National News
Infracredit, French Development Agency (Afd) Sign Agreement To Support Sub-National Public-Private Partnership Projects In Nigeria
Infracredit, French Development Agency (Afd) Sign Agreement To Support Sub-National Public-Private Partnership Projects In Nigeria
By: Michael Mike
InfraCredit, a specialised infrastructure credit guarantee institution in Nigeria and the Agence Française de Développement (AFD) have signed a Technical Assistance Financing Agreement.
Under the latter, AFD will provide project preparation and development technical assistance support for InfraCredit’s prospective pipeline of public private partnership (PPP) projects in selected state governments that require support to improve their bankability and attract private sector participation. Thus, it will enable them access long-term local currency financing from the domestic debt capital markets.
Technical and legal assistance as well as feasibility studies for projects selected in agreement between InfraCredit and AFD will enable, among others, to support the development of infrastructure projects and job creation.
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InfraCredit’s Annuity PPP Guarantee was developed to facilitate the sustainable financing of new infrastructure projects alongside subnational governments in Nigeria. Such eligible projects could benefit from InfraCredit’s guarantee, which can mobilise up to 20-year local currency financing from the domestic debt capital markets.
Speaking on the Agreement, Chief Executive Officer of InfraCredit, Chinua Azubike, stated that “To date, InfraCredit’s guarantees have enabled the issuance of up to USD266 Million (NGN Equivalent) of local currency infrastructure bonds, of which 61% include PPP projects. However, an increasing pipeline of sub-national infrastructure projects requires project preparatory support to deliver well-structured bankable projects that can access the debt capital markets. This collaboration will enable state governments adopt new funding tools and PPP models that will attract and retain private sector’s financial incentive to invest in viable infrastructure projects. AFD’s technical assistance funding will enable InfraCredit build deal pipelines of well-prepared state government-supported and private sector-led infrastructure projects to be executed.”
Speaking on the Agreement with InfraCredit, Xavier Muron, Country Director of AFD in Nigeria, noted that: “This €600,000 grant to Infracredit will finance studies and technical assistance for future infrastructure projects via public-private partnerships throughout Nigeria. Ultimately, it aims at mobilising further the private sector in infrastructure projects.”
Infracredit, French Development Agency (Afd) Sign Agreement To Support Sub-National Public-Private Partnership Projects In Nigeria
National News
Investments in circular economy have the potential to increase forex earnings- NESREA DG
Investments in circular economy have the potential to increase forex earnings- NESREA DG
By: Michael Mike
The Director General of National Environmental Standards and Regulations Enforcement Agency (NESREA), Prof. Innocent Barikor has affirmed that investments in the circular economy value chain have the potential to increase the country’s foreign exchange earnings.
Barikor made this statement recently during a meeting with the management of a plastic packaging recycling (rPET) company, Sonnex in Lagos.
He assured the team that the Nigerian government prioritizes circular economy, noting that the draft National Environmental (Plastic Waste Control) Regulations soon to be gazetted is one of the efforts to strengthen the legal framework for circular economy implementation in Nigeria.
He said: “Circular Economy falls under the Presidential priorities for the Federal Ministry of Environment, and the Minister is very keen on the success. Apart from tackling the problem of waste, green jobs have been created .
“The pellets and flakes you produce and export also generate foreign exchange. The Plastic Waste Control Regulations are awaiting official gazette and once gazetted, we would have connected the dots of the framework to implement circular economy in the plastic sector. We are deeply committed to ensuring the success of Circular Economy.”
Earlier, the Managing Director, Anil Mohinani intimated the NESREA boss on the process for the production of recycled PET bottles (rPET), whilst also highlighting the challenges faced by investors in the sector .
He listed some of the setbacks to include lack of a legal instrument to compel manufacturers in the food and beverage sector to embrace food-grade rPET, unfriendly policies by some foreign companies, and insufficient awareness .
“Europe and America create barriers to protect their international recycling business. There is unfair competition. In some countries such as Kenya, there is encouragement to invest in rPET recycling because there is a regulation in place,” he added.
Investments in circular economy have the potential to increase forex earnings- NESREA DG
ISWAP Terrorists Kill Hunters’ Leader in Borno
By: Zagazola Makama
Suspected ISWAP terrorists have killed the chairman of the hunters’ group in Garjang village, Damboa Local Government Area of Borno State.
Sources told Zagazola Makama that the incident occurred at about 5 a.m. on Sunday.
The victim, identified as Habu Dala, 53, was abducted from his home by the terrorists, who took him through Mulharam to Forfot villages in Damboa LGA.
Villagers mobilised in search of Dala and later found his corpse bearing gunshot wounds.
Troops of Operation HADIN KAI, members of the Civilian Joint Task Force (CJTF), and the hunters’ group visited the scene.
The remains were evacuated to the General Hospital, Damboa, where he was certified dead and later released to his family for burial in accordance with Islamic rites.
ISWAP Terrorists Kill Hunters’ Leader in Borno
Nine Injured in Kwali Farmers–Herders Clash
By: Zagazola Makama
Nine persons sustained machete injuries in a clash between Bassa farmers and Fulani herders in Gomoni Village, Kwali Area Council of the FCT.
Sources told Zagazola Makama that the fight, which broke out on Aug. 9 at about 3:30 p.m., followed alleged destruction of melon and maize farms belonging to the Bassa community by cattle.
It was gathered that the Nigeria army troops
along with joint team of operatives, and vigilantes were deployed to the scene following a distress call.
Six Bassa and three Fulani victims with varying degrees of machete cuts were taken to Rhema Foundation Hospital, Kwali, for treatment.
Authorities confirmed that the situation had been brought under control and normalcy restored, while investigation was ongoing.
Nine Injured in Kwali Farmers–Herders Clash
Investments in circular economy have the potential to increase forex earnings- NESREA DG
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