Nation

External Reserves Drop By $523m In Two Weeks

Published

5 years ago

March 19, 2021

Nigeria’s external reserves dropped by $523million to $34.475billion as of March 16 from $34.998billion as of March 1, figures from the Central Bank of Nigeria revealed, last Wednesday.

The reserves, which had continued a downward trend of recent, lost $1.1billion in February, after it dropped from $36.19billion as of February 1 fell to $35.09billion as of February 26.

The CBN had recently stated that Nigeria’s external reserves at $35billion was sufficient to finance the country’s seven months’ imports.

When the reserves had experienced gains in the last quarter of 2020, the CBN disclosed that at $36.46billion, it could finance 8.4 months of import of goods or 6.3 months of import of goods and services.

According to the CBN’s monthly economic report for the fourth quarter of 2020, the performance of the external sector improved in the review quarter, despite the challenges of sluggish global recovery, weakened global demand, soaring second wave of the Covid-19 pandemic and tense political environment in the United States.

It stated that an estimated overall balance of payments surplus of $0.79billion was recorded in the fourth quarter of 2020, from the $0.14billion recorded in the third quarter of 2020.

The CBN stated that the deficit in the current account widened to $5.27billion in the review period, compared with $3.34billion in the previous quarter.

It stated, “A net disposal of $2.5billion was recorded in the financial account, relative to $2.66billion in the preceding quarter.

“The external reserves at end December, 2020, was $36.46billion, compared with $35.67billion at end September, 2020, indicating an accretion of $0.79billion.

“This could finance 8.4 months of import of goods or 6.3 months of import of goods and services.”

The improvement in external reserves stock was attributed, mainly, to foreign exchange reforms undertaken by the bank to block leakages and ensure enhanced inflow of remittances from Nigerians in Diaspora.

According to the CBN, public external debt stock stood at $31.99billion or 7.7 per cent of the Gross Domestic Product at end-September, 2020, which was within the sustainable threshold of 40.0 per cent of GDP.

In the foreign exchange market, the average naira exchange rate at the I&E and the BDC windows depreciated to N389.04/$ and N468.17/$ in the fourth quarter of 2020, from N386.60/$ and N461.94/US$ in the third quarter of 2020, respectively, the CBN stated.

Nation

HYPREP Marks 15 Years Of UNEP Report, Highlights Major Cleanup Milestones

Published

1 week ago

August 10, 2026

The Tide

The Hydrocarbon Pollution Remediation Project (HYPREP) has commemorated the 15th anniversary of the release of the United Nations Environment Programme (UNEP) Environmental Assessment Report on Ogoniland, reaffirming its commitment to restoring the environment and improving the livelihoods of affected communities.

In a statement signed by the Project Coordinator, Prof Nenibarini Zabbey, to commemorate the anniversary, HYPREP described the anniversary as a significant milestone in Nigeria’s environmental restoration efforts, noting that the project has made remarkable progress in implementing the recommendations of the landmark UNEP report released on August 4, 2011.

The UNEP report had revealed extensive oil pollution across Ogoniland, severe environmental degradation, and serious public health risks resulting from decades of petroleum operations. It also recommended an initial $1 billion fund to commence the cleanup of the affected communities.

According to HYPREP, the Federal Government formally launched the Ogoni clean-up in 2016, while the Project Coordination Office was established in 2017 to drive the implementation of UNEP’s recommendations.
Zabbey said the current administration has continued to prioritise the project under the Renewed Hope Agenda.

Providing an update on the cleanup, the Project Coordinator disclosed that 30 of the 65 contaminated sites identified by UNEP have been fully remediated, while work is ongoing at several medium- and high-risk locations. It also stated that more than 1.5 million mangrove seedlings have been planted as part of what it described as the world’s largest restoration of oil-degraded mangroves, with over 1,000 hectares of shoreline already rehabilitated.

Zabbey further revealed that 49 Ogoni communities have been connected to potable water schemes through multiple water projects and booster stations aimed at providing safe drinking water across the region.

In the health sector, he said the 100-bed Ogoni Specialist Hospital in Kpite and the 43-bed Cottage Hospital in Buan are nearing completion, adding that several existing health facilities have been upgraded with modern medical equipment, while five ambulances have been donated to improve emergency healthcare services. The Project Coordinator also disclosed that a three-year human health biomonitoring study is being conducted in collaboration with the World Health Organization’s International Agency for Research on Cancer (IARC).

On economic empowerment, Zabbey stated that the Project has created more than 8,000 direct jobs and trained thousands of Ogoni youths and women in various vocational and technical skills, including software development, cybersecurity, aviation, commercial diving, seafaring, mechatronics, and creative arts. The project also reported awarding scholarships to more than 1,000 students, providing grants to small businesses, and supporting persons living with special needs through skills acquisition programmes.

The statement further highlighted ongoing legacy projects, including the Ogoni Power Project and the Centre of Excellence for Environmental Restoration, which it said is about 96 per cent complete. HYPREP also welcomed the recent designation of the Ogoni Wetland as a Ramsar Site of International Importance and pledged to continue promoting biodiversity conservation and sustainable management of the ecosystem.

Marking the anniversary, Zabbey said the progress achieved over the past 15 years demonstrates the collective commitment of government, development partners, stakeholders, and local communities to restoring Ogoniland. He called for renewed collaboration to sustain the cleanup effort, promote environmental sustainability, and support the long-term development of the region. 3

Nation

REAN, SON synergise to curb fake renewable energy product

Published

2 months ago

June 29, 2026

The Tide

The Renewable Energy Association of Nigeria (REAN) says it has strengthened collaboration with the Standards Organisation of Nigeria (SON) to enhance quality control and enforcement frameworks.

Mr Oisereime Lloyd-Dietake, the Head of Communications, REAN, in a statement on Tuesday in Abuja, said the collaboration would also involve stakeholder engagement on testing, certification and capacity building in Nigeria.

He said the synergy would strengthen quality control and enforcement frameworks, promote policy alignment, and ensure stronger regulation across the renewable energy value chain.

“REAN reaffirms its commitment to standardisation and quality assurance; tighter collaboration with SON is critical to eliminating fake and substandard renewable energy products from the Nigerian market.

“Enforcement and gaps in existing standards have continued to allow inferior products to circulate, undermining consumer confidence and slowing sector growth.”

Lloyd-Dietake said that at high-level discussions, REAN also highlighted the need for stronger regulatory coordination to address emerging challenges in the renewable energy space.

According to him, the issues include inconsistencies in standards, affordability issues linked to certification processes; and the increasing presence of substandard solar and renewable energy equipment in the country.

“The association further raised concerns about delays in product testing and approval, calling for the establishment of more testing laboratories and certification facilities to improve efficiency and reduce bottlenecks in the system,’’ he said.

Lloyd-Dietake urged closer collaboration among key regulatory bodies, including the Nigerian Electricity Management Services Agency, the Nigerian Electricity Regulatory Commission, and the Rural Electrification Agency.

He said such team work would ensure harmonised standards and more effective enforcement against fake renewable energy products in the Nigerian market.

In response, SON acknowledged the important role REAN continued to play in supporting standardisation within Nigeria’s renewable energy industry and reaffirmed its willingness to deepen collaboration with the association.

SON further confirmed that REAN would be actively involved in future standard review processes and upcoming stakeholder engagements related to renewable energy and electric mobility standards development.

Lloyd-Dietake said REAN affirmed its willingness to formalise the partnership through a Memorandum of Understanding (MoU).

He said the MoU is aimed at deepening cooperation, promoting quality assurance, and accelerating Nigeria’s transition towards reliable and standardised renewable energy solutions.

Nation

Self Help Africa programme expands water access for 320,000 Nigerians

Published

2 months ago

June 29, 2026

The Tide

The WASH Systems for Health (WS4H) Programme, implemented by Self Help Africa, has expanded access to safe water and sanitation services for more than 320,000 people in Kano and Cross River States.

The organisation disclosed this on Tuesday at the WS4H National Results and Learning Workshop in Abuja, where stakeholders reviewed achievements and lessons from the intervention.

Speaking at the event, Self Help Africa Country Director, Joy Aderele, said the programme demonstrated that sustainable WASH improvements require strong institutions, effective governance, adequate financing and collaboration.

Aderele said the UK-funded programme was designed to strengthen systems that support sustainable access to water, sanitation and hygiene services.

According to her, the intervention focused on improving governance, planning, financing, accountability and sector coordination to ensure resilient service delivery.

“More than 320,000 people now have improved or restored access to water services through programme-supported interventions,” she said.

She added that more than 5,520 household toilets were constructed in Yala and Makoda Local Government Areas, boosting sanitation, public health and efforts to end open defecation.

Aderele said the programme also strengthened public investment in WASH, with Cross River increasing its sector budget by 211 per cent in 2026 and Kano by 169.07 per cent.

She added that dedicated WASH budget lines had been established across 40 Ministries, Departments and Agencies in both states, strengthening accountability and institutional commitment.

According to her, both states reviewed and adopted updated WASH policies, while key planning documents were developed to guide future investments and service delivery.

She said Cross River also recorded a major legislative milestone through the passage of the Water Law and Open Defecation Prohibition Bill.

Aderele added that lessons from interventions in Yala LGA were already informing expansion efforts in Obubra Local Government Area.

While commending the achievements, she noted that capacity gaps, resource constraints and climate-related pressures remained challenges to sustainable WASH services.

“The sustainability of these gains will depend on continued government leadership, adequate financing, strong partnerships and investment in institutional capacity,” she said.

Also speaking, the Programme Manager of WS4H, Mr Timothy Ibeawuchi, said the intervention focused on strengthening systems needed to sustain gains and attract future investments.

According to him, the programme engages stakeholders in developing strategies that preserve achievements and support long-term service delivery.

“System strengthening work takes time because it addresses the fundamental issues responsible for sustainable and resilient service delivery,” he said.

Ibeawuchi said the programme strengthened policy development, planning, financing, monitoring and evaluation systems across the WASH sector.

He said two pilot local government areas were supported to develop WASH strategic plans outlining sector goals, targets and activities between 2026 and 2030.

According to him, the plans will guide future interventions and improve service delivery in the affected councils.

Earlier, the representative of the UK Foreign, Commonwealth and Development Office (FCDO), Chidera Chukwu, reaffirmed support for Nigeria’s development efforts in spite of the programme nearing completion.

Chukwu commended the Self Help Africa-led consortium for delivering the programme with professionalism and a strong focus on systems strengthening.

He said the consortium contributed greatly to strengthening Nigeria’s WASH sector through policy reforms, improved coordination and enhanced accountability.

“Together, we have advanced key policy and legislative reforms, including open defecation-free laws and strengthened state WASH frameworks,” he said.

According to him, the reforms represent enduring system-level changes that will continue delivering benefits beyond the programme’s lifespan.

In his remarks, Mr Jamilu Habu, Director of Water Quality Control and Sanitation, Federal Ministry of Water Resources and Sanitation, commended the programme’s achievements.

Habu, who represented the Permanent Secretary, said the intervention strengthened governance, coordination, evidence-based planning and institutional capacity in the WASH sector.

He described the workshop as an opportunity to review achievements, share lessons and identify pathways for sustaining and scaling successful interventions.

According to him, the programme’s innovations and best practices will guide future policies and investments aimed at expanding access to safe WASH services.

Habu stressed the need for continued collaboration among governments, development partners, civil society organisations, the private sector and communities.

He said stronger partnerships remained essential to achieving universal access to water, sanitation and hygiene services and meeting Sustainable Development Goal 6.