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Tag: World Bank

World Bank approves $1.08bn to improve health, education
News

Nigeria seeks World Bank COVID-19 loan extension

The Nigerian government has officially requested an extension from the World Bank for the deadline of a significant $500 million loan initially designated for COVID-19 response efforts. “The Federal Government of Nigeria has formally requested for the extension of the closing date of the Nigeria COVID-19 Preparedness and Response Project (NCPRP) from the current closing […]

Nigerian retailers, wholesalers may not escape poverty – World Bank economists
Economy

Nigerian retailers, wholesalers may not escape poverty – World Bank economists

World Bank economists, Jonathan Lain, Senior Economist, and Utz Pape, Lead Economist for Poverty and Equity Global Practice, have expressed reservations about the efficacy of retail and wholesale trade jobs as a viable means to alleviate poverty in Nigeria. They suggest that these positions may not serve as a dependable pathway out of the country’s […]

FG to launch W'Bank-funded $100m women empowerment project
News

Seven Nigerian states to face food crisis in 2024 — W’Bank

Borno, Adamawa, Kaduna, Katsina, Yobe, Sokoto, and Zamfara states are the ones the world bank spoke about. According to the World Bank’s most recent Food Security report, because of armed conflict and other factors that are lowering living standards throughout the area, seven states in the North-west and North-east are expected to be at crisis food […]

World Bank bans Nigerian companies, CEO over fraudulent practices
Banking

World Bank MD to visit Nigeria

By Christian George The World Bank’s Managing Director of Operations, Anna Bjerde, will visit Nigeria on February 6, 2024 to meet with ministers and Central Bank of Nigeria governor. Bjerde who is expected to spend two days in the country will focus more on the key pillars of Nigeria’s development strategy. According to a statement, […]

FG to launch W'Bank-funded $100m women empowerment project
Economy

W’Bank predicts 3.7% growth for Nigeria’s economy in 2025

The World Bank’s recent report, “Global Economic Prospect: Subdued Growth, Multiple Challenges,” estimated that Africa’s largest economy will grow by 3.3%, up from 2.9% in 2023. According to the research, “Growth in Nigeria is projected to be 3.3% this year and 3.7% in 2025—up 0.3 and 0.6 percentage points, respectively, since June—as macroeconomic reforms gradually […]

World Bank bans Nigerian companies, CEO over fraudulent practices
News

Internet access cut poverty, boosted employment in 2023 – W’Bank

The World Bank has revealed that exposure to internet access after more than three years resulted in a 7% reduction in extreme poverty in Nigeria and Tanzania. This exposure resulted in an 8% rise in labour force participation and pay employment. The bank issued a new brief that read: “In 2023, a World Bank flagship report found that […]

FG to launch W'Bank-funded $100m women empowerment project
News

FG to expand $100m world bank-funded women’s project

The Federal Government has announced plans to expand the Nigeria for Women Project in partnership with the World Bank. AMBusiness reports that the alliance aims to expand economic empowerment to more rural populations. The Minister of Women Affairs, Uju Kennedy-Ohanenye, made the announcement during a crucial meeting in Abuja on Thursday, which was attended by key […]

World Bank approves $300m support package for Ghana's economic recovery
Economy

Nigeria, others most affected by high food inflation – W’Bank

The World Bank has revealed that domestic food price inflation has had the greatest impact on Nigeria and other African, North American, and Latin American countries. According to The PUNCH, the multilateral lender’s recently released Food Security Update revealed that while domestic food price inflation remained high, 61.9 per cent of low-income nations faced inflation more than 5 per […]

FG to launch W'Bank-funded $100m women empowerment project
Business

Insecurity, economic hardship to worsen in six states – W’Bank

The World Bank predicts that persistent insecurity, armed conflict, and declining livelihoods will continue to impact local government areas in Borno, Kaduna, Katsina, Sokoto, Yobe, and Zamfara states in Nigeria until May 2024. The PUNCH revealed that this came after it was revealed that the country’s access to agricultural inputs is being hampered by bad macroeconomic […]

FG to launch W'Bank-funded $100m women empowerment project
featured

99.9% households yet to receive FG’s cash transfer – W’Bank

The World Bank has reported that approximately 99.9% of targeted poor and vulnerable households are yet to receive the Federal Government’s recently announced N25,000 per month cash handout. According to The Times, data from the World Bank’s Lead Economist for Nigeria, Alex Sienaert, was presented last week in Abuja during the Nigeria Development Update, December 2023 edition. The […]

FG to launch W'Bank-funded $100m women empowerment project
Business

FG, World Bank partner on mining sector financing

The Federal Government is looking into partnering with the World Bank through the Ministry of Solid Minerals Development in order to provide funding and technical assistance for the mining industry’s growth. The Times reported that this was disclosed in a statement on Tuesday and signed by the minister’s Special Assistant on Media, Segun Tomori. The World […]

Nigeria remains safe investment destination, says finance minister Edun Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has reaffirmed the country’s position as a secure and promising destination for investment, citing ongoing reforms and renewed economic momentum. Speaking at the Nigeria Investment Forum on the sidelines of the World Bank/IMF Spring Meetings in Washington, D.C., Edun highlighted the government’s commitment to fiscal stability and structural reforms aimed at revitalising the economy. “One of the reasons for the new leadership at the Nigerian National Petroleum Company Limited (NNPCL) is to increase production and reduce costs,” Edun said, adding that the administration is also intensifying efforts to diversify the economy and attract private sector participation. According to the minister, the government is focused on optimising state-owned assets to close budgetary gaps and remains committed to upholding the sanctity of contracts — a principle key to building investor trust. “We are committed to stabilising the economy so the private sector will find it attractive to invest,” he said. “Our goal is to ensure fiscal congruence and support sustainable growth.” Edun outlined President Bola Tinubu’s reform agenda, which he said is already producing positive signs of recovery. These include narrowing budget deficits, a stabilising exchange rate, and an improved trade balance. “The economy is showing signs of growth. We are targeting seven per cent annual growth, and the policies we’ve implemented have laid the groundwork to achieve this,” he stated. He identified agriculture as a top priority, emphasizing the importance of boosting local production across the entire value chain to enhance food security. “We aim to close the food supply gap not through imports, but by enabling domestic producers to scale and innovate,” Edun said. Highlighting digital infrastructure as another cornerstone of economic growth, the minister revealed that 90,000 kilometres of fibre optic cable have been deployed nationwide to strengthen connectivity and support Nigeria’s growing tech ecosystem. In addition, 4,000 kilometres of roads have been put forward for private sector participation, with 1,000 kilometres already approved for delivery. Meanwhile, Central Bank Governor Yemi Cardoso echoed Edun’s optimism, noting that the government's tough economic decisions are starting to yield results. “The difficult reforms undertaken have begun to bear fruit,” Cardoso said. “We’ve managed to stabilise the macroeconomy. Fitch’s recent upgrade of Nigeria’s credit rating reflects the progress we’re making.” He acknowledged the challenges of the past 18 months but stressed the administration’s resolve to build a stronger, more resilient economy. “This is about building trust and moving forward with confidence. If we stay the course, we will achieve our goals,” he concluded.
featured

Nigeria approach World Bank for $1.5bn budget support loan

The Federal Government of Nigeria has confirmed ongoing negotiations with the World Bank for a significant $1.5 billion budget support loan. According to The PUNCH, this announcement was made by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, during a press conference at the World Bank/International Monetary Fund Annual Meeting […]

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