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Tag: World Bank

NNPCL fuel subsidy gains not fully remitted - World Bank
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 […]

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

World Bank okays fresh $700m loan for Nigeria

    The World Bank has approved a new loan of $700 million aimed at strengthening educational opportunities and empowerment for adolescent girls in Nigeria. This additional funding is allocated to support the ongoing project, the Adolescent Girls Initiative for Learning and Empowerment, which seeks to improve access to quality education and empower young girls […]

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

Why Nigeria’s expenditure on capital is very low – W’Bank

The World Bank Country Director for Nigeria, Mr. Shubham Chaudhuri, has stated that the country’s public spending is among the lowest in the world. According to The Punch, he said this during his keynote talk at the annual banking and finance conference in Abuja on Tuesday. “Public spending by the Nigerian government, both at the federal and […]

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

World Bank suspends $8.6bn loan to Nigeria – Report

Nigeria has a $8.25 billion undisbursed World Bank debt as of July 2023. According to The Punch, this was based on information from the World Bank’s website’s Summary Statement of Loans, Credit, and Grants. The undisbursed loans included $1.12 billion from the International Bank for Reconstruction and Development and $7.45 billion from the International Development […]

Niger gov Bagi approves N900m for W'Bank's Agro-climate project
News

Niger gov Bagi approves N900m for W’Bank’s Agro-climate project

The payment of N900 million as a counterpart fund for the World Bank’s Agro-Climatic Resilience in Semi-Arid Landscapes project has been ordered by Niger State Governor, Mohammed Umar Bago. According to Nairametrics, he delivered this command at the start of the distribution of agricultural inputs and seedlings organized by Fadama and ACReSAL in Minna, which will benefit […]

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

World Bank withdraws support from Uganda over LGBTQ law

Alex Omenye The World Bank has disclosed that it will no longer aid Uganda with loans over the signing of a law that proscribes same-sex sexual relationships. The Ugandan government in May passed the anti-LGBTQ law which criminalizes being gay in Uganda. The law prescribes life imprisonment and a death sentence as penalties for anyone […]

News

W’Bank, UN support renewable energy investments in Nigeria

The Chief Executive Officer and Special Representative of the United Nations Secretary-General for Sustainable Energy for All, Damilola Ogunbiyi, and the recently appointed President of the World Bank, Ajay Banga, have expressed their support for private sector investments in renewable energy.   According to The PUNCH, they disclosed this in a statement on Friday during […]

Life Style

World Bank considers home delivery of palliatives to PWDs

The World Bank granted an $800 million loan as a  palliative for the fuel subsidy which People With Disabilities may have the option of having cash sent to them at home during implementation. This was stated in the document Payment delivery modalities for NASSP-SU from the World Bank website. The paper states that individuals with […]

World Bank bans Nigerian companies, CEO over fraudulent practices
Business

Nigeria to get funding for ID4D project – World Bank

The World Bank has said that Nigeria will now receive funds from the World Bank for the implementation of its Identity for Development initiative because the country has enacted a data protection law. The signing of Nigeria’s data protection law into law satisfied the requirement for the release of funds from the International Development Association, European […]

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

FG, World Bank inspect Enugu’s N350 million agro-processing projects

The World Bank and as well as a delegation from the Federal Ministry of Agriculture and Finance on Saturday toured several multimillion Naira agricultural produce processing facilities that have been established in Enugu State. The initiatives under the Agro-Processing, Productivity Enhancement and Livelihoods Improvement Support initiatives are located in 15 centres across the state’s three senatorial […]

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