OPEC Fund, West African Development Bank Boost Cooperation

Image

By Adedapo Adesanya

The fund programme of the Organisation of the Petroleum Exporting Countries for International Development (the OPEC Fund) and the West African Development Bank (BOAD) have signed a framework agreement to further strengthen their development cooperation in the member countries of the Western African Economic and Monetary Union (WAEMU).

These will involve the eight nations of Benin, Burkina Faso, Côte-d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo.

The agreement focuses on increased engagement and knowledge-sharing between the two institutions and ensures enhanced cooperation in co-financing public and private sector projects, as well as supporting international trade and regional integration.

It also enables the OPEC Fund and BOAD to join forces to directly mitigate the negative impact of COVID-19 on economic activity in the West African countries.

Signing the agreement on behalf of the OPEC Fund, Director-General Mr Abdulhamid Alkhalifa said: “We are pleased to grow our partnership with BOAD to work together toward our common cause. West African countries have significant potential to increase trade flows and strengthen competitiveness which will drive growth, reduce poverty, and create new jobs in the region.

“The OPEC Fund’s global expertise, combined with BOAD’s strong regional presence, positions our two institutions well to help the region to weather the impacts of the pandemic and improve its competitiveness within the global economy.”

President Serge Ekué of BOAD commended “the commitment and growing partnership between Africa and the OPEC Fund, which translated into support to BOAD for several decades now, thereby contributing to growth and sustainable development in the WAEMU member countries.”

He added that the implementation of this framework agreement will help support the objectives of BOAD’s new strategic plan for 2021-2025.

He added, “The aim of increasing the impact of its operations in terms of development outcomes by funding productive investments and creating jobs for youth and women while focusing on micro-, small- and medium-sized enterprises (MSMEs), transport infrastructure and digitalization, agriculture and food security, energy, real estate, health and education.”

The OPEC Fund and BOAD have been collaborating since 1983 and have jointly financed 25 public, private and trade finance projects. The OPEC Fund has also provided three direct loans to BOAD in support of private sector and trade finance projects in WAEMU.

Share
Related Stories
Image
19-February-2024

AfDB Advises African Central Banks to Consider Interest Rate Cut

By Adedapo Adesanya  The African Development Bank (AfDB) has said central banks on the continent should take a cue from advanced economies to ease interest rates, which could ease inflation risks and bring about a recovery in dwindling household purchasing power. The bank said this in its latest Macroeconomic Performance and Outlook (MEO) report, where it projected that despite enduring global and domestic headwinds, Africa’s medium-term growth outlook is slowly improving. According to the report, the continent is set to remain the second-fastest-growing region after Asia. It said that continued exchange rate depreciation in many African countries, the passthrough of

Image
15-January-2024

One in Eight Countries Face Internet Access Risk

By Adedapo Adesanya Surfshark, a cybersecurity company, has warned that internet access is at risk in one in eight countries where elections are due to take place around the world in 2024. Elections have a history of triggering increased internet restrictions in some countries. Such restrictions compromise the integrity and fairness of elections by enabling governments to exert greater control over the public narrative. Surfshark’s Research Hub detailed the countries that have been imposing internet restrictions during elections since 2015, and it forecasts those at risk of doing so in 2024. The report, seen by Business Post, showed that among

Image
11-January-2024

ILO Forecasts Rise in Global Unemployment Rate in 2024

By Adedapo Adesanya  The International Labour Organisation (ILO) has warned that global unemployment is expected to rise in 2024, with growing inequality and stagnant productivity also a cause for concern on the economic horizon. ILO gave the warning in a statement, noting that just over five per cent of the world’s workforce is without a job, according to the World Employment and Social Outlook Trends 2024 report. This is a better situation than before the pandemic but it isn’t set to last, as an extra two million people are expected to be looking for a job over the next 12

Image
04-February-2024

Namibian President Hage Geingob Dies at 82 

By Adedapo Adesanya The President of Namibia, Mr Hage Geingob, died early Sunday in a hospital in the capital of the Southern African country, Windhoek at 82. Mr Geingob, who was serving his second term as president and was his country’s first prime minister after independence, revealed last month that he was being treated for cancer. “It is with utmost sadness and regret that I inform you that our beloved Dr. Hage G. Geingob, the President of the Republic of Namibia, has passed on today,” read a statement signed by acting president, Mr Nangolo Mbumba. “At his side, was his

More Stories
Image
26-May-2019

For RCCG, All Will Be Well

By Nneka Okumazie There are so many enemies ferociously seeking destruction, but for the church of God, all will be well. The enemies of the church have some logic. They have some of the history of the world. They have points to convince others. But all will be well with the church of God. Many of them look for something in the scriptures to use to counter the church of God. But the church belongs to no individual – no matter the leadership anywhere. The church is of God, and the author and finisher of the Christian faith is Jesus.

Image
13-December-2022

Jitters as Binance Suspends USDC Withdrawals

By Adedapo Adesanya Binance, the world’s largest cryptocurrency exchange, said it is pausing withdrawals of the stablecoin USDC while it carries out a “token swap.” The move comes as investor concerns grow about Binance’s stability following the collapse of rival exchange FTX as well as a report of a potential criminal investigation from the United States government. In a statement on Tuesday, Binance said that it has “temporarily paused” USDC withdrawals while it does a “token swap.” This involves swapping one cryptocurrency for another without the need for fiat currency. Mr Changpeng Zhao, CEO of Binance, tweeted on Tuesday that

Image
01-June-2021

OPEC+ Sticks to Gradual Ease of Oil Production for June

By Adedapo Adesanya The Organisation of the Petroleum Exporting Countries and its allies (OPEC+) agreed on Tuesday to continue gradually easing production cuts amid a rebound in oil prices. The alliance of oil producers which consists of the original OPEC members and other producers led by Russia will boost output in July, in accordance with the group’s April decision to return 2.1 million barrels per day to the market between May and July. However, the production policy beyond July was not decided on, and the group will meet again on July 1. This came as no surprise as the market

Image
31-August-2016

Women Of Rubies Empowers Grassroots Women In Alimosho

By Dipo Olowookere On Friday, August 26, 2016, first phase of the Women of Rubies sensitisation workshop tagged ‘Empowering Grassroots Women and Giving Them a Voice’ kicked off on at the Alimosho LGA in Akowonjo, Lagos by 10am. The event was attended by several women across communities in the area. At the workshop, the women were not only sensitised on the need to be empowered, but were also encouraged to save towards the future of their children. In her keynote address, Mrs Chinyere Anokwuru of Self-worth Organisation for Women, informed the participants on the importance of saving for the future.

Image
05-September-2017

Online Publishers Association of Nigeria Gets New Executives

By Modupe Gbadeyanka Nigeria’s premier association of digital and internet publishers, Online Publishers Association of Nigeria (OPAN), has elected new executives to lead the group. A statement issued on Tuesday by OPAN explained that at the association’s meeting held on Monday, members unanimously elected publisher of THEWILL, Prince Austyn Ogannah, as its next President, while publisher of Huhuonline, Mr Emmanuel Asiwe, was elected as the Vice President. Prince Ogannah takes over from Mr Femi Awoyemi of Proshare and he is expected to lead the group for the next two years. Also elected yesterday were Mr Daniel Elombah of Elombah.com as

Image
22-June-2021

Wikipedia Trains Nigerian Institute of Journalism Students

By Adedapo Adesanya, Kemi Makinde As part of efforts to boost Wikipedia knowledge among students in Nigeria, the Wikipedia Foundation recently trained students at the Nigerian Institute of Journalism (NIJ), Ogba, Lagos on how to use and improve the online resource platform. Launched in 2017, the Wikimedia User Group Nigeria is seeking to capitalise on the growing Internet access in Nigeria and the country’s high school-age population to help boost the accessibility and knowledge contribution on the Wikipedia platform. Taking the training to NIJ, the club engaged the students on the basics of Wikipedia writing, editing, and how to improve

Image
30-September-2021

NUC Fears Cyber Threats on Educational Data

By Ashemiriogwa Emmanuel The National Universities Commission (NUC) has expressed worries over the serious threat posed by cybercrime and attacks on educational data of the country. Speaking at the Multi-Stakeholders Sensitisation Workshop on the Implementation of Nigeria’s National Cybersecurity Strategy 2021, the Executive Secretary of NUC, Mr Abubakar Rasheed, said that the commission was fully aware of the danger posed by the activities of cybercriminals. Represented by the Deputy Executive Secretary Administration, Mr Christopher Mayak, Mr Rasheed noted that the advent of cyber threats and attacks are issues that had continued to occupy the minds of the academia in the

Image
01-October-2019

European Markets Down on Weak PMI Surveys

By Investors Hub European stocks have moved modestly lower on Tuesday as weak PMI surveys from the eurozone raised fresh worries about the outlook for global growth. The euro area manufacturing sector contracted at the fastest pace in nearly seven years as output, new orders and purchasing fell sharply in September, final data from IHS Markit showed. The final manufacturing Purchasing Managers’ Index dropped to 45.7 in September from 47.0 in August. Germany’s manufacturing sector contracted the most since the global financial crisis in 2009, while French manufacturing activity remained broadly stable. The U.K. manufacturing purchasing managers index rose to

Ad
Ad
Recent Stories
Image
23-February-2024

How MultiChoice Empowers Nigerian Youth Through Creative Investment

As global populations age, Africa remains a bastion of youthful promise, with around 70% of the continent’s population below the age of 30. This youthful demographic can be an asset – but only if it is developed, by empowering young people through training, and by giving them a stake in the growth of their countries’ economies. Helping to develop young people’s abilities and expanding the pool of skills is also in the interests of industry and big business. Over the years, the Federal government of Nigeria embarked on youth empowerment initiatives to harness the skills and energy of Nigerian youths

Image
23-February-2024

Eva Adelaja Girls’ At 60: Old Students Donate to Orphanage, Thrill Students

By Adedapo Adesanya It has been an eventful celebration at the ongoing 6oth Anniversary of Eva Adelaja Girls’ Secondary Grammar School, Bariga, Lagos. The event was planned to celebrate the institution established by the late educator, Mrs Evangeline Adebayo Adelaja, in 1964. Particular resplendent in this celebration are the alumni of the school, the Eva Adelaja Girls’ Secondary Grammar School Old Girls’ Association, which have been on the ground to ensure that the planned activities go smoothly. The event, which kicked off with the Praise Day and Community Hymn Singing held at Chapel of Christ the Light in Alausa, Ikeja,

Image
23-February-2024

FAAC Disburses N1.2trn to FG, States, Councils for February Allocation

By Aduragbemi Omiyale About N1.2 trillion, precisely N1.149 trillion, has been disbursed to the federal, state and local councils as their allocation for February 2024. The money was part of the revenue generated by the nation in January 2024. A total of N2.068 trillion was generated last month by Nigeria, but N1.149 trillion was shared, comprising distributable statutory revenue of N463.079 billion, Value Added Tax (VAT) of N391.787 billion, Electronic Money Transfer Levy (EMTL) of N15.922 billion, and Exchange Difference revenue of N279.028 billion. A communiqué issued after the end of the Federation Account Allocation Committee (FAAC) meeting held yesterday

Image
23-February-2024

Unlisted Securities Rise 0.33% After Recording Two Price Gainers

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.33 per cent appreciation on Thursday, February 22. This increased the wealth of investors by N5.16 billion during the session, with the market capitalisation growing to N1.576 trillion from the previous day’s N1.571 trillion. Following the same trend was the NASD Unlisted Security Index (NSI), which went up by 3.8 points to wrap the session at 1,162.77 points compared with 1,158.97 points recorded at the previous session. There were two gainers against one loser at the session on Thursday led by bellwethers – Aradel Holdings Plc and FrieslandCampina Wamco

Image
23-February-2024

Naira Falls at NAFEX, Parallel Market as Govt Battles Speculators

By Adedapo Adesanya Despite the unconventional approaches to ease the free fall of the Naira, its value weakened against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, February 22 by 1.9 per cent or N28.73 to close at N1,571.31/$1 compared with the N1,542.58/$1 it was transacted in the midweek session. The domestic currency suffered the loss despite the supply of foreign exchange (FX) improving by 11.7 per cent or $20.11 million to $192.25 million from Wednesday’s $172.14 million. However, the local currency appreciated against the Pound Sterling in the official market yesterday by N142.83

Image
23-February-2024

Oil Prices Up as Houthis Intensify Attacks in Trading Sea Routes

By Adedapo Adesanya  Oil prices went up on Thursday as Iran-aligned Houthis stepped up attacks in the Red Sea near Yemen while the market faced a large build in crude inventories in the world’s largest producer, the United States. During the session, Brent crude futures increased by 66 cents to $83.69 per barrel and the US West Texas Intermediate (WTI) crude futures surged by 76 cents to $78.67 a barrel. Worries came as the Houthis said they would escalate their attacks on ships in the Red Sea and other waters, adding they have introduced “submarine weapons” to reach their goals.

Image
23-February-2024

Customs Street Cracks by 0.12% as Traders Sell Off Wema Bank, Others

By Dipo Olowookere The bulls lost control of the Nigerian Exchange (NGX) Limited to the bears on Thursday amid sustained weak investor sentiment. Customs Street ended in the red zone by 0.12 per cent after it recorded 20 price advancers and 28 price laggards, implying a negative market breadth index. DAAR Communications was on top of the losers’ table yesterday after it let go of 10.00 per cent of its previous day’s closing price to trade at 72 Kobo. Wema Bank shed 9.93 per cent to sell at N7.80, PZ Cussons went down by 9.89 per cent to N24.60, Academy

Image
22-February-2024

FG to Resume Direct Cash Transfers to Poor Nigerians as Hunger Spreads

By Adedapo Adesanya Amid current realities, the federal government intends to restart direct cash transfers to the poorest and most vulnerable Nigerians, after a scandal led to the suspension of the programme last month. The Minister of Finance and Coordinating Minister for the Economy, Mr Wale Edun, revealed this during the Ministry’s retreat held in Uyo, Akwa-Ibom State. He said approximately three million people are recipients of the scheme but due to the escalating cost of living, the government anticipates that an additional 12 million households could qualify for these direct payments. The Finance Minister said, “The presidential panel on

Image
22-February-2024

Lagos Plans Daily Free Meal for Residents, Markets for Cheap Food Items

By Modupe Gbadeyanka About 1,500 residents of Lagos State will have access to one free meal per day to cushion the effect of the economic hardship in the country, Governor Babajide Sanwo-Olu has declared. Mr Sanwo-Olu, while answering questions from journalists during a media chat on Thursday, said his administration would establish at least 42 Sunday Markets across the metropolis for cheap food items, though the commencement of this initiative is yet to be revealed. There has been a pocket of demonstrations across the country over the rising hunger in Nigeria as a result of high inflation and the devaluation

Image
22-February-2024

WINBAFRICA Plans Big for 10th Anniversary

By Modupe Gbadeyanka All is now set for the 10th anniversary of WINBAFRICA themed Bridging the Gap: Celebrating a Decade of Nation-building. The organisation is gathering stakeholders together on Monday, February 26, 2024, for the event at the Alliance Francaise in Ikoyi, Lagos. The group was formed in 2014 and has since then promoted girl-child education and empowered women and young girls in critical thinking and leadership skills in secondary schools across Africa. As part of activities lined up for this year’s celebration, WINBAFRICA organised an annual school debate competition and scholarship programme for 20 young girls across the continent.