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AfDB, Libya Collaborate On Food Security

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The African Development Bank (AfDB) joins forces with the Libyan Government to bolster food security and resilience in Libya.

The Libyan Government’s efforts to enhance food security and build resilience in the country have gained renewed support from the African Development Bank (AfDB).

In a coordination meeting focused on the Food Security Agenda in Libya, Malinne Blomberg, the Bank’s Deputy Director General for Northern Africa, emphasised the importance of food security as a prerequisite for economic development, social stability, and overall well-being.

The Bank’s collaboration with other development partners is aimed at ensuring the success of this strategy.

Deepening Dialogue On Key Priorities

To foster a deeper dialogue with the Libyan Government, the African Development Bank hosted a meeting to discuss key priorities, with a particular focus on agriculture. This initiative aligns with the Bank’s commitment to addressing global challenges and building upon the outcomes of the January Dakar 2 Summit on Food Sovereignty and Resilience in Africa.

Diverse Stakeholders And Collaborative Efforts

The meeting brought together a diverse group of stakeholders, including the Libyan delegation led by Dr. Mahmoud El Futaisi, Director General of the National Economic and Social Development Board. Dr. El Futaisi is responsible for preparing the national food security strategy.

Representatives from prominent organizations such as the Food and Agriculture Organization, World Food Programme, United Nations Children’s Fund, the Islamic Development Bank Group, and the World Bank also participated in the discussion.

The African Development Bank’s Initiatives

The African Development Bank has taken concrete steps to bolster food security and nutrition in Africa. Through the African Emergency Food Production Facility, the Bank has allocated $1.5 billion to mitigate the impact of rising food prices and inflation on the continent.

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Launched in May of the previous year, this facility has been instrumental in addressing the challenges exacerbated by climate change, the Covid-19 pandemic, and other global events, such as Russia’s war in Ukraine.

Moreover, the Bank played a significant role in co-organizing a food summit in Dakar, Senegal, in January. The summit resulted in the formulation of food compacts for African countries, setting the stage for comprehensive food security strategies.

Addressing Complex Challenges

During the meeting, participants engaged in discussions regarding the formulation and implementation of food security strategies.

The complexity of challenges posed by climate change, water management, nutrition, inclusiveness, and emergency response preparedness were among the key areas of focus.

The African Development Bank shared its experience in supporting other countries in the region, including Egypt and Tunisia, in developing their wheat value chain compacts.

The international agencies present also contributed their insights and approaches to addressing food security challenges.

Fostering Partnerships And Coordination

The meeting served as a platform to reinforce the commitment of development partners towards the success of Libya’s first national food security strategy.

Recognizing the need for coordinated efforts, participants agreed to establish a coordination working group and a technical task force.

These entities will work together to drive the strategy forward, laying out a concrete action plan and timeline for implementation. The collaboration among stakeholders aims to ensure efficiency and achieve tangible results in enhancing food security in Libya.

The African Development Bank’s support for Libya’s food security agenda marks a crucial step towards building resilience in the North African nation.

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By fostering collaboration among various stakeholders and drawing upon their experiences, the Bank aims to strengthen partnerships and address complex challenges such as climate change and water management.

With a well-defined strategy and collective efforts, Libya can enhance food security, paving the way for economic development, social stability, and the overall well-being of its population. The initiatives undertaken by the African Development Bank, such as the African Emergency Food Production Facility and the co-organized food summit in Dakar, Senegal, demonstrate the Bank’s commitment to mitigating global challenges and supporting comprehensive food security strategies in Africa.

Moving forward, the coordination working group and technical task force established during the meeting will play pivotal roles in driving the implementation of Libya’s food security strategy. These entities will work together to define a clear roadmap, actionable plans, and measurable milestones within a specified timeline. By doing so, they aim to ensure efficiency, accountability, and the achievement of tangible outcomes.

Addressing the specific challenges faced by Libya, including climate change, water management, nutrition, and emergency response preparedness, will require concerted efforts from all stakeholders involved. The shared experiences and approaches shared during the meeting will inform the development of effective strategies tailored to Libya’s unique circumstances.

To stay up to date with the latest developments and progress in Libya’s food security initiatives, you can visit the official website of the African Development Bank (www.AfDB.org). The Bank’s website provides comprehensive information on their ongoing projects, partnerships, and efforts to enhance food security and nutrition in Africa.

The collaboration between the African Development Bank and the Libyan Government serves as a crucial step towards bolstering food security and building resilience in Libya. With the commitment of various stakeholders and the establishment of coordination mechanisms, Libya’s national food security strategy is well-positioned to succeed. By addressing the complex challenges and harnessing the expertise and experiences of development partners, Libya can achieve its goals of ensuring food security, fostering economic growth, and improving the well-being of its population.

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Bayelsa Hits N4.2bn Monthly IGR, Credits e-Ticketing System

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The Bayelsa State Internal Revenue Service has announced a historic increase in the state’s Internally Generated Revenue hitting N4.2 billion in a single month, marking a 320 per cent surge from previous figures.

The development, disclosed in a statement by BIRS on Saturday, was attributed to the introduction of an electronic ticketing (e-ticketing) system, which has eliminated cash leakages, curbed corruption, and improved transparency in tax collection.

BIRS chairman, Daniel Eniekezimene,
stated that the government transitioned to a fully automated tax collection system, ensuring that all payments from transport operators, traders, and businesses go directly into state coffers.

Unlike the old manual system, the e-ticketing platform generates instant receipts, making transactions traceable and reducing opportunities for extortion.

“This is a turning point for Bayelsa. We have blocked revenue leakages and ensured that every kobo collected goes straight into government accounts,” Eniekezimene stated.

A commercial tricycle operator, Isaac Tamuno, described the shift as a relief.

No individual is bigger than PDP – Bayelsa gov
He stated, “Before now, we never knew where our money was going. But with this e-ticket, we get receipts instantly, and no one can cheat us. It’s a big change for us.”

The chairman said the surge in IGR is expected to fund critical infrastructure projects, education, and healthcare.

Speaking on the significance of the revenue jump, Governor Douye Diri said, “This unprecedented revenue growth means we can now invest more in roads, schools, and healthcare. Our administration is committed to ensuring that every Bayelsan benefits from these reforms.”

Bayelsa’s success with e-ticketing is already being touted as a model for other states struggling with low IGR.

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Eniekezimene emphasised the broader implications of the reform.

“What we have achieved in Bayelsa proves that technology is the way forward. Other states facing similar challenges should consider e-ticketing to improve revenue collection and accountability,” he stated.

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Stock market declines further by N31bn

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Trading activities on the Nigerian Exchange Ltd. (NGX) on Thursday closed on a negative note, with the market capitalisation declining further by N31 billion.

Specifically, the NGX market capitalisation fell by N31 billion, or 0.05 per cent, to close at N66.109 trillion from N66.140 trillion recorded on Wednesday.

Also, the All-Share Index dropped by 0.05 per cent, or 49.26 points, to close at 105,426.12, against 105,475.38 posted the previous day.

The negative performance was attributed to reactionary behaviour exhibited by some investors.

The market breadth closed negative, with 29 losers and 23 gainers.

On the losers’ chart, John Holt declined by 10 per cent to close at N7.74, while Chams Holding dropped by 8.52 per cent to close at N2.04 per share.

Secure Electronic Technology fell by 8.42 per cent to close at 54 kobo, and May & Baker Nigeria lost 7.95 per cent to close at N8.10 per share.

Similarly, UPDC Real Estate Investment Trust declined by 6.90 per cent to close at N2.70 per share.

On the gainers’ chart, FG202031S1 rose by 12.09 percent to close at N97.52, while The Initiates Plc soared by 9.85 per cent to close at N4.46 per share.

Universal Insurance increased by 9.09 per cent to close at 60k, and Mutual Benefits rose by 9.09 per cent to close at 96 kobo per share.

Also, Royal Exchange gained 8.99 percent to close at 97k per share.

A total of 423.62 million shares, worth N9.181 billion, were exchanged across 11,393 transactions.

This is compared to 5.760 billion shares, worth N342.605 billion, exchanged across 10,908 transactions recorded earlier.

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Transactions in Access Corporation shares topped the activity chart, with 64.962 million shares worth N1.430 billion.

Zenith Bank followed with 41.504 million shares valued at N1.972 billion, while Fidelity Bank transacted 40.703 million shares worth N773.215 million.

Secure Electronic Technology sold 38.419 million shares valued at N20.832 million, and Tantalizers traded 31.503 million shares worth N89.914 million.

Meanwhile, Tajudeen Olayinka, Chief Executive Officer, Wyoming Capital and Partners, said that considering the recent impressive financial results released by United Bank for Africa and Zenith Bank, the stock market should have followed a positive trend.

Olayinka attributed the negative performance to reactionary behaviour from some investors who were not pleased with Zenith Bank’s dividend and reduced share price.

He further described this as mispricing and misjudgment by some investors. (NAN)

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Senate Moves To Slash Data Prices, Calls For FG’s Intervention

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The senate has called on the federal government to take urgent action to address the rising cost of data services in the country.

During Wednesday’s plenary, lawmakers debated a motion sponsored by Asuquo Ekpeyong, senator representing Cross River south, highlighting the financial strain caused by recent hike in data tariffs.

Ekpeyong warned that the surge in data costs was a major setback for young Nigerians who depend on the internet for their livelihoods.

He argued that many young people use digital platforms for freelancing, e-commerce, content creation, and software development, making affordable internet access crucial to their economic survival.

“Telecommunication providers in Nigeria have recently increased the cost of data services by as much as 200%. A move that has placed significant financial strain on millions of Nigerians, especially young people who rely on the internet for their livelihood,” he said.

“Young Nigerians have embraced the digital economy, leveraging the internet for various income-generating activities including freelancing and remote work, direct marketing and social media management, e-commerce, content creation on various platforms, online training, software development, web design, mobile app creation, content creation of various platforms, online education, etc.

“The senate notes that young Nigerians have embraced the digital economy, leveraging the internet for their livelihood, leaving them heavily dependent on mobile telecommunications companies for internet access, and that the sudden and substantial increase in data cost threatens their economic survival and limits access to critical digital services.

“The senate is further concerned that the reasons provided by telecom providers for the data price hike, including high operational costs of favourable exchanges, are untenable, and appears that instead of addressing the root causes of the high cost of doing business in Nigeria, the burden is being unfairly transferred to end-users.

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“Senate is aware that the high cost of doing business in Nigeria is driven by multiple challenges, such as increased operational risk and insurance costs.

“The senate believes that urgent government intervention is required to ensure that affordable internet access remains available to all Nigerians, particularly to the young Nigerians who are at the backbone of Nigeria’s digital economy.

“The senate accordingly resolves to urge the federal government to engage with telecommunication providers to review the recent increase in data costs and ensure the pricing remains fair and affordable for all Nigerians.”

The motion was seconded by Titus Zam, senator representing Benue north-west, and received the support of other lawmakers.

Victor Umeh, senator representing Anambra central, criticised not just the rising cost of data but also increases in telecom charges and Pay TV tariffs, accusing regulatory bodies of failing to protect Nigerians.

“If you buy airtime or data, within minutes, you are out of it. Nigerians are suffering so much, and we cannot turn a blind eye,” he said.

Sadiq Umar, senator representing Kwara North, warned that the price hike disproportionately affects young people, who form a significant part of Nigeria’s workforce.

“These service providers must make life easier for young Nigerians, not harder. The government needs to step in before this situation worsens,” he said.

Lawmakers urged the federal government to engage telecom providers to review and reduce the recent increase in data costs.

They also called on the ministry of communications, innovation, and digital economy to develop a policy framework for affordable internet access.

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Lawmakers further recommended the creation of tech hubs across the country to provide free or subsidised internet for entrepreneurs, students, and innovators.

They also directed the senate committee on communications to investigate the factors driving high data costs and propose solutions to make the telecom sector more business-friendly.

Following the debate, Senate President Godswill Akpabio put the motion to a vote, and it was unanimously adopted.

Akpabio praised Ekpeyong for raising the issue, saying the intervention would support young entrepreneurs and ensure fair pricing in the digital economy.

“This motion, when implemented, will assist our young entrepreneurs, not only to remain in business but also to ensure that they have affordable pricing that allows them to generate profits,” he said.

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