The World Bank has disbursed at least $12bn, almost half of which was to Africa, to help beneficiary counties cope with food shortages. In a new report titled “Food Security Update | World Bank Response to Rising Food Insecurity”, the bank noted that domestic food prices remained high all over the world, especially in low and middle-income countries. According to …

The Bank of Industry has announced that the World Bank has approved its nomination as a provider of the Micro, Small and Medium Enterprises (MSME) component of NG-CARES (RA3) nationwide. In a statement titled, ‘Clarification of the Nigeria COVID-19 Action Recovery and Economic Stimulus programme’, BoI said that the development was based on its successful track record of building field …

Following the positive impact of the Agro-processing, Productivity Enhancement and Livelihood Improvement Support (APPEALS) project on farmers’ productivity in the state, Lagos State Government has appealed to the World Bank for an extension of the project. The request was made by the state Commissioner for Agriculture, Abisola Olusanya, who disclosed that APPEALS project has empowered about 8,000 farmers, especially women …

Lagos State Government has sought increased collaboration with the World Bank for the development of its mass housing schemes . During a working visit by a World Bank team to his office, the Commissioner for Housing, Mr Moruf Akinderu-Fatai, sought partnership with the bank to ensure that the state government’s vision of housing for all is achieved. The World Bank …

The World Bank Group will be raising $127 billion for mini-grip power funding by 2030. The bank said it will be leveraging development partner funding and government investment to “crowd in” private-sector finance for the project. It explained that solar mini-grids could provide high-quality uninterrupted electricity to nearly half a billion people in unpowered or underserved communities and be a …

Nigeria has been able to secure $700 million out of the $31.7 billion that the World Bank disbursed as climate financing in its 2022 fiscal year. The Nigerian government secured the credit facility for an Agro-Climatic Resilience in Semi-Arid Landscapes Project that was designed to develop 20 watershed management plans covering all of the northern parts of Nigeria. According to …

Nigeria now rates No 4 among the World Bank International Association borrowers’ list. With $13 billion International Development Association (IDA) debt stock as at 30 June 2022, Nigeria moved one step up in the list as against fourth in the corresponding period last year. The World Bank Fiscal Year 2021 audited financial statements (IDA financial statement) showed that Nigeria was …

The Lagos State Ministry of Energy and Mineral Resources took a great stride on Tuesday in its ambition to achieve one Gigawatt (GW) of installed Distributed Photovoltaics (DPV) capacity by 2030 by organising a one-day workshop, in conjunction with the World Bank, to discuss the framework for the DPV implementation the state. The structure is proposed to capture a mix …

The World Bank has approved a loan of €454.4 million (about US$474.4 million) to help South Africa fund COVID-19 vaccine purchases. In a joint statement, the bank and South Africa’s National Treasury said South Africa had recorded the most coronavirus cases and deaths on the African continent, with over 3.9 million confirmed cases and more than 101,000 deaths. South Africa …

More people in Nigeria and Sub-Saharan Africa (SSA) are expected to fall into extreme poverty following the impact of the Russia-Ukraine war. According to the World Bank in a report titled “Global Economic Prospects” released on Friday, the dire situation is attributed to the impact of the conflict – now in its fourth month – on the commodity market, supply chains, …