The Federal Government has delivered fifteen thousand (15,000) Cattle ranch and a veterinary hospital in Enugu State, under the World Bank supported Livestock Productivity and Resilience Project, L-PRES, barely a week after commissioning a model veterinary hospital in Yola, Adamawa State. Commissioning the facility on Wednesday, the Minister of Livestock Development, Idi Mukhtar Maiha, said […]
The World Bank has urged the federal government to strengthen its ongoing economic reforms by enforcing strict fiscal and monetary discipline to sustain recent stability in Nigeria’s economy. In its latest Nigeria Development Update (NDU) released on Wednesday, the bank commended the progress made through the removal of petrol subsidies and the unification of the […]
BY MOTOLANI OSENI Nigeria has secured an additional $65 million credit from the World Bank for its Sustainable Procurement, Environmental, and Social Standards Enhancement (SPESSE) project, raising the total loan to $145 million. The approval was granted on June 24, 2025—six days ahead of the previously scheduled date—and the project has now advanced to “Bank […]
BY MOTOLANI OSENI Nigeria’s public debt has risen sharply to N149.39 trillion as of March 31, 2025, underscoring growing fiscal challenges and intensifying concerns about the country’s long-term debt sustainability. The latest figures from the Debt Management Office indicate that the total debt stock increased by N27.72 trillion or 22.8 per cent year-on-year from N121.67 […]
BY MOTOLANI OSENI Nigeria’s current account surplus is projected to rise to 9.4 per cent of GDP by 2026, up from an estimated 9.2 per cent in 2024, according to the World Bank’s April 2025 Africa’s Pulse report. The improvement is attributed to the continued depreciation of the naira, which has curbed imports and boosted […]
…As CBN boosts external reserves to $23.11bn BY MOTLANI OSENI The World Bank has approved a $1.08 billion concessional loan for Nigeria, aimed at enhancing education quality, building community resilience, and improving nutrition for underserved groups. The loan, initially designed in response to the COVID-19 pandemic, will bolster the country’s recovery from economic challenges, especially […]
BY MOTOLANI OSENI The World Bank has approved a $500 million loan to Nigeria to support the country’s Community Action for Resilience and Economic Stimulus Program, aimed at alleviating economic challenges through targeted support for vulnerable communities. The approval, which occurred on March 28, 2025, will help expand access to essential services such as livelihood […]
BY MOTOLANI OSENI The Federal Government of Nigeria is collaborating with the International Finance Corporation (IFC), a member of the World Bank Group, to explore capital market funding for infrastructure projects through Public-Private Partnerships (PPPs). This was disclosed in a statement by Ifeanyi Nwoko, Acting Head of Media and Publicity at the Infrastructure Concession Regulatory […]
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 ID4D project, launched in February 2020 with a $430 million budget, aims to establish an […]
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 […]