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World Bank deploys $114.9 to finance global crises in 2022
The World Bank Group says it has responded to the overlapping global crises by deploying 114.9 billion dollars in financing in 2022.
This is contained in a statement obtained from the World Bank website by the News Agency of Nigeria (NAN) on Saturday in Abuja.
The bank said in its just completed 2022, from July 1, 2021, to June 30, 2022, it responded with unprecedented scale to overlapping global crises.
It said it provided advice and financing in response to the sharpest economic slowdown in eight decades, rising inflation, deepening food insecurity, war and fragility, and the continued negative impact of the COVID-19 pandemic.
“Amid these devastating crises, the World Bank Group deployed a record 114.9 billion dollars in the year under review.
“Commitments during the year were informed by our knowledge work and helped countries address rising food prices, manage refugee flows, and bolster health preparedness
“The bank also helped maintain private sector trade, and support efforts to mitigate and adapt to climate change, among others, benefitting especially the poor and most vulnerable.”
The statement quoted the World Bank Group President, David Malpass, as saying “developing countries are facing multiple challenges from war to surging food and energy prices.
“This deepens inequality and leads to reversals in development gains.”
Malpas said the World Bank Group had responded with urgency, scale, and impact.
“We have committed consecutive surges of financing, analytical support, and policy advice. First in response to the COVID-19 pandemic, and now to address the food crisis, the war in Ukraine, and its spillover effects.”
The statement said the International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA), both part of the World Bank committed 70.8 billion dollars in assistance in 2022.
According to the statement, its highest ever level of commitments is nearly 70 per cent higher than the pre-crisis average of commitments from 2013 to 2019.
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“That figure included 33.1 billion dollars from IBRD in support to middle-income countries as well as a few higher-income countries.
“With 37.7 billion dollars in grants and zero-or low-interest loans to the world’s poorest countries from the IDA.”
The statement said that since the start of the COVID-19 pandemic, total World Bank Group financing reached 272 billion dollars, including 52.6 billion dollars in the last quarter of 2022.
It said as of June 30, 2022, the World Bank had approved 10.1 billion dollars in financing for vaccine acquisition and deployment in 78 countries, of which 4.6 billion are for 42 countries in Africa.
“Over 600 million doses have been contracted with approved bank financing, of which more than 430 million have been delivered.”
It said the bank was also setting up a financial intermediary fund to strengthen pandemic Prevention, Preparedness, and Response (PPR) capacities at national, regional, and global levels, with a focus on low- and middle-income countries.
“With over one billion dollars in financial commitments already announced, the fund will bring additional, dedicated resources for PPR, to incentivise countries to increase investments, enhance coordination among partners, and serve as a platform for advocacy.”
According to the statement, for the 15 months from April 2022 to June 2023, financing is expected to reach 170 billion dollars.
It said an important component of this funding would be devoted to food security, including social protection and projects in agriculture, nutrition, water, and irrigation.
“The World Bank has made available about 30 billion dollars over these 15 months as part of a comprehensive, global response to the ongoing food security crisis.
“Some 12 billion dollars of which will be new lending, informed by our substantial data and analytical work on food and nutrition systems.
“Since April 1, the World Bank has delivered 32 food-crisis related operations and committed 5.3 billion dollars in this area.”
The statement also said that the bank continued to rapidly increase its climate financing in 2022, in line with the World Bank Group’s Climate Change Action Plan (CCAP) for 2021-2025.
“The World Bank’s climate finance totalled a record 26 billion dollars which accounts for 37 per cent of commitments in 2022, an 83 per cent increase from 14.2 billion dollars in 2019.
The World Bank Group said it played a critical role in building and enabling the private sector in developing countries, which it does through the International Finance Corporation (IFC).
It said the IFC had a record year in 2022 with commitments reaching an all-time high of 32.8 billion dollars, including 12.6 billion dollars of commitments for IFC’s own account.
“Out of the 12.6 billion dollars, 3.5 billion dollars went to IDA countries and Fragile and Conflict-affected Situations (FCS).
It said the Multilateral Investment Guarantee Agency (MIGA), which mandate was to drive impactful foreign direct investment to developing countries, issued 4.9 billion dollars in new guarantees.
It said out of the 4.9 billion dollars, 32 per cent was in IDA countries, 12 per cent was in FCS countries, and 28 per cent supported climate finance.
The statement further said progress was also made in efforts to fully incorporate women into economies.
According to the statement, an unprecedented 90 per cent of the World Bank’s 2022 operations are helping to close gender gaps, well above corporate commitments. (NAN)
. . . Tinubu Lauds NNPC Ltd, Partners Over Three Commissioned Gas Projects
In line with its renewed hope agenda, the Federal Government has reiterated determination to utilize Nigeria’s abundant gas resources towards revamping her industrial growth and kick-starting economic prosperity.
Biztellers reports that President Bola Ahmed Tinubu made the assertion while commissioning three critical gas infrastructure projects executed by the NNPC Limited and its partners in Ohaji-Egbema, in Imo State and Kwale, in Delta States, on Wednesday.
The three projects commissioned include the expansion of the AHL Gas Processing Plant, the ANOH Gas Processing Plant and the 23.3km ANOH to Obiafu-Obrikom-Oben (OB3) Custody Transfer Metering Station Gas Pipeline Projects.
He said, “It is pleasing that approximately, 500MMscf of gas in aggregate would be supplied to the domestic market from these two Gas Processing Plants, which represents over 25% incremental growth in gas supply.
“In practical terms, this translates into more gas to the Power Sector, Gas-Based Industries, and other critical segments of the economy.”
The President pointed out that from the onset, his administration was clear of its intention to leverage on the virtually unlimited capacity of gas to deepen domestic gas utilization, increase national power generation capacity, revitalize industries, and create multiple job opportunities for economic growth.
He said aside the Presidential Compressed Natural Gas (CNG) Initiative which is aimed at moving Nigerians away from petrol and diesel as vehicular combustion fuel, significant progress has also been recorded in incentivizing gas development through Presidential Executive Orders.
While congratulating the projects partners (NNPC Limited, Sterling Oil Exploration & Energy Production Company Limited (SEEPCO) and Seplat Energy for the successful implementation of the three projects, Tinubu particularly charged the NNPC Limited to, as the national energy company of choice, sustain its relentless efforts and record more successes in the energy sector for the benefit of all Nigerians.
President Tinubu described the commissioning as a highly significant milestone for Nigeria as it demonstrates his administration’s efforts to accelerate the development of critical gas infrastructure geared at enhancing the supply of energy to boost industrial growth and create employment opportunities.
He said the projects were fully in line with the Federal Government’s Decade of Gas initiative, and his administration’s quest to grow value from the Nation’s abundant gas assets while concurrently eliminating gas flaring and accelerating industrialization.
“I wish to assure the citizenry that these are just the beginning, as the federal government is stepping up its coordination of other landmark projects and initiatives that will ensure the earliest realization of gas fueled prosperity in our country.
“Consequently, I wish to assure investors in the energy space that this is an investment enabling government and we will not relent in facilitating the ease of doing business,” the President noted.
Earlier in his address, the Minister of State for Petroleum Resources (Gas) Rt. Hon. Ekperikpe Ekpo highlighted the efforts of his ministry to continue to champion the utilisation of gas as a transition fuel as Nigeria moves towards achieving clean energy efficiency and security by 2060.
Ekpo commended the President for his leadership and support towards the success of the three projects.
In his remarks, the GCEO NNPC, Mele Kyari described the commissioning as a demonstration of Mr. President’s commitment and support to grow the domestic utilization of natural gas for power generation, as feedstock for gas-based industries and overall rapid industrialization of Nigeria on the back of the enormous gas resources in the country.
Kyari assured that as part of its mandate, NNPC Ltd remains committed to maintaining energy security by executing more strategic gas projects for the benefit of Nigeria.
The Nigerian Government has listed her April 2024 Savings Bonds worth N4.214 billion on the Nigerian Exchange Limited (NGX) platform.
This was disclosed in the market bulletin signed by the Head, Issuers Regulation Department of NGX, Godstime Iwenekhai.
According to the bulletin, “Trading License Holders are hereby notified that the April 2024 Issue of the Federal Government of Nigeria (FGN) Savings Bonds was listed on Nigerian Exchange Limited (NGX) on May 13, 2024.”
Details of the Bonds include FGS April 2026, 1.228 million units valued at N1.228 billion at a coupon rate of 17.046%, while FGS April 2027, 2.986 million units amounted to N2.986 billion at a coupon rate of 18.046%.
The bonds are backed by the full faith and credit of the FGN and charged upon the general assets of Nigeria, according to the debt office.
FGN Savings Bond is issued monthly in tenors of two and three years with quarterly payment of coupons (interest) at a rate predetermined and published by the DMO every month.
The retail savings bond product was introduced by the DMO on behalf of the FGN in 2017 to democratise its activities in the bond market by making it easily accessible to Nigerians to ensure continuous development of the domestic market and bridge infrastructure deficit which has been a constraint to economic growth.
Nigeria’s inflation rate surged to 33.69% in April 2024, up from 33.20% in March, according to the latest data from the National Bureau of Statistics (NBS).
The Consumer Price Index (CPI) report, released Wednesday, shows a 0.49 percentage point rise within a month.
Year-on-year, the inflation rate has surged by 11.47 percentage points, compared to 22.22% in April 2023, highlighting the ongoing economic challenges and rising costs for consumers.
The report reads “In April 2024, the headline inflation rate increased to 33.69% relative to the March 2024 head line inflation rate which was 33.20%.
“On a year-on-year basis, the headline inflation rate was 11.47% points higher compared to the rate recorded in April 2023, which was 22.22%.
This shows that the headline inflation rate (year-on-year basis) increased in the month of April 2024 when compared to the same month in the preceding year (i.e., April 2023).
“Furthermore, on a month-on-month basis, the headline inflation rate in April 2024 was 2.29%, which was 0.73% lower than the rate recorded in March 2024 (3.02%).
“This means that in the month of April 2024, the rate of increase in the average price level is less than the rate of in crease in the average price level in March 2024.”
Prices of food and basic commodities have surged dramatically in recent weeks, as Nigerians grapple with a soaring cost of living and one of the nation’s most severe economic crises.
The crisis has been intensified by the government’s removal of petrol subsidies and the unification of forex windows.
The naira, which had appreciated against the dollar in April, has since plummeted from about N1,100/$1 to roughly N1,500/$1.
Following the latest inflation report from the National Bureau of Statistics (NBS), the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) is anticipated to review the country’s interest rate, currently set at 24.75%.
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