Tag: World Bank

Nigeria, nine others listed as countries with high debt risk exposure

The World Bank has stated that Nigeria is among a list of top 10 countries with high debt risk exposure. It stated this in the financial statement for International Development Association, which was among the World Bank FY21 audited financial statements released on Monday. The financial statement said, “IDA faces[Read More…]

Nigeria has the lowest revenue to GDP ratio in the world – World Bank

Nigeria has been described by the World Bank as the country with the worst revenue to gross domestic product (GDP) ratio in the world.  This was disclosed by the world’s apex Bank country director for Nigeria, Shubham Chaudhuri, during a panel session at a virtual public sector seminar organised by[Read More…]

Nigeria will lose 10 years of economic gains this year – World Bank Report

A new report by the World Bank says a full decade of economic growth in Nigeria is likely to be lost by the end of 2021. The international financial institution said in its bi-annual Nigeria Development Update (NDU) report series that the country’s gross domestic product is likely to approach[Read More…]

World Bank report says 7 million Nigerians were pushed below poverty line in 2020

The World Bank has revealed that an estimated 7 million Nigerians were pushed below the poverty line in 2020. This was contained in a press statement titled, ‘Critical reforms needed to reduce inflation and accelerate the recovery, says new World Bank report,’ issued by the World Bank’s Senior External Affairs[Read More…]

SERAP has urged the World Bank to publish details of $500m electricity funding in Nigeria

Socio-Economic Rights and Accountability Project (SERAP) has urged the World Bank President Mr David Malpass “to exercise the Bank’s prerogative to release archival records and documents relating to spending on all approved funds to improve access to electricity in Nigeria between 1999 and 2020, the Bank’s role in the implementation[Read More…]

World Bank approves $500million to improve Nigeria’s access to electricity

The World Bank has approved $500m to help boost access to electricity in Nigeria and improve the performance of the electricity distribution companies in the country. In a statement issued on Friday titled, ‘Nigeria to Improve Electricity Access and Services to Citizens,’ the World Bank said financial support would be[Read More…]

Nigeria to get $1.5Billion loan from World Bank

The World Bank has approved Nigeria’s request for a $1.5 billion loan. In a statement on Tuesday, the Bretton Wood institution said the facility is a five-year country partnership framework (CPF) that will last from 2021 to 2024. The bank said the facility was prepared jointly with the International Finance[Read More…]

World Bank clears 35 states for $1.5billion COVID-19 stimulus package

The World Bank has cleared 35 states in Nigeria for the US$1.5billion stimulus package to cushion the economic effects of the Covid-19 pandemic. The plan is part of the World Bank’s package for immediate fiscal relief for Nigeria, following discussion between the bank’s Country Director and the Economic Sustainability Committee,[Read More…]

World Bank approves over $114 million for Nigerian states to fight COVID-19

The World Bank has approved $114.28 million for states in Nigeria to boost capacity for COVID-19 response. In a statement issued on Friday, the bank disclosed that the intervention constitutes $100 million credit from the International Development Association (IDA) and $14.28 million grant from the Pandemic Emergency Financing Facility (PEF).[Read More…]

For girl-child education, World Bank loans Katsina, Kano, five others $500m

The World Bank Board of Directors on Wednesday approved a $500m credit from the International Development Association for the Adolescent Girls Initiative for Learning and Empowerment, to improve secondary education opportunities among girls in targeted areas. The World Bank said the project would support access to secondary education and empowerment[Read More…]