BY MOTOLANI OSENI The World Bank has raised Nigeria’s target for National Identification Numbers (NIN) issuance under the Digital Identity for Development (ID4D) project from 148 million to 180 million, reflecting confidence in the country’s progress despite earlier setbacks. The
By Ukpong Ukpong In its efforts towards reducing the alarming rate of unemployed youths in the country, the World Bank has indicated interest to partner with the National Youth Service Corps. It said the Scheme’s achievements over the past fifty-one years, through the deployment of graduate youths across the country has transformed the development landscape […]
..Says increased private consumption, declining inflation support economic rebound By Mathew Brangyet The World Bank in its latest report, on Tuesday, projected that growth will rebound in Nigeria and other African economies from 2.6 per cent in 2023 to 3.4 per cent in 2024 and 3.8 per cent in 2025, indicating a positive sign for […]
The World Bank is looking to issue up to $1 billion in a debut hybrid note on capital markets this year, a senior executive told Reuters, as development banks face increasing pressure to find new ways to boost their lending. The G20 group of major economies has urged multilateral lenders to explore hybrid financing structures […]
By Motolani Oseni There are strong indications that Nigeria may obtain fresh $500 million loan from the World Bank come May 2024, to bolster the country’s human capacity development. Data from the external debt stock report of the Debt Management Office (DMO) shows that Nigeria owes the World Bank a total of $14.58 billion as […]
The federal government of Nigeria and the World Bank are targeting $3 billion to fund an additional 120,000km of fibre optic cables to leapfrog broadband infrastructure and connectivity in Nigeria. Minister of Communications, Innovations and Digital Economy, Bosun Tijani, disclosed this in Abuja on Tuesday at a stakeholders’ engagement with the theme “Realising a Nigerian
As part of efforts to further drive internet penetration in Nigeria, the Federal Government in conjunction with the World Bank is targeting $3 billion to fund additional 120,000km fibre optic cables. The Minister of Communications, Innovations and Digital Economy, Dr Bosun Tijani, who disclosed this Tuesday in Abuja at a stakeholders’ engagement said the funds […]
By Mathew Brangyet World Bank in its latest Food Security Update report on Tuesday, said available data on food prices showed high inflation in low, middle and high-income countries noting that food prices remain high globally. The World Bank declared that the inflation level was greater than five per cent in 63.2 per cent of […]
By Nosa Akenzua The official of the World Bank and Federal CARES Support Unit have declared Delta CARES programme to be outstanding in impacting on numerous beneficiaries across the state. The team, lead from the Federal CARES Support Unit, a Senior Environmental Safeguard Specialists, Mr Edebeatu Chetachi, disclosed this during their debriefing at the end […]
The Federal Executive Council (FEC) has approved an application to secure a budget support loan worth $1.5 billion from the World Bank and an additional $80 million from the African Development Bank (AfDB). POLITICS NIGERIA reports that the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made the announcement while speaking with […]
By Stephen Gbadamosi The Oyo State government has called for the World Bank’s investment in its bid to achieve universal access to safe drinking water and mitigate the effects of climate change. A statement by the state’s Commissioner for Information, Dotun Oyelade, on Wednesday, indicated that the Executive Chairman of the State Water Corporation, Hon. […]
The Washington-based World Bank has appointed Ajay Banga as its new President. The World Bank confirmed that Banga, who had a decade-long career in Mastercard, would take over from David Malpass as the next President. The development lender disclosed that Banga would pioneer the institution for five years. The World Bank said it is optimistic […]
50m Nigerians to benefit Also the Federal government yesterday disclosed that it had secured $800m from the World Bank, as part of its post subsidy palliatives. This is as the Federal government is planning to deregulate all the petroleum products from June 2023. The Minister of Finance, Budget and National Planning, Zainab Ahmed while briefing […]
By Godwin Anyebe The World Bank has reported that the incessant fuel scarcity and lack of access the new naira notes may influence uncertainty ahead of the February 25 and March 10 elections in the country. The Bank Country Office in Nigeria noted that the deadline for old notes will socially and economically affect vulnerable […]
*Says long-lasting slowdown to hit developing countries hard *As Nigeria’s VP calls for investment in technology for better future By Motolani Oseni Going by the latest global economic projections by the World Bank, countries across the world would be marking the first time this year in more than 80 years that two universal recessions have […]
By Motolani Oseni World Bank Group has explained why policymakers in emerging markets and developing economies have limited room to manage the most pronounced global inflation cycle in decades. To this end, the global bank advised Nigeria and other developing economies on the need to carefully calibrate monetary and fiscal policies, clearly communicate their plans, […]
By Nosa Akenzua The World Bank has said that Nigeria’s economic outlook remained uncertain and its ability to attract domestic and foreign investments also crashing. It also noted that the condition of welfare in Nigeria was worsening despite the economic recovery from recession. The Washington-based bank said this in its draft report for State Action […]
By Godwin Anyebe In response to its prediction that Nigeria will lose 30 per cent of its Gross Domestic Product (GDP) due to climate change by 2050, the World Bank says it has disbursed $31.7billion as climate financing in its 2022 fiscal year. It stated that this is a 19 per cent increase from the […]
By Doosuur Iwambe The National workshop for Innovation Development and Effectiveness in the acquisition of skills, also known as (IDEAS) project, being organised by the Federal Ministry of Education and the World Bank to kick-start the implementation of the project is underway in Gombe, the Gombe State capital. Addressing participants yesterday at the opening ceremony […]
By Kingsley Chukwuka The 2018 declaration of state of emergency in Nigeria’s water, sanitation and hygiene, the World Bank has responded in assisting the country with $700 million to ameliorate the challenges associated with lack of clean water or the absence of it. The funds will be distributed to seven States of Imo, Kaduna, Katsina, […]