Tag Archives: World Bank

ICYMI: World Bank Predicts Nigeria’s Recession Could Last For Three Years

The World Bank has said that Nigeria’s current recession might last up to 2023, unless the current reforms is sustained and the right mix of policy measures is implemented. In a World Bank Nigeria Development Update (NDU) report tagged “Rising to the Challenge: Nigeria’s COVID response”, the international financial agency on Thursday noted that the “average Nigerian could…

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AfDB President, Akinwumi Adesina Cleared Of Corruption Charges

Beleaguered leader of the African Bank of Development (AfDB), Akinwumi Adesina has been cleared of all ethical wrongdoings by an independent panel of experts led by former Irish president Mary Robinson. Recall that the 60-year-old charismatic speaker became the first Nigerian to helm the AfDB in 2015 — but a 15-page report earlier this year claimed…

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World Bank Grants $750m Loan For Improvement Of Nigeria’s Power Sector

The World Bank has International Development Association credit worth $750m for Nigeria’s Power Sector Recovery Operation to improve electricity supply, SaharaReporters reports. The international financial institution, in a statement on Tuesday,  said the loan was for the power sector recovery operation to achieve financial sustainability and enhance accountability in the sector. It explained that about…

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The North Holds 87% Of Nigeria’s Poverty Rate — World Bank

The World Bank has estimated that 87% of all the poor people in Nigeria are in the north, the Cable reports. In a report titled, ‘Advancing social protection in a dynamic Nigeria’, the Bretton Wood institution said the south-south zone recorded the most significant drop in poverty between 2011 and 2016. Comparing Nigeria to the…

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World Bank Approves $3 Billion Loan for Nigeria To Expand Power Grid

The World Bank has approved a $3 billion loan for Nigeria to expand its electricity transmission and distribution infrastructure. According to TheCable, the loan will be released in four tranches of $750 million each and could be expanded to $4 billion, citing Finance Minister, Zainab Ahmed. She made this known on Sunday while addressing journalists on the…

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Three Southern Governors Were Present When Buhari Begged World Bank for N/E Rehab – Shettima

Following the controversies generated by the call by President Muhammadu Buhari to the World Bank in 2015 to help rebuild the Northeast ravaged by insurgents, Borno State Governor, Kashim Shettima, on Friday, cleared the air on what Buhari actually said and those present. Speaking in Maiduguri late Friday night, Shettima said the President merely pleaded…

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World Bank To Release More Information On How Recovered Abacha Loot Was Spent By Past Governments

  The World Bank is set to release more information on how the recovered loot from late General Sani Abacha was expended by the government of Nigeria, reports Vanguard. To this end, the bank has referred the appeal by a civil group, Socio-Economic Rights and Accountability Project (SERAP), to the Bank Archives Unit for processing…

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World Bank: “We Need More Time To Respond To Abacha Loot Disbursement Request”

The World Bank has asked for more time to give details on how it dispensed the recovered assets stolen by Late General Sani Abacha and how it was spent by the Nigerian government. The World Bank made this disclosure in a response to a request by the Socio-Economic Rights and Accountability Project (SERAP) asking for information on…

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Okonjo-Iweala Gets Two International Appointments

Former Minister of Finance and Coordinating Minister for the Economy, Ngozi Okonjo-Iweala, was on Monday appointed into two key international positions, her Media Adviser, Paul Nwabuikwu, said in a statement in Abuja. According to the statement by her media adviser, the former minister who was elected to the position after a highly competitive international search…

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