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Nigeria to Benefit from US$500 million Development Plan
Nigeria to Benefit from US$500 million Development Plan
By: Michael Mike
Nigeria is one of the country to benefit from a Memorandum of Understanding (MoU) signed for the co-financing of up to US$500 million of debt transactions to facilitate long-term sustainable development across developing economies and low-income countries in Africa, Asia, and the Caribbean.
The MoU was signed between British International Investment (BII), the UK’s Development Finance Institution (DFI) and impact investor with Amsterdam-based ILX Management (ILX), an SDG and Climate-Focused Emerging Market Private Debt Fund.
According to a statement jointly signed by Clare Murray of British International Investment and Simone Boes of ILX Management, BII and ILX will invest across a broad range of sectors including renewable energy, infrastructure, financial services, manufacturing and agribusiness to increase the flow of capital into impactful businesses and projects.
The statement added that this new partnership will enable both parties to leverage each other’s expertise and provide additional financial firepower across Africa, Asia and the Caribbean. ILX and BII will share information on prospective projects, emerging technologies, and financial innovation. They will also establish a roadmap to mobilise private sector capital, specifically focusing on providing institutional investors with greater access to high-impact private debt investment opportunities in scalable businesses driving productive, sustainable and inclusive growth.
CEO, BII, Nick O’Donohoe said: “This partnership has been driven by our shared view of the need to invest to meet the SDGs. It furthers our ambition to create new job opportunities in developing economies and will provide private credit to help bridge the finance gap faced by many businesses. This asset class remains nascent, comprising of just 3 per cent of private credit globally, and is the natural next step for allocators of global private credit.”
CEO, ILX Management B.V., Manfred Schepers, said “ILX has already received over US$1 billion in commitments from leading Dutch pension funds and is currently raising a successor fund for a targeted US$ 2 billion commitments from European pension funds. Working with BII, together we will increase financial capacity for project finance, financial services debt and private sector debt across Africa, Asia and the Caribbean. We have a strong track record of investing alongside the leading Multilateral Development Banks and other Development Finance Institutions in climate, and SDG-targeted projects across emerging economies globally and look forward to the opportunities this partnership will bring.”
UK Minister for Development and Africa, Andrew Mitchell, on his part said “This MoU with ILX is an example of British International Investment’s pioneering approach to mobilising the private finance needed to deliver the UN Sustainable Development Goals. I am proud that FCDO provided early-stage funding to ILX, which went on to secure over US$1 billion in commitments to its first investment fund.
This new partnership will mobilise up to US$500m of additional finance for low-income countries across Africa, Asia, and the Caribbean, improving access to renewable energy and quality infrastructure and helping businesses to thrive.”
Nigeria to Benefit from US$500 million Development Plan
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Nigeria Reaffirms Commitment to Regional Security at MNJTF Meeting in Chad
Nigeria Reaffirms Commitment to Regional Security at MNJTF Meeting in Chad
By: Zagazola Makama
Nigeria has reaffirmed its commitment to regional cooperation and collective security efforts aimed at combating terrorism, insurgency and transnational crimes across the Lake Chad Basin.
Gen. Christopher Musa, Minister of Defense stated this during the Multinational Joint Task Force (MNJTF) meeting held on Tuesday in N’Djamena, Republic of Chad.
Musa, who attended the meeting alongside the joined defence ministers and senior military chiefs from Chad, Cameroon and Benin to review ongoing military operations and strengthen collaborative strategies for regional peace and stability.
According to the CDS, terrorism and insurgency within the Lake Chad region can only be effectively addressed through sustained regional cooperation, intelligence sharing and operational synergy among member states.
“Terrorism, insurgency and transnational threats can only be confronted through regional cooperation, intelligence fusion, synergy and sustained commitment among states,” he said.
He noted that the meeting provided an opportunity for participating countries to assess the progress of ongoing joint military operations under the MNJTF framework and identify areas requiring stronger collaboration.
Musa reaffirmed Nigeria’s resolve to continue supporting collective security initiatives aimed at restoring lasting peace and stability across the region.
“Nigeria remains steadfast in its commitment to collective security and the restoration of lasting peace across the Lake Chad Basin,” he said.
The CDS further stressed the importance of coordinated border security operations, intelligence-driven missions and enhanced military cooperation among member countries in addressing evolving security threats within the region.
The MNJTF, established by countries of the Lake Chad Basin Commission, coordinates multinational military operations against Boko Haram, ISWAP and other transnational criminal networks operating around the Lake Chad region.
Nigeria Reaffirms Commitment to Regional Security at MNJTF Meeting in Chad
News
India Moves to Reset Africa Relations After 10-Year Gap, Targets Deeper Nigeria Partnership
India Moves to Reset Africa Relations After 10-Year Gap, Targets Deeper Nigeria Partnership
By: Michael Mike
The Government of India is seeking to recalibrate its strategic engagement with Africa through the forthcoming 2026 India-Africa Forum Summit, with Nigeria positioned at the centre of New Delhi’s renewed diplomatic, economic and cultural outreach to the continent.
India’s High Commissioner to Nigeria, Abhishek Singh, disclosed this in Abuja while briefing journalists ahead of the fourth edition of the India-Africa Forum Summit scheduled to hold on May 31 in New Delhi.
The summit, which is returning after a decade-long break, is expected to bring together African heads of state, ministers, business leaders, investors, diplomats and cultural stakeholders as India seeks to strengthen its influence across Africa amid growing global competition for economic and strategic partnerships on the continent.
“This summit is not merely a diplomatic gathering. It is a platform to deepen political dialogue, security cooperation, trade relations, developmental partnerships, people-to-people exchanges and cultural collaboration between India and Africa,” Singh said.
The envoy noted that the last summit was held in 2015 and argued that both Africa and India had undergone major political and economic changes since then, making the upcoming meeting particularly significant.
According to him, the summit will begin with senior officials’ engagements on May 28, followed by a meeting of foreign ministers on May 29 before the main leaders’ summit on May 31.
He disclosed that President Bola Tinubu has been invited by Indian Prime Minister Narendra Modi to lead Nigeria’s delegation to the summit.
“We would be truly honoured to have the participation of His Excellency, the President,” Singh stated.
The High Commissioner described Nigeria as a strategic pillar in India’s Africa policy, citing the country’s democratic credentials, economic weight and regional influence.
“Nigeria is Africa’s largest democracy and one of the continent’s biggest economies. We see Nigeria as emblematic of India’s relationship with Africa,” he added.
Beyond diplomatic engagements, India is also using the summit to deepen commercial and cultural ties with African countries.
Singh revealed that business forums, cultural festivals, music and dance events, as well as Track Two diplomatic engagements involving academics and private sector players, would form part of the summit activities.
“One of the major components is economic dialogue. We have invited Nigerian businessmen, industrialists and chambers of commerce to participate and redefine how we engage economically,” he said.
India said bilateral trade between Nigeria and India currently stands at between eight and nine billion dollars annually, although both countries believe there is substantial room for expansion.
According to the envoy, discussions are ongoing on improving market access, reducing trade bottlenecks and unlocking new investment opportunities in sectors such as technology, manufacturing, digital infrastructure and education.
Singh also highlighted India’s growing interest in Nigeria’s creative and entertainment industries, particularly the rising global influence of Afrobeats music.
“The Afrobeats are becoming increasingly popular in India and names like Wizkid and Davido are not just famous in Nigeria but globally recognised and increasingly popular in India,” he said.
He further stressed India’s readiness to expand collaboration with Nigeria in information and communications technology, noting that India’s global strength in ICT and digital innovation presents major opportunities for partnership with African economies.
Analysts say the renewed India-Africa engagement reflects New Delhi’s broader geopolitical strategy to strengthen economic alliances, secure new markets and deepen influence in Africa amid intensifying competition from China, the United States, Europe and Gulf countries for strategic partnerships across the continent.
For Nigeria, the summit is expected to open fresh opportunities for trade expansion, investment inflows, educational cooperation, technology transfer and cultural exchange at a time the country is seeking stronger international economic partnerships to support growth and diversification.
India Moves to Reset Africa Relations After 10-Year Gap, Targets Deeper Nigeria Partnership
News
Navy supports Adamawa community with classrooms, toilets
Navy supports Adamawa community with classrooms, toilets
Vice Adm. Idi Abbas, the Chief of Naval Staff on Thursday inaugurated six blocks of renovated classrooms and newly constructed toilets at Central Primary School, Mayo-Belwa Local Government, Adamawa State.
Abbas, who was represented by the Rear Admiral Raheem Taofeek, said the project was a special intervention scheme and cooperate social responsibility of the Nigeria Navy to give back to the community.
According to him, the project is being executed by the Rear Adm. Abdulhamid Baba-Inna, the Navy Secretary in his hometown in line with the vision of President Bola Tinubu.
He encouraged the beneficiaries to use the facilities responsibly for maximum benefit.
In his remarks, Baba-Inna, said the project was to improve the learning environment to be conducive for the pupils and teachers.
“Ladies and Gentlemen, this project aligns squarely with the Nigeria Navy’s Civil-Military Cooperation and Relations framework.
“We recognise that our effectiveness is not measured solely by operational successes at sea or on the battlefield but also by the strength of our relationship with the people we serve.
“Projects such as this are deliberate efforts to build trust, foster goodwill and strengthen the bond between the military and civil society”, he said.
According to him, the classes and offices were provided with tables and chairs as well as the solar power light to enhance safety and security in the school.
Baba-Inna urged the pupils and teachers to take ownership of the project for maximum benefit.
In his remarks, Mr Adiyal Kurdah, Member I, Adamawa State Universal Basic Education Board (ADSUBEB), expressed gratitude to the Nigeria Navy for such a project.
He said the project would significantly improve enrollment, retention and quality education in the area.
Alhaji Ardo Bamanga, District Head of Mayo-Belwa, described the project as a good legacy that would help to shape the character of children to be responsible citizens in future.
The event featured presentation of learning materials to pupils, tree planting, cultural displays and awards presentations.
Navy supports Adamawa community with classrooms, toilets
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