Loan trap: World Bank accused of setting Nigeria up with $800m funding - ITREALMS

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The World Bank Country office in Nigeria has been accused of engaging on practices considered illegal under Nigeria’s legal regime, in relation to borrowing and loan indebtedness worth $800m, about ₦368,615,712,800.00, reports ITREALMS.

Leading in the accusation, the Human and Environmental Development Agenda (HEDA Resource Center) said the Bank in its engagement with some Civil Society Organizations regarding the planned $800 million loan to the Nigerian Government though is subject to the approval of the National Assembly of Nigeria before its disbursement will take effect.

Stakeholders consent to privacy law for Nigeria - ITREALMS

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…As World Bank Tasks FG on Data Protection

No fewer than two hundred and fifty stakeholders, Wednesday, unanimously gave their nod to the steps towards enacting a principal Data Protection law for Nigeria.

Rising from a two-day Policy Dialogue on Nigeria’s Data Protection law, held in Abuja, the participants were of the view that a data protection law for the country was long overdue.

World Bank, UNESCO join forces to enhance right to access - ITREALMS

ITREALMS:

The World Bank and UNESCO have joined forces for enhancement of the right of access to information by victims of the armed conflict in Colombia, reports ITREALMS.

A promising joint endeavor by UNESCO and World Bank is underway in Colombia to foster more effective access to information on victims’ rights through the capacity building of key pilot stakeholders responsible for managing related communications.

After almost 50 years of internal armed conflict in the country, currently, over 8.5 million people have been recognized by the State as victims. With unprecedented progress having been made in recent years in the peace process, the development and implementation of effective transitional justice programs and policies is critical to building peace in Colombia.

Government outreach programs and efforts by civil society organizations to raise awareness of victims’ rights and their exercise have a critical role to play in informing citizens about the programs and benefits for which they may be eligible, how to access them, and the ways in which these can participate in the creation and monitoring of related public policies. 

However, recent research has shown that many of the municipalities in regions most affected by the conflict lack media producing local news and that efforts to provide victims with access to information about their rights are not always having their intended impact due to challenges associated with coverage, understanding of the communicated information, and continuity in follow-up.

In response to this complex scenario, the World Bank and UNESCO, through funding provided by the World Bank’s Nordic Trust Fund, are working with the Government of Colombia and civil society organizations to develop a series of activities to strengthen their capacity to communicate to victims about their rights.

Nenye Dom/GEE

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IMF, World Bank, CBN urged to lead Braille sign insertion in currency notes

ITREALMS:

The trio of International Monetary Fund (IMF), WorldBank and Central Bank of Nigeria (CBN), have been urged to lead agitations for the insertion of Braille signs on global currency notes, reports ITRealms.

Braille, ITRealms gathered, is a tactile writing system used by people who are visually impaired and is traditionally written with embossed paper.

ITRealms also gathered Braille users could read computer screens and other electronic supports thanks to refreshable braille displays available nowadays.

The Monitoring Officer, Justice, Development and Peace Centre (JDPC), Mr. Abiodun Abacha Adebesin, made this call, pointing out that its high time global financial institutions consider adding Braille signs on our paper currencies in fulfillment of the one of the 2030 Sustainable Development Goals (SDGs) of not leaving any one behind.

According to him, the blinds have been cheated on so many occasions because they rely on people to determine the denominations of the money they are holding and this is really saddening.

“If this done by all financial institutions in the world with the support of IMF and world bank, this will be in line with agenda 2030 'Leave no one behind'” Adebesin said.

ITRealms, recalls that effort at inclusiveness is at the core of the 2030 Agenda for Sustainable Development.

According to SDG experts, inclusiveness speaks to the notion of empowerment and the principle of non-discrimination, which is reflected in the pledge to leave no one behind and in the vision of a “just, equitable, tolerant, open and socially inclusive world in which the needs of the most vulnerable are met” and “a world in which every country enjoys sustained, inclusive and sustainable economic growth and decent work for all.”

In addition,  this reflected both in goals and targets, including Goal 4, which refers to inclusive and equitable quality education; Goal 8, which refers to sustained, inclusive and sustainable economic growth; Goal 9, which refers to inclusive and sustainable industrialization; Goal 11, which refers to inclusive, safe, resilient and sustainable cities and human settlements; and Goal 16, which refers to peaceful and inclusive societies for sustainable development and to accountable and inclusive institutions at all levels.

This assertion of ‘leave no one behind’ further refers to the need to include everyone in societal processes, and conveys the notion that people should not only be allowed to thrive, but should have a voice and effective opportunities to shape the course of development. Thus, the Agenda is relevant to all countries and all people, belongs to everyone, and its success will depend on the active implication and engagement of all actors and on reaching the furthest behind first.

Chuks Egbune/GEE

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Buhari applauds Nigeria’s progress in World Bank’s doing business ranking

ITREALMS:

President Muhammadu Buhari has applauded the latest ranking progress made by Nigeria in the World Bank’s ranking on ease of doing business, reports ITRealms.

Nigeria, ITRealms recalls reportedly improved phenomenally on the World Bank’s Doing Business latest rankings released Tuesday, October 31, 2017.

In the latest ranking, Nigeria, ITRealms reports moved up 24 places in the rankings, just as Nigeria is also reported by the World Bank to be among the Top 10 Reformers globally.

In his reaction, President Buhari congratulated all Nigerians on this very significant step forward which symbolizes the real success achieved by the Presidential Enabling Business Environment Council (PEBEC), the National Assembly and State Governments in making it easy for people to register their businesses speedily, obtaining licenses and approvals from government agencies without encountering unnecessary bureaucratic bottlenecks.

“It also reflects our efforts to make it easy for foreign business visitors to obtain visa on arrival, pass through our airports and do their businesses with ease and speed,” he declared.

According to the Special Adviser to the President, Media & Publicity, Mr. Femi Adesina, who quoted Buhari as specifically applauding PEDEC chaired by Vice President, Prof. Yemi Osinbajo, SAN, for a job well done, stressing that he looks forward to even greater achievements for the nation.

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Nigeria loses $1.5bn on GDP to vitamin deficiencies

ITRealms:

Due to lack of vitamin and mineral deficiencies, Nigeria is annually losing over $1.5 billion, an estimated N459.3 billion, in Gross Domestic Product (GDP) according to the World Bank, reports ITRealms.

This, ITRealms gathered, is coming as Nigeria needs some $912 million to tackle the malnutrition menace, especially on children, just as World Bank ranks Nigeria’s Human Development Index (HDI) at 158 out of the 182 countries, whereas life expectancy stood at 48 years.

According to the latest Nutrition at a Glance released by the World Bank and made available to ITRealms, annually, “Nigeria loses over US$1.5 billion in GDP to vitamin and mineral deficiencies.” Stressing that scaling up core micronutrient interventions will cost less than US$188 million per year.

World Bank also said that over one-third of child deaths in Nigeria are attributed to undernutrition, mostly from increased severity of disease.

ITRealms also reports that children who are undernourished between conception and age two, are at high risk for impaired cognitive development, which adversely affects the country’s productivity and growth.

The economic costs of undernutrition, ITRealms reports, include direct costs such as the increased burden on the health care system, and indirect costs of lost in productivity.

“Childhood anemia alone is associated with a 2.5 per cent drop in adult wages,” World Bank group said.

Nigeria, World Bank said, is the country with the 3rd highest absolute number of children who are stunted, however, Nigeria has achieved near universal salt iodization as 97 per cent of households consume iodized salt.

“This is a major factor in preventing iodine deficiency, which can cause Intelligent Quotient (IQ) loss in infants and young children. Nigeria should be commended for this achievement and universal salt iodization is important to continue,” part of the report read.

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20 African digital start-ups to benefit from World Bank

ITRealms:

Twenty African digital start-ups will benefit from the World Bank Group under its XL Africa initiative attracting early stage capital between $250,000 and $1.5 million, reports ITRealms.

The programme, ITRealms gathered is a five-month business acceleration scheme designed to support the 20 most promising digital start-ups from Sub-Saharan Africa.

Start-ups, ITRealms also gathered will receive mentoring from global and local experts, learn through a tailor-made curriculum, increase their regional visibility, and get access to potential corporate partners and investors.

Vice President, Africa Region at the World Bank, Makhtar Diop, said that digital start-ups are important drivers of innovation in Africa.

“To scale and spread new technologies and services beyond borders, they need an integrated ecosystem that provides access to regional markets and global finance; pan-African initiatives like XL Africa play a critical role by linking local start-ups with corporations and investors across the continent,” he said.

In addition, ITRealms gathered that the programme, comes at a time of increasing interest in the African digital sector.

According to a recent report by Disrupt Africa, in 2016, the number of tech start-ups that secured funding increased by 16.8 per cent compared to 2015.

Director of the Trade & Competitiveness Global Practice at the World Bank Group, Klaus Tilmes, said that XL Africa aims to put a spotlight on the continent’s growing digital economy by scouting for and supporting the most innovative tech start-ups.

“The success of these ventures will create a demonstration effect that can attract much-needed growth investment in the sector and catalyze scaling of transnational businesses in the region,” he said.

Further, ITRealms reports that the programme’s flagship activity includes a two-week residency in Cape Town, South Africa, where the ventures will have the opportunity to interact with and learn from their mentors, peers, and local partners. The Cape Town residency will conclude with the Venture Showcase, a regional event in which the entrepreneurs will present their business models to a select audience of corporations and investors. 

“The program’s unique combination of targeted mentorship and access to investors represents a vital resource for digital ventures ready to grow,” said Lexi Novitske, Principal Investment Officer for Singularity Investments, a venture group based in Lagos, Nigeria. “By connecting innovative business ideas with the knowledge and resources available in the ecosystem, XL Africa will create a pipeline of investment-ready companies, unlocking better investment opportunities for regional and global investors,” he said.

The program will collaborate with prominent African investment groups, including the African Business Angel Network (ABAN), AngelHub Ventures, Goodwell Investments, Knife Capital, Nest Africa, Silvertree Capital, Singularity Investments, South African Business Angel Network (SABAN), TLcom Capital, Zephyr Acorn and 4Di Capital, and corporate partners, such as Orange, .Eco, Ringier, and Thomson Reuters.

ITRealms reveals that interested companies can apply online on the XL Africa website www.XL-Africa.com by Monday, June 12, 2017.

XL Africa is funded by the governments of Finland, Norway, and Sweden, and administered by the World Bank Group with implementation support from IMC Worldwide, VC4A, and Koltai & Co.

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Adeosun goes to World Bank spring meeting with reform agenda

ITRealms:

The Honourable Minister of Finance, Kemi Adeosun, is in Washington DC, United States, this week for the World Bank and IMF Spring Meetings with reform agenda of the federal government, reports ITRealms.

The Minister is participating in a range of events focused on different aspects of the Federal Government’s economic reform agenda, calling Calls for greater African and international collaboration on illicit financial flows to drive accelerated revenue growth and improved government efficiency.

At her opening event on Monday, she gave an address to the Global Parliamentary Conference, alongside parliamentarians from around the world, focused on Nigeria’s economic reform agenda and the need for strong executive and legislative collaboration.

In her address to senior representatives from the World Bank and IMF, as well as over 150 parliamentarians the Minister called for greater focus on collaboration in illicit financial flows from Africa as a core pillar of the government’s strategy to significantly enhance domestic government revenue and deliver sustainable economic growth.

“The government is focused on resetting the Nigerian economy by addressing our traditional over-reliance on oil revenues and establishing the basis for sustainable non-oil revenue growth. To improve non-oil revenues, we have to address illicit capital flows. When stolen money is transferred from Nigeria, or other African countries, there are too few questions asked by those countries that receive the funds, but when we identify those funds as stolen and seek to recover them, there are too many questions being asked,” she said.

According to her, “There is money sitting in foreign bank accounts that we have spent over a decade trying to recover. That is money that could deliver significant value for Nigeria as we seek to increase spending on critical infrastructure and establish a basis for long term sustainable growth. I hope that the Automatic Exchange of Information scheme coming into force next year will be a step towards achieving greater transparency, but we need more collaboration amongst parliamentarians in Africa, and across the World to ensure that this situation improves and that recipient countries are held to account.”

Commenting further, she said that FG is going after those who have stolen money. 

"We have put in place a very successful whistle blower programme that is delivering results, and allows those who report illicit activity to receive up to 5% of any funds that we recover. We are also significantly improving our financial management controls to ensure that it is considerably more difficult for public funds to be diverted. We have to do more though and that means collaboration with the legislature. We need tighter tax and financial reporting legislation and to ratify bilateral agreements so that our enforcement agencies are empowered to deliver the results that we need” she declared.

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World Bank applauds TSA by Remita

ITRealms:

The World Bank has applauded the implementation of the Treasury Single Account [TSA] by the Federal Government through Remita, reports ITRealms.

Remita, ITRealms gathered is the Central Bank of Nigeria (CBN)-approved payment gateway,  and the Online Name Reservation Portal of the Corporate Affairs Commission (CAC) got the applause from World Bank for improving the ease of registering companies in Nigeria.

Senior Special Assistant to the President on Trade and Investment, Dr. Jumoke Oduwole said this recently at the conclusion of the second Presidential Economic Communications workshop in Abuja, saying “the World Bank have commended the ease of starting a business in Nigeria. This is made possible through Remita and the CAC”. 

The Registrar General of CAC, Bello Mahmoud, said that by year-end, the key objective of the CAC is to ensure that company names are registered in Nigeria “under 6 hours and you don't need a lawyer anymore to register a business with CAC”.

In addition, the CAC would upload on the internet records of all companies registered in Nigeria for easy access by the public.

In her keynote address on the implementation of the 2016 budget and outlook for 2017 and beyond, Minister of State for Budget and National Planning, Zainab Ahmed, said that all salaries, overheads, and debt service payments “are on course”, as the Federal Executive Council had approved the 2017 Medium Term Expenditure Framework (MTEF).

She said that the budget, passed in May 2016, has attained a performance of 41.25% as at mid-October 2016.

According to an economist and the workshop facilitator, Dr. Ayo Teriba, who analysed the current economic situation in Nigeria, the country entered the 2008 global recession with external reserves of 60 billion dollars, but has entered the current recession with 40 billion US dollars, while Saudi Arabia entered the global recession with 600 billion dollars. 

However, “the business climate in Nigeria is expected to continue to experience a boost with Remita accelerating seamless payment processes into the CAC’s TSA, as GDP growth is expected to resume in positive direction by 2017”, he said.

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NITDA, World Bank's GEMS enter pact on ICT capacity building

ITRealms:

The National Information Technology Development Agency (NITDA) and a World Bank subsidiary, Growth and Employment in States (GEMS) met at the weekend culminating in signing of a Memorandum of Understanding (MoU) for the building of capacity on Information and Communication Technology (ICT) skills of Nigerians, reports ITRealms.

Head, Corporate Affairs, NITDA, Mrs. Hadiza Umar, disclosing this to ITRealms that the ‘draft’ MoU will include the rights and obligations of the parties for the purpose of implementing GEMS Programme that will cover areas such as Software testing, Professional Certification Programmes, Software Apps, e-Commerce mobile Apps, Business Process Outsourcing among others.

She also said that at the end of a meeting session at NITDA headquarter, Abuja, the Acting Director General of the Agency, Dr. Vincent Olatunji informed the World Bank team that the present administration has the political will to drive the successful implementation of the programme to fruition.

Olatunji was quoted as saying the political will of this administration is working for us in the ICT sector in the country because the government is looking for means of diversifying the economy and ICT sector has been identified as one of the area that could tap into.

“There is assurance from the government on this. The minister with supervision from the office of the Vice president is committed to ensure that ICT drives the country's economy,” Dr. Olatunji assured.

He also said that now the government is more focused to reposition ICT as the next cash cow of the country which informed her decision to establish of 12 innovation hubs across the six geo political zones.

Leader of World Bank delegation, Mr. Andrew Gartside said that the programmes are dynamic in nurturing of ICT especially the Software sub sector, stressing both parties will ensure the sustainability of these programmes, which will eventually add value to NITDA.

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Pix: Ag. DG of NITDA, Dr. Vincent Olatunji and Mr. Andrew Gartside of World Bank's GEMS.

DEMO Africa invests N1.99b in participating startups

 ITRealms:

Since the inaugural event of DEMO Africa in 2012, to date, an estimated US$10 million about N1.99 billion has been invested in the participating startups, ITRealms reports.

DEMO Africa is co-hosted with the Nigerian Ministry of Communication Technology (NMCT), the National Information Technology Development Agency (NITDA) and VC4Africa. It is the flagship initiative of LIONS@frica - a partnership founded by the U.S. Department of State and other private and public sector organizations, including the World Bank’s infoDev program for innovation and entrepreneurship, Microsoft, United States Agency for International Development (USAID), and Startup Weekend.

According to a press statement, infoDev / World Bank Group’ s Digital Entrepreneurship Program (DEP) works to scale up high potential firms and secure venture financing in Africa.

The activities, ITRealms gathered, require a pipeline of quality entrepreneurs, and events like DEMO Africa provide an opportunity to build awareness on the program and its partners like the network of mobile application laboratories (mLabs) and innovation hubs, including CTIC in Dakar, Senegal, mLab East Africa / Kenya and mLab South Africa.

The statement also added that since the inaugural event in 2012, DEMO Africa has generated significant traction within the international tech community. Last year’s edition in Nigeria attracted over 500 attendees and, to date, ITRealms learnt.

DEMO Africa 2015, a two-day event in which thirty of the most innovative African companies will launch their new tech products before an audience of international investors, IT buyers, and media, will kick off in Lagos on September 24^, 2015.

Cyriacus Nnaji/GEE

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53 graduates @Samsung Engineering Academy

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Samsung Engineering Academy, a Public Private Partnership (PPP) initiative between Samsung Electronics and the Lagos State government through the World Bank-supported Lagos Eko Secondary School Education Project, has graduated 53 technicians from the academy. The graduands are expected to deepen the pool of well trained technicians in the country.

Speaking at the ceremony, Head, Lagos State Eko Secondary School Project, Mrs Folasade Fasehun, applauded Samsung Electronics West Africa for investing in such a critical initiative that has the potential of empowering beneficiaries to become entrepreneurs. “These students have undergone a full year training programme, which comprises basic, intermediate and advanced engineering skills. Now, they are well equipped with sound technical skills to build a better future for themselves while contributing towards driving the economy growth and development,” said Fasehun.

Also speaking at the graduation ceremony, the Managing Director of Samsung West Africa Mr. Brovo Kim, said that the Samsung Engineering Academy in 2012 was established to empower indigent Nigerians and positively impact communities. Since its inception, over hundred students have been trained.

“Samsung is dedicated to creating a large pool of skilled engineers with a target of training 10,000 students across Africa. The Samsung Electronics Engineering Academy provides hands-on, vocational skills training, opening up well-paying job opportunities for its graduands to work in the electronics industry either as employees in repair centres, assembly lines or as independent entrepreneurs,” he said.

The graduating students who were drawn from Government Technical College, Agidingbi, Ikeja, have successfully completed one year intensive specialized training at the academy. The students were trained to repair and service modern, digital electronic and home appliances such as LCD TV’s, smartphones, refrigerators, air conditioners and laptops among other appliances.

According to Kim, the graduating students are eligible for an internship at Samsung’s channel partners; outstanding performers will have the opportunity to work as independent service technicians or employees in the company’s retail channel outlets.

Samsung Electronics Co., Ltd. inspires the world and shapes the future with transformative ideas and technologies, redefining the worlds of TVs, smartphones, wearable devices, tablets, cameras, digital appliances, printers, medical equipment, network systems, and semiconductor and LED solutions. Samsung is also leading in the Internet of Things space through, among others, Smart Home and Digital Health initiatives. We employ 307,000 people across 84 countries with annual sales of US $196 billion. To discover more, please visit our official website at www.samsung.com and our official blog at global.samsungtomorrow.com.

 
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Pix: L-R: Head Corporate Marketing, Samsung Electronics West Africa, Mr. Koye Sowemimo; Overall Best Graduating Student, Samsung Engineering Academy Class of 2014, Sunday Oyelami; Head, Lagos Eko Secondary School Education Project, Mrs Folasade Fasehun and Managing Director, Samsung Electronics West Africa, Mr. Brovo Kim at the Samsung Engineering Academy graduation ceremony.

World Bank boosts Nigeria’s MSMEs with N99.5b

ITRealms

The World Bank Group has given a boost of $500 million, about N99.5 billion to finance Micro, Medium and Small-Scale Enterprises (MSME) in agriculture, trade, light-manufacturing, services, and other areas, reports ITRealms. 

The project ITRealms gathered, is an International Bank for Reconstruction and Development (IBRD) credit to fund the development finance projects to facilitate increased access and availability of financing for MSME.

World Bank Country Director for Nigeria, Marie Francoise Marie-Nelly, affirmed to ITRealms that the project is fully in line with the priorities set out in the new Country Partnership Strategy which calls for focusing on increasing access to finance, including long-term financing for key sectors such as housing, SMEs, agriculture, and infrastructure, through various mechanisms involving both private sector and public sector partnerships.

ITRealms further learnt that the development finance project provides a stable and predictable funding source through the establishment of a Development Finance Institution (DFI). The DFI will provide funding to eligible financial institutions to finance long-term lending to MSMEs, as well as funding to Micro-Finance Banks for on-lending and to expand their outreach.

The proposed operation ITRealms gathered, addresses the provision of finance, including long-term finance, through eligible Participating Financial Institutions to expand outreach to urban and rural Micro, Small and Medium Enterprise

The project is a joint effort between the World Bank Group, African Development Bank (AfDB), the German Development Bank, French Agency for Development, and the UK’s Department for International Development, the information made available to ITRealms further revealed.

Cyriacus Nnaji/ GEE

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