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World Bank approves $700 million credit for Nigeria’s agro-climatic resilience project

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1639721420 farming Agriculture

The World Bank has announced that it has approved $700 million from its International Development Association (IDA) for the Nigeria Agro-Climatic Resilience in Semi-Arid Landscapes (ACReSAL) Project.

The World Bank disclosed this in a statement on Thursday in Washington, they said the scheme is expected to boost Nigeria’s implementation of sustainable landscape management practices in northern Nigeria and strengthen the country’s long-term enabling environment for integrated climate-resilient landscape management.

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They also added that due to low productivity of cash crops in Nigeria, the fund would be beneficial to deal with climate issues including water shortages in the North leading to desertification and habitat loss.

What the World Bank is saying

The statement said, “Resource shortages, violent conflict, outdated agricultural systems not adapted to changing dryland conditions, lack of access to finance, weak value chain linkages, an uncompetitive environment for agribusiness, and poor market access are other key barriers to increased agricultural productivity in Nigeria.

“Better environmental and water resources management and resilience against disaster and climate risks (largely water-related) are needed to sustain economic growth and protect the most vulnerable.

The global financial institution added that efforts to stop and reverse desertification were complicated by the need to feed a rapidly increasing population in a region where natural resources were dwindling and over 90 per cent of national food production depends on smallholder farmers.

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World Bank Country Director for Nigeria, Shubham Chaudhuri, said, “This scenario not only threatens food security, livelihoods and productivity, but also exacerbates fragility and increases the risk of violence.

With communities and households that are most dependent on natural resources for their survival and vulnerable to desertification, this intervention will improve multi-sectoral watershed planning and investments to help about 3.4 million direct beneficiaries adapt to evolving dryland conditions” he added.

ACReSAL Task Team Leader, Joy Agene, said that the project will help reduce the vulnerability of millions of the extreme poor in northern Nigeria, strengthening their own role in the management of their natural resources.

It will also address land degradation, strengthen climate resilience, and lessen livelihood vulnerability in dry, semi-arid and dry sub-humid regions in the northern states,” she added.

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Recall Nairametrics recently reported that the World Bank has stated that the International Development Association (IDA) will receive a $93 billion replenishment package to help Nigeria and other low-income countries deal with the COVID-19 crisis and build a greener, more resilient, and inclusive future.

Source: NairaMetrics

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Market closes Flat, capitalization appreciates by N6.06 billion

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1643128517 1643128516 802 Stock market

The NGX closed on a flat note amidst sell-offs and buy-interests as the benchmark All-Share Index (ASI) appreciated by 2 basis points.

The NGX ASI closed at 45,939.51 points, to reflect a growth of 0.02% from the previous trading day and a Year-to-Date (YTD) return of 7.55%. Meanwhile, the market capitalization increased by N6.06 billion.

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At the close of market on Tuesday 25th January 2022, the stock exchange market value currently stands at N24.766 trillion from N24.749 trillion in the previous trading day.

The market breadth closed positive as COURTVILLE led 20 gainers, and 15 Losers topped by CILEASING at the end of today’s session.

The stock market has advanced 3,223.07 base points since the start of the year.

NGX ASI Top gainers

  • COURTVILLE up +10.00% to close at N0.55
  • ETI up +9.94% to close at N9.95
  • ACADEMY up +9.72% to close at N0.79
  • CHAMPION up +8.05% to close at N2.55
  • REGALINS up +5.26% to close at N0.40

NGX ASI Top losers

  • CILEASING down – 10.00% to close at N3.78
  • PRESTIGE down – 9.80% to close at N0.46
  • CORNERST down – 3.77% to close at N0.51
  • MBENEFIT down – 3.70% to close at N0.26
  • UPDC down – 3.45% to close at N1.12

NGX ASI Top Traded by Volume

  • GTCO – 24,519,109 units
  • COURTVILLE – 21,425,555 units
  • TRANSCORP – 20,439,908 units
  • ZENITH – 17,318,113 units
  • CHAMS – 16,555,538 units

NGX ASI Top Traded by Value

  • SEPLAT – N963,417,647.00
  • GTCO – N625,346,343.70
  • ZENITHBANK – N440,520,098.70
  • MTNN – N439,675,780.70
  • NB – N293,012,436.25

Market sentiments trend towards the bulls with the market differential being in favour of the advancers as 20 gainers surpassed 15 losers.

... Market closes Flat, capitalization appreciates by N6.06 billion Read More on ... Nairametrics.

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Source: NairaMetrics

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Fuel Subsidy: Removal dependent on Refineries, Palliatives, Auto-gas implementation policies- Sylva

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1643128504 Timipre Sylva

Recall Nairametrics reported last year on November 24th, the Nigerian Government announced it was offering N5,000 monthly each for about 40 million Nigerians. The amount represents a palliative meant to help recipients alleviate the pain that a full subsidy removal could bring.

The cash for subsidy program is likely to cost the federal government about N2.4 trillion annually if it were to implement it next year as planned. Expectedly, the Nigerian Labour Conference has rejected the offer terming it “Penny wise pound foolish”- a saying for bad financial judgement.

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Source: NairaMetrics

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