• Wednesday, February 21, 2024
businessday logo


Five things to know to start your Wednesday


Heavy security in Abuja ahead of verdict on Atiku, Obi’s petitions against Tinubu

Heavy security was deployed in Abuja on Tuesday ahead of the delivery of the judgment on the election petitions challenging the election of President Bola Tinubu.

Following the verdict, the deployment was in response to the expectation of a possible breakdown of law and order.

Scores of armed riot police officers, Nigeria Security and Civil Defence Corps, and other security operatives in plainclothes were deployed strategically in the Federal Capital Territory.

Read more:Heavy security in Abuja ahead of verdict on Atiku, Obi’s petitions against Tinubu

COP28 unveils $4.5 bn investment for clean energy in Africa

Sultan Al Jaber, COP28 President-Designate, has unveiled a groundbreaking $4.5 billion initiative from the United Arab Emirates (UAE) aimed at harnessing Africa’s clean energy potential.

Announced at the inaugural African Climate Summit in Nairobi, Kenya, the initiative brings together UAE institutions, including Abu Dhabi Fund for Development, Etihad Credit Insurance, Masdar, and AMEA Power.

Additionally, Africa50, an investment platform established by African governments and the African Development Bank, has joined the initiative.

This initiative seeks to address Africa’s energy deficit and climate change challenges by accelerating the development of clean energy infrastructure, with a focus on improving access to electricity for millions of people in sub-Saharan Africa.

Report reveals govt assistance for less than 1% of unemployed youth

A recent report by Jobberman Nigeria has revealed that less than 1 percent of unemployed youth in Nigeria receive government safety net support. While social safety nets have been effective globally in addressing poverty and socio-economic vulnerabilities, the report highlights significant gaps in their impact in Nigeria due to limited coverage and weak targeting.

The country has implemented various social intervention programmes to combat unemployment, but talent outflows (referred to as ‘Japa’) and layoffs remain common. Nigeria’s youth unemployment rate has increased by an annual average of 6 percent over the past five years, with the latest data from the National Bureau of Statistics reporting a 4.1 percent unemployment rate in Q1 2023, down from 33 percent in Q4 2020.

The report also underscores regional disparities in unemployment, with the North East and North West experiencing longer durations of unemployment compared to other regions. Additionally, it reveals that unemployed women are more likely to rely on their partners for support. In response, stakeholders emphasized the need for a shift in perspective, recognising work as a process of value creation beyond securing a job.

Nigeria’s $8.6bn World Bank loan faces delays says Report

As of July 2023, Nigeria has approximately $8.25 billion in undisbursed loans from the World Bank, according to data captured by Punch. These loans comprise $7.45 billion from the International Development Association (IDA) and $1.12 billion from the International Bank for Reconstruction and Development (IBRD).

The undisbursed loans encompass both approved but unsigned loans and signed loan commitments. The delay in disbursement is often due to certain actions and document submissions required from borrowers or guarantors.

The report showed that despite the government’s intent to reduce borrowing for recurrent expenses, it will proceed with the loan requirements approved in the 2023 budget, focusing on borrowing for capital expenditure rather than recurrent spending.

Elon Musk borrowed $1 bn from SpaceX in same month of Twitter deal – WSJ

Elon Musk reportedly withdrew a $1 billion loan from SpaceX, his rocket company, around the same time he acquired Twitter, now known as X, for $44 billion. SpaceX approved the loan backed by Musk’s stock in October 2023, coinciding with his ownership of Twitter.

Musk has used his shares as collateral with banks for loans, and SpaceX acted as a lender. Musk’s financial complexity increased with the Twitter purchase.

He owns 42 percent of SpaceX and nearly 79 percent of its voting power. The company had $4.7 billion in cash and securities by the end of the previous year. Tesla also tightened borrowing rules for Musk in 2023.