The World Bank on Thursday announced that it had approved the Nigeria Distributed Access through Renewable Energy Scale-up (DARES) project, which is financed by an International Development Association (IDA) credit of $750 million and will leverage over $1 billion of private capital and significant parallel financing from development partners, including $100 million from the Global […]
The World Bank has advised the Federal Government that to reap the benefits of the bold reforms and difficult but necessary economic adjustments currently being implemented by it, it is essential for it to sustain and fully implement the reforms and take complementary actions. The development finance institution in its December 2023 edition of the […]
The Nigerian government is exploring collaborative arrangements with the World Bank to increase financing and technical support for the development of the nation’s mining sector. Speaking during a courtesy visit to the minister, Dele Alake, on Monday, World Bank Country Director for Nigeria, Shubham Chaudhuri, expressed satisfaction with the renewed focus on development of the […]
The World Bank on Friday announced the approval of a fresh $700 million loan for Nigeria to assist the country in the implementation of an ongoing project – the Adolescent Girls Initiative for Learning and Empowerment. The Bretton Woods institution, in a statement published on its website, disclosed that the loan would help to scale […]
….says govt could safe N11trn from fuel subsidy removal by 2025 The World Bank Group has said that Nigeria can leverage the new reforms of the President Bola Tinubu-led administration to address her current macroeconomic imbalances. The Washington-based development finance institution made this remark during the launch of the June 2023 edition of the Nigeria […]
The World Bank Group has charged the Nigerian government on the need to adopt policy measures needed to grow the nation’s economy faster to reduce poverty, noting that despite favourable global oil prices, the “business as usual” attitude in managing the economy is not delivering desired outcomes. The Bank, which gave this charge in its […]
The World Bank on Thursday approved the Nigeria State Action on Business Enabling Reforms (SABER) Program-for-Results. The $750 million International Development Association (IDA) credit will help Nigeria accelerate the implementation of critical actions that will improve the business enabling environment in states. Nigeria has made progress in advancing reforms to eliminate constraints in the business […]
….says N3trn revenue may be lost to fuel subsidy regime The World Bank Group has projected that an additional one million Nigerians will be trapped in poverty by the end of this year, thereby bringing the total Nigerians pushed into poverty to about 96.1 million by the end of this year. The Washington-DC-based institution had […]
The World Bank Group Board has approved a $700 million credit from the International Development Association (IDA) for the Nigeria Agro-Climatic Resilience in Semi-Arid Landscapes (ACReSAL) Project. The Breton Woods institution in a statement indicated that the project would increase the implementation of sustainable landscape management practices in northern Nigeria and strengthen the country’s long-term enabling […]
The World Bank Board of Directors has approved a $400 million credit in additional financing from the International Development Association (IDA) for the Government of Nigeria to provide upfront financing for safe and effective COVID-19 vaccine acquisition and deployment within the country. A statement by the Breton Woods institution at the weekend indicated that the […]