Business
FG Inaugurates Committee For €54.4m N’East Support Project
The Federal Government has inaugurated the members of the Project Steering Committee for the implementation of the 54.5 million euros support project for the North East. The project is to be funded by the European Union (EU) and the German Economic Cooperation and Development (GIZ).
The minister of State for Budget and National Planning, Zainab Ahmed, said this in a statement issued by Salisu Haiba, Assistant Director (Press) in the ministry on Thursday in Abuja.
Ahmed, who was represented by the Director International Cooperation, Mr Samuel Eloho at the inauguration, said the EU project would strengthen resilience in Borno and Adamawa State.
The project aims at contributing to the stabilisation of the North-East Nigeria through strengthening the resilience of Internally Displaced Persons, host communities, returning refugees and the local population affected by insurgency.
The minister said that, the project which would be executed for a period of 48 months had a total financial allocation of 54.5 million euros.
She said that the EU contributed 37.0 million euros, while the German Government through the Ministry of Cooperation and Development contributed 17.5 million euros. The minister said GIZ, also an EU implementing agency, had signed a contribution agreement with the union. According to her, the project has two components with the basic component having two specific objectives of reinforcing the resilience of IDPs and strengthening the capacities of host communities to continue to offer hospitality to IDPs.
She said that the Boko Haram insurgents’ activities in the region had caused untold hardship on the millions of people, destroying their means of livelihood and social infrastructure.
“Over 14 million people are affected with 1.8 million internally displaced persons to cater for in the three most affected states.
“The situation has become more dynamic with returning refugees upon the decimation of the insurgents militarily.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.