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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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Zulum Calls for AI-Driven Security Reform at Kogi Summit, Urges Tackling of Root Causes of Insecurity
Zulum Calls for AI-Driven Security Reform at Kogi Summit, Urges Tackling of Root Causes of Insecurity
By: Michael Mike
Borno State Governor, Professor Babagana Zulum, has called for a fundamental overhaul of Nigeria’s security strategy, urging greater adoption of advanced technology and Artificial Intelligence (AI) to address escalating security challenges across the country.
Speaking at the Kogi Security Summit held in Abuja on Tuesday, Zulum warned that conventional security approaches are no longer sufficient to confront increasingly sophisticated criminal networks. He advocated the integration of modern surveillance systems, including drones, biometric tracking technologies, and predictive analytics to detect and prevent attacks before they occur.
“For us to address insecurity, we need to possess modern technological warfare. Technologies such as artificial intelligence and robotics are now being deployed globally to combat crime,” the governor said.
Beyond technological investment, Zulum emphasised the importance of citizen participation in security management, insisting that communities must take greater responsibility in intelligence sharing and local vigilance rather than relying solely on security agencies.
He further stressed that sustainable peace cannot be achieved without addressing the socio-economic drivers of insecurity. According to him, widespread poverty, unemployment, infrastructural decay, and environmental vulnerabilities continue to fuel recruitment into criminal groups.
“While it is critical to purchase equipment such as vehicles, MRAPs, drones and other facilities to confront insecurity, most importantly, without addressing underlying factors such as poverty, road infrastructure, agriculture, among others, insecurity will not end,” Zulum said, urging policymakers to channel part of security funding into development-focused interventions.
He added that “understanding the socio-economic and political dimensions of every crisis is very important. Increasing poverty, climate vulnerabilities, infrastructural deficit, illiteracy, among others, have to be addressed if we want security in our communities.”
Reiterating the link between peace, security, and development, the governor noted that no meaningful progress can be achieved in an atmosphere of instability.
“The security of lives and property is the cardinal objective of any administration. The nexus between peace and security cannot be overemphasised. It is only when there is security that there will be peace; and without peace, there will be no development,” he said.
Governor Zulum was accompanied at the summit by Hon. Engr. Bukar Talba, member representing Marte, Monguno and Nganzai Federal Constituency
Zulum Calls for AI-Driven Security Reform at Kogi Summit, Urges Tackling of Root Causes of Insecurity
News
Communal clash at illegal mining site leaves five injured in Zamfara
Communal clash at illegal mining site leaves five injured in Zamfara
By: Zagazola Makama
A violent clash between residents of Boko and Jaya villages in Zurmi Local Government Area of Zamfara state has left at least five persons injured following a dispute at a stone mining site.
Sources said the incident occurred on April 20 at about 11:00 a.m. at the Kwanza Stone Mining Site, located between the two communities.
According to the sources, the clash began when members of both villages engaged in illegal mining activities at the site, leading to a disagreement that escalated into violence, with both sides allegedly using firearms.
The sources said the injured victims include Sha’aibu Adamu, 30; Shakiru Suleiman, 26; Kasu Boko, 27; Abdullahi Dahiru, 25; and Ibrahim Usman, 25, all from the affected communities.
They added that the exact number of persons killed could not be immediately confirmed at the time of filing the report.
A joint security team comprising troops of Operation FANSAN YANMA. police personnel and community protection guards was swiftly deployed to the area to restore order.
The injured victims were evacuated to the General Hospital in Kaura Namoda for medical treatment.
Security authorities said normalcy had since been restored in the area, while efforts were ongoing to identify and arrest those involved in the violence.
They also confirmed that investigation into the incident had commenced.
Communal clash at illegal mining site leaves five injured in Zamfara
News
Security forces foil Kidnapping, flee after alarm in Gombe community
Security forces foil Kidnapping, flee after alarm in Gombe community
By: Zagazola Makama
Armed men suspected to be kidnappers have attempted to abduct residents in Unguwan Yamma, Amada area of Akko Local Government Area of Gombe state.
Sources said the incident occurred at about 3:20 a.m. when the attackers stormed the residence of one Alhaji Muhammad Abba, who narrowly escaped the attack.
According to the sources, the assailants proceeded to a neighbouring house where they abducted a child after the mother raised alarm.
The sources said the kidnappers, however, abandoned the child and fled the scene following the commotion.
A divisional patrol team, alongside hunters and local vigilantes, was immediately mobilised to the area and is currently on the trail of the suspects.
Police authorities said investigation was ongoing, while efforts had been intensified to apprehend the fleeing attackers and prevent further incidents in the area.
Security forces foil Kidnapping, flee after alarm in Gombe community
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