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 …

The World Bank has commended Governor Peter Mbah of Enugu State over his numerous developmental strides in the areas of water and agriculture, particularly livestock farming. It stressed that the governor’s efforts at transforming the state would help in upscaling its agricultural productivity. National Coordinator of Livestock Productivity and Resilience Support Project (L-PRES), a World Bank-assisted project, Sanusi Abubakar, gave …

A recent report by the World Bank says that less than 20 per cent of households in Nigeria and other African countries own a computer. In the 177-page report titled ‘Digital Progress and Trends Report’, the World Bank shed light on the digital divide between low and high-income countries and its impact on the economy, business and income. The report …

Nigeria’s economic priority needs will get World Bank support, the organisation said yesterday. It also applauded President Bola Ahmed Tinubu’s economic reform programmes. World Bank’s Managing Director (Operations) Anna Bjerde, conveyed this commitment during a visit to the President at Aso Villa yesterday. Bjerde told reporters after the meeting that the bank would continue to support the reforms of President Tinubu administration. …

At least 5, 200 female livestock farmers in Taraba State would be empowered through a World Bank-assisted project, Livestock Productivity and Resilience Support, to increase productivity and encourage commercialisation across the livestock value chain. Also, the Federal Government, under the National Poverty Reduction with Growth Strategy, on Wednesday, distributed farm inputs to 257 small-scale farmers in Akwa Ibom State, to …

The World Bank has said the Innovation Development and Effectiveness in the Acquisition of Skills (IDEAS) project in Nigeria will engage 200,000 youths with the necessary skills and jobs. According to the bank, the project does not include tertiary institution graduates but those with secondary school certificates who will be trained for already existing jobs. Speaking in Abuja, World Bank …