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EU to grant Niger Republic €542 million over seven years
BRUSSELS – Food security, the social sectors, road infrastructure and domestic security and stability will be the four sectors on which EU development aid to Niger will focus for the period 2014-2020.
The announcement was made by Andris Piebalgs, the EU Commissioner for Development, during his visit today (6 November) to Niamey (Niger). €542 million will be granted to the country over the next seven years, subject to final approval by the Council and the European Parliament.
This visit to Niger is part of the joint regional mission to Mali, Burkina Faso, Niger and Chad made by the Commissioner from 5 to 7 November 2013 with UN Secretary-General Ban Ki-Moon, the Chairperson of the African Union Commission, Dlamini Zuma, the President of the World Bank, Jim Yong Kim, the President of the African Development Bank, Donald Kaberuka, and the European Union Special Representative for the Sahel, Michel Reveyrand de Menthon.
European Commissioner Andris Piebalgs said: ‘The European Union’s actions in Niger reflect Niger’s priorities in the fields of governance, improving transport infrastructure between the different regions of the country, and support for the security of goods and persons, food security and sustainable and equitable growth.’
Commissioner Piebalgs’ visit will demonstrate the European Union’s commitment to the principles of coherence and coordination of aid in the framework of the strategies for the Sahel drawn up by the EU, the United Nations and the World Bank which underscore the importance of the link between security and development in the region.
During this visit, Commissioner Piebalgs will meet the President of Niger, Mahamadou Issoufou, who has confirmed that he will take part in the European Development Days on 26-27 November in Brussels. Mr Piebalgs will also sign four financing agreements and an addendum to an existing project totalling €181 million. These programmes directly address Niger’s multiple challenges, namely security, development and food security (more information in ‘Background’).
Niger faces multiple challenges affecting the whole of the Sahel-Saharan region: the continuing instability in Libya, Mali and Nigeria, the terrorist threat, and also the movement of weapons and trafficking of all kinds. To reinforce the EU’s commitment in the area of security, a civilian mission under the Common Security and Defence Policy (EUCAP SAHEL Niger) was launched in August 2012. This mission will help to strengthen the capacities of the Nigerien security forces and assist the country in addressing organised crime and terrorism more effectively.
In Niger, over €100 million of budgetary support have been granted since 2008 to enhance the authorities’ capacity to provide social services. Between 2008 and 2012, primary school completion rates increased from 48% to 55.8%, and infant mortality was halved to 63 per 1000 in 2010. 600 km of roads have been or are being renovated, opening up certain regions for the delivery of healthcare and education as well as boosting trade.
EU support has contributed to overall improvements in health and education. For example, the halving of infant mortality to 63 per 1000 in 2010 places Niger on track to achieving the target of a two-thirds reduction in infant mortality by 2015 under the Millennium Development Goals (MDGs).
New agreements signed during the Commissioner’s visit
The agreements concern financing of €181 million for the following projects:
For the Zinder-Magaria-Nigerian border road, €19.5 million to upgrade a dilapidated 111 km stretch of this route, which is important for trade in the region;
For rehabilitation of roads and tracks in the Agadez, Tahoua and Tillabéry regions, €44.5 million to upgrade 145 km of asphalted roads and 260 km of rural roads in these three Saharan regions of Niger;
For the Northern Niger Local Development Project, €25.6 million for stabilisation and local development. This goal will be achieved by strengthening the capacities of public and private players, improving food security through income from agricultural and pastoral activities, increasing the provision of social services delivering healthcare and, finally, offering guidance and support to young people who have received vocational and technical training in order to help them find employment or self-employment;
€85 million for budgetary support to increase health, education and vocational training indicators;
An addendum of €6.5 million to the Support Programme for Justice and the Rule of Law (PAJED-2) will contribute to security by strengthening the capacities to fight organised crime and modernising the intervention frameworks for priority policies.
The Office of the Auditor-General of the Federation has uncovered financial irregularities amounting to ₦514 billion in the 2021 operations of the Nigerian National Petroleum Company Limited (NNPC Ltd).
The revelations were contained in a comprehensive audit report highlighting non-compliance and internal control weaknesses within Ministries, Departments, and Agencies (MDAs) during the 2021 financial year.
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Breakdown of Infractions
The audit detailed four major financial discrepancies within NNPCL:
“Irregular Deductions: A total of ₦343.64 billion was deducted from domestic crude oil sales at source without proper documentation.
“Sinking Fund Deposits: ₦83.66 billion, categorized as miscellaneous income, was retained in a sinking fund account.
“Unauthorised Refinery Deductions: ₦82.95 billion was deducted from federation revenue purportedly for refinery rehabilitation.
“Unsubstantiated Payments: ₦3.75 billion was flagged for transactions related to petrol sales that lacked proper verification.
The Auditor-General’s report stated that these financial activities violated the 1999 Constitution and the Financial Regulations Act of 2009, underscoring significant lapses in compliance with statutory guidelines.
According to the report, NNPCL generated ₦484.73 billion from domestic crude oil sales in March and May 2021.
However, ₦343.64 billion was deducted for various purposes, including “Value Shortfall,” “Strategic Stock Holding Cost,” and “Pipeline Maintenance.”
The deductions were made unilaterally by NNPCL without adequate documentation or justification.
Additionally, the report flagged ₦50 billion of the net payable amount for May 2021 as unaccounted for, creating a significant gap in the federation’s revenue.
“Audit observed from the review of NNPC SAP payment record for March and May 2021 payments that the sum of ₦484.73bn was the gross amount generated for the sale of domestic crude for the months of March and May 2021.
“The sum of ₦343.64bn from the gross amount was unilaterally deducted from the gross domestic crude sales as NNPC Value shortfall, Strategic Stock Holding Cost, Crude Oil and Products Pipeline Losses, as well as the pipelines maintenance and management costs.
“The details of each of the cost components deducted were not provided for audit review. Hence, the reasons for the deductions could not be justified by the management.”
On the unremitted ₦50 billion from May 2021, the report noted: “In the month of May, the net payable that could have been remitted ought to have been ₦127.075bn, but only the sum of ₦77.075bn was remitted, leaving an unremitted balance of N50bn to the Federation Account, which has remained unaccounted for.”
The report attributed these anomalies to weaknesses in NNPCL’s internal control systems, warning of the risks they pose to public funds.
It read, “The above anomalies could be attributed to weaknesses in the internal control system at NNPC, now NNPC Ltd. This is a potential loss of Federation revenue, diversion of public funds, or misapplication or misappropriation of funds.”
The success of the maiden edition of the Lagos Shopping Festival (LSF), Africa’s first 72-hour non-stop commerce and entertainment event has been credited to the Governor of Lagos State, Babajide Sanwo-Olu.
This is the view of Managing Director/Chief Strategist of Chain Reactions Africa Ltd, Israel Jaiye Opayemi, one of the main organisers of the event.
According to Opayemi, though Chain Reactions Africa conceptualised the event, the festival could be rightly described as the Governor’s baby and owes its success to his leadership. “Firstly, the Lagos Shopping Festival could not have come to fruition if the Governor did not buy into our audacious plan when we first presented the idea to him during the Covid-19 pandemic in 2020. Secondly, it was the Governor’s exemplary leadership of the project as its Chief Marketing Officer which attracted the buy-in of key sponsors like Zenith Bank, Tolaram Group, First Bank Plc, and Guinness Nigeria Plc,” Opayemi revealed.
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While the duo of Zenith Bank and First Bank provided their bank on wheel platforms for buyers at the Lagos Shopping Festival, they also supported the Vendors with special Point of Sale Machines with which to process payments from buyers. The banks were also seen marketing their diverse banking products to guests within the shopping arena.
For Tolaram, it was a time to support the citizens and give back to society. Guests at the Lagos Shopping Festival were freely given some of the products of the group such as PowerOil, Indomie and Kellogg’s packaged into goodie bags and given out to prospective buyers at the shopping arena. The Children’s Arena was however activated by Indomie with the children entertained by Santa Claus within a well-equipped arena manned by the Indomie Brands team and the Lagos State Safety Marshalls. The children were daily treated to free Indomie meals daily and given various gifts to go home with.
On its part, Guinness Nigeria came through as the real life of the Nigerian party by organizing product sampling activation for the teeming guests at the festival using brands such as Singleton, Johnnie Walker, Ciroc, Don Royale and Captain Morgan to deliver pleasant experiences to guests aside from Guinness and Malta Guinness.
While unveiling the identity of the festival last month, Governor Babajide Sanwo-Olu had thanked the management of Zenith Bank Plc, Tolaram Africa Group, Guinness Nigeria Plc and First Bank of Nigeria for supporting the idea of a Lagos Shopping Festival, describing it as a value addition on the state’s tourism calendar and the overall efforts to grow the State’s GDP. The Governor further said, “I must specially acknowledge your pioneering sponsorship role. It is easy for a corporate sponsor to jump on the sponsorship band wagon of an already established festival and fund it. But you are supporting the maiden edition of this Lagos Shopping Festival with us. The competition is watching you now. Do not build this brand with us and yield the space for the competition to take over. I do hope you would all commit long term to this brilliant initiative.”
On his part, Girish Sharma, CEO Guinness Nigeria Plc, expressed enthusiasm for the initiative. “Lagos is the commercial heartbeat of Nigeria and Africa’s entertainment capital, and the Lagos Shopping Festival captures its essence. We see opportunities in this initiative because it is a creative fusion of commerce and entertainment. This partnership reflects our dedication to fostering economic opportunities and support the nation’s vibrant entertainment industry.”
A first-of-its-kind, the festival was a convergence of commerce and entertainment, bringing together buyers and sellers in the MSME ecosystem, and hordes of fun-seekers who were entertained with thrilling performances by A-list entertainers, including Adekunle Gold, Wande Coal, Teni, Young Jonn, BNXN, Ayo Maff, SB Live and EmmaOMG. The list also included some of Nigeria’s most sought after DJs such as DJ Neptune, DJ YK Mule, DJ Baddo while Gbenga Adeyinka the 1st and Larry J dished out rib-cracking comedy performances.
Held from 23rd to 25th Day of December 2024, at the iconic Mobolaji Johnson Arena, Onikan Stadium, Lagos, the Lagos Shopping Festival saw thousands of fans throng the main venue and select Lagos malls during the three-day period to bag the latest bargains from local and top global brands.
The Nigerian Naira experienced mixed movements in the foreign exchange markets on Monday, as it depreciated to N1,665 per dollar in the parallel market, down from N1,660 per dollar recorded over the weekend.
In contrast, the official exchange rate saw the Naira appreciate to N1,534.56 per dollar, improving slightly from N1,535 per dollar last Friday, according to data released by the Central Bank of Nigeria (CBN).
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This reflects a marginal gain of 44 kobo in the official Nigerian Foreign Exchange Market (NFEM).
As a result, the gap between the parallel market rate and the NFEM rate widened to N130.44 per dollar, compared to the N125 per dollar margin recorded over the weekend.
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