Business
African Development Bank Supports Côte d’Ivoire With €400m Credit Guarantee For ESG Projects
The African Development Bank Group has approved a €400 million credit guarantee to help Côte d’Ivoire mobilize financing for environmental, social, and governance (ESG) projects. Learn how this support will drive sustainable development and diversify sources of funding for the country.
Côte d’Ivoire has taken a significant step towards environmental and social development by establishing an ESG Framework Document.
This document outlines the government’s dedication to promoting sustainable practices and strengthening governance in project selection, fund management, evaluation, and monitoring.
Boosting Sustainable Sectors For Development
The €400 million credit guarantee from the African Development Bank will have a far-reaching impact across various sectors of Côte d’Ivoire’s economy.
These sectors include sustainable agriculture and agro-industry, water and sanitation, renewable energy, health, affordable housing, education and vocational training, financial inclusion, entrepreneurship, and job creation, especially for youth and women in rural areas.
Minister’s Appreciation For AfDB’s Support
Adama Coulibaly, the Minister for Economy and Finance of Côte d’Ivoire, expressed his appreciation for the approval of the AfDB Partial Credit Guarantee.
He emphasized that ESG instruments have become an indispensable part of the country’s financing strategy.
This support from the African Development Bank enables them to secure attractive, long-term financing in line with their medium-term debt strategy objectives.
African Development Bank’s Perspective
Joseph Ribeiro, the African Development Bank Deputy Director General for West Africa, highlighted the significance of the project’s approval.
He stressed that it will allow Côte d’Ivoire to implement sustainable and socially responsible projects while diversifying their funding sources.
The initiative aligns with the country’s National Development Plan 2021-2025, which enjoys strong support from the African Development Bank Group.
Driving Inclusive And Sustainable Growth
Côte d’Ivoire’s National Development Plan 2021-2025 focuses on the structural transformation of the economy while ensuring inclusive and sustainable growth.
The plan includes a series of investment projects and priority programs that reflect the country’s commitment to social and environmental objectives.
Medium-Term Debt Management Strategy
The adoption of ESG loans aligns with Côte d’Ivoire’s Medium-Term Debt Management Strategy.
This strategy aims to innovate and diversify financing sources for strategic projects with significant social and environmental impacts.
By incorporating ESG principles into their debt management, Côte d’Ivoire reinforces its commitment to sustainable development.
Optimizing Financing Conditions
Ahmed Attout, the African Development Bank acting director for Financial Sector Development, emphasized the effectiveness of the Partial Credit Guarantee instrument.
This operation not only encourages the involvement of commercial banks but also enhances financing conditions for Côte d’Ivoire. It extends the maturity period and offers competitive interest rates, especially during a time when many African countries face challenges in accessing international financial markets.
Sterling Bank has announced the removal of transfer fees on all local online transactions.
The move was confirmed by the bank on Tuesday in a press release.
The development makes it the first major Nigerian bank to eliminate the contentious charges for digital banking.
The statement noted that the bank reaffirmed its commitment to customer-centric banking, declaring that the zero-transfer-fee policy is real and effective immediately.
The initiative is expected to bring significant relief to individuals and small business owners who conduct frequent transactions.
The bank’s Growth Executive in charge of Consumer and Business Banking, Obinna Ukachukwu, described the decision as a values-driven approach aimed at ensuring fair and inclusive banking.
“We believe access to your own money shouldn’t come with a penalty.
“This is more than a financial decision—it’s about redefining banking to put customers first,” he stated.
Under the new policy, Sterling customers will not be charged for local transfers conducted via the bank’s mobile app.
Ukachukwu emphasised that the bank’s decision is about more than just competitive strategy.
He said, “We’re not yet the biggest bank in Nigeria, but we’ve been the boldest.
Sterling fearlessly believes in the future of Nigeria, and this is us backing Nigerians with more than words.
The Central Bank of Nigeria dismissed a report claiming it had introduced N5,000 and N10,000 banknotes to facilitate cash transactions as false.
In a statement posted on its official X handle on Wednesday, the apex bank described the report as fake and urged Nigerians to disregard it.
“The content is not from the Central Bank of Nigeria. Kindly note that the official website of the CBN is cbn.gov.ng,” the statement read.
A statement from the CBN’s communications department further clarified, “The only official sources for releasing statements to the media are our website or statements from our department. There is also no Deputy Governor by such name. We are investigating the source of this fake content.”
The report quoted one Deputy CBN Governor, Ibrahim Tahir Jr., the move is aimed at reducing cash-handling costs and providing Nigerians with more efficient means of conducting large transactions.
“The introduction of these new high-value denominations aligns with global best practices and will enhance economic activities while reducing the stress associated with carrying large amounts of cash,” the Governor stated. The CBN said there is no such name in its leadership.
“The new N5,000 note will feature the portrait of Chief Obafemi Awolowo, while the N10,000 note will showcase Dr. Nnamdi Azikiwe, both in recognition of their contributions to Nigeria’s development.
“Additionally, the new notes will incorporate enhanced security features, including color-changing ink, holograms, and anti-counterfeiting technology, making them impossible to replicate,” the fake report stated.
The fake report also said the nationwide rollout would begin on May 1, 2025, with commercial banks instructed to start issuing the new notes via ATMs and over-the-counter transactions.
Mixed reactions have trailed changes in the management of the Nigerian National Petroleum Company Limited (NNPC Ltd.) and its board by President Bola Tinubu.
The President had on Wednesday reconstituted the board of the NNPC Ltd., removing the Chairman, Chief Pius Akinyelure and the Group Chief Executive Officer (GCEO), Malam Mele Kyari.
Tinubu removed all the board members appointed with Akinyelure and Kyari in November 2023.
The new 11-man board has Mr Bayo Ojulari as thevGroup Chief Executive Officer (GCEO) and Ahmadu Kida as Non-Executive Chairman.
Some experts have reacted to the development in an interview with the News Agency of Nigeria (NAN)non Wednesday in Abuja.
Mr Olabode Sowunmi, an Oil and Gas Expert described the development as a calculated effort to put some life and energy into the oil and gas industry.
Sowunmi, CEO, Cabtree, described it as a welcome development.
He said that the NNPC Ltd. was a limited liability company with the
Federal Government as its major shareholder.
“It is a calculated effort to put some life and energy into the industry.
“It is expected that this will mean new thinking, new focus and more results,” he said.
According to Sowunmi, even the proposed Initial Public Offer (IPO) which is targeted at listing NNPC in the stock market, will not have prevented Kyari’s removal, as he is a government appointee.
“The government can remove any government appointee at anytime,” he said.
Yushau Aliyu, an economic expert said the changes were timely, especially when the IPO was underway.
“However, the IPO must be professionally determined by relating to the development in the oil market as well as the willingness of the general public.
“Investment potential with the economic growth targets of Nigeria 2030 should also be considered,” he said.
He said that the President was empowered by the Petroleum Industry Act (PIA 2021) to dissolve both the NNPC Ltd. board and the CEO.
Another expert, Dr Sand Mba-Kalu, said that Nigeria’s oil and gas sector needed stability and predictability, along with strict adherence to legal standards, to attract sustainable investment and encourage transformation.
According to him, the move represents a bold initiative within the larger framework of aiming to meet our national production and refining targets in the energy sector by 2027 and 2030.
Mr Lawrence Nze, an Economist said that most of the policies introduced under Kyari never solved the challenges in the oil sector.
Nze said that the Naira for crude policy appeared not to be working since it had not resulted to any serious reduction in price.
According to him, Dangote Refinery was gradually achieving that with its slight reduction in ex-depot price which usually affects pump price, but suddenly, authorities in the oil sector cancelled it.
“To me, it looks like a sabotage against the people. Why can we not stop importation? It means that there is a deal that someone or group of people are benefiting from.
“It is not rocket science to get the energy sector working. Nigerians want cheaper petroleum products, is that too much to ask for?
“Only President Tinubu knows why he sacked Kyari, and whatever be the reason, Nigerians should have access to cheaper petroleum products, especially fuel.
“I will advise the president to ensure that the Naira for crude policy works in the country to enable local refineries operate on a cheaper scale,” he said.