Business
World Bank approves fresh $500m loan for Nigeria
The World Bank has approved a 500 million dollar loan to support the Sustainable Power and Irrigation for Nigeria (SPIN) project aimed at reducing climate-induced challenges.
Mr Chakib Jenane, World Bank’s Regional Director, Sustainable Infrastructure Development for West and Central Africa, announced this during a visit to Water Resources and Sanitation Minister in Abuja on Thursday.
Jenane said that the SPIN project was approved during the World Bank’s Board meeting on Sept. 26, adding that it was scheduled to begin in January 2025.
According to him, the project is designed to address climate-related issues, including floods and droughts, through enhanced dam safety, improved water resource management, and expanded irrigation services.
The World Bank director said that the project would benefit approximately 950,000 people, including farmers and livestock breeders.
Jenane emphasised the need for Nigeria to continue preparations to meet the remaining conditions in order for the project to be effective by the Jan. 2025 target date.
The World Bank team also provided an update on the Transforming Irrigation Management in Nigeria (TRIMING) project, which is nearing completion.
The team also gave an update on the Sustainable Urban and Rural Water Supply, Sanitation, and Hygiene (SURWASH) programme, and stressed the importance of involving more states in the initiative.
Jenane encouraged the ministry to explore the establishment of a National WASH Fund, a key objective under the SURWASH programme’s Disbursement Linked Indicator (DLI) 1.
The Minister, Prof. Joseph Utsev, expressed his appreciation to the bank for its continued support of Nigeria’s development, particularly in sustainable infrastructure and water resource management.
He assured the delegation that the Nigerian government would provide the necessary counterpart funding support to ensure the successful implementation of all World Bank-backed projects.
Utsev also emphasised the importance of completing the TRIMING Project on schedule, and reaffirmed the ministry’s commitment to meeting the project’s Jan. 2025 deadline.
Also speaking, Dr Bello Goronyo, the Minister of State for Water Resources and Sanitation, thanked the bank for its approval of the SPIN project.
Goronyo also reiterated the ministry’s commitment to ensuring success of the project through collaborative efforts.
SPIN also mulls developing a master plan for hydropower generation, with a focus on boosting energy production through public-private partnerships.
Business
NNPCL dismisses demand for Kyari’s resignation over fuel price hike
The Nigerian National Petroleum Company Limited (NNPCL) has stated that its Group Chief Executive Officer (GCEO), Mallam Mele Kyari, is not responsible for the hike in the prices of the Premium Motor Spirit (PMS) popularly known as petrol.
Recall that some protesters had earlier stormed the headquarters of the oil company in Abuja, with the demand that Kyari be forced to resign over the increase in the prices of petrol nationwide.
Reacting to the development, spokesman for the NNPCL, Olufemi Soneye, said that the protesters were not well informed about the true state of things in Nigeria’s fuel supply chain.
Soneye, in his reaction said, “Unfortunately, the protesters lack understanding of the sector. If they were informed, they would know that the GCEO is not responsible for the fuel price increase; in fact, he ensured Nigerians had access to fuel at N620 per liter for over a year, even when the landing cost was above N1,100. NNPC Ltd. does not import adulterated fuel. If anyone has evidence to the contrary, they should bring forward samples of any such fuel imported by NNPC.”
He affirmed further that no group or individuals motivated by selfish interests would deter or distract the NNPCL from achieving the goal of implementing President Bola Ahmed Tinubu’s roadmap for the sector to accomplish its goal and to ensure energy security for the nation.
“I won’t waste time engaging with individuals motivated by selfish interests. We have more pressing projects to accomplish to ensure energy security for our nation rather than focusing on inconsequential groups. We are committed to implementing President Bola Ahmed Tinubu’s roadmap for the sector, and no group will deter or distract us from achieving this goal,” he concluded.
Recall that the protesters, led by some civil society organisations, called for the sack of Kyari, citing skyrocketing fuel prices.
Business
NNPC hasn’t authorised sale of petrol to marketers – Dangote refinery replies IPMAN
The Dangote Petroleum Refinery has stated that it has not received any payments from the Independent Petroleum Marketers Association of Nigeria (IPMAN) for refined petroleum products, clarifying its position amidst ongoing concerns from oil marketers regarding petrol supplies.
According to a statement on Thursday, October 31, by Anthony Chiejina, the group’s chief branding and communications officer, the refinery has no business dealings with IPMAN and cannot be held accountable for any payments made to the Nigerian National Petroleum Corporation (NNPC).
This comes after Aliko Dangote, founder of Dangote Industries Limited (DIL), noted that the refinery holds over 500 million liters of petrol, yet oil marketers are reportedly not purchasing the product. IPMAN, however, countered by claiming its members have struggled to load petrol from the refinery, despite having paid N40 billion to NNPC.
Chiejina confirmed that while discussions with IPMAN are ongoing, there are no direct business arrangements between the two. He emphasized, “It is misleading to suggest that they (IPMAN members) are experiencing difficulties loading refined products from our Petroleum Refinery, as we currently have no direct business dealings with them. Consequently, we cannot be held responsible for any payments made to other entities.”
The Dangote Refinery reiterated its capacity to meet national demand for various petroleum products, including petrol, diesel, and aviation fuel, capable of loading 2,900 trucks daily and transporting products by sea. The refinery also advised IPMAN to register and make direct payments for access, assuring, “There is more than enough petroleum product to satisfy the needs of their members.”
Chiejina urged stakeholders to avoid unsubstantiated media statements, warning that such actions could impede economic progress under President Bola Ahmed Tinubu’s administration. The statement called for collaboration among stakeholders, aligning with Tinubu’s economic re-engineering initiatives.
Business
Fake condoms flood Nigerian market, NAFDAC raises alarm
The National Agency for Food and Drug Administration and Control, NAFDAC, has raised the alarm on the illegal sale and distribution of fake brands of condoms in Nigeria.
NAFDAC said officials from the Post-Marketing Surveillance Directorate discovered Foula condoms (packaged in threes) in Abakaliki, Ebonyi State, and Zango, Katsina State.
The agency said the product is not registered for use in Nigeria, stressing that the labelling of the product is not in the English language.
While warning that if the unregistered condoms leak or break they cannot offer adequate protection, NAFDAC directed its zonal directors and state coordinators to combat the issue, enhance surveillance, and eliminate these unregistered products.
It stated that the illegal distribution or sale of unregistered condoms poses a risk as the safety, quality, and efficacy of the products are not guaranteed.
“The purchase and use of poor-quality condoms will adversely affect every aspect of condom promotion for the prevention of unintended pregnancy and protection against HIV and other sexually transmitted infections. If condoms leak or break, they cannot offer adequate protection.
“All NAFDAC zonal directors and state coordinators have been directed to carry out surveillance and mop up the unregistered products within the zones and states.
“Importers, distributors, retailers, healthcare professionals, and consumers are hereby advised to exercise caution and vigilance within the supply chain to avoid importing, distributing, selling, and using illegally distributed products. All medical products/medical devices must be obtained from authorised/licensed suppliers,” it said.
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