By Adedapo Adesanya

The Lagos State Government has announced plans to launch a N500 million intervention fund— Ounje Eko— farmers’ subsidy programme.

The launch will happen on Wednesday, February 5, 2025, according to the state’s Commissioner for Agriculture and Food Systems, Ms Abisola Olusanya.

At a press conference on Wednesday at Alausa, Ikeja, the state capital, the Commissioner said the subsidy programme for farmers in Lagos is aimed at providing affordable, domestic food sufficiency for over 23 million residents of Lagos State.

According to her, the intervention programme will be implemented in collaboration with private sector and other stakeholders in the agriculture sector to ensure fair pricing of products for end users.

Ms Olusanya explained that the state government would support farmers in the state with a 25 per cent subsidy of animal feeds in their production to markets.

The farmers include poultry, crops and fish farmers, with the government supporting them with tractorisation services for crop production as well as distribution of bags of fertilizers.

The Commissioner further explained that the objectives of the programme are to sustain and improve production levels, ensure a steady supply of poultry and fish products in the market, prevent further farm closures and mitigate food insecurity in the state.

She noted that the initiative is a crucial step in the broader agenda to reduce over-reliance on food imports, and strengthen local food production and the overall agricultural value chain in Lagos State by supporting farmers from production to market distribution.

By Modupe Gbadeyanka

About €40 million has been committed by Sweden’s development finance institution, Swedfund, to address infrastructure gaps in Africa, the Levant and South and Southeast Asia.

The money will be disbursed through the Emerging Africa & Asia Infrastructure Fund (EAAIF), a company of the Private Infrastructure Development Group (PIDG), managed by Ninety One, a statement from Swedfund said.

Swedfund’s investment will focus on climate-resilient infrastructure projects that support adaptation, facilitates net-zero transitions, and enhances digital connectivity.

Where appropriate, these projects will receive PIDG’s technical assistance, which focuses on building resilience in underserved communities to enhance positive gender, inclusion, climate and nature outcomes.

Swedfund said it aims to challenge risk perceptions around African infrastructure investments, build confidence and help mobilise private capital. This is essential to close the financing gap and build capital markets to achieve better environmental and social impact.

Africa is the most energy-deficient continent, home to 75 per cent of the global population lacking access to electricity.

In Asia and the Pacific, over 350 million people have limited electricity access, while 150 million lack it entirely, according to the Asian Development Bank.

This deficit extends beyond energy, hindering digital connectivity and limiting access to essential products and services in South Asia and sub-Saharan Africa, the least connected regions in the world.

EAAIF supports improving access to low-carbon infrastructure and taking action on both mitigation and adaptation to accelerate African and Asian industrialisation and close the energy access gap, whilst supporting the global transition to net zero.

“The impact from Swedfund’s commitment will be felt for decades, allowing us to deliver climate-resilient, inclusive infrastructure projects that transform economies and improve lives in Africa and Asia.

“Moreover, the affect is felt by people and businesses far beyond the original project location. Quality infrastructure enables people and businesses to plan for the future with confidence,” the Co-Head of Emerging Market Alternative Credit for Ninety One, Martijn Proos stated.

Since 2001, the EAAIF has provided patient debt capital for a geographically and sectorally diversified portfolio of high impact infrastructure projects in Africa and Asia worth more than $2.5 billion.

By Adedapo Adesanya

The federal government is taking bold steps to revive its faltering power sector, aiming to attract $15 billion in private investments to bridge a $23 billion funding gap, according to Bloomberg.

The initiative revealed at the ongoing World Bank Energy Summit in Tanzania, aims to tackle the country’s electricity crisis and provide power to 86 million Nigerians currently living without access to electricity.

As part of the plan, households will receive a subsidized 50 kilowatt hours (kWh) of electricity monthly, either through direct consumption or vouchers.

The Bola Tinubu led government outlined a plan that combines higher electricity tariffs with fresh subsidies to ease the burden on households.

Under the proposal, the 50 kilowatt hours of subsidized electricity monthly, is part of strategy to make electricity more accessible and affordable for millions of Nigerians

Despite being Africa’s top natural gas producer with abundant hydro and solar resources, Nigeria generates around 13,000 megawatts of electricity for over 200 million people.

The plan also seeks to double the number of households connected to the grid annually and boost renewable energy from 22 per cent to 50 per cent of the generation mix within five years.

With the removal of electricity subsidies for about 15 per cent of urban households last year, this tripled tariffs as Nigeria paid around N2.2 trillion on subsidies last year alone.

The new plan aims to implement full-cost tariffs by 2027 while providing a buffer for vulnerable households.

However, a buffer mechanism will be introduced to protect vulnerable households from the full impact of higher tariffs.