FG obtains over $751m from $1.5bn recently approved World Bank loan

FG on W'Bank loan

The Federal Government has obtained $751.88m out of the recently approved $1.5bn World Bank facility under the ‘Nigeria Reforms for Economic Stabilisation to Enable Transformation, Development Policy Financing (DPF) Programme” project. The loan was disbursed on June 28, 2024, according to documents from the Bretton Wood’s institution. This loan project is a part of the broader $2.25bn approved by the World Bank for Nigeria on June 13, 2024, to bolster Nigeria’s economic stability and support its vulnerable populations. The $1.5bn loan comprises two separate agreements between Nigeria and the World…

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Economic Hardship: ‘6’ months after, Nigerian poverty rate on the rise’ – World Bank

World Bank

The deplorable state of the nation, the hardship level, the heartbreaking state of Internally-Displaced Persons (IDP) camps, and the Increasing Poverty Rate in Nigeria is a damning indictment of President Tinubu ‘Renewed Hope’ mandate’s promise to Nigerians. The further suspension of the Activities of Humanitarian Affairs and all departments of the Ministry shows a lack of sincerity on the side of Mr. President to address the dire need of the poorest of the poor. These camps, intended as a haven for those fleeing conflict and instability, have become a cruel…

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​”​Relying on IMF, World Bank’s policies worsening Nigeria’s economy” –  PRP Chair, Falalu Bello to Tinubu

PRP 2 Tinubu

The Peoples Redemption Party, (PRP), says President Bola Tinubu’s reforms have pushed the nation’s “misery index to an unprecedented level” In an issued statement yesterday, the PRP National Chairman, Falalu Bello, faulted the Government’s continuous use of Bretton Woods institutions’ economic policy prescriptions despite their “monumental failures in the past” The Bretton Woods institutions are the World Bank and the International Monetary Fund, (IMF). Bello said the challenges faced by the country could have been addressed using unconventional and orthodox policies without resorting to Bretton Wood’s economic policies. The statement…

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FG secures $500m World Bank loan to boost DisCos

W'Bank loan

The Federal Government has secured $500million loan from the World Bank to improve electricity Distribution Companies (DisCos) performance. This was disclosed in a press statement issued yesterday by the Bureau of Public Enterprises (BPE)’s Head, Public Communication, Amina Tukur Othman. She said, approved on February 4, 2021, by the World Bank Board of Directors, this funding supports the Nigerian Distribution Sector Recovery Program (DISREP) aimed at improving the financial and technical performance of the DisCos. The Distribution Sector Recovery Programme, (DISREP), said the Head of Public Communications, is designed to…

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World Bank blacklists 58 Nigerian companies, individuals over corruption

World Bank

The World Bank has blacklisted 58 Nigerian companies and individuals for engaging in corrupt practices, a move it says is part of the institution’s on-going efforts to uphold integrity and transparency in its projects and operations. Among those affected are 39 Nigerian companies previously debarred by the African Development Bank (AfDB), along with 19 individuals identified by the World Bank under the cross-debarment policy. The total number of debarments now stands at 58, rendering the implicated entities ineligible to participate in projects and operations financed by institutions of the World…

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Nigeria set to receive fresh $2.2bn World Bank loan – Edun

9ja map green

The Federal Government is set to receive around $2.2 billion single-digit interest loan from the World Bank and another budget support facility from the African Development Bank, (AfDB). Minister of Finance, Wale Edun, disclosed this during a press briefing at the end of Nigeria’s activities at the World Bank/International Monetary Fund, (IMF) Spring meeting in Washington DC, the United States on Saturday. Speaking on the sources of international funding to the Nigerian economy, Edun listed diaspora remittances, foreign portfolio investments, and facilities from the World Bank and other international development…

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“Internet exposure reduced Nigeria’s poverty by 7%” – World Bank

The World Bank has disclosed that improved access to internet over three years led to a seven per cent reduction in extreme poverty in Nigeria. In a new brief, titled: “Digital transformation drives development in Africa”, the World Bank noted that the exposure has also led to an eight per cent increase in labour force participation and wage employment. “In 2023, a World Bank flagship report found that in Nigeria and Tanzania, extreme poverty declined by about seven per cent after three or more years of exposure to internet coverage,…

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Competitive Industrial Performance Index: Forex restriction places Nigeria on low ranking – World Bank

Nigeria ranked 97 out of 153 countries in 2023 on the Competitive Industrial Performance Index, partly because of the government’s foreign exchange (FX) access restrictions and import bans, according to the World Bank. This was revealed in its latest Nigeria Development Update for December 2023, titled: ‘Turning the corner: From reforms & renewed Hope’. The report, produced bi-annually, assesses immediate economic developments and prospects in Nigeria. The report said: “While the FX restrictions did not explicitly prohibit importing the 43 categories of goods on the restriction list, they created a…

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2024: World Bank predicts insecurity, economic hardship, others in some Northern States

The World Bank has forecasted that persistent insecurity, armed conflict, and worsening livelihoods will continue to affect local government areas in Borno, Kaduna, Katsina, Sokoto, Yobe, Zamfara States, and the far north of Adamawa State until May, 2024. According to the World Bank, poor macro-economic conditions are restricting access to agricultural inputs in the affected States, and that it is set to affect cereal production in the country. The global bank, in its latest ‘Food Security Update’, issued on Wednesday, stated that estimated cereal production for the 2023/24 crop year is expected…

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‘World Bank an enemy of Nigeria’ – NLC

The Nigeria Labour Congress (NLC) has labelled the World Bank an enemy of the country after the financial institution asked the Federal Government to stop the subsidy payment on petrol and raise the cost of the product to N750/litre. In a statement issued on Thursday, Ajaero said, in part: “It is truly a shame that the World Bank has really shown itself to be an enemy of the Nigerian nation. Its continued grandstanding and generation of anti-poor policies and programmes have destabilized many countries of the South, especially nations within…

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