The World Bank loan commitment to Nigeria has risen to $6.29bn, statistics from the Debt Management Office have shown.
According to the latest debt figures from the DMO, the World Bank’s total commitment to the country as of December 31, 2015 stood at $6.29bn.
The bank’s confidence in the nation’s economy has been improving and this has reflected in its loan commitment to the country. As of December 31, 2011, the country’s exposure to the World Bank stood at $3.94bn.
This means that within a period of four years, the bank’s portfolio in the country grew by $2.35bn. This shows an increase of 59.64 per cent within the period.
The IDA is the part of the World Bank that helps the globe’s poorest countries through concessionary loans, while the IBRD gives loans on commercial basis to countries that have the capacity for repayment.
Established in 1960, the IDA aims to reduce poverty by providing loans (credits) and grants for programmes that boost economic growth, reduce inequalities, and improve people’s living conditions.
As of December 31, 2015, Nigeria’s external debt balance stood at $10.72bn. This means that the World Bank holds 58.72 per cent of the nation’s total external debt profile.
Other multilateral agencies that contributed to the country’s growing external debt profile include the African Development Bank, $400m; African Development Fund, $672.44m; Arab Bank for Economic in Africa, $5.2m; the EDF, $72.47m; Islamic Development Bank, $20.33m; and the International Bank for Agricultural Development, $96.42m.
Altogether, the multilateral development agencies account for $7.56bn or 70.54 per cent of the country’s external debt commitment.
Bilateral commitments account for 15.47 per cent of the nation’s external debts. These include $1.44bn from the EXIM Bank of China; $157.96m from the Agence Francaise de Development; $43.88m from the Japan International Cooperation Agency; and $11.44m from Germany’s KFW.
1.7 million People Registered to vote in Edo, Says INEC
INEC Says 1.7 million Voters Registered to vote in Edo
No fewer than 1.72 million persons are eligible to vote in the September 19, Edo governorship polls while 483,796 eligible voters will not participate.
This is according to a document obtained from the Independent National Electoral Commission titled, ‘Delimitation of Edo State’.
The document shows that the identified ineligible voters in Edo failed to collect their Permanent Voter Cards.
The document further showed that as of August 2018 there are 2,210,534 registered voters in the state,
However, only 1,726,738 collected their PVCs.
It also indicated that the election will hold in 18 Local Government Areas, 192 Wards, and 2,627 polling units.
A further breakdown of the registered voters shows that male accounts for 1,159,325 (representing 52 per cent), while 1,051,209 (48 percent) are female.
Similarly, from the total registered voters, the youth (18 – 35 years) account for 50 per cent (1,105,338); Middle Aged (36 – 50 years), 29.1 per cent (643,551); and Elderly (51 – 70 years) has 15.99 per cent (353,508).
Eligible voters classified as the Old (70 years and above) account for 4.89 per cent (108,137).
According to the number of collected PVCs, Oredo zone has 240,197; Ikpoba-Okha, 214,882; Egor, 158,817; Etsako West, 128,188 and Akoko Edo, 115,343.
Further distribution of registered voters in the three senatorial districts of the state shows that Edo South has the highest figure of 1,281,414; the North with 564,122; and Central senatorial district has 364,998.
Edo South has seven council areas, the North has six, while Central has five Local Government Areas.
Kenya Partners Private Sector and Development Partners to Outline Roadmap towards Achieving Energy Efficiency Goals
The Kenyan Government through the Ministry of Energy (MOE) today launched the Kenya National Energy Efficiency and Conservation Strategy (KNEECS or The Strategy) placing Kenya firmly on track toward sustainable consumption and production including renewable energy generation.
The Strategy was developed in collaboration with key stakeholders including the Kenya Association of Manufacturers (KAM) with support from the World Bank and the United Nations Environment Programme (UNEP).
To date, Kenya has made significant progress in energy efficiency and conservation. In 2006, MOE and KAM signed a Memorandum of Understanding to establish a Centre for Energy Efficiency and Conservation (CEEC). Its activities include undertaking energy audits of industries, SMEs and public institutions on behalf of MoE, provision of capacity-building in energy efficiency and conservation, public education and awareness activities and administration of the annual Energy Management Awards (EMA). CEEC has achieved over KES 13 billion (USD 152.8 Million) in energy cost saving equivalent to 2014.8 GWh, translating into a deferment of a 230 MW power plant.
The Strategy now seeks to guide the country further towards achieving its established Energy Efficiency (EE) goals within a defined timeframe. These goals are reducing the national energy intensity by 2.8% per year, and enabling the country achieve a 30 per cent greenhouse gas emission reduction by 2030 relative to Business as Usual (143 MtCO2e) and meet its national targets for Sustainable Development Goal 7 (Affordable and Clean Energy) by 2030.
Through the adoption of The Strategy, the country is expected to use less energy to produce goods and services without compromising on quality and quantity. Further, The Strategy will promote the use of technology that requires minimum energy to perform the same function and adoption of changes in behavior that encourage citizens to use a reduced amount of energy in their daily undertakings.
The Strategy sets targets for five key sectors to achieve its objectives, all of which are to be accomplished within a five-year timeline up to 2025: Households, Power Utilities, Transport, Buildings and Industry & Agriculture. Under the Households Sector, energy efficiency in domestic power consumption is expected to increase by 3%. This will be realized by increasing the number of household appliances such as television sets, subjected to Minimum Energy Performable Standards (MEPS) from the current six to ten and increasing the use of improved efficient biomass cook stoves by 50% of all households currently using biomass cook stoves. In the Utilities Sector, the strategy focuses on reducing transmission and distribution system losses from 23 to 15 % .The Strategy recommends the installation of 1 MW of energy storage facilities, whereby a total KSH. 5 Billion in investments will be required for implementation of energy conservation measures. Further, in the Transport Sector, improvement of fuel economy, increasing the share of electric vehicles to reach five per cent and raising the number of passengers using commuter trains from 116,000 to 150,000 per day are proposes. Similarly, the Building Sector has six targets while the Industry & Agriculture Sector has two.
Alongside these sectoral targets, Kenya aspires to strengthen implementation of energy efficiency and conservation measures. All involved agencies will mobilize resources to improve access to finance for energy efficiency projects and accelerate actualization of the Strategy, particularly the Directorate of Renewable Energy and CEEC. Gender-focused and targeted approaches will be implemented for inclusive participation and benefit. Additionally, awareness creation, citizen engagement, training and capacity-building will be implemented. This Strategy, therefore, calls for private and public sector players to mainstream energy efficiency and conservation in education by establishing a long-term mechanism to achieve a high level of government and public awareness on their importance. This will be accomplished by bolstering relationships and engagements among ministries, inter-ministerial forums, county governments, national governments and climate change units countrywide.
Ultimately, the KNEECS will contribute significantly to the essential areas outlined in the Big Four Agenda of food security, affordable housing, manufacturing and affordable healthcare for all.
Nigerians Say No to Fuel, Electricity Hike, Stage Protest
Nigerians Protest Increase in Fuel and Electricity Prices
Following the decision of the Federal Government to increase fuel price and raise electricity tariff after increasing Value Added Tax (VAT) by 50 percent, Nigerians have taken to the street of Lagos, the commercial capital of Nigeria, to protest the persistent increase in prices despite low earnings and global pandemic that have rendered most Nigerians jobless.
This is coming a day after the National Bureau of Statistics (NBS) reported that the nation’s inflation rate increased by 13.22 percent in the month of August.
The protesters called the government’s recent hikes despite the negative impacts of COVID19 and surged in the unemployment rate to over 27 percent an anti-people policy and therefore demanded a revised policy.
The protesters, who gathered at the Ojuelegba area of Lagos, said while nations are injecting funds into their economies to ease the effect of COVID-19 on their citizens, Buhari led government is compounding Nigerians suffering amid insecurities.
Experts have blamed the decision to raise prices on the International Monetary Fund and the World Bank. According to economic experts, the two multilateral financial institutions do not loan nations fund without forcing them to adopt their policy.
They identified some of the policies directed Buhari to implement as the unification of the foreign exchange market, Electricity tariff increase and subsidy removal even though Nigeria’s macro fundamentals are presently weak with foreign revenue falling with weak oil price and plunge in demand for the commodity.
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