The Federal Government is seeking $150 million in funding support from the World Bank to implement the Africa Centres of Excellence (ACE) Innovate Project, aimed at strengthening research, innovation, and postgraduate training in Nigerian universities. The Executive Secretary of the National Universities Commission (NUC), Prof. Abdullahi Ribadu, disclosed this on Monday in Abuja during the…
The World Bank has scheduled December 16 as the tentative approval date for Nigeria’s request for a new $1 billion Development Policy Financing (DPF) facility under a fresh initiative titled “Nigeria Actions for Investment and Jobs Acceleration (P512892).” According to a project document published by the Bank on October 27, the proposed package comprises a…
The Nigerian Presidency has strongly challenged a recent economic report by the World Bank, which claimed that 139 million Nigerians are living in poverty. The government described the figure as “unrealistic” and out of touch with the country’s current economic conditions. President Bola Tinubu’s Special Adviser on Media and Public Communication, Sunday Dare, addressed the…
The World Bank has revised its economic growth forecast for Nigeria and other sub-Saharan African countries, projecting a stronger expansion of 3.8% in 2025, driven by easing inflation and more stable macroeconomic conditions. This upgrade follows recent monetary policy adjustments, including the Central Bank of Nigeria’s decision last month to lower its benchmark interest rate…
Nigeria has pledged to direct World Bank support toward infrastructure development, job creation, and boosting private sector investment, in line with its economic reform agenda. Finance Minister and Coordinating Minister of the Economy, Wale Edun, made the commitment during a strategic meeting with Mrs. Zainab Shamsuna Ahmed, Executive Director for the Angola, Nigeria, and South…
The World Bank is expected to approve a $250 million loan to Nigeria next month as part of the third phase of its Health Security Programme for Western and Central Africa, aimed at addressing the country’s deepening health and economic crises. A project appraisal document from the global financial institution indicates that the loan, slated…
The World Bank is re-entering the nuclear energy space “for the first time in decades,” its President Ajay Banga said Wednesday, as it works towards meeting growing electricity demand in developing countries. World Bank President Ajay Banga has announced that the institution will deepen its collaboration with the International Atomic Energy Agency (IAEA) to enhance…
The World Bank has reaffirmed its forecast that Nigeria’s economy will grow by 3.6% in 2025, maintaining its earlier projection despite shifting global trade dynamics. This projection was outlined in the Bank’s latest Global Economic Prospects report released on Tuesday. The report also revealed that growth forecasts for nearly 70% of global economies — including…
The World Bank has disbursed additional funds to Nigeria under the $800m National Social Safety Net Programme-Scale Up, raising the total amount released to $530m The World Bank’s official website revealed that the cumulative disbursement had increased from the earlier reported $315m in 2023 to $530m this year, reflecting fresh inflows into Nigeria’s accounts for…
The President and Chief Executive of the Dangote Group, Aliko Dangote, has expressed gratitude over his appointment to the World Bank’s Private Sector Investment Lab, a body tasked with boosting investment and job creation in emerging economies. In a statement confirming his acceptance, Dangote reaffirmed his commitment to fostering sustainable economic growth through private sector-led…
