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Tag: World Bank

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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Nigeria remains third-largest IDA debtor with $17bn debt – Report

Nigeria remains the third-largest debtor to the World Bank’s International Development Association, with its debt reaching $17.1 billion as of September 30, 2024. This represents a $600 million increase from the $16.5 billion recorded in June 2024. Compared to June 2023, Nigeria’s debt to the IDA grew by 14.4%, up from $14.3 billion Nigeria’s debt […]

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

W’Bank uncovers $32m unaccounted funds in Nigeria’s water project

The World Bank has uncovered $32 million in unaccounted funds in a Nigerian water sector project, sparking concerns over possible embezzlement and mismanagement. The discrepancy was flagged by the Bank’s Integrity Vice Presidency following a forensic review, as outlined in the FY2024 Sanctions System Annual Report. The funds, earmarked for improving water infrastructure, were not […]

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

W’Bank projects drop in global commodity prices by 2025

The World Bank has projected a significant decline in global commodity prices, expecting them to reach a five-year low in 2025, driven largely by a substantial oil glut. This surplus is anticipated to mitigate the price impacts that might arise from escalating conflicts in the Middle East. These insights are detailed in the World Bank […]

News

Insecurity in Zamfara endangers W’Bank’s $495.30m irrigation project

Insecurity in Zamfara State has severely impacted the World Bank-funded Transforming Irrigation Management in Nigeria project, raising concerns about the timely completion of essential activities. However, despite these challenges, the Implementation Status & Results Report for the project, rates the overall performance as “Moderately Satisfactory,” according to Nairametrics. The $495.30 million project approved in 2014 […]

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

FG seeks fresh $500m W’Bank loan to boost basic education

The Federal Government of Nigeria is in negotiations for a $500 million loan from the World Bank aimed at enhancing basic education. The focus is on improving learning outcomes and reducing the number of out-of-school children. As detailed in the Programme Information Document reviewed, this loan is part of the World Bank’s HOPE for Quality […]

Nigeria, others spent $1.4trn on debt servicing in 2023 - World Bank
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FG partners W’bank to launch $750m electricity project

The Rural Electrification Agency has announced the initiation of a new rural electricity project next month, financed by the World Bank with a budget of $750 million. This initiative aims to provide electricity to 17.5 million Nigerians. This was disclosed by the the Managing Director of the REA, Engr. Abba Abubakar during an interview on […]

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

World Bank partners Nigeria to develop maritime sector

The World Bank Group has expressed its interest in partnering with Nigeria’s Ministry of Marine and Blue Economy to enhance the country’s maritime sector. This was disclosed in a statement by an aide to the Minister of Marine and Blue Economy, Ismail Omipdan on Wednesday stating the move was in line with the vision of […]

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

FG seeks six-month extension for $132m W’Bank loan project

The Federal Government of Nigeria has formally requested a six-month extension to complete the $132.42 million World Bank-funded Innovation Development and Effectiveness in the Acquisition of Skills Project, according to a restructuring document. The IDEAS Project, which aims to bolster Nigeria’s capacity to develop relevant skills for both formal and informal sectors, was initially approved […]

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Nigeria becomes third-largest borrower from World Bank’s IDA

Nigeria has become the third-largest debtor to the World Bank’s International Development Association as of June 30, 2024. This significant development underscores a major shift in the nation’s financial dynamics under President Bola Tinubu’s administration. The latest financial statements from the World Bank reveal that Nigeria’s debt to the IDA has surged by 14.4%, increasing […]

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