Carbon Partners with Verve to Resume Debit Card Issuance in Nigeria
Nigerian digital bank Carbon has partnered with Verve to resume debit card issuance, nine months after pausing card operations due to high costs and cumbersome processes.
Reese Morgan
The United States has disbursed a significant amount of foreign aid to Nigeria over the past decade, with a total of $7.8 billion allocated to the country. This aid has been focused on key sectors such as health, security, and economic development, aiming to address both immediate and long-term challenges facing the African nation.
Nigeria, as Africa's most populous nation and fourth-largest economy, holds a strategic position in regional stability and economic growth. However, persistent challenges such as poverty, corruption, and insurgency have necessitated sustained foreign assistance. The United States has been one of Nigeria's most significant donors, providing crucial support in various areas.
One of the most significant areas of U.S. foreign aid to Nigeria is health. A substantial portion of aid has been allocated to combating infectious diseases, including HIV/AIDS, malaria, and tuberculosis. Through the President's Emergency Plan for AIDS Relief (PEPFAR), the U.S. has provided life-saving antiretroviral treatment to millions of Nigerians.
Security assistance has also been a critical component of U.S. aid to Nigeria. The rise of Boko Haram and other insurgent groups has made it necessary for Nigeria to receive military training, intelligence-sharing, and counterterrorism support. Programs such as the Trans-Sahara Counterterrorism Partnership (TSCTP) aim to strengthen Nigeria's ability to combat extremism and maintain stability in the region.
Beyond health and security, the U.S. has also focused on fostering economic growth in Nigeria through agricultural development programs and initiatives aimed at improving the business environment. Agriculture remains a crucial sector in Nigeria, providing livelihoods for millions of people. U.S.-funded programs have supported farmers by offering training, access to better farming techniques, and financial assistance.
The breakdown of U.S. foreign aid to Nigeria over the past decade is as follows: 2015 - $446 million, 2016 - $543 million, 2017 - $643 million, 2018 - $877 million, 2019 - $761 million, 2020 - $880 million, 2021 - $922 million, 2022 - $974 million, 2023 - $1 billion, and 2024 - $783 million.
The significant amount of aid provided by the United States to Nigeria highlights the importance of the country's strategic position in regional stability and economic growth. As Nigeria continues to face various challenges, the sustained support from the U.S. and other international partners will be crucial in addressing these issues and promoting sustainable development.
In conclusion, the $7.8 billion in foreign aid disbursed by the United States to Nigeria over the past decade demonstrates the country's commitment to supporting Africa's most populous nation. As Nigeria continues to navigate its development journey, the importance of international cooperation and sustained support cannot be overstated.
Nigerian digital bank Carbon has partnered with Verve to resume debit card issuance, nine months after pausing card operations due to high costs and cumbersome processes.
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