Monday, June 24

Nigeria

floods
  • Climate Change-related flooding saw large swathes of farmlands and settlement areas in Nigeria’s coastal Niger Delta flooded by December 2022.
  • Boko Haram terrorists, bandits, and armed herders have forced at least 78,000 farmers to abandon their farmland.
  • Over the past eight years, an estimated 6,000 Benue people reported killed while two million farmers were displaced.

Nigeria is battling a perfect storm with a double whammy of climate change and conflict exacerbating the country’s food crisis. Currently an estimated 25.3 million people in Nigeria are facing food crisis partly worsened by the ongoing flooding throughout the country.

As of December 2022, large swathes of farmland and settlements in Nigeria’s coastal Niger Delta region flood. The flooding saw the closure of schools, leaving hundreds of children out of learning centres as the disaster took a toll.

Climate change worsening Nigeria’s food crisis

Nigeria, which with 222.2 million people is Africa’s most populous …

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Nigerian-election
  • At the beginning of February, Nigerians started complaining that commercial banks could not supply individuals with Nigeria’s physical fiat currency.
  • The currency situation in Nigeria escalated to an all out crisis this week when an impending deadline for the ban of the use of old notes.
  • The Supreme Court on Wednesday, suspended the deadline to ease the tension that has been building up exacerbated by heated campaigns and a looming fuel crisis. 

In the middle of intense campaigns that will see three main presidential candidates battle it out in Nigeria’s 2023 election, the country is experiencing a shortage of the new Naira notes that threatens to take centre-stage before the West African nation goes to the polls from 25 February.

All Progress Party (APC) candidate Bola Tinibu, People’s Democratic Party (PDP) Atiku Abubakar and outsider Peter Obi of Labour Party are considered the front runners to take over from outgoing

Nigeria's residential elections

Some have wondered whether Obi will manage to upset the status quo that has defined Nigerian politics since 1999. However, great support for Obi has been borne of the young generation’s apparent frustration with Nigeria’s political class.

More specific, many people view the presidential candidates from the two major political parties, APC and PDP, as representatives of status quo politics that have left Nigeria on the brink of economic shutdown.

In the run-up to Nigeria’s presidential elections in 2023, the electorate confronts the challenges of soaring inflation, a plummeting currency, and prevalent insecurity. Crude oil, Nigeria’s economic backbone, has seen its production slump to multi-decade lows. Moreover, the government has seen its debt service exceed the earned revenue in the first quarter of 2022.…

Buhari launches 13 million bags of Rice to reduce the prices. www.theexchange.africa

Buhari said that the rice pyramids would aid efforts to reduce the price of rice in Nigeria. He expressed his expectations for other agricultural organizations to join the Central Bank of Nigeria (CBN)-funded Anchor Borrowers’ Programme (ABP) that supports Buhari’s drive for food sufficiency.

Speaking at the event Central Bank’s governor, Godwin Emefiele, said that CBN collaboration with RIFAN increased the national output of rice to over 9 million metric tonnes in 2021, up from about 5.4 metric tonnes in 2015.

Productivity per hectare of smallholder farmers has also increased from 2.4 metric tonnes to about five metric tonnes over the same period.…

Nigeria’s energy production drags at 5000MW. The government of Nigeria has allocated over US$195,000,174 (N806, 103.6 billion) to build several power projects this year. www.

President Muhammadu Buhari said in an interview with Sun Nigeria that he was discontented with electricity in Nigeria.

The All Electricity Consumers Protection Forum expressed the same discontent with the power sector and pointed the slow progress in the power sector to the Nigerian Electricity Regulatory Commission (NERC).

The forum has advised President Buhari to do away with the power regulator in the country, NERC, and move the responsibilities to the Federal Competition and Consumer Protection Commission (FCCPC).…

ThankUCash founders. The company has raised $5.3 million to drive its expansion to new markets and launch new products. www.theexchange.africa

Backed up by the capital firm YC, Jabu Technologies has raised $3.2 million in seed funding to invest in its B2B e-commerce and retail operations.
Afore Capital spearheads the seed round with Y Combinator, Quiet Capital, FJ Labs, Pareto Capital, Kli Capital, and angel investors.
The chief executive of JABU, David Akinin, founded the company in 2020 to revamp the poor and almost non-existent distribution network and supply chain in Namibia.…

www.theexchange.africa

 

  • United Nations Secretary-General António Guterres formalized his prior announcement that Amina J. Mohammed would continue in her role during his second term
  • Guterres said Mohammed’s leadership has helped advance the conceptual shift from the UN that the Member States called for in adopting the Sustainable Development Goals (SDGs)
  • Prior to first assuming her role as Deputy Secretary-General in January 2017, Mohammed served as Minister of Environment of the Federal Republic of Nigeria and Special Adviser to Secretary-General Ban Ki-moon on Post-2015 Development Planning

UN Secretary General retained

Nigeria’s Amina J. Mohammed retained UN Deputy Secretary-General of the United Nations. The United Nations Secretary-General António Guterres formalized his prior announcement that Mohammed would continue in her role during his second term.

According to Guterres, Mohammed’s leadership has helped advance the conceptual shift from the UN that the Member States called for in adopting the Sustainable Development Goals (SDGs).

The Secretary-General …

Naira
  • The Nigeria Country Risk report by Fitch Solutions projects Nigeria’s economy to grow by 2.8% in 2022.
  • According to data published by the National Bureau of Statistics, the real GDP growth accelerated for a third consecutive quarter to 5.0% y-o-y in Q221, from 0.5% Q121.
  • This is on the back of stronger household spending and an increase in crude oil export value.

The Nigeria Country Risk report which has been released by Fitch Solutions has projected the West African country’s economy to grow by 2.8% in 2022.

This is on the back of stronger household spending and an increase in crude oil export value.

The projections were made following expected growth of 2.1% in 2021 from the 1.9% contraction recorded in the previous year, which was affected by the covid-19 lockdown measures.

Government consumption

According to the report, government consumption is expected to rise in the coming year, based on …

ke infrastructure for economic growth and shared prosperity in kenya addressing infrastructure constraints promoting economic growth and reducing inequality 01 780x439 1

Nigeria is working on a plan that will foster economic growth.

The National Road Transport Master Plan that is being developed is aimed at coming up with a comprehensive long-term Blueprint for road transportation in the country.

This, according to the West African Country will help guide future developments.

Senator Gbemisola Saraki who is in charge of the State Transport ministry made this known during the Transportation commissioners forum anual retreat 2021, themed “Developing and Fostering Synergy in the Management of Sustainable Transport Policies”.

Transportation infrastructure

According to Saraki, the current administration of President Muhammadu Buhari was committed to improving transportation infrastructure and services, in order to meet the needs of Nigerians and the economy.

She noted that improving Transportation Infrastructure and services was one of the priorities of this administration as part of the Economic Recovery and Growth Plan (ERGP).

Nigeria To Develop National Road Transport Master Plan To Foster Economic Growth – TDPel News

“Nigeria’s transportation sector has for long been under significant …

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