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WORLD BANK
World Bank approves $500m MSME finance package for Nigeria
The World Bank has approved a $500 million financing package to expand access to finance for micro, small, and medium enterprises in Nigeria under the Fostering Inclusive Finance for MSMEs in Nigeria project. In a press release issued by the World Bank in Nigeria on Saturday, the global lender announced that the approval encompasses a […]
Presidency Says World Bank’s Poverty Report Is Unrealistic
President Bola Tinubu’s Special Adviser on Media and Public Communication, Sunday Dare, in a post on his official X handle, said that the poverty figures must be “properly contextualised” within the limits of global poverty measurement models. “While Nigeria values its partnership with the World Bank and appreciates its contributions to policy analysis, the figure […]
W’Bank allocates $40m loan to protect poor Nigerians
The World Bank has allocated $40m to support the expansion of financial protection for poor and vulnerable Nigerians under a new loan-backed health programme approved for the country. The loan project, approved by the World Bank on September 26, 2024, includes a $500 million credit facility from the International Development Association and a $70.01 million grant […]
World Bank bans two Nigerian firms, CEO over corruption
The World Bank Group has announced the 30-month debarment of two Nigerian companies, Viva Atlantic Limited and Technology House Limited, alongside their Managing Director and Chief Executive Officer, Norman Didam, for fraudulent, collusive, and corrupt practices linked to the National Social Safety Nets Project in the country.
World Bank Releases $1.5bn To Nigeria After Subsidy Removal, Tax Bills
The World Bank has released a $1.5bn loan to Nigeria following the Federal Government’s implementation of a few of its economic reforms, including removing fuel subsidies and introducing tax policies.
World Bank may approve $500m loan to Nigeria today
According to information obtained from the Washington-based institution, the loan is for the Rural Access and Agricultural Marketing Project—Scale Up. It is designed to bridge the gap between rural communities and the broader marketplace, facilitating smoother access to agricultural markets, schools, and hospitals and promoting social cohesion among rural populations. Earlier reports has it that […]
World Bank Announces $100bn Loan For Poorest Countries
In a statement by the World Bank Group’s President, Ajay Banga said donor countries committed $23.7 billion to reload its concessional lending arm, known as the International Development Association , IDA. This year’s support is a slight increase from the roughly $23.5 billion pledged during the last fundraising round three years ago. Read Also: FG […]
FG repaying 69 loans obtained by ex-presidents, W’Bank declares
The World Bank Group Finances has revealed that the Federal Government is still repaying $10.6bn in loans obtained under former Presidents Olusegun Obasanjo, late Umaru Musa Yaradua, and Goodluck Jonathan. Recall that in June 2024, the Debt Management Office said as of March 31, 2024, Nigeria’s domestic and external debts stood at N121.67tn ($91.46bn). The […]