Nigeria government receives $500m funding from World Bank

Shubham Chaudhuri, the Nigeria World bank Country director explaining key goals of the bank

The World Bank approved $500m to support the government of Nigeria in improving its electricity distribution sector. The Bank made the announcement Friday in a press release signed by Mr Mansir Nasir in its Abuja Office. The project will help boost electricity access by improving the performance of the Electricity Distribution Companies (DISCOs) through a large-scale metering program desired by Nigerians for a long time. In addition, financial support would be provided to private distribution companies only on achievement of results in terms of access connections, improved financial management and…

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Nigeria Central Bank directs banks to close Crypto related accounts

Nigeria Central Bank directs banks to close Crypto-related accounts

The bank bans all Crypto-related accounts The Central Bank of Nigeria has notified Deposit Money Banks, Non-Financial Institutions, other financial institutions against doing business in Crypto and other digital assets. In a circular dated 5th February 2021 and distributed to regulated financial firms, the apex bank of Africa’s largest economy warned and reminded local financial institutions against having any transactions in crypto or facilitating payments for crypto exchanges. In addition, the apex bank instructed the financial institutions to immediately close the accounts of such persons or entities transacting in or…

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WTO DG: Okonjo-Iweala remains only candidate as Myung-hee withdraws

Okonjo-Iweala fate of being the DG of WTO is known today

South Korean Trade Minister Yoo Myung-hee withdrew her bid to lead the World Trade Organization, leaving former Nigerian Finance Minister Ngozi Okonjo-Iweala as the only remaining candidate for the job and setting up a key decision by WTO members to approve her appointment. Yoo decided after discussions with the U.S. and other major nations, and took various issues into account including the need to revitalize the multilateral organization, according to a statement from Korea’s trade ministry on Friday. “There was no consensus,” Yoo said. “So we needed enough time for…

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‘High data cost hurts internet access’

FiamWiFi, Akin Marinho, yesterday said the high cost of data

The founder and Chief Executive Officer, FiamWiFi,  Akin Marinho, yesterday said the high cost of data is inimical to the development of the information communication technology (ICT) sector. Speaking on the firm’s partnership with Ikoyi Obalende Local Council Development Area (LCDA) on community WiFi provision, he said millions of Nigerians have been shut out of cyberspace by high data prices in the country. He said: “With millions of Nigerians priced out of the data market by incumbent operators, we are pleased to partner the Ikoyi Obalende LCDA to provide a…

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FG Tasks States On SDGs Activities, Social Protection Leadership

FG adminishes states ob SDGs activities

…as multilateral agencies commit to seeing more SDGs activities in Nigeria Federal Government has called on states and the FCT to provide the necessary leadership and resources for the implementation of social protection and activities of sustainable development goals (SDGs activities). Permanent Secretary, Ministry of Budget and National Planning, Mrs Olusola Idowu, made this call Wednesday in her remarks at the Joint Zonal Consultation on Review of the Social Protection Policy and institutionalizing Social Protection for Accelerated SDGs Implementation in Nigeria, holding in Enugu. In a statement issued by Director…

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Nigeria, UN dialogue on inclusive, sustainable food systems

Youths education is paramount to un

In preparation for a United Nations Food Systems Summit to be convened by the UN Secretary-General Antonio Guterres in September 2021, the Federal Government of Nigeria in collaboration with the United Nations systems in Nigeria has announced plans to organize series of dialogues across the country towards ensuring resilient, inclusive and sustainable food systems in Nigeria by 2030. As announced on Monday by the National Convenor of Nigeria Food Systems Summit Dialogue (FSSD), and Permanent Secretary, Budget and National Planning, Mrs Olusola Idowu, the first food systems dialogues will hold…

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Africa vaccine purchase: World Bank pledges US$12B

covid-19 vaccine on the display in a lab for distribution

…the Bank also listed countries that will benefit in the Africa vaccine purchase The World Bank has expressed readiness to commit US$12 billion as concessional loans to assist African countries to access foreign vaccines. During a virtual meeting on the Africa COVID-19 Vaccine Financing and Deployment Strategy, the World Bank informed that the emergency vaccine financing projects in Africa, including Ghana, Democratic Republic of Congo, Ethiopia, Niger, Mozambique, Tunisia, Eswatini and Cabo Verde. The funds are available now, and for most African countries, the financing would be on grant or…

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