The World Bank has said it has fixed December 16 as a tentative approval date for a fresh $1bn Development Policy Financing loan to the country under a new initiative tagged “Nigeria Actions for Investment and Jobs Acceleration (P512892).” According to a project document published by the bank on October 27, the new facility comprises…
Ajay Banga, president of the World Bank Group, says Nigeria’s population will increase by about 130 million people in 2050. Banga spoke during the 2025 annual meetings of the International Monetary Fund (IMF) and the World Bank. According to the United Nations Population Fund, Nigeria’s population is currently estimated at 237.5 million. Speaking at the…
In a sharp repudiation of the World Bank’s recent poverty statistics, the Presidency on Wednesday dismissed the figure that 139 million Nigerians live in poverty as “detached from the country’s economic realities” and an analytical abstraction rather than a factual headcount. The government insisted that the estimate must be “contextualised” before being accepted as valid….
The World Bank has called on Nigeria to ensure that the positive outcomes from its recent macroeconomic reforms translate into real improvements in citizens’ living standards, as new estimates show that about 139 million Nigerians are living in poverty. Country Director for Nigeria, Mathew Verghis, made the appeal on Wednesday during the launch of the…
The World Bank is set to approve two loans totalling $750m for Nigeria on Tuesday, September 30, 2025, according to documents published on the bank’s official website. The funding is directed toward strengthening health security and expanding climate-resilient digital infrastructure. The package includes $500m for the Building Resilient Digital Infrastructure for Growth in Nigeria (BRIDGE)…
The World Bank Group is a unique global partnership of five institutions – IBRD and IDA (the World Bank), IFC, MIGA, and ICSID and young professionals can be deployed to any of the institutions. Applicants can apply to the following thematic areas: Operations: -Investment -People – Social Protection -Prosperity – Economic Policies -Prosperity – Institutions…
The World Bank says it is working with Nigeria to provide digital broadband access across the country. Speaking during a courtesy visit to President Bola Tinubu in Abuja on Wednesday, Anshula Kant, managing director and chief financial officer of the World Bank Group, said the global financial institution has a “very large programme” with Nigeria…
The federal government is expected to forfeit $10 million from a World Bank credit due to audit shortcomings, delays in launching a national budget portal, and slow implementation of a revenue assurance system. The fund is part of the $103 million fiscal governance and institutions project (FGIP), a public financial management initiative financed through a…
The World Bank, yesterday, described the Budget 2025 key assumptions of 2.1 million barrels per day oil production and $73 per barrel price as ambitious given the current production level of 1.6mbpd and $60pb price at the international market. The Federal Government however disagreed, saying that the assumptions were based on the potentials of the…
Nigeria’s economy recorded its fastest growth in about a decade in 2024, the World Bank said yesterday, alluding to early gains of macroeconomic reforms by the President Bola Tinubu’s administration. World Bank’s Lead Economist for Nigeria, Alex Sienaert, pointed out Federal Government’s improved fiscal position, driven by reforms in key areas of petroleum, foreign exchange…