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World Bank, Ondo Execute 229 Micro Projects in Communities

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World Bank
  • World Bank, Ondo Execute 229 Micro Projects in Communities

The Ondo State Community and Social Development Agency has said no fewer than 229 micro projects had been completed out of 252 projects in communities across the 18 local government areas of the state.

The projects, which were said to be part of the World Bank-assisted programmes, in the state, included construction and rehabilitation of roads, bridges, classrooms and boreholes among others in the beneficiary communities.

According to the Operation Manager of the CSDP, Mr. Olumide Igbaroola, the projects were community-driven development approach with the overall goal to improve access services for human development in the state.

Igbaroola explained that the projects were meant to support and empower the communities and local governments for sustainable increase access by the poor people to improve social and natural resource infrastructural services.

He said the first phase of the project commenced in 2009 with World Bank financing the project with $5m while the state released a sum of N345m as its counterpart fund. He noted that many communities from the state benefitted from the first phase of the scheme but said it was winded down in 2014

He said, “The success story of the first phase brings about additional financing which commenced in June 2015 with more emphasis on gender and vulnerable groups

“As at November 2018, about 59 projects have been approved and funded by the agency while the implementation was carried out by the Community Project Management Commission and completed.

Igbaroola further explained that the communities were allowed to participate in the process from the beginning to give them the sense of belonging, saying “this will allow them to take proper care of the projects because of their financial and other involvements.”

“The project emphasises equal opportunity hence gives voice to the voiceless in the community. Gender and vulnerable are allowed to participate even their needs are given priority in any community of intervention,” he stated.

He noted that for the intervention of the agency in any community, the Expression of Interest would be received by the agency from the community after which the agency would visit the community to verify their claims, prioritise their needs, implement, monitor and maintain the projects.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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COVID-19 to Erode More than $12.5 Trillion from Global Economy – IMF

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IMF Managing Director Kristalina Georgieva

The International Monetary Fund (IMF) on Thursday has predicted that COVID-19 will erode more than $12.5 trillion previously estimated from the global economy through 2024. 

Kristalina Georgieva, the Managing Director, IMF, disclosed this while speaking at an event hosted by the Financial Times. She explained that among things hindering economic recovery or “throwing cold water on the recovery everywhere”, were supply chain disruptions, inflation and tighter monetary policy.

Looking at the surge in oil prices over the high demands outweighing the low supply from the OPEC+ nations; flight disruptions due to the peaking number of reported Omicron variant cases and inflations of global commodities, the initial estimate of global revenue loss valued at $12.5 trillion is said to rise.

Georgieva also noted that the huge gaps in COVID-19 vaccination rates, the overall widening divergence between rich and poor caused by the pandemic, along with learning losses and increased gender impacts, would cause more protests, tensions and insecurity.

The IMF boss’s statement had been confirmed by the international lender’s Chief Economist, Gita Gopinath in December 2021. According to Gopinath, IMF had projected that a more severe COVID variant, such as Omicron, could cost the world’s economy $5.3 trillion. This was in addition to the then projected loss of $12.5 trillion.

Speaking at an event organised by the World Health Organization (WHO) in December. Gopinath described the Omicron variant as “an obvious hit to recoveries everywhere in the world.”

“Our projections are that that would add another loss of around $5.3 trillion to the global economy. So that is in addition to the current projected $12.5 trillion lost.

“We are now in the phase where countries around the world just don’t have the space to keep monetary policy very loose, to kind of keep interest rates extremely low. We are seeing inflationary pressures building up around the world,” she said.

“And so think of a situation where you could have this pandemic last longer, you have longer supply disruptions that are putting inflationary pressures, and then we have the real risk of something we have avoided so far, which is stagflationary concerns,” Gopinath added.

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Removal of Petrol Subsidy: NGF to Dialogue With Labour Unions Over Strike Threat

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Petrol - Investors King

The Nigeria Governors’ Forum (NGF) under the chairmanship of Dr Kayode Fayemi has said it will meet with the  Nigerian Labour Congress (NLC) and the Trade Union Congress(TUC) to discuss the removal of petrol subsidy.

The announcement of the minister of finance, Zainab Ahmed in November, 2021 that fuel subsidy will be removed in 2022 has birthed reactions from citizens and organised labour unions are threatening to embark on strike.

The federal government, however, promised that N5000 will be given monthly to poor Nigerians as a transportation grant while the subsidy is removed but the decision did not go down well with the unions, hence the strike threat.

Addressing newsmen after the forum meeting, the NGF chairman and governor of Ekiti State, Kayode Fayemi stated that the 36 states governors discussed major national issues, of which the removal of petrol subsidy was one.

Fayemi noted that on the fuel subsidy, the forum has decided to dialogue with the leadership of the labour unions with the aim of drawing a conclusion that will not affect the people and the Nigerian economy.

In his words, “we discussed the issue around petroleum subsidy and concluded to engage the leadership of the Nigerian Labour Congress (NLC) and the Trade Union Congress.

“We will engage them on how best to address this issue without causing any disaffection but with a view to salvaging the Nigerian economy for the Nigerian people at the end of the day.

“So, we shall be engaging the NLC as sub-national leaders and with a view to ensuring that the outcome of our engagement will also be fed into the national discourse.”

Fayemi further said that the recommendation of the National Economic Council (NEC) that the price of petrol should be N302 per litre, was not the decision of the governors forum but the responsibility of the federal government.

He hinted that the governors got a presentation from the Presidential Enabling Business Environment Council (PEBEC) on business growth and ease.

“The presentation elaborated on the need to step up the reforms towards improving the investments and business climate at the sub-national level,” Fayemi said.

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How Shell’s Exit Cost Nigeria $178bn Loss – Ogoni Group

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Shell

Since the Royal Dutch Shell Petroleum Development Company (SPDC) exited Ogoniland, Rivers State, in 1993, Nigeria has suffered a total loss of $178.85 billion or N72 trillion.

Members of the Movement for Survival of the Ogoni People (MOSOP) disclosed this on Wednesday in Port Harcourt. The group blamed the federal government for mismanagement of funds, resources and the ensuing violence since the company’s exit from the land.

Shell, which began operation in Ogoniland in 1958, revealed that it drilled 96 wells to bring nine oil fields onstream. By the end of 1992, oil production from the region stood at 28,000 barrels of oil a day, about 3% of SPDC’s total production.

Sadly, the yield in production did not match the development of Ogoniland as its people suffered extreme oil pollution both on land and water.

However, after years of campaigning for greater control over oil and gas resources in the region to aid economic development and autonomy of their affairs, (including cultural, religious and environmental matters), MOSOP demanded that the petroleum company leave its land. Since then, SPDC no longer produced oil or gas from Ogoni fields. Nevertheless, Ogoni land continued to serve as a transit route for pipelines, transportation of both SPDC and third-party oil production from surrounding areas.

In his statement, while addressing the MOSOP Congress in Bera, Gokana Local Government Area of the state, factional head of the Ogoniland group, Fegalo Nsuke, stressed that the $178.85 billion loss in Nigeria’s revenue was from “oil revenue alone”.

According to him, the loss Nigeria has however procured from gas “are inestimable due to non-availability of statistical evidence,” and that Ogoni gas potentials and revenue generation capacity far exceeded that of its oil.

Nsuke gave further details saying that “Ogoni oil production stood at 350,000 barrels per day before the exit of Shell in 1993. At an estimated average $50 per barrel, Nigeria has lost some $178.85 billion for mismanagement of the Ogoni crisis”. He clarified that this fact is based on available evidence from the oil industry.

Blaming the government for mismanagement of the crisis in Ogoniland, Nsuke said that the government, “Rather than listen and engage with the people… opted for a repressive approach of killing, maiming and torturing, thus exacerbated and prolonged the conflicts.”

The group further appealed to the government “to accept the offers by MOSOP for implementation of an Ogoni Development Authority to pave way for peaceful resolution of the conflict. The continual delay by relevant agencies of government to accept the Ogoni demands and reach a deal with the Ogoni people does not only amount to economic sabotage but represents a threat to the security of the country.

“Money runs the government and so when those in government fail to take advantage of opportunities to resolve issues that affect the national economy, it does not only amount to sabotaging the economy but is also a threat to national security.

“The inability of decision makers to peacefully resolve the Ogoni crises in over 28 years leading to the loss of over $178 billion amounts to sabotaging the economy and national security,” he added.

The group factional leader further assured the Ogonis of MOSOP’s commitment to Ogoniland’s development, urging them to remain peaceful as the leadership of the movement, still committed, will continue to push forward the proposals for a peaceful resolution of the conflicts and the vision of the struggle.

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