Business

Nigeria secures extra $65m World Bank loan, debt rises to $18.23bn

DailyTimesNGR DailyTimesNGR 2 July 2025 0

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

Business

Nigeria’s public debt soars to N149trn as China, World Bank emerge top creditors

DailyTimesNGR DailyTimesNGR 1 July 2025 0

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

Business

World Bank sees Nigeria’s current account surplus hitting 9.4% by 2026

DailyTimesNGR DailyTimesNGR 26 April 2025 0

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 […]

Business

World Bank approves $1.08bn loan for Nigeria

DailyTimesNGR DailyTimesNGR 3 April 2025 0

…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

Business

World Bank approves $500m loan for Nigeria’s economic stimulus program

DailyTimesNGR DailyTimesNGR 31 March 2025 0

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

Business

Nigeria, World Bank to unlock capital market for infrastructure development

DailyTimesNGR DailyTimesNGR 10 February 2025 0

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

Money

World Bank sets Nigeria’s digital identity target at 180m by 2026

Ihesiulo Grace 25 December 2024 0

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

Headlines

World bank partners NYSC on Corps empowerment

DailyTimesNGR DailyTimesNGR 27 November 2024 0

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 […]

Business

World Bank: Nigeria, other African economies to grow at 3.4% in 2024

DailyTimesNGR DailyTimesNGR 10 April 2024 0

..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 […]

Headlines

World Bank set to issue up to $1bn in debut hybrid note this year

DailyTimesNGR DailyTimesNGR 3 April 2024 0

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 […]

Headlines

FG to get fresh $500m World Bank loan amidst rising external debt

DailyTimesNGR DailyTimesNGR 27 February 2024 0

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 […]

Headlines

FG, W/Bank in $3bn broadband infrastructure deal

DailyTimesNGR DailyTimesNGR 15 February 2024 0

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

Business

FG, World Bank target $3bn to fund broadband infrastructure – Tijani

Ihesiulo Grace 14 February 2024 0

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 […]

Business

World Bank worries over high global food prices

DailyTimesNGR DailyTimesNGR 7 February 2024 0

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 […]

News

World Bank commends Delta Cares over outstanding performance

DailyTimesNGR DailyTimesNGR 24 October 2023 0

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 […]

News

Tinubu Govt. secures $1.5 billion, $80 million loans from World Bank, others

Ihesiulo Grace 17 October 2023 0

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 […]

Politics

Oyo govt. solicits World Bank’s support over potable water problem

Ihesiulo Grace 31 August 2023 0

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. […]

News

World Bank picks Ajay Banja as 14th President

Ihesiulo Grace 4 May 2023 0

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 […]

Headlines

FG secures $800m for subsidy palliative from World Bank – Ahmed

Ihesiulo Grace 6 April 2023 0

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 […]

Business

Why Naira, fuel crises may disrupt Nigeria’s elections, says World Bank

Ihesiulo Grace 8 February 2023 0

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 […]