Connect with us

News

Nigeria to Benefit from US$500 million Development Plan

Published

on

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

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Ramadan: Borno Distributes Palliatives to 300,000 Households

Published

on

Ramadan: Borno Distributes Palliatives to 300,000 Households

By: Michael Mike

Borno State Governor, Prof. Babagana Zulum has launched the distribution of Ramadan relief materials to 300,000 vulnerable households across the state’s 27 local government areas, in one of the largest social support interventions this year.

The flag-off ceremony, held at Ramat Square in Maiduguri on Tuesday, marks the beginning of a statewide exercise aimed at easing the economic hardship faced by residents during the holy month of Ramadan.

Under the scheme, each beneficiary household will receive a bag of rice, a bag of millet and 10 kilogrammes of sugar.

Addressing members of the distribution committee and government officials at the event, Zulum issued a stern warning against diversion of the relief materials, insisting that the exercise must be conducted with strict accountability.

He said: “These items are not for sale. They are not meant for your friends or family members who do not need them.”

He stressed that the palliatives are intended for widows, orphans, internally displaced persons, struggling farmers and low-income earners grappling with rising living costs. Any official found compromising the process, he warned, would face legal consequences.

Zulum emphasised that fairness and transparency must guide the operation to ensure that the most vulnerable residents benefit from the intervention.

In a move reflecting religious inclusivity, the governor directed that Christian residents observing Lent — which coincides with Ramadan this year — should also benefit from the distribution.

He noted that his administration has consistently supported Christian communities, particularly during major religious celebrations. Beyond annual Christmas food distributions, the state government also provides free transportation for non-indigenous Christians travelling to celebrate the festive season with their families outside Borno.

Meanwhile, the senator representing Borno Central, Kaka Shehu Lawan, and the Secretary to the State Government, Bukar Tijani, praised the governor’s intervention, describing it as timely and critical in light of ongoing economic pressures.

Director-General of the State Emergency Management Agency (SEMA), Ali Abdullahi Isa, assured residents that the agency has put mechanisms in place to ensure a smooth and orderly distribution process across all local government areas.

The event drew a large turnout of senior government officials, including members of the House of Representatives, the Speaker and principal officers of the Borno State House of Assembly, and other key stakeholders.

With the rollout now underway, the Borno State Government says the exercise is part of broader efforts to strengthen social safety nets and support communities still recovering from years of insurgency and economic disruption.

Ramadan: Borno Distributes Palliatives to 300,000 Households

Continue Reading

News

Nigeria, Netherlands Forge Stronger Pact to Combat Human Trafficking

Published

on

Nigeria, Netherlands Forge Stronger Pact to Combat Human Trafficking

By: Michael Mike

Nigeria and the Kingdom of the Netherlands have stepped up joint efforts to dismantle human trafficking networks, as senior officials from both countries met in Abuja to review progress under the TIPVAP NG project — an initiative aimed at building a safer environment free from trafficking in persons and violence against vulnerable groups.

The Second project Steering Meeting was organized by the International Centre for Migration Policy Development (ICMPD) in partnership with NAPTIP, with support from the Ministry of Asylum and Migration of the Kingdom of the Netherlands under the Building and Environment Free of Human Trafficking and Violence Against Persons in Nigeria (TIPVAP NG) project

It was attended by a delegation from the Netherlands led by Victor Cramer, the Deputy Director General, Ministry of Asylum and Migration, Ms Isabelle Wolfsgruber, Nigeria Head of Office, Official of NAPTIP, led by the Director General, Binta Bello, Focal Persons from the relevant MDAs, and other Stakeholders.

At the heart of discussions was the Justice and Security Migration Partnership Programme, which officials described as a critical instrument for reinforcing Nigeria’s legal and institutional response to trafficking and violence.

Director-General of NAPTIP, Binta Bello, said the partnership has begun to produce measurable gains in investigations, prosecutions, and victim support services across selected states, including Benue, Delta, Edo, Enugu, Ogun and the Federal Capital Territory.

She noted that beyond enforcement, the initiative focuses on improving operational procedures, strengthening inter-agency collaboration, and deepening public awareness to prevent trafficking at its roots.

According to her, the Project Steering Committee serves as the programme’s highest oversight body, ensuring accountability, strategic direction, and alignment with both national priorities and international standards.

Bello emphasised that sustained international cooperation remains essential, particularly as trafficking networks continue to evolve and operate across borders. She called for renewed commitment to a victim-centred and rights-based approach that prioritises the protection and dignity of survivors.

Leader of the Dutch delegation, Victor Cramer, described Nigeria as a key partner in addressing irregular migration and trafficking flows between West Africa and Europe.

He pointed to data showing that Nigerian nationals remain significantly represented among trafficking victims identified in the Netherlands, especially in cases involving sexual exploitation and forced criminality. This reality, he said, underscores the need for coordinated prevention, protection and prosecution strategies.

Cramer commended Nigerian authorities for their commitment and stressed that stronger capacity building and intelligence-sharing would help reduce dangerous migration pathways exploited by criminal syndicates.

ICMPD’s Nigeria Head of Office, Isabelle Wolfsgruber, said the TIPVAP NG project is central to strengthening coordination between federal and state institutions under NAPTIP’s leadership. She highlighted the importance of awareness campaigns that equip communities with knowledge about trafficking risks and deceptive recruitment tactics.

Wolfsgruber added that the programme is designed not merely around activities, but around measurable outcomes — ensuring that institutional reforms translate into real protection for vulnerable persons.

The meeting ended with a renewed pledge by Nigeria, the Netherlands and ICMPD to deepen collaboration, strengthen institutional capacity, and sustain a coordinated national response against human trafficking and violence.

For both countries, officials agreed, the fight against trafficking is not only a security priority but also a shared humanitarian responsibility — one that demands persistence, partnership and people-focused solutions.

Nigeria, Netherlands Forge Stronger Pact to Combat Human Trafficking

Continue Reading

News

Zulum flags off Ramadan palliative for 300,000 households in Borno’s 27 LGAs

Published

on

Zulum flags off Ramadan palliative for 300,000 households in Borno’s 27 LGAs

By: Our Reporter

Borno State Governor, Professor Babagana Umara Zulum, has launched the distribution of Ramadan palliatives to 300,000 households across all 27 local government areas of the state.

 The intervention is designed to cushion the economic burden on vulnerable residents during the holy month of Ramadan.

Each beneficiary will receive one bag of rice, one bag of millet and 10 kg of sugar.

Speaking at Ramat Square, the venue for the distribution exercise on Tuesday, Zulum urged the committee tasked with the exercise to adhere to the highest standards of transparency and fairness.

He said, “To the committee in charge of this distribution, let transparency be your watchword. Let fairness be your guide. These items are not for sale. They are not for your friends or family members who do not need them. 

“They are for the widow, the orphan, the internally displaced, the farmer whose fields have not fully recovered, and the daily wage earner struggling to make ends meet. Any officer found diverting these items will face the full wrath of the law.”

The governor also noted that the distribution would be extended to Christian residents who are coincidentally observing the Lent period, which overlaps with the Muslim fasting season this year.

This gesture will also touch the non-Muslims who are also fasting the lent which falls within the month of Ramadan,” Zulum ordered.

Zulum’s administration had consistently supported Christian communities in the state, particularly during festive seasons.

 Each year, the governor approves the distribution of food items to Christian faithful celebrating Christmas and free transport for non-indigenous Christians who wish to travel to other parts of the country to celebrate their holidays with family and loved ones.

In their remarks, the senator representing Borno Central, Barrister Kaka Shehu Lawan and the Secretary to the Borno State Government, Bukar Tijani, commended Governor Zulum for supporting the vulnerable in their most critical moment.

In his welcome address, the Director-General of the State Emergency Management Agency (SEMA), Ali Abdullahi Isa, reiterated the agency’s readiness to ensure hitch-free distribution.

The ceremony was attended by members of the House of Representatives, Engr Bukar Talba and Abdulkadir Rahis, the speaker of the Borno State House of Assembly, Abdkarim Lawan and principal officers of the House, the Acting Chief of Staff, Dr Babagana Mustapha Mallumbe, among many other senior government officials.

Zulum flags off Ramadan palliative for 300,000 households in Borno’s 27 LGAs

Continue Reading

Trending

Verified by MonsterInsights