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Nigeria’s inflation rose to 16.42% in April

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Tag: World Bank

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‘Stop giving Tinubu’s govt loans’, Nigerians on X warn World Bank

Economists and Nigerians have raised concerns about Nigeria’s debt level, describing it as a high-risk fiscal state, warning that improvement is necessary despite stability in some critical debt measures. Nigerians have taken to social media, urging the World Bank to reject the recent proposed $1.2 billion loan request. The Nigerian Economic Summit Group has cautioned […]

Business

World Bank warns rising oil prices could worsen food insecurity

The World Bank has cautioned that a sustained rise in oil prices driven by escalating tensions in the Middle East could deepen food insecurity in developing countries, as higher energy and transport costs feed into global commodity prices. In its latest Commodity Markets Outlook, the bank projected that global commodity prices will increase by 16 […]

featured Finance

FG seeks fresh $1.25bn World Bank loan for reforms, jobs

The Federal Government is in advanced discussions with the World Bank over a proposed $1.25bn loan facility aimed at supporting economic reforms, investment growth, and job creation in Nigeria. According to The PUNCH, the proposed funding, known as the Nigeria Actions for Investment and Jobs Acceleration Programme, has reportedly reached a critical stage in the […]

World

World Bank adds Abia to $700m SURWASH water supply initiative

Abia State has been selected as one of six states to benefit from the $700 million Sustainable Urban and Rural Water Supply, Sanitation and Hygiene Programme funded by the World Bank. Nairametrics reported that the development was disclosed on Monday by the Commissioner for Information, Okey Kanu, while briefing journalists after the State Executive Council […]

featured World

World Bank warns of 60% urea price surge

The World Bank has projected a 60 per cent surge in global urea prices in 2026, raising concerns over fertilizer affordability, food inflation, and agricultural productivity in developing economies. This was disclosed in the World Bank’s April 2026 Commodity Markets Outlook, which warns that tightening supply conditions, rising energy costs, and geopolitical disruptions could push […]

Nigeria, others spent $1.4trn on debt servicing in 2023 - World Bank
Business featured

World Bank commits $8.2bn to tackle Africa’s electricity access gap

The World Bank Group has pledged $8.2 billion to boost electricity access across Sub-Saharan Africa, intensifying efforts to address one of the region’s most enduring development gaps, with nearly 600 million people still without power. The funding underpins “Mission 300,” a joint initiative with the African Development Bank Group to connect 300 million people to […]

Business

Commodity prices to hit four-year high in 2026 – W’Bank

The World Bank has projected that commodity prices will climb this year to their highest level since 2022, as the ongoing conflict in Iran continues to disrupt key industrial supplies, including oil and metals. In its latest Commodity Markets Outlook released Tuesday, the Washington-based lender projected that its commodity price index will increase by about […]

FAAC funds to FG, states hit 7-year high in 2023
Finance

Nigeria loses 41% revenue to deductions before FAAC sharing — W’Bank

Nigeria’s federation revenues rose to N84 trillion over the past three years, but 41 per cent of these earnings was lost to pre-distribution deductions, significantly shrinking what is eventually shared among the three tiers of government, findings by The PUNCH have revealed. Latest fiscal data obtained from the World Bank’s Nigeria Development Update, analysed by […]

Inflation in Nigeria continues to rise, reaching an all time high almost 30% in annual terms, attributed to rising food cost and the foreign exchange crises.
Economy

Nigeria’s inflation to rise 3.1% over oil shock – World Bank

The World Bank has warned that the ongoing surge in global oil prices could directly add around 3.1 percentage points to Nigeria’s headline inflation, as rising fuel costs ripple through the economy. The bank highlighted the widening gap between locally refined petrol and imported fuel as a key factor driving inflationary pressures in the downstream […]

featured Finance

World Bank approves $500m to boost Nigerian agric sector

The World Bank has approved a $500 million International Development Association credit to boost Nigeria’s agricultural sector under a new programme targeting smallholder farmers, value chains, and food security. The funding will support the Nigeria Sustainable Agricultural Value-Chains for Growth project, also known as AGROW, which aims to improve productivity, strengthen market linkages, and create […]

Economy

World Bank backs Nigeria’s reforms, pushes state-level project execution

The World Bank has thrown its weight behind what it described as progress in Nigeria’s reforms, just as it has reaffirmed its strong support for the country’s reform agenda, highlighting the country’s steady progress towards economic recovery. Speaking on Wednesday in Abuja during a meeting with the Senate Committee on Capital Market, chaired by Senator […]

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