News
Nigeria seeks $500m World Bank loan to fix rural roads, food price hike
The Nigerian federal government is seeking a $500 million loan from the World Bank to repair rural roads, enhance nationwide access to agricultural products, and address rising food prices.
The Washington-based lender noted that the funds will benefit 92 million rural residents who lack adequate road networks.
This funding request was included in the final draft of the Resettlement Policy Framework for the Nigeria Rural Access and Agricultural Marketing Project Scale-Up, spearheaded by the Federal Ministry of Agriculture and Rural Development.
The RAAMP-SU project will support three primary areas: Improvement of Resilient Rural Access ($387 million), Climate-Resilient Asset Management ($158 million), and Institutional Strengthening and Project Management ($55 million).
The project’s total estimated cost is $600 million, with the World Bank expected to cover 83.33% of the funding. This commitment is 79% higher than the initial $280 million commitment for the parent project.
According to the policy document, participating states must establish a fully operational Roads Fund and Roads Agency with appointed boards and staff, and allocate funds for administrative costs in their budgets.
“Rural access is particularly restricted in areas densely populated by the economically disadvantaged, highlighting the need to expand and improve the rural road network and preserve rural road and transport assets.
“While eligibility for state participation under RAAMP required drafting and placing Road Fund and Roads Agency bills in the State Houses of Assembly, the new project mandates states to have fully functional Roads Funds and Roads Agencies with appointed boards and staff, and budget provisions for administrative costs. Additionally, RARAs present an opportunity to promote women’s representation in the transport sector,” the document stated.
This development comes amid rising food inflation in Nigeria. In April 2024, the National Bureau of Statistics reported a food inflation rate of 40.53%.
Experts attribute food price hikes in Nigeria to insecurity, energy costs, and high transportation expenses.
Meanwhile, Nigeria’s total debt stock at the end of 2023 was N97.341 trillion, as reported by the Debt Management Office. This figure includes foreign debt, which was N38.22 trillion, representing 39% of the total debt at the end of 2023.
Dangote Refinery has announced that it will need to export 95-97 percent of its Premium Motor Spirit (petrol) due to low interest from Nigerian marketers. The refinery, which processes 650,000 barrels per day, revealed that only 3 to 5 percent of petrol marketers are purchasing its fuel.
Devakumar Edwin, Vice President of Oil and Gas at Dangote Industries Limited, shared these details during an X Space session hosted by Nairametrics on Wednesday. He highlighted the challenges facing both the Dangote Refinery and Nigeria’s oil and gas sector.
Edwin explained, “I’m selling 2 to 3 percent to small traders who are willing to buy, while the remaining 95 to 97 percent has to be exported,” referring to the local sales of the refinery’s products.
This situation arises as the NNPCL’s deadline for adjusting the Dangote Refinery’s fuel distribution approaches without a clear plan in sight. It is worth noting that while Aliko Dangote, President of Dangote Group, has announced the refinery’s initial petrol rollout, its distribution to marketers is contingent upon NNPCL’s decisions.
The final sixteen teams for the 2024 FIFA U-20 Women’s World Cup in Colombia have been determined following the conclusion of the group stage.
In recent matches, Ghana triumphed over New Zealand with a score of 3-1, and Japan secured a 2-0 victory against Austria.
As a result, Japan has advanced to the Round of 16, joining the other 15 teams in this knockout stage.
The Round of 16 matches are scheduled for Wednesday, Thursday, and Friday.
The full lineup for the Round of 16 is as follows:
- Spain vs Canada
- Brazil vs Cameroon
- Colombia vs South Korea
- Mexico vs USA
- North Korea vs Austria
- Germany vs Argentina
- Netherlands vs France
- Japan vs Nigeria
The Nigerian Army has refuted claims of widespread resignations among its soldiers due to issues like corruption and low morale.
In a statement, Major General Onyema Nwachukwu, Director of Army Public Relations, dismissed these reports as unfounded.
A news outlet had alleged that numerous Nigerian soldiers were resigning because of corruption and low morale. However, the statement condemned these allegations as misleading and a deliberate attempt to create discontent and undermine the Nigerian Army’s reputation and the dedication of its personnel.
Major General Nwachukwu clarified that, similar to other military organizations worldwide, service in the Nigerian Army is voluntary rather than mandatory. This means that personnel have the freedom to resign following established procedures.
He explained that the resignation process allows personnel to prepare and manage their entitlements, including pensions and gratuities, as outlined in the Harmonized Terms and Conditions of Service (Officers/Soldiers).
Contrary to the report’s implications, the statement emphasized that Nigerian Army personnel are highly motivated, and their welfare is a priority under the leadership of Chief of Army Staff, Lieutenant General Taoreed Lagbaja.
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