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Naira Depreciation’ll Worsen Nigeria’s Food, Energy Crisis -W’Bank

Published

3 years ago

November 2, 2022

The shrinking value of the Nigerian naira and currencies of most developing economies are driving up food and fuel prices in ways that could deepen the food and energy crises that many of them already face, according to the World Bank’s latest Commodity Markets Outlook report.
In US dollar terms, the prices of most commodities have declined from their recent peaks amid concerns of an impending global recession, the report documented.
It further noted that from the Russian invasion of Ukraine in February 2022 through the end of last month, the price of Brent crude oil in US dollars fell nearly 6percent.
Yet, because of currency depreciations, almost 60per cent of oil-importing emerging market and developing economies saw an increase in domestic-currency oil prices during this period.
According to the Washington-based bank, nearly 90per cent of these economies also saw a larger increase in wheat prices in local-currency terms compared to the rise in U.S. dollars.
It said elevated prices of energy commodities that served as inputs to agricultural production have been driving up food prices.
During the first three quarters of 2022, studies by the World Bank Group showed that food-price inflation in South Asia averaged more than 20per cent.
Food price inflation in other regions, including Latin America and the Caribbean, the Middle East and North Africa, Sub-Saharan Africa, and Eastern Europe and Central Asia, averaged between 12 and 15per cent.

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HYPREP Plans 1,500 Jobs, Expanded Skills Training as Ogoni Cleanup Records Progress

Published

1 day ago

December 22, 2025

The Tide

The Hydrocarbon Pollution Remediation Project (HYPREP) has announced plans to create more than 1,500 direct jobs and provide skills training for over 2,000 Ogoni youths, women and persons with special needs in 2026, as part of the ongoing Ogoni Clean-up Programme.

The Project Coordinator, Professor Nenibarini Zabbey, made the disclosure on Friday in Port Harcourt during a Project Review Meeting with key Ogoni stakeholders, where the project’s performance between July and December 2025 was reviewed.

According to Prof. Zabbey, the proposed jobs will arise from the next phase of mangrove restoration and shoreline remediation projects, while skills acquisition will cover 10 demand-driven areas and five specialised skills designed for persons with disabilities.

In his presentation, the Project Coordinator outlined key milestones recorded during the period under review. He said Phase 1 shoreline remediation had reached 72.7 per cent completion, mangrove restoration was at 99 per cent, while soil and groundwater remediation of medium-risk complex sites stood at 39.01 per cent.

On potable water supply, Prof. Zabbey disclosed that 16 water facilities with booster stations had been completed, providing water to 42 Ogoni communities, while construction of 29 additional facilities was ongoing.

He also highlighted progress in public health and infrastructure projects, including the ongoing three-year public health studies by the International Agency for Research on Cancer (IARC) of the World Health Organisation (WHO). He added that the Ogoni Specialist Hospital had reached 78.2 per cent completion, Buan Cottage Hospital 98.5 per cent, the Centre of Excellence for Environmental Restoration (CEER) 93.5 per cent, while the Ogoni Power Project stood at 61.13 per cent.

On livelihood restoration, the Project Coordinator said additional skills training programmes would commence in January, covering areas such as cybersecurity, commercial diving, GIS and mechatronics. He added that five specialised programmes had been designed for persons with disabilities. Education support initiatives, he said, include the installation of IT and solar equipment in pilot schools, distribution of learning materials and the planned distribution of 160,000 exercise books to public primary and secondary schools from January 2026.

Prof. Zabbey further announced that the list of 500 beneficiaries of Batch 2 of the HYPREP Postgraduate Scholarship Scheme would be released on January 1, 2026, noting that 300 postgraduate students were awarded scholarships earlier this year.

Addressing recent incidents affecting the Gwara and Ebubu water facilities, the Project Coordinator described them as regrettable and disclosed that a Technical Investigation Committee would submit its report within the week. He said water supply had been restored in Ebubu, while efforts were ongoing to restore supply to Gwara.

He identified challenges facing the project to include community land disputes, threats of re-pollution, vandalism and operational constraints, adding that measures were being taken to address them.

Prof. Zabbey attributed the progress recorded to the support of the Minister of Environment, Malam Balarabe Abbas Lawal, and Ogoni stakeholders, noting that the Ogoni Clean-up Programme remains a priority under President Bola Ahmed Tinubu’s Renewed Hope Agenda.

The project status presentation was delivered by Mr. Ifiok Idiyo of HYPREP’s Monitoring and Evaluation Unit. Stakeholders who spoke at the meeting commended HYPREP for the milestones achieved and called for sustained support to ensure the success of the Ogoni Clean-up Programme.

News

RHI, RSG Empower 500 Senior Citizens In Rivers

Published

1 day ago

December 22, 2025

The Tide

The Renewed Hope Initiative in conjunction with the Rivers State Government has empowered 500 elderly citizens in Rivers State with financial support of N200,000 each.

The empowerment programme was part of activities to celebrate the third anniversary of the Renewed Hope Initiative Elderly Support Scheme RHIESS, a social investment policy initiated by the First Lady of the Federal Republic of Nigeria, Senator Oluremi Tinubu.

Speaking at the event which held at the Government House, Port Harcourt, recently, under the theme, ‘Finding Joy in Old Age,’ Senator Tinubu said the gesture which has become traditional since 2023 was a mark of gratitude in recognition of the invaluable contributions of the senior citizens to nation building.

The First Lady who was represented by the wife of the Rivers State Governor and State Coordinator of the Renewed Hope Initiative, Lady Valerie Fubara, said the scheme was to “support two hundred and fifty (250) vulnerable elderly citizens aged 65 and above in all the 36 states of the federation, the Federal Capital Territory, and veterans from the Defence and Police Officers’ Wives Association (DEPOWA) totalling 9,500 selected beneficiaries across the nation.

She urged the beneficiaries to engage in activities that will make them find joy in old age.

“I encourage you to continue playing your part by staying healthy and active, nurture both your body and mind through regular exercise and meaningful engagement,” Senator Tinubu advised.

On her part, Lady Fubara said the State Government through the magnanimity of the governor, Sir Siminalayi Fubara, has increased the beneficiaries of the programme from 250 to 500.

She restated the commitment of the State Government towards provision of social welfare and improving the standard of living of the elderly in the State.

Also speaking, the Executive Secretary, Rivers State Contributory Health Protection Programme (RIVCHPP), Dr Vetty Agala, said the State Government has through the Health4allrivers Initiative, introduced free medical care for senior citizens in the State, in line with the Renewed Hope Initiative.

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Expedite Action On MBA Forex Operator’s Prosecution, Rivers NUJ Tells EFCC

Published

1 day ago

December 22, 2025

The Tide

The Nigeria Union of Journalists (NUJ), Rivers State Council, has urged the Economic and Financial Crimes Commission (EFCC) to expedite the prosecution of the Director of the now distressed MBA Forex Trading, Mr. Maxwell Odum, in the interest of justice.

The Rivers State NUJ made the appeal during a courtesy visit to the EFFC’s Ag. Zonal Director, ACE Hassan Saidu, in Port Harcourt, recently.

The council’s chairman, Comrade Paul Bazia, said the appeal became imperative after it considered the number of Nigerians and others involved in the financial misconduct.

According to him, it has caused hardship among many households in the country and should be given the attention it deserves.

He said that investors cannot come into a country or invest in an economy or nation ridden with fraud.

This, he said, has made it more imperative to arrest, prosecute and convict alleged fraudsters like the MBA Forex Director, who is alleged to have defrauded thousands of unsuspecting Nigerians, to serve as a deterrent to others.

The chairman also requested that while the trial lasts, part of the swindled funds should be given to the victims that suffered loss and trauma as a result of the fraud.

The NUJ reiterated its resolve to change the narrative of reportage from crisis to developmental communication.

According to him, the NUJ’s main focus is blue economy and tourism.

He expressed the readiness of the Council to partner the agency in the area of information dissemination.

“We believe you have a responsibility to fight financial crimes. We also know that you need the Press to publicize your activities and NUJ can provide that,” he said.

Responding, the Zonal EFFC’s boss commended the NUJ’s vision to change the narrative of reporting from crisis to developmental communication.

According to Saidu, the Western world have since imbibed such culture, hence the negative stories about them are carefully sifted to allow only positive ones to be released to the outside world.

As for the trapped funds to be released, the EFCC Zonal Director stated that only the court can authorize such action, stressing that the primary responsibility of the Commission is to arrest and prosecute.

He pledged to partner with the NUJ now that the leadership has visited the Commission.

The Head of the Legal & Prosecution Department, DCE Odiase Stephen, corroborated the Zonal Director’s position and stressed that it was only when the matter has been determined by the court that such funds can be released.

He further stated that once a matter is before a court of competent jurisdiction, it cannot be discussed outside.

By: King Onunwor