News
The World Bank Votes $300m to Tackle Poverty in Nigeria
The World Bank has concluded arrangements to commit the sum of $300 million credit to Nigeria, to tackle poverty particularly among the vulnerable, through a new project tagged: “Youth Employment and Social Support Operation.”
Consequently, the board of the bank is to give approval for the release of the credit tomorrow for the project to flag off in April this year.
The project specifically targeted at the poorest of the poor is the Breton Wood institution’s new strategy to combat poverty through prosperity sharing, by identifying the core vulnerable in the society and empowering them, explained Dr. (Ms.) Ritva Reinkka , the bank’s director for the Human Development Group in the Africa Region who addressed the press at the end of a five day working visit to the country .
Although, 20 States in the country have indicated interest to participate in the project, the pilot scheme is to commence in seven namely: Bauchi, Niger, Cross River, Ekiti; Osun, Oyo and Kwara.
Under the scheme, the vulnerable will be identified and selected for the purpose of conditional cash transfer under the social safety programme like public works and skilled acquisition programs as an empowerment tool to give them a lift in life.
Ms. Reinkka expressed concern that although Nigeria is recording growth, it is not inclusive, because there is still wide disparity between the haves and the have-nots in the country.
According to her, “there is a lot more that needs to be done to have inclusive growth in Nigeria and scale up on child and maternal mortality rate and the quality of education. It is disturbing that about 10 million kids are dropping out of schools in Nigeria.
Nigeria does have a special challenge in this regard because it is one of the countries in the region with the biggest challenge in this regard. There is a big issue concerning the quality of education. There is a concern that your education leaders and leaders in finance are doing well but a lot still needs to be done.
“In health, what we see in Africa is that under-five death is reducing. We are hoping that Nigeria will join other 14 countries that have halved the Under-five mortality rate.
“We are also concerned about the growing inequality and the different income and human development indicators between the North and the South of Nigeria. That is why social protection and safety are now a reality in Africa; we are going to the bank’s board for approval of a $300 million next week for social safety in Nigeria.
This is in line with the the thinking of our President, a Medical Doctor who sees himself as a civil society activist, as he is shifting emphasis from inputs and consultancy to results and output. He has been shaping our thinking to accelerate the speed to poverty reduction,” the visiting Director further said.
Economic and Financial Crimes Commission (EFCC) has alleged collusion between commercial banks and government officials to re-loot recovered funds from Sani Abacha, late dictator.
Sani Abacha
The $322 million Abacha loot, recovered in December 2017 and earmarked for Conditional Cash Transfer under the Social Investment Programme, was intended to provide monthly stipends to vulnerable Nigerians.
However, Dele Oyewale, spokesperson for the EFCC, disclosed that investigations have uncovered financial malpractices involving COVID-19 funds and World Bank-assisted loans coordinated by the Humanitarian Ministry. Several interdicted and suspended officials of the ministry have been linked to the alleged malfeasance, with N32.7 billion and $445,000 recovered from them.
Managing directors of implicated banks have provided statements, and investigations are ongoing, with former minister Sadiya Umar-Farouq and her successor, Beta Edu, summoned for questioning.
The EFCC stressed that the probe targets a systemic issue rather than individuals, signaling a crackdown on corruption within Nigeria’s financial sector and government agencies.
The eagerly anticipated E3 Conference, hosted by FITC, is back for its fourth edition, poised to set new benchmarks in the realm of employee engagement and organizational sustainability.
Themed, “Redefining HR Through AI & Digital Transformation for Organizational Sustainability,” the conference is scheduled to take place on April 17th and 18th.
In a statement, FITC says the E3 Conference stands as a beacon of innovation, bringing together thought leaders, industry experts, policymakers, and professionals from across Africa and beyond.
It explained that in today’s fast-paced landscape, technology such as AI and automation is reshaping the dynamics of human resource management.
“The E3 Conference is dedicated to unravelling the potential of these advancements, focusing on topics ranging from talent mobility to the latest trends in managing talent. It’s a journey towards understanding and embracing these transformative shifts, ensuring that businesses are primed for the future of HR.
“With a stellar lineup of over 24 speakers, including C-suite Executives, Subject Matter Experts, and Thought Leaders from various sectors, the conference promises to deliver insights that transcend conventional boundaries. Attendees can expect deep dives into strategies for enhancing productivity, streamlining processes, and maximizing global talent mobility through AI and automation, “it stated.
“Keynote speakers such as Evi Ifekwe, Executive Director of People & Country Services at TotalEnergies EP Nigeria Limited, and Wale-Smatt Oyerinde, Director-General of NECA, alongside a faculty lineup comprising industry stalwarts, will spearhead discussions on critical issues shaping the future of work.
The two-day hybrid event will feature four plenary sessions and two master classes, providing attendees with ample opportunities for networking, knowledge exchange, and interactive engagement.
Participants will delve into topics such as the impact of AI on the future of work, data-driven performance management, and strategic implementation of AI in HR.
The conference is expected to provide insights into cutting-edge strategies for professionals and HR leaders who will gain invaluable insights from industry pioneers on leveraging AI and digital transformation to drive organizational sustainability and employee engagement, “it stated.
“As organisations worldwide grapple with the complexities of the new normal, the E3 Conference serves as a beacon of hope and enlightenment, offering practical solutions and visionary insights to navigate the challenges ahead, ” the company said.
L-R: The Director General, National Institute for Policy and Strategic Studies (NIPSS) Kuru, Prof. Ayo Omotayo presenting an Award to the Executive Vice Chairman/CEO of National Agency for Science and Engineering Infrastructure (NASENI), Mr. Khalil Suleiman Halilu during a study tour of the Senior Executive Course 46 at the NASENI Headquarters Abuja today, Monday 15th April, 2024.
Bankers, Officials Colluding to Re-loot Recovered Abacha’s Fund- EFCC
ClaimBuddy Bags $5m to Streamline Insurance Claims for Hospitals, Patients
Recapitalisation: UBA Seeks Shareholders’ Nod to Raise Capital
FemyWalsh Set to Launch FM Radio in Lagos
Wema Bank Launches Anti-Fraud Campaign to Protect Customers
See Full List of Fake Loan Apps Blacklisted By CBN
Moniepoint Emerges Lead Sponsor of Payments Forum Nigeria – PAFON 1.0
FIRS Files Tax Evasion Charges against Binance
AXA Mansard Empowers Female SMEs with Financial, Digital Skills
IFC Invests in New 4DX Ventures Fund to Support Tech Startups in Africa
News2 days agoNAFDAC Alerts Nigerians to EU Ban on Dex Soap
News2 days agoHistory as Nigeria Launches Mew 5-in-1 Meningitis Vaccine
News2 days agoEFCC Discovers Fraudulent COVID Funds, World Bank Loan in Poverty Ministry
E-Business2 days agoNew National ID Card to Be Issued Via Banks- NIMC
E-Financial2 days agoExtradition Efforts Underway as Arjarwalla, Fugitive Binance Executive Located in Kenya
E-Financial23 hours agoMasterCard, Onafriq Partner to Bring New Payments Suite to Africa
News19 hours agoBankers, Officials Colluding to Re-loot Recovered Abacha’s Fund- EFCC
E-Financial23 hours agoEdun Hails SecureID Over Digitization Efforts