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ECONOMY

Nigeria Ranks Low In World Bank projects’ implementation – FG

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Nigeria Ranks Low In World Bank projects’ implementation – FG

The Federal Government on Tuesday has said that Nigeria ranks low when executing plans to improve the level of implementation of donour-financed projects in the country and all over the world, aso Naija reports.

According to the government, it stated that the implementation process is affected by challenges such as bureaucratic bottlenecks, capacity challenges, political interference, and obtaining varied and misaligned approvals processes between local authorities and development partners.

The Minister of Finance, Budget and Nation Planning, Zainab Ahmed, explained and said that these factors had led to Nigeria’s low ranking in terms of the level of implementation of projects funded by the World Bank.

Ahmed disclosed these at a retreat for members of the National Assembly on process optimization in donor-financed projects in Nigeria.

The conference with theme, “Process optimisation in donor-financed projects in Nigeria,” is part of efforts to foster a new level of synergy and collaboration with the National Assembly to further accelerate the level of implementation of donor financed programmes and projects in Nigeria.

The minister said the need to organise the retreat is predicated on the government’s desire to deliver planned projects for sustained growth and national development.

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    ECONOMY

    My Economic Reforms Will Stabilize Nigeria — Pres. Tinubu Tells Nigerians

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    President Bola Ahmed Tinubu has urged Nigerians to remain patient as his administration’s economic reforms will guarantee a more stable and prosperous future for the nation, Aso Naija Reports.

    Speaking on Tuesday, March 5, at an event in Abuja, Tinubu said: “I should start by respectfully challenging the notion that Nigeria’s economy is indeed facing challenges. Describing our situation as ‘distress’ suggests helplessness and being at the mercy of forces beyond our control.

    However, that is not the case. We are certainly in challenging times, but these times are also marked by unprecedented opportunities to reassess costs and build a new, sustainable economy, moving away from the rent-seeking and wasteful practices that were once commonplace.

    The Leadership Group, as you yourself have alluded to, has made difficult but necessary decisions. Since the removal of fuel subsidies, our petrol imports have halved, saving about a billion liters according to the Nigerian Bureau of Statistics. Moreover, revenues accruing to the federal, state, and local governments have grown by 50 to 100% since the subsidy removal.

    This increased revenue means more funds are available to directly impact Nigerians’ lives through investments in critical infrastructure, social security, and other areas.

    For instance, the additional funding is being directed to a new minimum wage, for which negotiations have begun between the federal government, state governments, organized labor, and the private sector.

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    ECONOMY

    Food Insecurity: Ukraine Reportedly Sends 25,000 Tons Of Wheat To Nigeria

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    The United Nations World Food Programme (WFP) Thursday announced the donation of 25,000 tons of wheat from the Government of Ukraine that will help provide emergency food assistance to 1.3 million crisis-affected people in northeast Nigeria.

    This vital contribution – part of Ukraine’s humanitarian “Grain from Ukraine” initiative launched by President Volodymyr Zelenskyy – arrives as prices of staple food in Nigeria have risen, pushing basic meals out of the reach of millions of vulnerable families across the country.

    Subsequently, the shipment was made possible by a collaborative effort from the United Kingdom, Canada, Denmark, Finland, France, Luxembourg, Norway, the Republic of Korea and Sweden, which has helped cover the costs of transporting the wheat from Ukraine to Nigeria and its distribution to the families who so urgently need it.

    READ ALSO :One Sachet Of Pure Water May Start Selling For N100 – ATWAP

    David Stevenson, WFP Representative and Country Director in Nigeria said: “We extend our heartfelt thanks to the Government of Ukraine, partners, and donors for their unwavering support through the Grain from Ukraine Initiative.

    “This collaborative effort plays a crucial role in alleviating suffering and maintaining human dignity in areas facing conflict and food price increase”.

    Also, as part of WFP’s ongoing humanitarian operations, the wheat donation will be combined with cash and other commodities to meet the basic food and nutrition needs of crisis-affected women, men and children for two months.

    Speaking at WFP Office today, Cynthia Rowe, British High Commission Development Director said: “This is a really tough time for many people across the world, including in Nigeria.

    It is important that we help the most vulnerable populations.

    Additionally, UK is proud to be part of the global community supporting WFP to distribute lifesaving grain across Nigeria, reaching over 600,000 people.

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    ECONOMY

    One Sachet Of Pure Water May Start Selling For N100 – ATWAP

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    The Association of Table Waters Producers (ATWAP) has said that the price of pure water may be sold for N100 per one due to the high cost of production materials, Aso Naija gathered.

    The group which spoke at a press conference in Lagos, said they’ve been facing so many challenges such as high cost of diesel, lack of power as well as high cost of production. They also said that the current price of water sales reflects the situation of the country.

    One of the group’s representatives said;

    “Pure water is sold for N50 now, and it is even going up to N100 per one. At our own end, there’s nothing we can do. The cost of production is high.

    READ ALSO:Bayo Onanuga Warns of Potential Economic Damage by Binance in Nigeria

     

    “As at last year December, we were buying materials (nylon) for N1,100 per KG. The 6 kg of nylon is now N3,600/N3,700. The cost of treatment is also high. The increment for these materials comes at 3 times in one week. It is also difficult for us to increase the price of water.

    “If ordinary Nigerians can’t afford pure water, I don’t know where we are going. Every water producer is funding the pure water factory on personal pockets or borrowed money.

    “Many banks don’t give pure water producers loans. We want Nigerians to bear with us. We don’t want Nigerians to buy water at more than N20 per sachet. The cost of production including the price of diesel has affected so many things.”

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    ECONOMY

    Bayo Onanuga Warns of Potential Economic Damage by Binance in Nigeria

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    Presidential aide Bayo Onanuga has expressed concerns over the potential negative impact of cryptocurrency trading website Binance on Nigeria’s economy, Aso Naija Reports.

    Onanuga believes that if left unchecked, Binance could harm the country’s economy by manipulating the foreign exchange rate.

    During an appearance on Channels Television’s Politics Today program, Onanuga voiced his displeasure, stating, “If we don’t clamp down on Binance, Binance will destroy the economy of this country. They just fix the rate.”

    He further accused Binance of sabotaging the economy and encroaching on the responsibilities of the Central Bank of Nigeria (CBN) by dictating exchange rates through online platforms.

    Onanuga appealed to Nigerians to refrain from using the parallel market for foreign exchange rates, emphasizing that the CBN’s official website is the only legitimate platform for such information.

    He regarded the parallel market as illegal and criticized the media and citizens for relying on it as a gauge of Nigeria’s economic well-being.

    According to Onanuga, the exchange rate in the parallel market is gradually stabilizing, which is a positive development.

    The presidential aide also highlighted the excessive dollarization of Nigeria’s economy, with importers using exchange rates to determine prices, often engaging in arbitrary or profiteering practices.

    Onanuga expressed confidence that if the CBN successfully stabilizes the exchange rate, it will lead to normalizing prices and improve the economic situation in the country. He assured that things will improve in the coming weeks.

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    ECONOMY

    BREAKING: Central Bank of Nigeria Raises Interest Rate to 22.75%

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    In a recent development, the Central Bank of Nigeria (CBN) has announced an increase in its benchmark interest rate, known as the Monetary Policy Rate (MPR), to 22.75 percent, Aso Naija Reports.

    This marks a significant jump of 400 basis points from the previous rate of 18.75 percent. The decision was made during the Monetary Policy Committee (MPC) meeting held in Abuja today, as communicated by CBN Governor, Mr. Olayemi Cardoso.

    It is worth noting that the MPC had adopted a strategy in 2023 to gradually raise the MPR over the course of four consecutive meetings. This latest increase reflects the continuation of that strategy, aimed at addressing economic concerns and maintaining stability.

    READ ALSO:CBN allocates $20,000 To Each Bureau De Change Operators To Stabilize Naira

     

    Despite the aggressive efforts to adjust the interest rate, other key indicators such as the Cash Reserves Ratio (CRR) and Liquidity Ratio have remained unchanged during this period. The CRR remains at 32.5 percent, while the Liquidity Ratio stands at 30.0 percent.

    This decision by the CBN is expected to have implications for various sectors of the Nigerian economy and may influence borrowing costs, investment decisions, and overall monetary conditions in the country.

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