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South Africa benefits from World Bank’s $497 million grant for clean energy sourcing

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The World Bank has given South Africa a $497 million financing grant to enable the country decommission one of its largest coal-fired power plants and convert it to renewable clean energy, the global lender said.

In a statement released on Thursday, the bank said the newly closed Komati power station about 170 kilometres (105 miles) in the northeast of Johannesburg, will be repurposed by the use of solar and wind sources, and supported by batteries for storage.

“Closing the Komati plant this week is a good first step toward low carbon development,” said World Bank Group President David Malpass, said.

“The project is aimed at easing carbon emissions and creating economic opportunities in the area, which has been home to one of Africa’s largest coal plants for more than 60 years,” Malpass added.

The funding, according to the World Bank, comprises a $439.5m World Bank loan, a $47.5m concessional loan from the Canadian Clean Energy and Forests Climate Facility and a $10m grant from the Energy Sector Management Assistance Program (ESMAP), an initiative to help low and middle-income countries.

South Africa had earlier secured $8.5bn in loans and grants at the UN climate talks last year from a group of rich nations to finance its switch to greener energy.

But the remains heavily dependent on coal, which generates 80 per cent of its electricity while the power sector accounts for 41 percent of national CO2 emissions.

In recent months, the country has been suffering sweeping power outages caused by failures at state-owned energy firm Eskom’s ageing and poorly maintained infrastructure.

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Nigeria obtains $600 million international loans for agriculture

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To promote food security and rural development, the Nigerian government, through the Ministry of Agriculture and Food Security, has obtained more than $600 million in foreign agricultural loans in 2024.

A $134 million credit facility from the African Development Bank was acquired by the government to increase seed and grain production across the country, according to information on the ministry’s website.

“The Federal Government has secured a loan facility of $134m from the African Development Bank to help farmers boost seeds and grain production in the country,” the statement read.

The fund now stands at $634 million after the Federal Government obtained a $500 million loan from the World Bank under the Rural Access and Agricultural Marketing Project.

The project will encourage social and economic growth in rural regions while enhancing access to hospitals, schools, and agricultural centres. Its goal is to close the gap between rural communities and bigger markets.

According to Aliyu Abdullahi, Minister of State for Agriculture and Food Security, states must establish operational road funds and road agencies to receive RAAMP monies.

Aminu Mohammed, the RAAMP National Coordinator, emphasised the project’s emphasis on rural infrastructure:

“The primary objective of RAAMP is to improve rural roads and trading infrastructure to boost food production,” Mohammed said.

The initiative, already underway in 19 states, will distribute funds competitively according to socioeconomic factors, implementation preparedness, and state co-finance pledges.

By creating Rural Access Road Authorities, the project also aims to increase the representation of women in the transportation industry.

The World Bank will contribute $500 million in the second phase of RAAMP, with the federal and state governments contributing $100 million in matching funds.

Farmers throughout Nigeria have criticised the Federal Government’s agricultural initiatives as being selective and badly executed, despite its attempts to increase agrarian activity through mechanisation, irrigation infrastructure, and in certain circumstances, financial support.

Many contend that the programs mostly help well-connected people, leaving off smallholder farmers, who are the foundation of Nigeria’s agriculture industry.

La’ah Dauda, a farmer from Kaduna, called the initiatives “very selective,” adding that even the data is scarce. They only raise awareness in areas that they find appealing. If others are left out, how can you recruit new farmers?

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Nigeria’s November inflation rate hits 34.60%

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According to figures released by the statistics office on Monday, Nigeria’s inflation rate increased for the third consecutive month in November, rising from 33.88% in October to 34.60% in annual terms.

Following a brief period of respite in July and August, the naira devaluation and a string of rises in the price of petroleum have been blamed for the inflation spike that started in September.

The most populous nation in Africa is experiencing the worst cost-of-living crisis in decades as a result of these circumstances.

The central bank has hiked interest rates six times this year, for a total rise of 875 basis points, to counteract increasing inflation.

Due to price increases for basics such as rice, maize, bread, potatoes, and cooking oil, food inflation increased to 39.93% year over year in November from 39.16% the month before, according to the National Bureau of Statistics.

In an attempt to boost economic development and strengthen public finances, President Bola Tinubu devalued the naira and reduced subsidies, which caused inflation to spike in the second half of last year.

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