The World Bank has approved a $500 million loan to Nigeria to support the country’s Community Action for Resilience and Economic Stimulus Program. According to information obtained from the bank’s website on Sunday, the approval, which took place on March 28, 2025, marks a significant step in addressing Nigeria’s economic challenges through expanded access to…
The federal government is expected to receive new loans from the World Bank, totalling $2.2 billion in 2025. According to the Washington-based financial institution’s project list, the $2.2 billion will cut across six different projects. World Bank earmarked $500 million for the ‘Community Action (for) Resilience and Economic Stimulus Programme,’ which will be approved by…
The Federal Government has engaged the World Bank for a fresh $300m loan to strengthen Nigeria’s health security infrastructure. Information obtained from the World Bank showed that the loan, which is under consideration, will be implemented by the Nigeria Centre for Disease Control with the Federal Ministry of Finance acting as borrower on behalf of…
The World Bank’s Country Director for Nigeria, Dr. Ndiame Diop, has confirmed that Nigeria remains the largest economy in Africa by Gross Domestic Product (GDP) despite the challenges faced by its private sector. Speaking at the Country Private Sector Diagnostic (CPSD) and Stakeholder Engagement in Abuja yesterday, Dr. Diop said while Nigeria receives far less…
The World Bank has released a $1.5bn loan to Nigeria following the Federal Government’s implementation of a few of its economic reforms, including removing fuel subsidies and introducing tax policies. This was after the apex bank said it had approved two operations: $1.5 billion for the Nigeria Reforms for Economic Stabilization to Enable Transformation (RESET)…
As much as $41 billion in World Bank climate finance is unaccounted for, according to Oxfam International. In a report released on Thursday, Oxfam revealed that an audit of the World Bank’s climate finance activities from 2017-2023 found that between $21 billion and $41 billion in climate finance was not tracked from the time…
The naira is one of the worst-performing currencies in Sub-Saharan Africa for 2024. According to the latest edition of Africa’s Pulse, a report by the World Bank, as of August 2024, the naira had depreciated by 43% year-to-date, placing it among the weakest currencies in the region, alongside the Ethiopian birr and South Sudanese pound….
GISTSMATE MEDIA reports that the World Bank has approved three new loan requests totalling $1.57bn in financing for Nigeria. According to a statement released on Monday, the approval is to support the Federal Government in strengthening human capital through better health for women, children and adolescents. It added that the approved projects would also help…
GISTSMATE MEDIA reports that the Federal Government has begun a process to obtain a fresh $2bn loan from the World Bank. The loan request submitted by the Ministry of Finance on behalf of the government is currently undergoing concept review, an appraisal stage that will lead to further negotiation and approval. According to documents posted…
Nigeria is the third-largest debtor to the World Bank’s International Development Association as of June 30, 2024, following a significant increase in its borrowing from the institution. A financial statement dated June 30 2024 but recently made public and obtained by our correspondent on Tuesday disclosed this. The IDA, a key arm of the World…