Tag: WORLD BANK

‘Ɗangote Refinery shields Nigeria from global energy shock’ – World Bank

Aminu Imam
World Bank on Dangote Refinery

…Says poverty rate climbs to 63% The World Bank has painted a mixed picture of Nigeria’s economy, highlighting the protective role of the Ɗangote Refinery in cushioning global energy shocks, even as poverty levels continue to rise sharply across the country. In an interview with Reuters, World Bank President, Ajay Banga commended the Ɗangote Group for its $20 billion investment in the 650,000 barrels-per-day Ɗangote Refinery, describing it as a critical buffer against the global energy crisis triggered by the ongoing Middle-East conflict involving Iran. Banga noted that the refinery…

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W’Bank warns of fiscal strain, as FG rolls out ₦4tr power bond

Aminu Imam
W'Bank on power bond

The World Bank has raised concerns over the Federal Government’s ambitious ₦4 trillion bond programme aimed at settling longstanding debts in Nigeria’s power sector, warning that the initiative could create significant fiscal risks if not carefully integrated into national budget frameworks. The global lender noted that while the bond programme provides short-term liquidity relief to power generation companies (GenCos) and gas suppliers, it effectively converts decades-old arrears into formal sovereign debt obligations that must be fully accounted for in government finances. The programme, launched under the Presidential Power Sector Debt…

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Tinubu, Shettima meet World Bank delegation in Abuja

Aminu Imam
Tinubu, VP meet W'Bank

President Bola Ahmed Tinubu and Vice-President Kashim Shettima yesterday hosted a high-level delegation from the World Bank at the State House in Abuja. The delegation was led by the World Bank’s Managing Director of Operations, Anna Bjerde. The meeting was confirmed in a post on X by the President’s Special Adviser on Information and Strategy, Bayo Onanuga. However, details of the discussions have not yet been made public. According to earlier reports, the meeting came barely 48 hours after Lagos State Governor, Babajide Sanwo-Olu, received a World Bank delegation at…

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Nigeria’s social protection budget allocation has no impact on poverty alleviation’ — W’Bank

Aminu Imam
W'Bank on poverty

Nigeria’s barely 0.14 percent budgetary allocation of its Gross Domestic Product (GDP) on social protection is far below the global average of 1.5% and the sub-Saharan African average of 1.1%, and has had no effect on poverty, so far.  The World Bank, in a new report titled: “The State of Social Safety Nets in Nigeria”, on Tuesday, noted that the tiny allocation, which is a combined effect of all existing social protection programmes in the country, the bank warned, has reduced the national poverty headcount by just 0.4 percentage points.…

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CISLAC seeks debt cancellation, reforms at IMF, W’Bank

Aminu Imam
CISLAC seeks

Executive Director of the Civil Society Legislative Advocacy Centre (CISLAC) and Head of Transparency International Nigeria, Auwal Ibrahim Musa Rafsanjani, has raised a red flag over Africa’s deepening fiscal crisis, calling for urgent reforms in global financial governance and African debt management. Speaking at the 2025 Annual Meetings of the International Monetary Fund (IMF) and the World Bank in Washington D.C., Rafsanjani described Nigeria’s debt trajectory as unsustainable and reckless, with most of the country’s borrowings being used for recurrent expenditure rather than productive investments. ‘Most of the loans we…

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‘139m Nigerians now in poverty despite reform gains” – World Bank

Aminu Imam
W'Bank on 9ja poverty

The World Bank has expressed concern that despite Nigeria’s recent economic stabilisation efforts, about 139 million citizens are now living in poverty, warning that the country risks losing reform gains if they fail to translate into tangible improvements in people’s welfare. The World Bank Country Director for Nigeria, Mathew Verghis, disclosed this yesterday in Abuja, at the launch of the October 2025 Nigeria Development Update titled: “From Policy to People: Bringing the Reform Gains Home”. The Nigeria Development Update is the bank’s biannual flagship report that reviews economic trends, policy…

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W’Bank raises Nigeria, other African countries’ growth forecast

Aminu Imam
W'Bank raises Nigeria

The World Bank has said that Nigeria and other sub-Saharan African economies are expected to grow by a faster 3.8% this year on the back of stable prices that have spurred easing by policymakers. According to Reuters, the development followed the Central Bank of Nigeria (CBN)’s easing of interest rates from 27.5% to 27 percent last month. The Bank upgraded growth forecasts for Ethiopia, Nigeria, and the Ivory Coast – all major economies in the region, saying real incomes are also growing at a faster rate this year and into…

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“W’Bank, IMF insisted FG must remove all subsidies’ – Falana

Aminu Imam
Falana on W'Bank, IMF

A Senior Advocate of Nigeria, Femi Falana, has accused the World Bank and the International Monetary Fund (IMF) of pushing the federal government to remove fuel subsidy. Falana, while speaking during an interview on a television programme on Sunday, stated that no country in the world has completely abolished subsidies. The human rights activist further criticised President Bola Tinubu’s administration over the decision to remove the fuel subsidy. He said, “There’s no way you can remove subsidy completely. No country in the entire world has abolished subsidies completely. Even leading…

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World Bank approves $300m to support over 3m IDPs

Aminu Imam
World Bank approves

The World Bank has approved $300 million to support more than 3.5 million internally-displaced persons (IDPs) and their host communities in northern Nigeria. The Solutions for the Internally Displaced and Host Communities Project (SOLID) was approved on August 7. It will focus on climate-resilient infrastructure, livelihoods, and building social cohesion. The aim is to help affected communities move from relying on aid to becoming self-reliant. The project, which will benefit about 7.4 million people, including 1.3 million IDPs, will be implemented in partnership with federal, state, and local governments, as…

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FG secures fresh ₦1.2tr ($747m) loan for Lagos-Calabar highway

Aminu Imam
World Bank allocates

The  President Bola Ahmed Tinubu administration has secured a $747 million (roughly ₦1.2 trillion) World Bank loan facility to finance Phase-1 Section-1 of the Lagos-Calabar highway. According to a statement issued on Wednesday by the Director of Information and Public Relations at the Ministry of Finance, Mohammad Manga, the loan will finance Phase-1 Section-1 of the project, stretching 47 kilometres from Victoria Island to Eleko Village in Lagos. The project is a flagship under the ‘Renewed Hope Infrastructure Development Agenda’ of the Tinubu administration, and is expected to boost regional…

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