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World Bank Disburses $1bn Zero Interest For Lake Chad Region

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World Bank deploys $114.9 to finance global crises in 2022

 

The crises ridden Lake Chad region is about getting some reprieve, in the areas that money can solve, because the World Bank has made one billion dollars, in zero interest financing available for affected countries to manage the situation.

 

Country Manager, World Bank for Chad, Rasit Pertesv, expressed optimism that the amount would help tame insurgency, while announcing the intervention on Thursday, in N’Djamena, during the Fourth Lake Chad Governor’s Forum meeting.

 

Biztellers gathered that the forum is a coming together of the affected countries, made up of Chad, Cameroon, Niger, and Nigeria to synergise on solving the crises.

 

It is expected that they will take the opportunity to evaluate the dynamic patterns of the crises, which has given rise to widespread displacement, damaged the social fabric, and interrupted public services, in the face of weakened institutional capacities across the affected countries, which the $1bn is expected to address.

 

According to Pertesv the intervention is meant to assist the affected countries in stepping-up economic development, job creation, and improving the lives of people who had borne the brunt of the crises.

 

He maintained that the zero-interest financing from the International Development Association (IDA), provided support for two major regional development priorities which include the recovery of livelihoods to reduce the vulnerability of people living in Lake Chad

 

It would go a long way in expanding cross-border economic activity to spur greater opportunity and integration in the areas of agriculture, energy, transport, and regional trades, the country manager, added.

 

He commended the regional stability programme aimed at restoring and improving security in Lake Chad and called for redoubled efforts toward sustainable recovery in areas that were economically affected.

 

On his part, Executive Secretary, Lake Chad Basin Commission, Amb. Mamman Nuhu stressed that prevailing poverty, unemployment, and illiteracy created a susceptible environment for the extremist group’s ideology to spread rapidly among communities in the Lake Chad region.

 

The ES pointed out that that the region’s majority youth population, traditionally reliant on farming and cattle rearing, had their livelihoods disrupted, making them vulnerable to Boko Haram’s propaganda.

 

“Since the development of the Regional Strategy for Stabilisation, Recovery, and Resilience (RS-SRR) in 2018, the strategy has acted as a regional architecture for responding to the complex security, humanitarian and development issues plaguing the region.

 

“It emphasises the need for a comprehensive, multi-sectoral, and coordinated set of sub-national, national, and cross-border initiatives to achieve long-term stabilization, recovery, and resilience.

 

“As a result, several initiatives and programmes have sprung up to facilitate regional cooperation, respond to humanitarian needs, and foster peace and development in the region, one of which is the Lake Chad Basin Governors’ Forum,” Nuhu said.

 

In the same vein, Commissioner for Political Affairs, Peace and Security, African Union Commission, Amb. Adeoye Bankole, described the Lake Chad Basin Governors Forum is an essential platform for promoting sustainable regional peace and security in the region.

 

“The African Union encourages further collaboration among member states and international partners to support the forum’s efforts towards consolidating peace in the region and creating better opportunities for the people of the Lake Chad Basin,” he added.

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Alakija Hails Gov Adeleke

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The Chancellor of Osun State University and Executive Vice Chairman of Famfa Oil Limited, Folorunso Alakija has described Governor Ademola Adeleke as “an action Governor who is delivering good governance to the good people of Osun state”.

She bared her mind, while hosting Gov Adeleke at the Ikoyi headquarters of Famfa Oil Limited.

According to her, she she has been following activities of Gov Adeleke since he assumed office, and commended him for setting a good leadership example.

The billionaire businesswoman on the occasion flanked by two of her directors, Ladi and Folarin Alakija, noted that the Osun State Governor has been demonstrating strong passion for public service and pursuing a big agenda for the state.

She prayed to God Almighty to strengthen the Governor for a second term in office, as in her opinion, four years were not enough for an action governor like Gov Adeleke to deliver fully on his ambitious agenda for the state.

Reviewing her tenure as the Chancellor of the Osun State University, the Famfa boss recalled the conception and stages of completion of the UNIOSUN Medical Research and Training Hospital which she wholly donated and financed.

She pointed out that the project which is 95 percent completed was designed to serve the health needs of patients from far and near and elevate service to humanity to a higher level.

Earlier, Governor Adeleke, accompanied by the Vice Chancellor of the Osun State University, Prof Odunayo Clement Adebooye and other state officials, said he was ‘on a thank you visit to the business mogul to appreciate her huge contributions to the growth and development of the state university’.

Gov Adeleke expressed appreciation for the massive multi-billion naira Medical Research and Training hospital that Apostle Dr Alakija was building at the State university, describing Famfa boss as “a commendable role model in the field of philanthropy.

“We are here as a government to appreciate you. You are uncommon and rare in your love for service to humanity.”

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JUST IN: FG Announces Launch Date For Student Loan Applications

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The Federal Government of Nigeria (FGN) has announced that the portal for student loan applications will officially open on May 24, 2024.

This development is part of the Nigerian Education Loan Fund’s efforts to enhance access to higher education, as stated by the Fund’s media lead, Nasir Ayantogo, on Thursday night.

According to Ayantogo, the launch of the application portal is a significant step in President Bola Tinubu’s commitment to providing accessible and inclusive education for Nigerian students.

This initiative follows the signing of the Access to Higher Education Act, 2023, by President Tinubu on June 12, 2023 which aims to provide interest-free loans to financially disadvantaged students pursuing higher education in Nigeria.

Dele Alake, a member of the former Presidential Strategy Team, noted that this move fulfills one of President Tinubu’s key campaign promises to liberalize funding for education.

The Act, popularly known as the Students Loan Law, also established the Nigerian Education Loan Fund to handle all loan requests, grants, disbursements, and recoveries.

Initially, the government announced that the scheme would launch in September, but it faced several delays, resulting in an indefinite postponement in early March.

The Presidency attributed the delay to President Tinubu’s directive to expand the scheme to include loans for vocational skills.

Following a briefing from the NELFUND team led by the Minister of State for Education, Dr. Yusuf Sununu, on January 22, President Tinubu instructed the Fund to extend interest-free loans to Nigerian students interested in skill-development programs.

President Tinubu stressed the importance of including those who may not seek university education, noting that skill acquisition is equally as important as earning academic degrees.

He had said, “This is not an exclusive programme. It is catering to all of our young people. Young Nigerians are gifted in different areas.

“This is not only for those who want to be doctors, lawyers, and accountants. It is also for those who aspire to use their skilled and trained hands to build our nation.

“In accordance with this, I have instructed NELFUND to explore all opportunities to inculcate skill-development programmes because not everybody wants to go through a full university education,”

Through the portal, students can now access loans to pursue their academic aspirations without financial constraints.

According to the statement, the portal features a user-friendly interface, allowing students to conveniently submit their loan applications.

The statement added, “We encourage all eligible students to take advantage of this opportunity to invest in their future and contribute to the growth and development of our nation. Students can access the portal on www.nelf.gov.ng to begin application.”

 

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JUST IN: Tinubu Welcomes Senegal’s Youngest President At Villa

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President Bola Tinubu received Senegal’s newly elected President, Bassirou Faye, at the Aso Rock Villa in Abuja on Thursday.

Faye, who arrived at 3:09 p.m., is making his first official visit to Nigeria since taking office last month.

At 44, he is the youngest president in Senegalese history, having secured a decisive victory in April’s delayed presidential election with over 54% of the vote.

 

 

 

More to follow…….. 

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