The chairman, Board of Trustees (BOT) of the Centre for Transparency Advocacy, Dr. Chima Amadi, yesterday said economic remedies from the International Monetary Fund (IMF) and the World Bank cannot revive the Nigerian economy. He also said the policies of the two international financial institutions may not be able to raise 200 million Nigerians out of poverty. He asked the …

In a landmark move, the World Bank has given the green light to the Nigeria Distributed Access through Renewable Energy Scale-up (DARES) project with a substantial International Development Association (IDA) credit of $750 million. This initiative, set to leverage over $1 billion in private capital and additional funding from esteemed partners such as the Global Energy Alliance for People and …

Nigeria Labour Congress (NLC) has strongly criticised the World Bank for suggesting an end to petrol subsidy and an increase in petrol price to N750 per litre, labelling the financial institution an “enemy of the Nigerian nation”. In a statement on Friday, NLC President, Comrade Joe Ajaero expressed disappointment with the World Bank’s recommendation, highlighting the adverse effects such a …

The Federal Government, through the Ministry of Solid Minerals Development, is exploring collaboration with the World Bank to unlock financing and technical support for the development of the mining sector. During a courtesy visit to the Minister, Dr. Dele Alake on Monday, World Bank Country Director for Nigeria, Mr. Shubham Chaudhuri expressed satisfaction with the renewed focus on development of …

The Socio-Economic Rights and Accountability Project (SERAP) has urged the World Bank to halt loans to Nigeria’s 36 states, citing allegations of mismanagement of public funds. The National Bureau of Statistics revealed that each Nigerian carries a debt of N396,376.19. Nigeria’s total public debt surged by 75.27 per cent, reaching N87.38tn in Q2 2023. SERAP, in a letter called on …

Governor of Akwa Ibom State, Umo Eno, has approved the release of N450 million as counterpart funding for the ‘Nigeria for Women Project’, a World Bank project targeted at empowering women in the state. Eno announced this when he hosted a World Bank delegation led by the Country Director for Nigeria, Shudham Chaudhury, at the Government House in Uyo, on …

The Federal Government has confirmed that it is in talks with the World Bank for a $1.5 billion budget support loan. The government also said it would release a new Medium-Term Expenditure Framework later this month. The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, made the disclosure on Saturday during a press conference at the …

The World Bank has approved a fresh $700million loan for Nigeria to enhance adolescent girls’ learning and empowerment. It disclosed this in a statement published on its website on Friday. The new loan is to provide additional funds for an ongoing project known as the Adolescent Girls Initiative for Learning and Empowerment. The statement read, “The World Bank approved additional …

The Enugu State Government at the weekend took a bold step towards the actualisation of a $30 billion economy in the next four to eight years, as the state successfully hosted an inaugural Enugu State Investment and Economic Growth Stakeholders Roundtable. This was even as the administration of the state governor, Dr Peter Mbah, used the occasion to unveil 30 …

The World Bank Country Director for Nigeria, Shubham Chaudhuri, has announced plans to collaborate with the National Identity Management Commission to ensure the successful rollout and registration of digital national IDs for all Nigerians. The ambitious target is to provide at least 148 million people of working age with a digital national ID by the middle of 2024, marking a …