World Bank To Support Nigeria’s Power Recovery With $2.6bn

The World Bank Group has expressed its willingness to assist the Federal Government’s Power Sector Recovery Programme with $2.6bn. According to the Federal Ministry of Power, Works and Housing, the financial intervention from the bank for the PSRP would help to fully fund historical and future deficits in the power sector. The PSRP is a […]

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22% of Nigerians Suffer From Chronic Depression – World Bank

A new study by the World Bank has revealed that 22 per cent of Nigerians, on average, are chronically depressed. The study looked at the first nationally representative estimates of chronic depression in Nigeria to shed light on how it may be linked to economic outcomes, such as Labour market and human capital investments, especially […]

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World Bank’s Support to Nigeria, Others Hits $14bn

The World Bank Group yesterday disclosed that its support to fragile states, including Nigeria through the International Development Association (IDA) has doubled to more than $14 billion. The  bank’s Country Director in Nigeria, Mr. Rachid Benmessaoud, who made the disclosure at a conference with the theme: ‘IdeasforAction Africa’ which it hosted in collaboration with the […]

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World Bank Forecasts 2.5 Percent Growth For Nigeria In 2018

The World Bank has forecast that economic growth in Nigeria would edge up to at least 2.5 per cent in 2018, as the country benefits from improved commodity prices, investments and trade. According to the World Bank’s January 2018 Global Economic Prospect report launched on Tuesday in Washington DC, Nigeria’s Gross Domestic Product (GDP) is […]

Edo Partners World Bank On Expenditure Framework, Inclusive Growth

The Edo State Government has revealed that it is partnering with the World Bank on its Medium-Term Expenditure Framework (MTEF) and Medium Term Sector Strategy (MTSS), for efficient allocation of resources and engender inclusive growth. Special Adviser to the Governor on Budget, Mr. Joseph Eboigbe, disclosed this in a chat with journalists in Benin City, […]

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Nigeria Owes World Bank Group $7.8 bn

A new report has shown that Nigeria owes 51 per cent of its cumulative $15.35 per cent external debt to the World Bank Group. A report by FBN Capital research titled: ‘External Debt Ratios to Savour’ said the Federal Government of Nigeria’s (FGN’s) external debt obligations at end-September amounted to $15.35 billion, equivalent of 3.9 […]

Osinbajo Satisfied As World Bank Commends Nigeria’s Economic Reforms

Nigeria’s recent ranking by World Bank, evidence of productive collaboration anchored by FG’s ease of doing business initiative Remarks by the Vice President, Federal Republic of Nigeria, His Excellency, Prof. Yemi Osinbajo SAN at the Ease of Doing Business Stakeholders’ Engagement Forum at the Nigerian Export Promotion Council (NEPC) Hall, Abuja on November 7, 2017: […]

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World Bank Warns Nigerians Against Fraudulent Cooperative Scheme

The World Bank has issued a fraud alert warning Nigerians against a ‘cooperative’ scheme being promoted in the name of the global financial institution. In a statement made available to our correspondent by the Bank’s spokesperson, Olufunke Olufon, on Monday, the Bank said it had no hand in the “fraudulent scheme.” It said, “The World […]

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AfDB calls off proposed $400m loan to Nigeria

The African Development Bank (AfDB) has called off a loan to Nigeria that would have helped fund the country’s budget. It has instead redirected the money to specific projects, a vice president at the lender said yesterday, according to Reuters. The AfDB  had been in talks with Nigeria for around a year to release the second, […]

World Bank Supports’ Nigeria Borrowing Plan

The World Bank says it is not in disagreement with the Federal Government on the need to borrow to finance infrastructure. In a letter to the Minister of Finance, Mrs. Kemi Adeosun, in Abuja on Wednesday, the World Bank Country Director for Nigeria, Mr. Rachid Benmessaoud, said the bank had commended the Federal Government for […]