World Bank

World Bank: ACReSAL verifies Niger 70, 000 beneficiaries with national identity card

December 2, 2023 Aideloje Ojo 0

The national project coordinator of the Agro-Climatic Resilience in Semi-Arid Landscapes (ACReSAL), Abdulhamid Umar, has said 70, 000 people captured as beneficiaries in Niger state must produce their national identity card for verification and authentication. Umar stated this in Minna on Friday while leading the team of Implementation Mission to authenticate beneficiaries in Bosso and Paiko local governments of the Read More

Breaking: Tinubu’s Minister bags World Bank’s appointment

October 14, 2023 Solomon Arowolo 0

Months after being appointed as the Minister of Finance, by president Bola Tinubu, Wale Edun, has been appointed by the World Bank to chair the African Governors’ Forum of the global financial institution. His appointment was announced in a post on X (Twitter) by Federal Ministry of Finance, titled ‘World Bank’s appointment’ on Saturday. It reads : “Nigeria’s Minister @FinMinNigeria Read More

World Bank delays over $8bn loan disbursement to Nigeria

September 6, 2023 Blessing Anaro 0

Nigeria is facing the challenge of an unutilized World Bank loan amounting to $8.25 billion as of July 2023. This information, according to the World Bank’s official Summary Statement of Loans/Credit/Grants, accessible on its website, the substantial sum comprises $7.45 billion from the International Development Association (IDA) and an additional $1.12 billion from the International Bank for Reconstruction and Development Read More

Why I want to visit Nigeria – World Bank President

August 10, 2023 Blessing Anaro 0

The president of the World Bank, Ajay Banga, visited Nigeria to reaffirm support for the bank’s aspirations “for Nigerians to live with dignity in a prosperous and climate-resilient Africa”. In a CNBC Africa exclusive interview, Banga disclosed: “Talks with President [Bola] Tinubu have given me some direction. Africa is important to the world. Ethiopia and Nigeria can become African giants. Read More

World Bank President to visit Nigeria

August 2, 2023 Solomon Arowolo 0

World Bank President, Ajay Banga is set to visit Nigeria. Ajay will begin a 3-day visit to Nigeria on Thursday. He is expected to meet with President Bola Tinubu and Vice-President Kashim Shettima. According to a statement by the world apex bank, the visit is referred to as the next step of a global tour that is at the centre Read More

World Bank on futility of MPR hikes by CBN

July 11, 2023 Jerry Uwah 0

The World Bank has finally joined the Babel of voices condemning the Central Bank of Nigeria (CBN) one-handed fight against inflation through relentless and ineffectual manipulation of its monetary policy rate (MPR), the nation’s benchmark lending rate. The World Bank warned in its recent report about the futility of fighting inflation with MPR hikes as Nigeria’s surging inflation is fueled Read More

World Bank to renovate ministry of environment hall

May 30, 2023 Content Administrator II 0

Former Minister of Environment, Barr. Mohammed Hassan Abdullahi has officially flaggs-off the renovation of Ministry’s Conference Hall to give it a new look for hosting of various National/ International and bilateral meetings between the Ministry and Development Partners. Abdullahi, while flagging-off the project recently in Abuja,charged the contractor handling the project to ensure standard and professionalism in project implementation and Read More

Buhari’s $800m World Bank loan request, revenue generation and allied matters

May 16, 2023 Admin III 0

President Muhammadu Buhari recently sent a request to the National Assembly to approve 800 million dollars loan meant to cushion effect of the proposed removal of fuel subsidy.The minister of finance, budget, and national planning, Zainab Ahmed, said that Nigeria secured the World Bank facility as a first tranche of palliatives for disbursement through cash transfers to about 50 million Read More

Nigeria, others get 40% of natural resources revenue – World Bank

May 12, 2023 Blessing Anaro 0

The World Bank has said Nigeria and some other countries endowed with natural resources are only getting 40 per cent of revenue from proceeds from minerals, oil and gas as a result of weak policies. In a statement announcing the new Africa’s Resource, the World Bank recommends full taxation of natural resources. It recommends full taxation of natural resources on Read More

Nigeria’s borrowings from W/Bank hit $14.34bn in Q1 2023

May 10, 2023 Blessing Anaro 0

The World Bank said Nigeria’s borrowings reached $14.34 billion as of March 31, 2023. This was an increase from the debt recorded by the Debt Management Office (DMO) as of December 31, 2022, which was $13.93 billion. This means that new World Bank disbursements on approved loans added $410 million to Nigeria’s debt in the first quarter of 2023. The Read More

How Nigeria can address economic challenges –World Bank

May 1, 2023 Segun Odunewu 0

The World Bank has highlighted three major reforms that the incoming administration of Bola Tinubu needs to undertake if it is to address Nigeria’s economic challenges. In its April 2023 Macro Poverty Outlook, the World Bank listed an increase; tightening monetary policies to reduce inflation, unifying the multiple foreign exchange windows and adopting a single, market-responsive exchange rate. The Wasghinton Read More

Better migration policies’ll boost prosperity globally – World Bank

April 26, 2023 Benjamin Umuteme 0

Populations across the globe are aging at an unprecedented pace, making many countries increasingly reliant on migration to realise their long-term growth potential, the World Bank has said. According to a new report titled World Development Report 2023: Migrants, Refugees, and Societies, the situation presented countries globally with an opportunity to make migration work better for economies and people. The Read More

Subsidy removal: As controversy trail $800 grant..

April 14, 2023 Admin III 0

Or Heaping debt to debt to end fuel subsidy The issue of fuel subsidy removal continues to be a thorny one in Nigeria’s political discourse. With the federal government getting funding from the World Bank to put an end to palliatives, many have been questioning the wisdom in the government’s decision; BENJAMIN UMUTEME reports. The news that Nigeria has secured Read More

The World Bank petrol subsidy palliative

April 10, 2023 Jerry Uwah 0

At the rate of N185 per liter, Nigeria’s petrol pump price is the lowest in West Africa. In neighbouring Benin Republic, petrol price is N400.8 per liter. In Togo, the product sells for N397.3 per liter. In Sierra Leone, petrol sells for N494.8 per liter.Ironically diesel is pretty cheap in Benin Republic. One liter sells for $1.14 (N524.4 at the Read More

Global uncertainties pulling back Nigeria’s growth – World Bank

April 6, 2023 Benjamin Umuteme 0

Growth across Sub-Saharan Africa remains sluggish, dragged down by uncertainty in the global economy, the underperformance of the continent’s largest economies, high inflation, and a sharp deceleration of investment growth, a World Bank report has said. In its April 2023 Africa’s Pulse, an economic update for Sub-Saharan Africa, the Bank noted that growth recovery in Nigeria for 2023 (2.8%) is Read More

Global economy to hit rock bottom by 2030 – Report

March 28, 2023 Benjamin Umuteme 0

The global economy’s “speed limit”—the maximum long-term rate at which it can grow without sparking inflation—is set to slump to a three-decade low by 2030. In a new report titled: Falling Long-Term Growth Prospects: Trends, Expectations, and Policies, the World Bank noted that systemic banking crises and recessions put together will have lasting effects on global growth and development. According Read More

Use of digital technologies’ll create jobs, boost growth in Africa – World Bank

March 14, 2023 Blessing Anaro 0

With Africa’s share of the global workforce projected to become the largest in the world by 2100, it is critical for African countries to increase the uptake of digital technologies* to drive employment growth for the more than 22 million Africans joining the workforce each year, emphasizes a new report released today. The “Digital Africa: Technological Transformation for Jobs” report Read More

World Bank advances over $200 million to Kano, Ekiti, others for apprenticeship development 

January 31, 2023 Adeola Akinbobola Abuja 0

The World Bank said it has advanced over $200 million as support to Kano (Northwest), Gombe in North East, Aba in Southeast and Ekiti in Southwest as informal apprenticeship for development of technical education. World Bank official from Nigeria region office Mr. Tude Adekola who revealed this during the unveiling of framework for National Apprenticeship and Traineeship System (NATS) ‘skill Read More

World Bank downgrades Nigeria’s growth to 3.1%

December 16, 2022 Blessing Anaro Lagos 0

The World Bank has cut Nigeria’s 2022 growth forecast to 3.1 per cent from a previous forecast of 3.8 per cent, it said during a briefing in Abuja on Thursday. It said that the revision was due to slow economic growth in the third quarter from a year earlier, dragged down by the oil sector and a weak performance in Read More

Revealed! How much Nigerians abroad remitted in 2022 – World Bank

December 2, 2022 Admin III 0

The World Bank has said that Nigerians abroad sent home $20.9 billion to families and friends. This was contained in its latest Migration and Development Brief published Wednesday on its website. The brief stated that remittance flows to Nigeria increased by 7.5% when compared to the previous year. That puts its inflows far ahead of other countries in Sub-Saharan Africa Read More

World Bank and citizen engagement

November 24, 2022 Admin III 0

“Too often, services fail poor people – in access, in quantity, in quality. But the fact that there are strong examples where services do work means governments and citizens can do better. How? By putting poor people at the center of service provision: by enabling them to monitor and discipline service providers, by amplifying their voice in policy making, and Read More

Poverty: NBS’ 133m figure exceeds World Bank’s projection for 2022 – ActionAid

November 23, 2022 Adeola Akinbobola Abuja 0

ActionAid Nigeria (AAN) has observed that that the current number of 133million poor Nigerians by National Bureau of Statistics (NBS) far exceeds the World Bank’s projection for the country in 2022. The Country Director, Ene Obi in a press release issued in Abuja said the latest findings differ from the World Bank’s, which stated that poverty reduction stayed the same Read More

World Bank’s new poverty line

November 21, 2022 Admin III 0

Reports that the World Bank has raised the poverty line to $2.15 (N936.32) from $1.90 (N827.45), effective September 2022 should, everything being equal, be a cause to cheer, especially by the poor and vulnerable across the word, particularly Nigeria, where hyperinflation has eroded the purchasing power of the citizenry and worsened the poverty situation. The new poverty benchmark by the Read More

World Bank to reduce greenhouse gas emissions

November 15, 2022 Helen Oji Abuja 0

The World Bank has announced a new multi-partner fund that will pool funding from the global community including donor countries, the private sector and foundations for scalable pathways to greenhouse gas emission reduction. The Scaling Climate Action by Lowering Emissions (SCALE) partnership will provide grants for verifiable emissions reductions and expand the funding sources for global public goods. “Climate finance Read More

World Bank group presents new fund for lowering emissions

November 10, 2022 David Agba Abuja 0

World Bank has announced a new multi-partner fund that will pool funding from the global community — including donor countries, the private sector and foundations — for scalable pathways to greenhouse gas emission reduction. The Scaling Climate Action by Lowering Emissions (SCALE) partnership will provide grants for verifiable emissions reductions and expand the funding sources for global public goods. “Climate Read More