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Tag: World Bank

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

Formal savings surge in Nigeria, other developing countries – W’Bank

The World Bank’s Global Findex 2025 report has revealed a record increase in formal savings among adults in developing economies, driven largely by the rapid adoption of mobile money services. According to the report, 40% of adults in these countries saved money through formal financial systems in 2024 — including banks, mobile money platforms, and […]

News

Nigeria, W’Bank partner to reclaim degraded land

Nigeria has restored 178,235 hectares of degraded land across 19 northern states under the World Bank-funded Agro-Climatic Resilience in Semi-Arid Landscapes Project. Launched in 2022 with $700 million, the initiative aims to rehabilitate one million hectares by 2028 to combat land degradation and stop the Sahara Desert’s advance, which endangers nearly 70% of northern Nigeria’s […]

Banking

Nigeria secures additional $215m W’Bank loan for palliatives

The World Bank has increased its disbursement to Nigeria under the $800 million National Social Safety Net Programme-Scale Up to $530 million, up from $315 million in 2023. This reflects an additional $215 million released in 2024 to support the country’s palliative initiatives targeted at cushioning economic hardship, especially for vulnerable households. Although the exact […]

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

W’Bank commits to supporting Nigeria’s human capital development goals

The World Bank has pledged to deepen its partnership with Nigeria to boost the country’s Human Capital Index. This commitment was made during a virtual high-level roundtable at the 2025 World Bank/IMF Spring Meetings, where the Vice President, Kashim Shettima, emphasized the need for stronger international collaboration to advance Nigeria’s Human Capital Development 2.0 strategy. […]

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

FG eyes fresh $10.50m W’Bank loan

Nigeria is seeking a fresh $10.5 million loan from the World Bank to enhance the Central Bank of Nigeria’s technical capacity and modernize the country’s domestic payment infrastructure. The proposed CBN Technical Assistance Facility aims to support the integration of innovative technologies and data science into the CBN’s supervisory processes, helping to strengthen regulatory oversight […]

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

World Bank flags Nigeria’s weak statistical system

The World Bank has raised concerns about Nigeria’s weak statistical capacity, noting that the country lags behind peers like Mexico, Colombia, South Africa, and Brazil. According to a statement by the Director of Information and Public Relations at the Budget Ministry, Mrs. Julie Osagie-Jacobs, this concern was highlighted during a courtesy visit to the Minister […]

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

FG eyes fresh $580m W’Bank loans

The Federal Government is negotiating two new loans worth $580 million with the World Bank, which are expected to be approved by March 2025. Details from the World Bank’s website reveal that the funding will support projects aimed at improving nutrition and education, with two initiatives already listed in the bank’s pipeline. The two projects, […]

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

W’Bank forecasts 3.5% GDP growth for Nigeria 2025

The World Bank has projected Nigeria’s economy will grow by 3.5% in 2025, with a slight increase to 3.7% in 2026. This forecast, outlined in the latest Global Economic Prospects report, indicates a modest recovery amid ongoing economic challenges and global uncertainties. The report states that Nigeria’s economic growth is estimated to have improved to […]

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

W’Bank eyes private capital to power Nigeria, others

The World Bank has called on private sector investors to play a key role in its “Mission 300” initiative, which seeks to connect 300 million people in Sub-Saharan Africa, including Nigeria, to electricity by 2030. The initiative, in collaboration with the African Development Bank, aims to address the region’s energy access gap, where nearly 600 […]

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

W’Bank scraps loan fees, forecasts 10% price drop in commodities

The World Bank has introduced measures aimed at easing the borrowing burden for very poor and vulnerable countries. These include removing the prepayment premium on the International Bank for Reconstruction and Development loans, providing a grace period for commitment fees on undisbursed balances, and extending low-cost pricing for small, vulnerable states. Additionally, the World Bank […]

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

W’Bank raises Nigeria’s NIN target to 180m under ID4D project

The World Bank has updated Nigeria’s target for the Digital Identity for Development project, increasing the number of Nigerians to be issued the National Identification Number from 148 million to 180 million. Despite missing the original target by June 2024, the project has made significant progress, justifying the extension and expansion to include more Nigerians. […]

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

Nigeria, others spent $1.4trn on debt servicing in 2023 – World Bank

The World Bank’s latest International Debt Report has revealed that developing nations spent $1.4 trillion on foreign debt servicing in 2023, marking a significant increase driven by the highest global interest rates in two decades. Interest payments alone surged to $406 billion, a nearly 30% rise from the previous year. This sharp increase in debt […]

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