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OAuGF, Finance Ministry Seal LoU On SFTAS Programme

The Office of the Auditor-General for the Federation (OAuGF) and the Federal Ministry of Finance Budget and National Planning have signed a Letter of Understanding (LoU) singalling the formal launching of the State Fiscal Transparency, Accountability and Sustainability (SFTAS) programme. The SFTAS is a $750m programme of the Federal Government to reward states for meeting […]

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FG Targets N6Bn From 20 Silos’ Concession

The Federal Government is expected to rake in about N6 billion from the concession of 20 silos in different parts of the country to private sector operators. The Minister of Agriculture and Rural Development, Audu Ogbeh, disclosed this to State House correspondents in Abuja after Wednesday’s Federal Executive Council (FEC) meeting, saying that the decision […]

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FG Seeks Tenor Extension On World Bank’s $160Mn Job Creation Fund

The Federal Government has formally requested for the extension of the tenor of the World Bank-assisted $160 million job creation grant by 12 months due to its inability to fully implement the Growth and Employment in States (GEMS) projects. The objective of the GEMS project, which is being supervised by  the Ministry of Finance and […]

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World Bank, CBN Support Review of Land Use Act To Boost Housing

The World Bank and the Central Bank of Nigeria (CBN) have indicated their readiness to collaborate on some steps aimed at reviewing the nation’s existing Land Use Act to create enabling environment for the nation’s housing sector’s growth. As a step towards achieving this goal, the World Bank has extended a $300 million lifeline credit […]

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IFC Provides $1Bn To Support Indorama’s Eleme Fertilizer Project

The International Finance Corporation (IFC), the private sector lending arm of the World Bank Group, today announced a new $1 billion debt financing for Indorama Eleme Fertilizer & Chemicals Limited, Nigeria. The fund is for the construction of a new fertilizer line that will expand the company’s capacity of urea fertilizer to more than 2.8 […]

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Diaspora Nigerians Remit $22bn In 2017

Diaspora Nigerians wired $22 billion home in 2017, representing the highest in Africa and fifth largest remittance by immigrants globally. According to the latest report on global remittances during the year published today by the World Bank, Egypt received $20 billion from its citizens abroad. The Breton Woods institution reported that the said payments from […]

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Nigeria, Angola, S/Africa account for 60% of SSA’s GDP – World Bank

The World Bank on Wednesday disclosed that Nigeria, South Africa, and Angola accounted for about 60 percent of Sub-Saharan Africa’s (SSA’s) Gross Domestic Product (GDP) in 2017. Giving this hint at the ongoing IMF/World Bank Meetings in Washington DC, the Managing Director, International Monetary Fund (IMF), Christine Lagarde, said that growth outlook for Sub-Saharan Africa […]

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Nigeria Leads In Sustainable Finance Reforms’ Implementation – Report

A new report by the Global Progress Report of the Sustainable Banking Network, an IFC-supported organization of banking regulators and associations, has indicated that Nigeria is leading other African countries in the implementation of sustainable finance for development. Specifically, the findings of the report of the Sustainable Banking Network, an IFC-supported organization of banking regulators […]