Lagos State Governor, Mr. Babajide Sanwo-Olu has earned the commendation of the World Bank for the transformation recorded in the State over the last five years. The multilateral institution said the state had not only been implementing programmes targeted at improving the quality of life for residents, but had also progressed in upgrading infrastructure to improve the socio-economic situation in …

Nigeria has become the third largest debtor to the World Bank’s International Development Association (IDA) as of 30 June 2024, marking a significant increase in the country’s borrowing from the institution. This development has reflected a substantial shift in Nigeria’s financial landscape under the administration of President Bola Tinubu. According to the World Bank’s latest financial statements, Nigeria’s exposure to …

World Bank has extolled Gombe State government over its development feats, saying the state is a paradigm of success in project implementation and effective governance. During a courtesy visit to Governor Inuwa Yahaya at the Gombe Governor’s Lodge in Abuja, World Bank’s country director for Nigeria, Dr Ndiame Diop, praised the state’s remarkable strides in executing World Bank-supported projects across …

The World Bank Group (WBG) Finances has revealed that the Federal Government is still repaying $10.6 billion in loans obtained under former Presidents Olusegun Obasanjo, late Umaru Musa Yaradua, and Goodluck Jonathan. In June 2024, the Debt Management Office said as of 31 March 2024, Nigeria’s domestic and external debts stood at N121.67 trillion ($91.46 billion). The domestic debt was …

The World Bank has provided $45.5 million to Nigeria’s National Identity Management Commission (NIMC) as part of the Digital Identification for Development (ID4D) project. According to the World Bank’s implementation report, the funds were disbursed in several tranches between December 2021 and April 2024, with disbursement still ongoing. The Bretton Woods Institute approved $430 million for the project in February …

The Federal Government has secured $2.25 billion in financial support from the World Bank to bolster ongoing economic reforms aimed at stabilising the economy and fostering inclusive growth. This was disclosed late Thursday by the director of press in the Ministry of Finance, Manga Mohammed. The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, confirmed the …

The Federal Government, the International Institute of Tropical Agriculture (IITA), and World Bank have agreed to collaborate on innovative agricultural practices to combat food insecurity in Nigeria and the wider sub-Saharan African region. This came out of a high-level meeting at the Presidential Villa between Vice President Kashim Shettima and a delegation from the IITA, World Bank, and the International …

The Federal Government is poised to receive fresh loan funding from the World Bank, with approval expected for loans totalling $2.25 billion on 13 June 2024. The funding will be received via two major development projects. The first project is the Nigeria Reforms for Economic Stabilization to Enable Transformation Development Policy Financing, which is set to receive $1.5 billion. The …

World Bank has pledged to continue to support the water, sanitation and hygiene sector in Nigeria. The new country director of the World Bank, Mr Ndiame Diop made the promise when he and his team visited the minister of Water Resources and Sanitation, Prof Joseph Utsev in Abuja. He expressed the eagerness for a strengthened partnership and continued collaboration with …

The World Bank, yesterday, said that Nigeria’s inflation rate will remain high at 24.8 per cent year-on-year (YoY), in 2024. The World Bank’s projection, however, is lower than February 2024 inflation, which stood at 31.7 per cent. The World Bank also reaffirmed its projection of 3.3 per cent economic growth for the country in 2024 and reduced its projection for …