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Nigeria Okays $6.7b Plan for Northeast Reconstruction

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  • Nigeria Okays $6.7b Plan for Northeast Reconstruction

The Federal Government says it has developed a N6.7 billion plan for the reconstruction, rehabilitation and resettlement of northeast devastated by Boko Haram.

Nigeria’s Ambassador/Permanent Representative to the United Nation (UN), Prof. Tijjani Bande, said this at the event tagged “Strengthening the humanitarian and development partnership in the Lake Chad Region” at the UN headquarters in New York.

The envoy said the plan, known as “Buhari Plan”, aims to advance the humanitarian and development nexus in the country.

Bande said Nigeria was spearheading the event based on the need to promote across board collaboration and cooperation among countries of the Lake Chad region, the donors and a whole range of humanitarian and development partners.

Bande said: “At our national level, the $6.7 billion Buhari Plan of Action for the comprehensive Reconstruction, Rehabilitation and Resettlement of the North Eastern Nigeria and the Lake Chad represents an ambitious humanitarian cum development initiative on the part of a national government.

“It is to demonstrate its total and unshakable commitment to the socio-economic development of the entire area.

“It is unmistakably true that beyond the challenges lie numerous prospects for harnessing the capacity of the people and natural endowment of the area to facilitate integrated regional socio-economic development.

“Therefore, the occasion of this side event and its subsequent follow up actions would present opportunity for enhancing the objectives of several initiatives on the Lake Chad, such as the All Lake Chad Governors Forum which held its inaugural meeting in Maiduguri, in May.

“Also, the Berlin Conference on the Lake Chad has been slated for the first week of September and would build substantially on the outcomes of the February 2017 Oslo Donors Conference on the Lake Chad.

“I would like to take this opportunity to call on all stakeholders to redouble efforts and commitment towards making the Berlin Conference on the Lake Chad a watershed.

“This is in our collective resolve to further mobilise resources and demonstrate implicit commitment to plans that will ensure moving quickly beyond the immediate humanitarian need to concrete sustainable developmental projects capable of substantially elevating the lives of the majority of people in the region.”

The envoy stressed the need for collaboration and cooperation among countries of the Lake Chad, the donors as well as humanitarian and development partners.

According to him, collaboration between the humanitarian and development agencies has gained traction at the UN in recent times such that the involvement of national governments is needed to make it work.

He said the protracted humanitarian and development challenges in the Lake Chad region had place enormous responsibilities on all to remain engaged in discussion aimed at scaling up national, regional and global responses to the crisis.

These responses need to be bolstered by strengthened coordination at the UN level to ensure a more synergised delivery of assistance, the Nigerian envoy emphasised.

“Let me emphasise that the recharge of the Lake Chad Basin, capacity building, and restoration of livelihood, through facilitation of occupational opportunities, job creation, skill acquisition and others are central to finding lasting solution to the problem in the region.

“To realise all these would entail our collective commitment to a broad range of actions, facilitated by strong international cooperation and partnership, involving the UN agencies and development partners, like the World Bank and African Development Bank among others,” Bande said.

Magagi Louan, Minister of Humanitarian Action and Disaster Management of the Republic of Niger, said the political leadership from the region were working together to ensure comprehensive response to the crisis in the Lake Chad.

Louan said several mechanisms to address the problem included the institutionalisation of joint security architecture such as the Multinational Joint Task Force and promotion of collaborative social-economic projects under the auspices of the Lake Chad Basin Commission.

Also, Alifei Moustapha, Permanent Representative of Chad to the UN, disclosed that Chadian Government set up a new coordination mechanism across the ministries to identify local requirements and develop flexible coherent responses to address the Lake Chad problem.

Michel Monthe, the Permanent Representative of Cameroon to the UN, stated that his country would finance resilience and socio-economic projects and called for response to humanitarian needs while simultaneously reducing risk and vulnerability.

The event, sponsored by Nigeria, Cameroon, Niger, Chad, UN Development Programme and UN Office for the Coordination of Humanitarian Affairs, also featured presentations by UN Humanitarian Coordinators for the four countries.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Economy

Nigeria’s Plan to Review Oil Companies’ Gas Flaring Strategies

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Oil

Nigeria is ramping up its efforts to address environmental concerns in the oil and gas sector with a comprehensive plan to review gas flaring strategies of international and indigenous oil companies.

The Minister of State for Environment, Dr. Iziaq Salako, announced this initiative during a national stakeholders engagement meeting on methane mitigation and reduction held in Abuja, Investors King reports.

Gas flaring, a common practice in the oil industry, releases methane—a potent greenhouse gas—into the atmosphere, contributing to climate change and posing health risks to communities near oil facilities.

Nigeria aims to end routine gas flaring by 2030, aligning with global climate goals and commitments.

Dr. Salako explained the importance of reducing methane emissions and highlighted the detrimental effects on public health, food security, and economic development.

He outlined practical steps being taken to tackle methane emissions, including the development of methane guidelines and the engagement of government institutions.

The ministry, through the National Oil Spill Detection and Response Agency, will conduct periodic reviews of oil companies’ plans to ensure compliance with the gas flaring deadline.

Deloitte management consultants will assist in conducting comprehensive forensic audits to scrutinize the legitimacy of forward-contracted transactions.

President Bola Tinubu’s commitment to environmental sustainability underscores the government’s dedication to addressing climate change and fulfilling its multilateral environmental agreements.

The engagement event served as a platform for stakeholders to discuss methane mitigation strategies, existing policies, and implementation challenges.

Collaboration and dialogue among diverse sectors are crucial in charting a unified course towards sustainable methane reduction in Nigeria’s oil and gas industry.

As the country navigates its environmental agenda, ensuring accountability and transparency in gas flaring practices remains paramount for achieving a greener and healthier future.

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Economy

Interest Rate Jumps to 24.75% as CBN Takes Aggressive Stance Against Inflation

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Dr. Olayemi Michael Cardoso

The Central Bank of Nigeria (CBN) has announced a significant increase in the monetary policy rate, known as the interest rate, to 24.75%.

This move disclosed by CBN Governor Olayemi Cardoso during the 294th Meeting of the Monetary Policy Committee press briefing in Abuja, represents a bold step by the apex bank to address the mounting inflationary pressures faced by the country.

With inflation soaring to 31.70% in February, the CBN aims to moderate this upward trend by tightening its monetary policy stance.

This decision follows the previous hike in the interest rate to 22.75% in February, showcasing the CBN’s commitment to combatting inflationary forces.

While the bank opted to maintain the Cash Reserve Ratio at 45%, the significant increase in the interest rate underscores the urgency of the situation and the need for decisive action.

Governor Cardoso emphasized that these measures are essential to stabilize the economy and safeguard the purchasing power of the Nigerian currency.

The 294th MPC marks the second meeting under Governor Cardoso’s leadership, indicating a proactive approach to addressing economic challenges.

The next MPC meeting is scheduled for May 20th and 21st, 2024, highlighting the ongoing commitment of the CBN to navigate Nigeria’s economic landscape amidst inflationary pressures.

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Economy

Nigeria Braces for 10th Consecutive Interest Rate Hike by Central Bank

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Central Bank of Nigeria (CBN)

As Nigeria grapples with persistently high inflation, the Central Bank of Nigeria (CBN) is gearing up to implement its tenth consecutive interest rate hike in a bid to curb the soaring prices and attract investment.

Analysts surveyed by Bloomberg are anticipating a substantial 125 basis-point increase in the key rate to 24%, marking one of the most significant adjustments in the current tightening cycle.

The decision, expected to be announced by Governor Olayemi Cardoso on Tuesday at 2 p.m. in Abuja, comes on the heels of inflation accelerating to 31.7% in February, far surpassing the central bank’s target range of 9%.

This surge has been primarily attributed to the sharp depreciation of the naira, prompting authorities to devalue the currency twice since June to narrow the gap with the unofficial market rate and encourage investor confidence.

While these measures have seen the naira strengthen in recent days and bolstered investment inflows, including a fourfold increase in overseas remittances and significant foreign investor portfolio asset purchases, there remains a palpable need for more decisive action.

Giulia Pellegrini, a senior portfolio manager at Allianz Global Investors, emphasized the necessity for the CBN to intensify its tightening efforts to regain foreign investors’ confidence in the local bond market.

While acknowledging the positive strides made by the central bank, Pellegrini stressed the importance of a more assertive approach to prevent the diversion of investor attention to other frontier markets.

As the Nigerian economy navigates through these challenging times, the impending interest rate hike signals the CBN’s determination to address inflation head-on and foster a more stable economic environment.

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