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Tag: World Bank

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

Nigeria’s revenue allocation higher than Ghana’s, others – W’Bank

Nigeria’s revenue-sharing system, which grants the Federal Inland Revenue Service 4 per cent of both non-oil and oil revenues (excluding royalties), is significantly higher than comparable allocations in countries like Kenya, Ghana, South Africa, and Uganda. This finding is highlighted in the World Bank’s October 2025 edition of the Nigeria Development Update (NDU), titled “From […]

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

Presidency rejects World Bank’s ‘unrealistic’ 139m poverty figure

The Presidency has disputed the latest economic report by Nigeria’s biggest multilateral lender, the World Bank, which estimated that 139 million citizens were living in poverty, describing the figure as “unrealistic” and detached from the country’s economic realities. President Bola Tinubu’s Special Adviser on Media and Public Communication, Sunday Dare, said in a post on […]

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

Nigeria to receive $750m loans from World Bank Tuesday

Nigeria is set to receive two loans totaling $750 million from the World Bank on Tuesday, according to the bank’s official website. The loans are aimed at improving Nigeria’s healthcare security and expanding access to climate-resilient digital infrastructure in underserved areas. One of the loans is a $500 million facility, known as the Building Resilient […]

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

300m Africans to get electricity by 2030 — World Bank

Seventeen African governments have committed to reforms and actionable plans to expand electricity access as part of Mission 300, a partnership led by the World Bank and the African Development Bank Group aiming to connect 300 million Africans to electricity by 2030. Governments from Benin, Botswana, Burundi, Cameroon, Comoros, Republic of the Congo, Ethiopia, Gambia, […]

Nigeria remains World Bank's third-largest debtor with $18.2bn IDA loans
News

Nigeria remains World Bank’s third-largest debtor with $18.2bn IDA loans

Nigeria has maintained its position as the third-largest debtor to the World Bank’s International Development Association, with outstanding loans totaling $18.2 billion as of June 30, 2025. This represents a 10.3 per cent increase from $16.5bn in June 2024, according to the IDA’s latest financial statements. Nigeria first climbed to third place in 2024, up […]

Business

W’Bank, Nigeria deepen ties with 90,000km fibre optic broadband plan

The World Bank Group has pledged to strengthen its partnership with the Federal Government of Nigeria, unveiling plans for a nationwide 90,000-kilometre fibre optic project to expand digital broadband access across the country. Anshula Kant, Managing Director and Chief Financial Officer of the World Bank, made the commitment during a courtesy visit to President Bola […]

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 […]

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