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World Food Programme Partners with African Nations for Critical Lean Season Food Assistance

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The United Nations World Food Program (WFP) has partnered with the governments of Nigeria and other African countries to launch this year’s food assistance program for the lean season, running from June to August.

In a recent statement, the WFP announced its goal to reach 7.5 million people in the region, despite the near-record number of individuals in need of food assistance. However, the program’s target falls significantly short of the estimated 55 million people projected to face severe food security issues in West and Central Africa during this period.

This stark discrepancy highlights the severe funding constraints facing the WFP, which means around 87% of food-insecure people in the region will not receive the necessary support.

“The United Nations World Food Programme (WFP) is ramping up its lifesaving food and nutrition assistance programme in West and Central Africa, targeting 7.3 million people during the ongoing June-August lean season – when food stocks run out and hunger peaks,” the WFP stated. “The programme – which kicks off in June – supports national governments’ lean season response plans in Burkina Faso, Cameroon, Central African Republic, Chad, Mali, Mauritania, Niger, and Nigeria.”

The WFP also noted that the number of people targeted could expand to 12 million if adequate funding is secured. However, dwindling resources for humanitarian operations have forced the WFP to assist fewer people than originally planned, despite near-record levels of need.

West and Central Africa are experiencing one of the worst food security crises in a generation, exacerbated by double-digit inflation across the region. The ongoing hunger and nutrition crisis is driven by the combined effects of conflicts, high food prices, and the climate crisis.

Economic shocks, including market disruptions, high inflation, weakened economic activities, depreciating national currencies, and rising costs of fuel and agricultural inputs, have severely impacted people, particularly in Nigeria, Ghana, and Sierra Leone.

The International Rescue Committee (IRC) projects that around 16% of Nigeria’s population will face severe hunger during the lean season from June to August. The Food and Agricultural Organisation (FAO) has also increased its food security outlook for Nigeria, predicting that the number of people facing a food crisis will rise from 26 million to 32 million in 2024.

Earlier this year, the World Bank’s food security report indicated that seven states in Northern Nigeria would face a severe food security crisis in 2024 due to factors like insecurity, climate change, and other challenges.

The projected assistance from the WFP will meet roughly 13% of the total 55 million people projected to face severe hunger during this period, underscoring the urgent need for increased funding and coordinated efforts to address the food security crisis in the region.

Given the severity of the situation, the WFP has called for immediate international support to expand its reach and provide critical food assistance to millions more in need.

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Business

CBN Restores BDC Access to FX Market, Caps Weekly Purchases at $150,000

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By Huldah Shado

The Central Bank of Nigeria (CBN), has approved the participation of licensed Bureau De Change (BDC), operators in the Nigerian Foreign Exchange Market (NFEM), allowing each BDC to purchase up to $150,000 weekly.

The approval was contained in a circular dated February 10, 2026, signed by the Director of the Trade and Exchange Department, Dr. Musa Nakorji, and addressed to authorised dealer banks and the general public.

The CBN said the move is aimed at improving foreign exchange liquidity in the retail segment of the market and meeting the legitimate needs of end users, amid a widening gap between the official and parallel market exchange rates.

Under the new arrangement, licensed BDCs can access foreign exchange from the NFEM through any authorised dealer bank of their choice at the prevailing exchange rate.

The apex bank directed banks to carry out full Know-Your-Customer (KYC), and due diligence checks on BDC clients before selling foreign exchange to them.

It also imposed reporting and transparency requirements, mandating BDCs to submit returns electronically to the CBN.

In addition, the bank prohibited third-party transactions and limited cash settlement to a maximum of 25 per cent of each transaction.

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Abuja Reports

Ultraviolet MFB MD Visits Equity Circle, Eyes Strategic Partnership

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By Samson Adeyanju 

The Managing Director and Chief Executive Officer of Ultraviolet Microfinance Bank, Bayonle Omoyele, has paid a working visit to Equity Circle, one of Abuja’s fast-growing real estate companies, as part of efforts to strengthen strategic partnerships within Nigeria’s real estate sector.

During the visit, Equity Circle’s Co-Founder and Chief Marketing Officer, Fabian George, conducted Omoyele on a tour of the company’s facilities and outlined its growth trajectory.

He disclosed that the firm recorded significant milestones over the past four years, culminating in an ₦8 billion revenue in the 2025 financial year.

Discussions between both parties focused on establishing a strategic credit relationship, with proposed areas of collaboration including invoice discounting, structured credit solutions, and cash-flow management support to help Equity Circle sustain and scale its operations.

Addressing Equity Circle staff during an interactive session, Omoyele emphasised the importance of strong marketing fundamentals, highlighting the 4Ps of marketing-Product, Price, Place, and Promotion, as key drivers of long-term competitiveness and brand leadership.

He also urged the team to adopt a long-term growth mindset, remain focused, and ensure that every unit contributes meaningfully to the organisation’s strategic goals, noting that disciplined execution is critical in Nigeria’s evolving real estate market.

The visit underscores Ultraviolet Microfinance Bank’s commitment to supporting high-growth enterprises through tailored financial solutions and partnerships that promote sustainable economic development.

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Moniepoint Strengthens Africa’s Tech Talent Pipeline with DreamDevs Cohort 2

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By Omoniyi David

Moniepoint Inc has reaffirmed its commitment to building Africa’s technology talent pipeline, announcing the opening of applications for the second cohort of its flagship DreamDevs initiative.

Co-Founder and CTO Felix Ike described DreamDevs as a programme that equips recent graduates with industry-ready skills and hands-on experience to bridge the continent’s tech talent gap.

“The success of our first cohort validated that Africa’s young tech talent can compete globally. This year, we aim to convert half of our participants into full-time employees,” Ike said, adding that the initiative creates sustainable career pathways that drive Africa’s digital economy.

DreamDevs complements Moniepoint’s other talent development programmes, including HatchDev, in collaboration with NITHub, University of Lagos, which trains about 500 specialised developers annually, and the Women-in-Tech programme, now in its fifth year.

The initiative also aligns with the Federal Government’s 3 Million Technical Talent (3MTT), programme, with Moniepoint serving as a key sponsor, offering graduates a specialised pathway from training to employment.

DreamDevs underscores Moniepoint’s broader mission to leverage technology to empower Africa’s youth and advance the continent’s digital economy.

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