Musings From Abroad

World Bank approves $1.57 billion loan for Nigeria

Published

3 months ago

September 30, 2024

Three further loan proposals totalling $1.57 billion in funding for Nigeria have been accepted by the World Bank.

A statement issued on Monday said that the decision would help the Nigerian government improve the health of mothers, children, and adolescents in order to enhance human capital.

It further stated that by enhancing irrigation and dam safety, the authorised projects would contribute to the development of resilience against the consequences of climate change, including drought and floods.

The statement read, “The World Bank has today approved three operations for a total of $1.57bn to support the Government of Nigeria in strengthening human capital through better health for women, children and adolescents and building resilience to the effects of climate change such as floods and droughts through improving dam safety and irrigation.”

According to the international lender, $500 million of this new funding would go towards resolving governance concerns that impede the provision of healthcare and education, $570 million will go towards strengthening the primary healthcare provision, and $500 million will go towards the Sustainable Power and Irrigation for Nigeria Project.

“The HOPE-GOV and HOPE-PHC programmes combined will support the Government of Nigeria to improve service delivery in the basic education and primary healthcare sectors which are critical towards improving Nigeria’s human capital outcomes.

“The SPIN project will support the improvement of dams’ safety and management of water resources for hydropower and irrigation in selected areas of Nigeria.

“The HOPE-GOV Programme will support Nigeria to address underlying governance weaknesses in the systems and procedures of government in two key human development sectors,” it noted.

The September 26, 2024, clearance demonstrates the World Bank’s dedication to enhancing Nigeria’s human capital and fostering resilience against climate-related hazards.

Additionally, it shows that Nigeria, under President Bola Tinubu’s government, has obtained loans totalling $6.52 billion from the World Bank in response to worries about the nation’s growing external debt servicing obligations.

In June, the World Bank approved two loan projects to boost Nigeria’s economy and help disadvantaged communities. According to the bank, the $2.25bn package includes the $1.5bn Nigeria Reforms for Economic Stabilisation to Enable Transformation Development Policy Financing Program and the $750m Nigeria Accelerating Resource Mobilisation Reforms Program-for-Results. To date, the international lender has received $751.88m of the $1.5bn Nigeria Reforms for Economic Stabilisation to Enable Transformation.

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Musings From Abroad

Blinken to reveal UN Sudan funding additions

Published

1 day ago

December 20, 2024

Ifeoluwa Dada

Additional financing for humanitarian aid to Sudan and initiatives to strengthen civil society in the nation, where a conflict has killed tens of thousands of people and displaced millions, will be announced by U.S. Secretary of State Antony Blinken at the United Nations on Thursday.

Blinken will make many announcements when he leads a UN Security Council meeting on Sudan on Thursday, which will centre on humanitarian aid and civilian protection, Deputy U.S. Representative to the UN Ned Price told reporters on Wednesday.

According to Price, the announcements would include more money for humanitarian help, initiatives to strengthen civil society, and the return of democracy.

“Sudan, unfortunately, has risked becoming a forgotten conflict,” Price said.

“So part of the reason the secretary … opted to convene a signature event on this very topic is to make sure it remains in the spotlight,” Price said.

For almost 18 months, the paramilitary Rapid Support Forces and Sudan’s army have been engaged in combat, resulting in a severe humanitarian crisis that has forced over 12 million people from their homes and made it difficult for U.N. organisations to provide aid.

A power struggle between the RSF and the Sudanese Armed Forces preceded a planned shift to civilian administration, which sparked the conflict in April 2023.

Although the army declined to join this year’s U.S.-mediated peace negotiations in Geneva, the warring parties did pledge to increase assistance access, which prevented any movement towards a ceasefire.

Price stated that before President Joe Biden’s term ends next month, the United States would keep collaborating with allies to enhance humanitarian access in Sudan and eventually end hostilities.

“We are going to leave nothing on the field in our efforts to work with allies, with partners, with the Sudanese stakeholders themselves, on the issues that matter most – humanitarian access, the provision of humanitarian assistance, ultimately, the process by which we can work to get to a cessation of hostilities, which is most urgently needed,” he said.

Musings From Abroad

Seeking to expand ties in Africa, Indonesia’s Prabowo attends D-8 economic meeting in Egypt

Published

3 days ago

December 18, 2024

Ifeoluwa Dada

According to the government, Indonesian President, Prabowo Subianto, travelled to Egypt on Tuesday to attend meetings of the D-8 Organisation for Economic Cooperation, a group of eight significant Muslim developing nations.

To enhance collaboration between the nations spanning from Southeast Asia to Africa, the D-8 was formed in 1997 and consists of Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan, and Turkey. Beginning in January 2026, Indonesia will serve as the group’s chair.

Prabowo said that he would meet with Abdel Fattah al-Sisi, the president of Egypt.

“Egypt is our close friend, our strategic partner and an important country in the Middle East,” he said before his departure, adding he would also meet the Egyptian business community.

He would go to Malaysia from Egypt and then return to Indonesia.

Since taking office in October, Prabowo has stated that his administration will uphold Indonesia’s long-standing non-alignment foreign policy.

Since winning the presidency earlier this year, he has been to more than 20 nations, including China, the US, Japan, and Russia.