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WORLD BANK
The Federal Government of Nigeria has formally requested the World Bank to cancel the undisbursed balance of $41.62 million from a COVID-19 loan approved in 2020.
NIMC, World Bank, has disclosed that the Commission depend on the World Bank’s Nigeria Digital Identification for Development (ID4D) project to pay frontend partners (FEPs).
ID4D: World Bank restructures $430 million project to guarantee financing as Nigeria misses deadline
The World Bank has said it is restructuring the Nigeria Digital Identification for Development (ID4D) project to guarantee complete disbursement of the $430 million pledged for the project by the financiers.
The World Bank has highlighted factors that could lead to a decline in remittance inflow to Nigeria and other countries in the Sub-Saharan Africa region (SSA).
Nigeria emerged as a major recipient of diaspora remittances in Sub-Saharan Africa, capturing approximately 35% of the region’s total inflows in 2023.
The World Bank has announced a supervision mission next month in response to the underperformance of a $500 million loan aimed at improving Nigeria’s electricity distribution sector.
The World Bank has so far disbursed a total of $45.5 million to the National Identity Management Commission (NIMC) under the Digital Identification for Development (ID4D) project aimed at enrolling more Nigerians for the National Identification Number (NIN).
Nigeria, alongside eight other countries, has been identified as a major contributor to global gas flaring, accounting for 75% of the world's flared gas, according to the latest Global Gas Flaring Tracker Report by the World Bank.
Nigeria's foreign exchange (FX) reserves have surged to their highest level since March 28, 2024, marking a significant financial milestone that coincides with the longest period of stable exchange rate seen in over a year.
At least 83% of the beneficiaries of the Nigerian government's cash transfer program, funded by an $800 million World Bank loan, are located in urban areas.
The World Bank threatens to revoke a sizable $1.5 billion loan from Nigeria should it not comply with certain conditions stated in the funding agreements
Nigeria has requested an 18-month extension on the closing date of the World Bank’s $800 million palliative loan in a strategic move to bolster its social safety net programs amidst rising inflation and economic challenges.