The International Monetary Fund (IMF) has urged Nigeria to be prudent in spending following the implementation of hard economic reform that has made it save more revenue.
The Director, Fiscal Affairs Department IMF, Vitor Gaspar, said this at a Fiscal Monitor news conference at the ongoing 2025 IMF/World Bank Spring Meetings in Washington D.C. on Wednesday.
He said that there was an urgent need for fiscal authorities and governments to build buffers. According to him, governments need to act urgently and decisively as they face harsh trade offs and painful choices.
He said it was important for policy makers to invest their political capital in building confidence and trust that starts with keeping their own houses in order.
” This is especially important in a situation that tests the resilience of individual economies, not to mention the entire system.
“Putting house in order involves three policy priorities. first, fiscal policy should be part of an overall policies.
“Secondly, fiscal policy should in most countries, aim atreducing public debt and rebuilding buffers to create space to respond to spending pressures and other economic shocks through a credible medium term framework.
“Thirdly, fiscal policy should together with other structural policies, aim at improving potential growth, thereby easing policy trade offs in these times of high uncertainty.
“Fiscal policy must be an anchor for confidence and stability that contributes to a competitive economy, delivering growth and prosperity for all ministers of finance must build trust, tax fairly, spend wisely and take the long team,” the director said.
The Nigerian Division Chief in the Fiscal Affairs Department of the IMF, Davide Furceri, said that Nigeria had been able to make some of those painful choices to have space for fiscal savings but it needs to spend wisely.
“Nigeira managed to do a very difficult reform that was important in delivering fiscal savings.”
Furceri said that the country need to focus on boosting revenue through improved mobilisation efforts, and secondly, scaling up spending in key areas like social protection and investment.
“That said, we understand that many countries, including Nigeria, face pressing spending needs. But spending must be done wisely, this means stronger prioritisation and greater efficiency in how resources are allocated.
“One key message not just for Nigeria, but for many countries, is the importance of strong fiscal institutions. Medium-term fiscal frameworks and solid public financial management systems.are essential.
“They provide a fiscal anchor to guide necessary adjustments and help reduce uncertainty. We want fiscal policy to be a source of stability, not a source of volatility,” he said. #IMF Urges Nigeria to be Prudent in Spending Pension Fund Assets Grows to N23.366 Trillion.
By Olu Anisere, Market Forces Africa
Thursday, April 24, 2025
Nigeria’s Arnergy Solar Secures $18 Million Series B Round to Scale Solar Deployments, Expand Access in Key Sectors
Arnergy Solar, a leading Nigerian renewable energy company specializing in distributed solar power solutions, has successfully closed an $18 million Series B funding round to accelerate its solar deployment initiatives and expand its footprint across critical sectors.
The funding round was led by CardinalStone Capital Advisers Growth Fund (CCA-GF), with British International Investment (BII) joining as a new investor with a $3 million commitment. The round also drew continued backing from existing investors including Norfund (the Norwegian Investment Fund for Developing Countries), Breakthrough Energy Ventures (BEV)—founded by Bill Gates, EDFI Management Company (EDFI MC), and Shell-backed All On.
The $18 million raise includes a $15 million Series B extension and a previously closed $3 million Series B1 round led by All On. This brings Arnergy’s total capital raised to date to over $27 million, following its $9 million Series A in 2019 that included support from BEV, Norfund, ElectriFI, and All On.
The new capital is earmarked for deployment of 12,000 additional solar systems by 2029, expansion of Arnergy’s rent-to-own solar financing model, and sector-specific growth in healthcare, education, and small and medium-sized enterprises (SMEs). The company also plans to leverage strategic partnerships to strengthen its distribution network and increase energy access across Nigeria.
Legal advisory on the deal was provided by Aluko & Oyebode, with Partner Oludare Senbore leading the transaction, supported by Zacheus Akanni, Esther Yugbovwre, and Precious Odina.
Arnergy’s solar systems play a vital role in closing Nigeria’s energy access gap by offering clean, reliable, and affordable off-grid power to underserved communities and businesses. This latest investment underscores investor confidence in the company’s scalable model and its role in driving Nigeria’s energy transition.
By Kavitha, Solar Quarter
The funding round was led by CardinalStone Capital Advisers Growth Fund (CCA-GF), with British International Investment (BII) joining as a new investor with a $3 million commitment. The round also drew continued backing from existing investors including Norfund (the Norwegian Investment Fund for Developing Countries), Breakthrough Energy Ventures (BEV)—founded by Bill Gates, EDFI Management Company (EDFI MC), and Shell-backed All On.
The $18 million raise includes a $15 million Series B extension and a previously closed $3 million Series B1 round led by All On. This brings Arnergy’s total capital raised to date to over $27 million, following its $9 million Series A in 2019 that included support from BEV, Norfund, ElectriFI, and All On.
The new capital is earmarked for deployment of 12,000 additional solar systems by 2029, expansion of Arnergy’s rent-to-own solar financing model, and sector-specific growth in healthcare, education, and small and medium-sized enterprises (SMEs). The company also plans to leverage strategic partnerships to strengthen its distribution network and increase energy access across Nigeria.
Legal advisory on the deal was provided by Aluko & Oyebode, with Partner Oludare Senbore leading the transaction, supported by Zacheus Akanni, Esther Yugbovwre, and Precious Odina.
Arnergy’s solar systems play a vital role in closing Nigeria’s energy access gap by offering clean, reliable, and affordable off-grid power to underserved communities and businesses. This latest investment underscores investor confidence in the company’s scalable model and its role in driving Nigeria’s energy transition.
Wednesday, April 23, 2025
Video - Nigerian legendary artist Femi Kuti gives new album fresh perspective
Femi Kuti is set to release his new album this week. He is known for his critiques of political corruption and social injustice. However, Kuti says his latest release is more introspective, with introspective reflections on family, life, and personal growth.
Related story: Femi Kuti breaks saxophone world record
Nigeria still carries world’s highest malaria burden
Nigeria continues to lead the world in malaria cases and deaths, despite decades of global and domestic investments, according to the latest World Malaria Report 2024 released by the World Health Organization (WHO).
The report draws on 2023 data from 83 malaria-endemic countries, including the territory of French Guiana, while also presenting trends in malaria morbidity and mortality globally and by region.
The report, which highlighted the 2023 global malaria incidence, shows that Nigeria accounted for 26 per cent of global malaria cases, again making it the most malaria-affected nation worldwide.
Out of the estimated 263 million malaria cases recorded globally in 2023, Nigeria accounted for 68 million (68,136,000). DRC Congo followed suit with 33 million cases. Uganda had over 12 million people affected by the disease in 2023, while Ethiopia logged 9.5 million of the global reported cases of the disease.
This shows that the four countries are among the 11 ‘High Burden to High Impact (HBHI)’ countries, a group responsible for 66 per cent of global malaria cases and 68 per cent of deaths in 2023.
Others are Mozambique (9.2 million), United Republic of Tanzania (8.5 million), Angola (8.2 million), Mali (8.2 million), Burkina Faso (8.1 million), Niger (7.9 million), and Côte dʼIvoire (7.8 million).
Nigeria also ranked highest in malaria-related deaths, contributing significantly to the 597,000 global fatalities. The WHO African Region, which includes Nigeria, accounted for 94 per cent of the total global malaria burden and 95 per cent of deaths.
Four African countries accounted for just over half of all malaria deaths globally, with Nigeria having 30.9 per cent, and the Democratic Republic of the Congo having 11.3 per cent. Niger (5.9 per cent) and the United Republic of Tanzania (4.3 per cent) are the two other nations that accounted for 10 per cent of the cases.
While mortality from malaria has declined slightly over the past three years globally, from 622,000 in 2020 to 597,000 in 2023, according to the latest WHO report, Nigeria’s data remain high, especially among children under five and pregnant women.
According to WHO estimates, the country also recorded the largest number of under-five malaria deaths.
The report draws on 2023 data from 83 malaria-endemic countries, including the territory of French Guiana, while also presenting trends in malaria morbidity and mortality globally and by region.
The report, which highlighted the 2023 global malaria incidence, shows that Nigeria accounted for 26 per cent of global malaria cases, again making it the most malaria-affected nation worldwide.
Out of the estimated 263 million malaria cases recorded globally in 2023, Nigeria accounted for 68 million (68,136,000). DRC Congo followed suit with 33 million cases. Uganda had over 12 million people affected by the disease in 2023, while Ethiopia logged 9.5 million of the global reported cases of the disease.
This shows that the four countries are among the 11 ‘High Burden to High Impact (HBHI)’ countries, a group responsible for 66 per cent of global malaria cases and 68 per cent of deaths in 2023.
Others are Mozambique (9.2 million), United Republic of Tanzania (8.5 million), Angola (8.2 million), Mali (8.2 million), Burkina Faso (8.1 million), Niger (7.9 million), and Côte dʼIvoire (7.8 million).
Nigeria also ranked highest in malaria-related deaths, contributing significantly to the 597,000 global fatalities. The WHO African Region, which includes Nigeria, accounted for 94 per cent of the total global malaria burden and 95 per cent of deaths.
Four African countries accounted for just over half of all malaria deaths globally, with Nigeria having 30.9 per cent, and the Democratic Republic of the Congo having 11.3 per cent. Niger (5.9 per cent) and the United Republic of Tanzania (4.3 per cent) are the two other nations that accounted for 10 per cent of the cases.
While mortality from malaria has declined slightly over the past three years globally, from 622,000 in 2020 to 597,000 in 2023, according to the latest WHO report, Nigeria’s data remain high, especially among children under five and pregnant women.
According to WHO estimates, the country also recorded the largest number of under-five malaria deaths.
By Mustapha Usman, ICIR
Tuesday, April 22, 2025
Video - Dangote Refinery cuts petrol prices across Nigeria twice in one week
The price now stands at 835 Naira per liter, roughly equivalent to 52 U.S. cents. Industry analysts suggest that this aggressive pricing strategy aims to capture market share, undercut the cost of imported fuel, and apply downward pressure on domestic fuel prices. But consumers are happy that the oil prices are going down.
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