AGS NEWS – The World Bank has allocated $40 million to support health insurance and financial protection for poor and vulnerable Nigerians under a new health programme approved for the country. The funding is part of the HOPE-Health Programme-for-Results (PforR), … Continue reading World Bank Allocates $40m to Boost Health Insurance for Poor Nigerians
AGS NEWS – The World Bank has identified $32 million in unaccounted funds within a Nigerian water sector project, sparking concerns of embezzlement and mismanagement. The irregularities, flagged in the Bank’s FY2024 Sanctions System Annual Report, followed a forensic review … Continue reading W’Bank detects $32m unaccounted funds in Nigeria’s water project
AGS NEWS – The World Bank has revealed that the Nigerian government lost N13.2 trillion in revenue due to its foreign exchange subsidy policy from 2021 to 2023. This policy involved regulating the naira’s value in the official exchange market … Continue reading Nigeria loses N13tn to forex subsidy — World Bank
AGS NEWS – As of June 30, 2024, Nigeria has become the third-largest debtor to the World Bank’s International Development Association (IDA), following a significant rise in borrowing. According to a recently released financial statement, Nigeria’s debt to the IDA … Continue reading Nigeria becomes World Bank’s IDA third-largest debtor, owes $16.5bn
AGS NEWS – The Federal Government has sought a $500 million loan from the World Bank to enhance dam safety and improve water resource management nationwide. This loan aims to tackle water security issues and boost agricultural productivity through the … Continue reading Nigerian government seeks $500m World Bank loan for dam safety, others
The World Bank has released its latest report, “Global Economic Prospect: Subdued Growth, Multiple Challenges,” projecting a growth rate of 3.7% for Nigeria’s Gross Domestic Product (GDP) in 2025. This marks an improvement from the previously projected 3.3% for 2023, … Continue reading World Bank forecasts 3.7% economic growth for Nigeria 2025
In the span of six years, a total of 321,867 Micro, Small, and Medium Enterprises (MSMEs) have benefitted from wholesale funding amounting to $1.4 billion, as revealed by the World Bank in a report released on Friday. The report, titled … Continue reading $1.4 billion funding secured by 321,867 SMEs over six years – World bank
Italian oil company Eni has decided to temporarily suspend arbitration proceedings related to the OPL 245 oilfield dispute with the Nigerian government. The move aims to provide room for discussions regarding the conversion of the license from prospecting to production. … Continue reading Eni temporarily halts World Bank arbitration in OPL 245 dispute
During a meeting held on Monday, the Federal Executive Council approved the application for a $3.45 billion loan to fund various projects. The financing is designated for the power sector, renewable energy, state resource mobilization programs, an initiative for adolescent … Continue reading FG approves $3.45bn world bank loan for power and other projects
In a recent announcement made in Marrakech, Morocco, member states of the International Monetary Fund (IMF) have unanimously agreed to boost their contributions to the global financial institution. They also consented to allocate Africa an additional position on the IMF’s … Continue reading IMF and World Bank concludes meetings in Morocco
The World Bank Group has advised Nigeria to reduce the government’s borrowing from the Central Bank as part of its efforts to address inflationary pressure on the economy. During an economic review session at the Lagos Business School, the World … Continue reading World bank urges Nigeria to reduce government borrowing from CBN
During the Fourth Lake Chad Governor’s Forum meeting in N’Djamena, Chad, the World Bank’s Country Manager for Chad, Mr. Rasit Pertesv, announced that the World Bank has granted one billion dollars to strengthen resilience and improve the livelihoods of people … Continue reading World bank grants $1 billion to enhance security in lake Chad region
The World Bank Group has granted Nigeria a loan of $500 million to support the country’s efforts in driving women’s empowerment, according to sources. This loan marks the second approval by the World Bank since the presidency of Bola Tinubu. … Continue reading World bank approves $500 million loan for Nigerian government
The Institute of Chartered Accountants of Nigeria (ICAN) has called on the World Bank to approve loans for the federal and state governments in Nigeria based on their performance rankings on the ICAN Accountability Index. Dr. Innocent Okwuosa, the President … Continue reading ICAN calls on World Bank to consider accountability index for loans to Nigerian governments
According to a statement from the World Bank’s Ghana office, the organization has provided $150 million in funding to assist the Ghanaian government in fulfilling its obligations in poverty alleviation. The funding aims to support the country, which is currently … Continue reading World bank allocates $150 million to Ghana for poverty alleviation efforts
In a letter addressed to the National Assembly, President Muhammadu Buhari has requested approval for a new loan of $800 million from the World Bank. Senate President Ahmad Lawan read the President’s request to lawmakers during a session in the … Continue reading Buhari requests approval for $800m subsidy palliative loan
Civil Society Legislative Advocacy Centre (CISLAC) has raised concerns over the Federal Government’s borrowing of $800 million from the World Bank to cushion the impact of the proposed fuel subsidy removal in June. The group criticized the government’s decision to … Continue reading CISLAC questions Nigerian government’s $800m World Bank loan for fuel subsidy palliatives
According to World Bank reports gathered by correspondents, the Nigerian Diaspora community has sent $168.33 billion to the country over the past eight years. In contrast, foreign investments inflow into the country fluctuated during this period, which led to a … Continue reading World Bank report shows diaspora Nigerians remitted $168bn in eight years
The recent World Bank/International Monetary Fund Spring meetings in Washington DC, the Director-General of the World Trade Organisation, Ngozi Okonjo-Iweala, highlighted the crucial role of global value chains in job creation and inclusion, as evidenced during the COVID-19 pandemic. She … Continue reading Okonjo-Iweala highlights the significance of global value chains for job creation and inclusion at World Bank/IMF meetings
The World Bank has reported that the naira, Nigeria’s currency, has experienced a significant depreciation of 10.2% in 2022 due to global food and fuel price increases and exchange rate fluctuations, contributing to inflationary pressures in the Sub-Saharan region. Similarly, … Continue reading Naira suffered a 10% depreciation in 2022 – World Bank
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