News
AfDB Partners Nigeria to Bridge $3trn Infrastructure Gap
The African Development Bank (AfDB) said it would assist the Nigerian government to bridge its infrastructure gap estimated to cost about 3 trillion dollars in the next 26 years.
Mr Ebrima Faal, Senior Director, AfDB Nigeria, said this at the Africa Investment Forum (AIF) Road show on Tuesday in Abuja.
Faal said the AIF idea came from the reality that the government alone could not finance the infrastructure gap in the country which made it difficult to achieve sustainable development.
“Indeed, over the last decade, and despite impressive growth rates in most of the continent, Africa’s infrastructure needs remain formidable with annual financing gap between 130 and 107 billion dollars annually.
“Nigeria’s infrastructure cumulative financing needs are estimated to reach 3 trillion dollars by 2044 or about 100 billion dollars annually.
“This is all happening at a time when public sector finances are extremely pressured.
“There is therefore a critical need to change the current funding mix and create partnerships to finance infrastructure and other projects in Africa,” he said.
To this end, Faal said the AfDB planned to assist Nigeria put together a pipeline of bankable projects ahead of the Africa Investment Forum coming up in November 7 to 9 in Johannesburg, South Africa.
He said the bank, working with multilateral institutions and the private sector, would help Nigeria to develop investment-ready projects for investors, fund managers and others at the forum in South Africa.
“The African Development Bank is committed to the development of effective public-private-partnerships and has been developing new innovative financing programmes, instruments and partnerships.
“This is to facilitate the financing and construction of critical infrastructure on the continent.
“The AIF is an investment market place that aims to showcase key projects currently under development and assess how those projects will be financed, operated and delivered successfully to maximise efficiency and project success,” he said.
Also, Ms Stella Kilonzo, a Senior Director at the AfDB in charge of the African Investment Forum, said through the forum the bank aimed to de-risk investments in Africa.
She said at the moment, Nigeria and Africa at large, struggled to attract significant capital due to poor preparation and packaging of project proposals, limited availability of tools for credit enhancement and risk coverage among others.
She said in Nigeria, the bank would fast track the Sustainable Development Goals by developing bankable projects in the agricultural, energy and infrastructure sectors, among others.
Meanwhile, the Co-ordinator, Economic Recovery and Growth Plan (ERGP) Mr Folarin Alayande, said the Federal Government had identified key priority projects that would spur sustainable growth in the country.
He said to deliver fast results on mobilising private investments and job creation, the investment focus of the country was in the areas of agriculture and transportation, manufacturing and processing, power and gas supply.
To this end, he said Nigeria would require about 22.5 billion dollars of investment commitments by year 2020 to cover 164 projects, spread over six geo political zones.
News
Legit.ng, Shade of Life Foundation Partner to Advance Autism Awareness in Nigeria
Legit.ng recently joined forces with the Shade of Life Foundation to become a voice of autism, and drive advocacy for improved media support during Autism Awareness Month.
Conversations around media support exploration was led by Joseph Omotayo, head of Department for Human Interest Stories at Legit.ng, and Dr. Eziafakaku Nwokolo, founder and CEO of the Shade of Life Foundation,
This partnership is a response to the concerns raised by organizations like the Shade of Life Foundation about the level of support received from the media in discussing autism as a disability.
While other disabilities may receive attention, autism, with its critical developmental implications often lacks adequate representation in mainstream media.
Recognizing the importance of addressing these concerns, Legit.ng took proactive steps by integrating itself into the essence of autism awareness.
It facilitated a one-hour workshop with Dr. Nwokolo, the founder of the foundation, to deepen our understanding of autism, its various spectrums, and the language boundaries associated with it.
Other steps we took in advocating autism awareness in the media, can be seen in our attached press release.
Legit.ng believes that by amplifying the voices of autism and advocating for better media representation, we can contribute to creating a more inclusive and accepting society for all.
News
As Nigeria Struggle, Tanzania Turns off Power Plants Due to Excess Supply
While 85 per cent of Nigeria is in darkness, Tanzania, an African country has shut down five hydroelectric stations in a bid to reduce excess electricity in the national grid.
Kassim Majaliwa, prime minister, Tanzania, has said the main plant, Mwalimu Nyerere Hydroelectric Station, alone generated enough electricity to power major cities, including Dar es Salaam, the country’s commercial hub.
It is the first time Tanzania, which suffers chronic power shortages, has closed hydroelectric stations due to excess production.
“We have turned off all these stations because the demand is low and the electricity production is too much, we have no allocation now,” an official from state-run power company, Tanesco, said.
The 2,115MW Julius Nyerere Hydropower Dam is said to be almost filled with water following heavy rains that started early this year.
Meanwhile, while the country has an installed capacity of 1,938MW and the grid installed capacity of 1,899MW, Nigeria which has an installed capacity of 13,000MW is struggling to electrify 85 per cent of its electricity consumers.
News
President Tinubu Appoints Jim Ovia as Student Loan Fund Chairman
President Bola Tinubu has approved the appointment of Jim Ovia, renowned banker and businessman, as the Chairman, Board of the Nigerian Education Loan Fund.
Ovia’s appointment is contained in a State House statement titled, ‘President Tinubu appoints Jim Ovia as Chairman of the Nigerian Education Loan Fund,’ and issued on Friday by Ajuri Ngelale, special adviser to the President, Media & Publicity.
The statement noted that “Ovia is the founder of one of Nigeria’s leading banks and a respected business leader, with a surfeit of efforts and benefaction towards nurturing and empowering young Nigerians.
“He is an alumnus of Harvard Business School and holds a Master’s in Business Administration from the University of Louisiana.”
The National Student Loan Programme is a pivotal intervention that seeks to guarantee sustainable higher education and functional skill development for all Nigerian students and youths.
The Nigerian Education Loan Fund, the implementing institution of this innovation, demands excellence and Nigerians of the finest professional ilk to guide and manage.
“The President believes Mr. Ovia will bring his immense wealth of experience and professional stature to this role to advance the all-important vision of ensuring that no Nigerian student suffers a capricious end to their pursuit of higher education over a lack of funds,” the statement partly read.
Ovia’s appointment will also ensure “that Nigerian youths, irrespective of who they are, have access to higher education and skills that will make them productive members of society and core contributors to the knowledge-based global economy of this century.”
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