…Considers tapping domestic dollar savings The Federal Government has revealed its intention to obtain a loan facility of $1.5 billion from the World Bank. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun stated this in an…
…Warns of economic challenges in Nigeria, South Africa, others By Sodiq Adelakun The World Bank has predicted that Nigeria’s economy will grow by 3.3 percent this year, according to its recent Global Economic Prospect (GEP) report. This projection is 0.4…
By Sodiq Adelakun The World Bank’s latest Food Security Update has brought to light the significant impact of domestic food price inflation on various regions across the globe, with Nigeria, along with other African, North American, and Latin American nations,…
In a significant move to bolster Nigeria’s infrastructure and social programs, the World Bank has approved a series of loans totaling $2.7 billion for the West African nation. The administration of President Bola Tinubu has secured this financial package amid…
…17.5m Nigerians to get solar, power grids …As electricity subsidy gulps N204.5bn Q’3 2023 In line with its commitment to provide improved access to electricity through distributed renewable energy solutions, the World Bank has approved a $750 million facility for…
The World Bank says the federal government may still be paying for petrol subsidy as fuel prices in Nigeria are currently not cost-reflective. It said Nigerians should pay about N750 per litre as against the current price of N650 in…
The World Bank has said that by 2025, Nigeria should have over N11 trillion saved from fuel subsidy removal. The World Bank provided this insight in the December 2023 Nigeria Development Update which is a bi-annual report which evaluates recent…
…Recommends reduction of import tariffs to reduce cost of doing business, poverty level …Applauds fiscal reforms, predicts decline in inflation by H1, 2024 Over $300 million was lost as revenue to tax evasion between 2015 to 2019 due to import…
The Nigeria Port Authority, NPA, and World Bank are working on a partnership towards revamping Nigeria’s decaying port infrastructure. Managing Director of NPA, Mohammed Koko, disclosed this on Tuesday through his official X (formerly Twitter) handle after meeting the World…
In a report released by the World Bank on Friday, a total of 321,867 Micro, Medium, and Small Enterprises (MSMEs) in Nigeria have received wholesale funding amounting to $1.4 billion over the course of six years. The funds were disbursed…
