Tag: WORLD BANK

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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‘Extreme poverty rising fast in Nigeria, 38 others’ – World Bank

Aminu Imam
World Bank on rising poverty2

The World Bank has warned that extreme poverty is growing rapidly in Nigeria and 38 other economies affected by conflict and instability, worsening hunger and pushing development goals further out of reach. The bank made this known in a statement released on Friday titled: “Extreme Poverty is Rising Fast in Economies Hit by Conflict, Instability”, based on its post-Covid assessment of fragile and conflict-affected states. Nigeria is listed among the 39 economies the bank classified as being in Fragile and Conflict-Affected Situations, a group that includes Afghanistan, Sudan, Syria, Yemen,…

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‘Nigeria has highest number of citizens without electricity access’ – World Bank 

Aminu Imam
W'Bank on electricity

The World Bank, in a latest report, has put the number of people without access to electricity in Nigeria at a whopping 86.8 million, the highest world-wide. The World Bank 2025 report, released on Wednesday, covers 2023, and is titled: “Tracking Sustainable Development Goal, SDG7: The energy progress report 2025”. The report, which puts Nigeria in the lowest position globally, is the third year in a row the country is so positioned, and showed that out of the top 20 countries with weakest access 18 were from sub-Saharan Africa. The…

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‘Rural poverty in Nigeria now 75%’ – World Bank

Aminu Imam
W'Bank on rural poverty2

The World Bank has revealed that a staggering 75.5 percent of rural dwellers now live below the poverty line in Nigeria. The Bank, which disclosed this in its ‘April 2025 Poverty and Equity Brief for Nigeria’ report, paints a bleak picture of rising economic hardship, growing inequality, and persistent underdevelopment across large parts of the country. According to the report, while 41.3 percent of Nigeria’s urban population lives in poverty, the situation is significantly worse in rural areas, where economic stagnation, inflation, and insecurity have combined to deepen hardship. Based…

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‘Nigeria remains Africa’s largest economy’ – World Bank

Aminu Imam
World Bank on 9ja

World Bank’s Country Director for Nigeria, Dr. Ndiame Diop, has confirmed that Nigeria remains Africa’s largest economy 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 on Thursday, Dr. Diop stated that while Nigeria receives far less Foreign Direct Investment (FDI) than its potential warrants – especially in comparison to countries such as Indonesia and South Africa – it continues to hold its position as Africa’s biggest economy. He stated that the CPSD…

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World Bank allocates $1.2bn for girls’ education in Nigeria

Aminu Imam
World Bank allocates

The World Bank has announced that it has earmarked $1.2 billion for investment in girls’ education across 18 States. The States include: Borno, Ekiti, Kebbi, Kaduna, Plateau, Katsina, Kano, Adamawa, Kogi, Nasarawa, Niger, Bauchi, Jigawa, Yobe, Kwara, Gombe, Sokoto and Zamfara. The World Bank Country Director, Ndiame Diop, disclosed this on Friday, at the relaunch of the Adolescent Girls Initiative for Learning and Empowerment (AGILE) programme in Abuja. Diop, represented by the Bank’s senior social protection specialist, Tina George, said the initiative aims to provide comprehensive support to enhance adolescent…

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Nigeria receives $1.5bn W’Bank loan over Tinubu’s subsidy removal, tax reforms Bills

Aminu Imam
FG on W'Bank loan

The World Bank has released a $1.5billion loan to Nigeria, following the implementation of a few of its economic reforms, including fuel subsidies removal and introducing tax policies by the Tinubu-led administration. This is according to the World Bank’s recent document on the progress of the loan. The loan, part of the Reforms for Economic Stabilisation to Enable Transformation Development Policy Financing initiative, is among the fastest disbursements Nigeria has received with both tranches released in less than six months. The document showed that the loan was approved on June…

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World Bank uncovers $32m ‘missing funds in Nigerias water project

Aminu Imam
W'Bank on water projects

The World Bank has uncovered $32 million in unaccounted funds in Nigerias water project. The report, disclosed in the banks recently released FY2024 Sanctions System Annual Report, showed that the missing funds were intended to bolster water infrastructure in Nigeria but were not adequately accounted for, prompting an intervention to safeguard the projects integrity. INT followed up on risks identified regarding a project in Nigerias water sector and flagged the operations, which was associated with $32 million of unaccounted funds, stated the report. In a move to recover the fund,…

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“Politicians, IMF, World Bank driving Nigerians towards Venezuela” Ali Ndume

Aminu Imam
Ndume on hardship

Senator representing Borno-South, Ali Ndume, has accused politicians, the International Monetary Fund (IMF), and the World Bank of contributing significantly to Nigerias economic woes. Speaking during an interview on a television programme  yesterday, Ndume warned that their actions are pushing the country toward a crisis similar to Venezuelas. The senators remarks reflect his criticism of external economic policies and domestic political mismanagement, which he believes have combined to worsen the countrys economic challenges. Ndume emphasised the need for a more self-reliant and locally driven approach to economic reforms, urging leaders…

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