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World Bank approves $1.57 billion loan for Nigeria

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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.

Musings From Abroad

US CDC issues second-highest Marburg travel advisory for Rwanda

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As a result of the Marburg disease epidemic in Rwanda, the United States government has announced that its agency will be issuing its second-highest level of travel advisory, advising citizens to avoid unnecessary travel. Rwanda is located in East Africa.

According to the US Department of Health and Human Services, the CDC will begin screening visitors who have visited Rwanda within the last 21 days before they enter the country.

The organisation advised travellers to Rwanda to take extra care when they visited the nation last week when it released its “level 2” travel advisory.

Since the first epidemic of the Ebola-like illness in Rwanda was discovered in late September, 46 cases and 12 fatalities have been documented. The death rate in Marburg might reach 88%.

Fruit bats carry the virus, which subsequently spreads to people who come into touch with the bodily fluids of infected people.

Rwanda has started to distribute vaccination doses against the virus, giving priority to those who are most at risk, healthcare staff who are most exposed, and those who have close contact with confirmed cases.

The first known outbreak of viral hemorrhagic fever in Rwanda was discovered in late September; to yet, 36 cases and 11 fatalities have been reported. The death rate in Marburg might reach 88%.

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Musings From Abroad

US ‘conflict minerals by disclosure rule’ has not lessened Congo bloodshed, monitor claims

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In a study released on Monday, a United States congressional watchdog stated that it had not discovered any proof that the conflict minerals disclosure rule implemented by the Securities and Exchange Commission (SEC) in 2012 had lessened bloodshed in the Democratic Republic of the Congo.

 

According to a U.S. Government Accountability Office study, armed factions are still engaged in conflict over control of gold mines located in the country’s east.

 

It said that the regulation, which mandates that certain businesses disclose how they utilise gold, tungsten, tantalum, and tin, has probably had little impact on the bordering nations.

 

 

“GAO found no empirical evidence that the rule has decreased the occurrence or level of violence in the eastern DRC, where many mines and armed groups are located,” the report said.

 

 

“GAO also found the rule was associated with a spread of violence, particularly around informal, small-scale gold mining sites,” it said, adding that gold is the most difficult to trace, and easiest to smuggle, of the four minerals covered by the rule.

 

The top producer of tantalum in the world is Congo; both the US and the EU view it as a vital material.

 

The report further stated that “the SEC disagreed with some of GAO’s findings and raised concerns about some of its methodology and analyses.” According to the GAO, some of its modifications had no appreciable impact on its conclusions.

 

 

“As the agency noted in comments shared with GAO, SEC staff has serious concerns about the report, including that it makes assertions and reaches conclusions that rest on several erroneous factual assumptions, draws causal inferences that are not supported by GAO’s statistical analyses, and deviates significantly from the GAO’s previously issued reports,” the SEC said.

 

 

“GAO had not shared its final report with the SEC until today, so staff is reviewing it to determine if and how GAO addressed the SEC’s concerns,” it added.

Last year, GAO said that some U.S. companies buying minerals from Congo and its neighbours were failing to meet disclosure requirements.

 

The UN Security Council was informed on September 30 by Bintou Keita, the head of the U.N. mission in Congo, that M23 rebels in the east are making $300,000 a month in a zone they have taken over for coltan mining.

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