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Tag: World Bank

Economy

Nigeria poised to unlock billions in procurement opportunities — W’Bank

The World Bank Group has highlighted billions of dollars in business opportunities for Nigerian companies as its Africa West portfolio grows, with local firms already securing most contracts. Nazaneen Ismali Ali, the bank’s regional procurement manager for Africa West and Central, said the region currently holds $63.5 billion in active commitments across 315 projects in […]

Investment

W’Bank fund: States given 30-day deadline to publish contract awards

In a renewed effort to strengthen transparency and accountability in public procurement, the World Bank–assisted Human Capital Opportunities for Prosperity and Equity Programme of the Federal Ministry of Budget and Economic Planning has directed state governments to publish contract award information for basic education and primary healthcare procurements within 30 days after the end of […]

Technology

Africa, Middle East lag behind in business AI adoption — W’Bank

Artificial intelligence adoption among businesses remains lowest in Sub-Saharan Africa and the Middle East, highlighting a widening digital divide across emerging regions, according to a new World Bank survey. The survey, conducted in June 2025, covered more than 2,200 companies across over 85 countries backed by the World Bank Group’s private-sector arm or by private […]

Economy

Nigeria’s growth fragile without pro-poor policies — World Bank

The World Bank has cautioned that Nigeria’s economic growth, despite showing early signs of recovery, remains fragile and may fail to improve living standards for millions of citizens without deliberate and targeted policies to reduce poverty. The warning was issued by Dr Samer Matta, the World Bank’s Senior Economist for Nigeria, during the Nigeria Economic […]

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Nigeria’s economy to grow 4.4% in 2027 – W’Bank

The World Bank has maintained Nigeria’s economic growth forecast at 4.4 per cent for 2027, reflecting continued confidence in the country’s medium-term prospects despite ongoing structural challenges. The projection, detailed in the World Bank’s Global Economic Prospects report released in January 2026, is consistent with the estimate published earlier in the Nigeria Development Update in […]

featured Investment

Nigeria to invest $460m World Bank loan in fibre company

Nigeria plans to deploy $460m, representing about 92 per cent of a $500m World Bank loan, towards the capitalisation of a proposed fibre infrastructure company to roll out 90,000 kilometres of climate-resilient broadband fibre nationwide. The plan is contained in the Financing Agreement for the Building Resilient Digital Infrastructure for Growth project signed between the […]

Business

Nigeria, others face $8.9tn debt burden – W’Bank

Developing economies, including Nigeria, are grappling with an unprecedented debt crunch, as total external debt climbed to $8.9tn in 2024, according to the World Bank’s 2025 International Debt Report. From 2022 to 2024, these countries paid $741bn more in debt servicing costs than they secured in fresh financing, the widest gap in at least half […]

featured Finance

Nigeria must diversify exports to lessen growing debts — W’Bank

The World Bank has warned that Nigeria and other Sub-Saharan African countries must pursue export diversification and fiscal reforms to effectively address their growing debt challenges. The warning was contained in the newly released International Debt Report 2025 published by the global financial institution. The report identifies Sub-Saharan Africa as an outlier among global regions, […]

Business

W’Bank approves $500m to boost credit for Nigerian MSMEs

The World Bank has approved $500 million to enhance access to credit for Nigeria’s micro, small, and medium enterprises, aiming to address persistent funding gaps that hinder business growth. According to a Saturday statement, the financing will support the Fostering Inclusive Finance for MSMEs in Nigeria project, structured as a blended facility with $400 million […]

Business

W’ Bank urges FG slash import tariffs to curb soaring inflation

The World Bank has urged Nigeria to swiftly cut high import tariffs and lift specific bans as an emergency measure to combat soaring prices and rising poverty. World Bank’s Country Director, Mathew Verghis, made this disclosure in an interview with Arise TV on Thursday. Verghis warned that dangerously high inflation is relentlessly eroding the purchasing […]

World

2.6 billion people still lack internet access — W’Bank

A new World Bank report has delivered a stark revelation, indicating that approximately 2.6 billion people, which constitutes nearly one-third of the global population, still remain without access to the Internet, The institution described the revelation as living in “digital darkness.” In the report, published under the Bank’s Education for Global Development series and titled […]

featured Finance

W’Bank to disburse $500m loan for Nigeria’s Project BRIDGE

The $500 million loan from the World Bank for Nigeria’s Building Resilient Digital Infrastructure for Growth project, also known as Project BRIDGE, will be disbursed in six tranches over a six-year period. Specifically, the International Development Association loan will be disbursed from 2026 to 2031, subject to Nigeria meeting a series of performance conditions. Going […]

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