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WORLD BANK
The Federal Government of Nigeria has officially sought an extension from the World Bank on the closing date for the $100 million Nigeria For Women Project (NFWP).
Following a significant influx of about $57 billion in financial aid from various allies and development partners, Egypt is set to receive an additional $400 million in budget support from the United Kingdom. This is according to a report from Bloomberg.
The World Bank has stressed the need for Nigeria to fix issues with fuel prices and improve non-oil revenue. It noted that if these issues are not fixed, Nigeria might lose the benefits of its economic reforms and face increased financial problems.
The Federal government is looking forward to receiving around $2.2 billion single-digit interest loan from the World bank and another budget support facility from the African Development Bank (AfDB).
The World Bank Group has announced an initiative aimed at ensuring quality, affordable health services reach a staggering 1.5 billion people by 2030
Rising inflation and weak earnings have pushed 10 million Nigerians into poverty in 2023, according to the World Bank in its Macro Poverty Outlook for Nigeria: April 2024.
The world bank and the African Development Bank (AfDB) have announced plans to partner to provide access to energy for 300 million Africans by 2030.
Amidst the World Bank/IMF Spring Meetings in Washington D.C., the CBN organized a roundtable discussion aimed at bolstering remittance inflows through formal channels into Nigeria.
The International Monetary Fund (IMF) has projected Nigeria’s inflation rate to drop to 26.3% in 2024 as it upgrades the country’s economic growth projection for the year to 3.3%.
The World Bank has identified Nigeria and 14 other countries as having weak credit ratings for sovereign bonds. This is contained in its latest report, “The Great Reversal: Prospects, Risks, and Policies in International Development Association (IDA) Countries.”
Per capita income growth in these countries has lagged behind that of the richest nations over the past five years, as indicated by the report.
The U.S. and other major shareholders have pushed the World Bank to improve how it helps countries address issues such as climate change and pandemic preparedness