternative might push back the final approval until August by requiring NURPC to identify and assign all liabilities first. In order to safeguard the environment, local populations, and the long-term viability of the assets, NURPC is attempting to strike a compromise between expediting the exit for oil majors.

According to them, the corporations are considering their alternatives and will reply shortly. Meanwhile, some observers say the accelerated option could cost oil majors millions of dollars for cleanups and reparations.

“The risk with option 1 is the transferor will continue to take responsibility for the asset until the process is completed while option 2 puts them at the mercy of the regulator since they waived their right to deemed approval,” said Ayodele Oni, energy lawyer at Lagos-based Bloomfield law firm.

Following the majors’ withdrawal, 26 onshore blocks with a combined estimated reserve of 13.76 billion barrels of oil, 2.70 billion barrels of condensate, and roughly 90,717 billion cubic feet of gas are up for grabs, according to NUPRC.

“We aim to ensure that the companies that take over these blocks have the necessary financial resources and possess the technical expertise required to responsibly manage the blocks throughout their lifecycle under good asset stewardship practices,” Komolafe said.

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Nigeria’s Security Exchange chief to meet foreign, local crypto exchanges, others over crypto regulation

Published

3 hours ago

May 4, 2024

Ifeoluwa Dada

On Monday, local and international cryptocurrency exchanges will meet with Dr. Emomotimi Agama, the recently appointed Director General of the Securities and Exchange Commission, to deliberate and reach a consensus regarding the current state of cryptocurrency in Nigeria.

The Nigerian Blockchain Industry Coordinating Committee called the meeting to discuss pertinent issues and outline a forward-thinking plan for cryptocurrency regulations.

The meeting is open to all operators of digital asset exchanges, wallet providers, other virtual asset service providers (VASPs), and pertinent industry associations and bodies in order to address pertinent issues and map out a progressive path for cryptocurrency regulations in Nigeria.

The associations include the Blockchain Nigeria User Group (BNUG), the Cryptographic Development Initiative in Nigeria (CDIN), the Digital Currency Consortium (DCC) and the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN).

Uwakwe expressed hope that the meeting could spark the right kind of change that would favour all crypto stakeholders in Nigeria and internationally.

“Everyone’s presence and insights are invaluable as we collectively navigate the regulatory terrain and strive toward fostering an environment conducive to innovation and growth within the blockchain and cryptocurrency sector,” he said.

Nigeria has since initiated investigations into the use of cryptocurrencies in the nation and taken actions that run counter to its December 2023 decision to lift a ban on them.

The Central Bank of Nigeria blocked local cryptocurrency users’ access to the websites of numerous cryptocurrency exchanges, including Binance, OctaFX, and others in February.

Additionally, the SEC of Nigeria suggested changing the regulations governing platforms that provide cryptocurrency services. It suggested raising the registration fee for cryptocurrency exchanges from N30 million ($18,620) to N150 million ($93,000).