WORLD BANK

The World Bank has revealed that the Nigeria’s low level of revenue threatens fiscal sustainability and undermines the Federal and State Governments’ ability to finance necessary expenditures in the health, education, and security…

World Bank has given the approval of $311m to increase grid-connected renewable energy capacity for West Africa in International Development Association financing. It noted that existing and prospective electricity in Chad, Liberia,…

The World Bank has cautioned the newly redesigned naira which went into circulation last week may have negative effect on economic activity especially poor Nigerians due to its timing and short transition period. The Washington-based…

The World Bank has stated that if Nigeria doesn't increase its employment rate, 80 million people of working age will not have a full-time job by 2030. It also stated that if the country's poverty rate doesn't decrease, 23 million…

The World Bank has noted that the development progress in the country has crawled since the inception of President Muhammadu Buhari administration in 2015 According to the World Bank’s Nigeria public finance review report titled, ‘A…

World Bank has described that Nigeria and other developing countries are currently facing debt crisis, adding that the situation has increased. The World Bank Group President, David Malpass, disclosed this in a statement titled,…

World Bank has said that a large share of Nigeria’s resources have financed inefficient and regressive subsidies which benefit primarily wealthy households in the country. It added that Nigeria needed to fix its public finances to…

World Bank has disclosed that it sanctioned seven Nigerian firms and individuals for corruption during its 2022 fiscal year. This disclosure was made in the bank’s latest Fiscal Year 2022, which covered July 1, 2021, to June 30,…

On Tuesday, Presidential Enabling Business Environment Council on Tuesday, August 16, unveiled its plans to kickstart a $750m World Bank-funded programme in January 2023. This was as Vice President Yemi Osinbajo, said the kind of…

According to the International Monetary Fund (IMF), the Nigerian economy and other African economies are on the verge of collapse due to inflation, debt, and the FX crisis. IMF Managing Director Kristalina Georgieva reported that…

According to a World Bank assessment, Nigeria's poverty reduction goals are threatened by the COVID-19 pandemic, growing inflation, and the prolonged uncertainty surrounding the Russia-Ukraine conflict. World Bank economists Jonathan…

SoftTech IT Solutions and Services Ltd., a Nigerian information technology solutions company, and its Managing Director, Mr Isah Kantigi, have been suspended by the World Bank for alleged corrupt practices. In a statement titled “World…

Federal Government has announced that it is planning to borrow $750 million from the World bank for some states to stimulate local economies in Nigeria. Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed made this…

World Bank has said the estimated value of physical damage caused by the explosion that rocked Beirut port on August 4 is between 3.8 billion dollars and 4.6 billion dollars. According to an initial assessment led by the World Bank, in…

IFC, a member of the World Bank Group, has on Friday announced a $50 million loan to Nigeria’s First City Monument Bank (FCMB) Limited to help it expand lending to small and medium enterprises (SMEs) so they can sustain business…