The World Bank Group’s Board of Executive Directors on September 23, 2021 discussed the new 2022-2026 Country Partnership Framework (CPF) for Djibouti, which supports the country’s goal of reducing poverty through a strong focus on private sector development.
The five-year CPF guides the work of the World Bank, the International Finance Corporation (IFC) which focuses on the private sector in developing countries, and the Multilateral Investment Guarantee Agency (MIGA), which facilitates foreign direct investment through political risk insurance and credit enhancement guarantees.
“The new Country Partnership Framework for Djibouti seeks to take advantage of Djibouti’s strategic location, at the crossroads of regions and continents,” said Marina Wes, World Bank Country Director for Egypt, Yemen and Djibouti. “With a strong focus on poverty reduction and shared prosperity, our partnership will support private sector development to boost productivity and job creation, with a renewed emphasis on human capital development and governance.”
Creating a more conducive environment to develop the private sector is critical for building long-term resilience to economic shocks such as COVID-19. The CPF will aim to address the immediate needs related to the pandemic while supporting medium- to long-term reforms to create the right environment for inclusive and job-creating growth. Aligned with Djibouti’s Vision 2035 and guided by the priorities of the government’s national strategy, the program has two main focus areas:
- To promote inclusive private sector-led growth, job creation and human capital by stimulating entrepreneurship and Small and Medium Enterprise (SME) development, and strengthening productive skills and access to jobs, including for women and youth. The World Bank Group will also support government efforts to promote private sector development in key sectors such as tourism, housing and agribusiness while continuing its engagement in energy and infrastructure and improving intra-regional connectivity.
- To strengthen the role and capacity of the state by supporting the government’s efforts to improve access to and the delivery of basic services in health, education and water; and to promote the transparency, accountability and efficiency of the public sector with a focus on enhancing transparent management and public debt sustainability.
Throughout the two focus areas, the CPF will foster digital transformation, strengthen transparency to support good governance, and promote gender parity. To help strengthen Djibouti’s resilience to external shocks, regional integration will be core to the program which also maintains engagement in climate change adaptation, mitigation and disaster response.
The Djibouti Country Partnership Framework will support business environment reforms to boost productivity and encourage private investment in Djibouti with IFC and MIGA support.
“The private sector plays an essential role in creating jobs and promoting economic growth. IFC will continue to work closely with the government of Djibouti and with the World Bank to explore opportunities to support reforms that will improve Djibouti’s business environment and investment climate and help the country achieve its development goals,” said Jumoke Jagun-Dokunmu, IFC Regional Director for Eastern Africa.
Aligned with the World Bank’s regional strategy for the Middle East and North Africa, the Djibouti Partnership Framework is underpinned by the Systematic Country Diagnostics (SCD), the World Bank Group’s comprehensive analysis of the opportunities and challenges for Djibouti to achieve poverty reduction and shared prosperity in an inclusive and sustainable way. It builds on extensive consultations with a broad range of stakeholders including the government, private sector, civil society and development partners. Implemented jointly by the World Bank, IFC and MIGA, the CPF will span two International Development Association (IDA) cycles – IDA19 and IDA20.
“Our new Country Partnership Framework takes into account the global pandemic, its impact on Djibouti’s economy and population and current regional dynamics”, said Boubacar-Sid Barry, World Bank Resident Representative in Djibouti. “We will work closely with the authorities to support the new development program, with the goal of reducing poverty and achieving more sustainable and inclusive growth, while also boosting regional integration.”
The World Bank’s portfolio in Djibouti consists of 13 projects totaling US$248 million in financing from the International Development Association (IDA), the World Bank’s arm for the poorest countries. The portfolio is focused on education, health, social safety nets, energy, rural community development, urban poverty reduction, the modernization of public administration, governance, and private sector development with an emphasis on women and youth.
NRC Suspends Train Service on Lagos-Kano, Ajaokuta Routes
The Nigerian Railway Corporation (NRC) has suspended train services on the Lagos- Kano and Ajaokuta routes.
Following the recent terrorist attacks in various parts of the country, the Nigerian Railway Corporation (NRC) has suspended train services on the Lagos- Kano and Ajaokuta routes.
Also, train services were reported to have been suspended at Ajaokuta station along the Warri-Itakpe route by the NRC after the attack on some passengers by gunmen on Monday.
According to a statement from the Ministry of Transportation and the NRC, the train services would be suspended until the security of those routes is assured.
The Managing Director for NRC, Fidet Okhiria, who confirmed the news about the suspension, noted that the corporation did not stop train services on the Warri-Itakpe route.
Okhiria said: “We have not stopped (services), rather what we said was that we are not going to be stopping at the Ajaokuta station.
“This is because on Monday, while passengers were leaving the station with their private cars and buses, they had people shooting at them. So we said we will not stop there again for passengers.
“The train is still running, but for now we will not be stopping at Ajaokuta because they have some concerns there.”
Investors King recalls that the NRC had, on 29th of March, suspended train service operations on the Abuja -Kaduna axis as a result of a terrorist attack that left about 8 dead, injured many and led to the kidnap of about 200 persons.
Meanwhile, the Federal Government has hinted that as soon as all security measures are put in place, train services for the Abuja -Kaduna axis would resume.
Hard Times For Nigerians As Price Of Kerosene Rises to N800 Per Litre
Nigerians are again faced with a new dilemma, as the price of kerosene skyrocketed to N800 per litre over the weekend.
Just a few weeks after adjusting to the new prices of petrol, diesel and gas, Nigerians are again faced with a new dilemma, as the price of kerosene skyrocketed to N800 per litre over the weekend.
Investors King recalls that as of last week, kerosene, which is used majorly in the average Nigerian household, was sold at the rate of N700 per litre.
However, a new market survey carried out by Investors King revealed that as of August 2, kerosene was sold between N800 and N850 per litre in some urban parts of Lagos, and in some suburb filling stations, the commodity was sold as high as N1000 a litre.
Speaking on the increment, the National Operations Controller, Independent Petroleum Marketers Associations of Nigeria, IPMAN, Mike Osatuyi attributed the hike in the price of kerosene to the exchange rate.
While noting that Kerosene is a deregulated market, Osatuyi added that the petroleum product is subservient to change as a result of shifts in the market.
He said: “It’s a deregulated market. It is also a function of the dollar to naira rate and the crude price at the international market. Since cooking kerosene is deregulated, prices can go up, it can also come down”.
Similarly, the Executive Secretary, Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), Olufemi Adewole, in an interview, disclosed that the ever-increasing exchange rate is one of the reasons for the rise in the price of kerosene.
“Cooking kerosene is deregulated so prices depend on foreign exchange. A dollar is now 700 Naira from 600 Naira just last month, so prices will surely increase”, he said.
Meanwhile, an energy expert, Bala Zakka, attributes the reason behind this continuous sharp price increase to Nigeria’s inability to produce and refine its own petroleum products for local consumption, despite the abundance of crude oil within its borders.
Taking to social media, many Nigerians have continued to complain about the hike in price, as well as the country’s harsh economic situation.
Critics find it more appalling that Ghana which has no oil within its borders, sells kerosene to its citizens at the price of 12.044 GHS, an equivalent of 585 Naira per litre.
To this end, many Nigerians have taken to their social media pages to complain about these hard times.
Investors King gathered that apart from the increment in the price of kerosene, the price of fuel also increased, as a litre is now being sold for N179.
However, if this trend continues, there are indications that feeding might be a challenge for the less privileged.
Recall that in July, the National Bureau of Statics (NBS), in a report, disclosed that the average price of Kerosene rose from 679.54 in May 2022, from 589.82 which it was in April, equating to a 15.21 percent increase.
The report further stated that the average retail price per litre of Household Kerosene paid by consumers in June 2022, increased by 12.09%, while the state profile analysis of average price in May 2022 varied with Enugu ranking first, as the state with the highest paying price of 868.75 per litre for kerosene, while other states juggled between N558 and N700 per litre.
LIRS Set To Launch Whistle-Blower Initiative August 5
LIRS is set to launch its Whistle-Blower initiative, a state-wide project, introduced to provide a platform for employees, stakeholders and the general public
The Lagos State Internal Revenue Service (LIRS) is set to launch its Whistle-Blower initiative, a state-wide project, introduced to provide a platform for employees, stakeholders and the general public to report any observed violation, misconduct, or unethical behaviour across the state on Friday, August 5, 2022.
In a public notice signed by the LIRS Executive Chairman, Ayodele Subair, the Whistle-Blower initiative is a public policy of the State Government to encourage reporting of illegal actions or financial crimes, through the appropriate channel, with a view to correcting the violations or non-compliance.
According to the LIRS boss, “In line with the LIRS core values of integrity and accountability and our commitment to uphold the highest standards of openness, probity and accountability in our dealings with stakeholders, the platform is anonymous and confidential and it is independently managed by Deloitte, a globally accredited company.”
“The objective of the Whistle-Blower initiative is to guarantee transparency, accountability, and confidentiality to all taxpayers and stakeholders in general.
“The policy is designed to protect whistle-blowers from victimization and to encourage them to freely report without fear,” Subair submitted.
The launch of the Whistle-Blower initiative is scheduled to take place at the Protea Select Hotel, Assibifi Road, Alausa-Ikeja, Lagos.
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