The World Bank has called on developing countries to adopt artificial intelligence (AI) to improve governance, strengthen public services and accelerate economic growth. Speaking at the launch of the 2026 World Development Report, the Bank’s Chief Economist, Indermit Gill, said developing economies can benefit from affordable, locally adapted AI tools without relying on costly data centres or advanced AI models. According…
The World Bank has approved a fresh $1.25 billion financing package for Nigeria to support ongoing economic reforms, attract private sector investment and create more jobs across the country. The funding, approved under the Nigeria Actions for Investment and Jobs Acceleration (NAIJA) programme, is part of the World Bank’s new Country Partnership Framework (CPF) for Nigeria, which will guide its engagement with the…
Nigeria has recorded a major milestone in maritime operations as the World Bank ranked the Lagos Port Complex (Apapa) and Tin Can Island Port among the world’s top 20 most improved container ports over the past five years. According to the 2025 Container Port Performance Index (CPPI), jointly compiled by the World Bank and S&P…
The Federal Ministry of Finance has responded to recent media reports alleging hidden spending and diversion of federation revenue, describing such claims as inaccurate and based on a misinterpretation of the latest Nigeria Development Update by the World Bank. According to the Ministry, suggestions that a significant portion of federation earnings is being diverted or classified…
US Treasury Secretary Scott Bessent has expressed renewed support for the International Monetary Fund (IMF) and the World Bank, describing their current direction as “constructive.” Speaking on the sidelines of the Spring Meetings in Washington, Bessent noted that both institutions are now making progress and returning to their core mandates after facing criticism in the…
The Centre for the Promotion of Private Enterprise (CPPE) has rejected a World Bank proposal encouraging increased importation of petroleum products and food, warning that such a move could hinder Nigeria’s long-term economic development. Founder of the CPPE, Muda Yusuf, stated that the recommendation is inconsistent with Nigeria’s ongoing reform direction and could weaken efforts…
Nigeria’s poverty rate rose to 63 per cent in 2025, even as inflation eased, highlighting the limited impact of recent economic improvements on citizens’ living conditions, according to the World Bank. The figures were published in the bank’s April 2026 Nigeria Development Update titled “Nigeria’s Tomorrow Must Start Today: The Case for Early Childhood Development,” unveiled in Abuja. The…
The World Bank has raised concerns that rising multidimensional poverty in Nigeria is undermining the country’s long-term economic prospects, particularly due to poor early childhood development outcomes. In its April 2026 Nigeria Development Update titled “Nigeria’s Tomorrow Must Start Today: The Case for Early Childhood Development,” the bank highlighted serious challenges in child health, nutrition, and education, warning that these issues…
The World Bank has approved a $500 million International Development Association (IDA) credit to support Nigeria’s agricultural sector under the Nigeria Sustainable Agricultural Value-Chains for Growth Project, also known as AGROW. The initiative aims to enhance productivity, strengthen value chains, and improve food and nutrition security across the country. The funding, approved on March 30,…
The World Bank has warned that Nigeria and several other developing countries could face a major employment crisis in the coming decade due to surging youth populations and insufficient job creation. In a blog post on its official platform, the Washington-based institution highlighted that demographic trends in developing economies are shifting rapidly. Its analysis estimates that roughly 1.2…
