World Bank

Additional 4.5m Nigerians Join The Unemployed In 2018 ― World Bank

Nigerians joined the labour force in 2018 while only 450,000 of them were employed. In its Nigeria Economic Update (NEU) Report released in Abuja on Monday, the bank with population growth (estimated at 2.6 percent) outpacing economic growth, per capita incomes are falling. National Bureau of Statistics reported that Unemployment and Underemployment Report for Quarter 1 to Quarter 3, 2017 had noted that “The number of people within the labor force who are unemployed or underemployed increased from 13.6 million and 17.7 million respectively in Q2 2017, to 15.9 million and 18.0 million in Q3 2017. “Total unemployment and underemployment combined increased from 37.2 percent in the previous quarter to [Read]

Buhari Govt Secures Fresh $3bn World Bank Loan

  Minister of Finance, Mrs Zainab Ahmed, says the federal government has secured a $3bnloan from the World Bank. According to the Finance Minister, the loan is to be used for reforming the nation’s power sector. Mrs Ahmed announced the approval of the loan at a news conference to wrap up the World Bank/IMF annual meetings in Washington DC on Sunday. She explained that the loan is expected to improve power supply in the country. The Minister said the loan would be disbursed in four tranches of $750m each beginning from April 2020. The loan, according to her, would cover the funding gap as well as the current tariff which [Read]

Nigeria Approaches World Bank For Fresh $2.5bn Loan

ABUJA – Hafez Ghanem, World Bank’s vice-president for Africa, says the lender is in talks with the Nigerian government for a $2.5 billion concessionary loan. Ghanem made this known in an interview on Wednesday in Abuja. The Bretton Wood institution official said Nigeria received $2.4 billion from the bank in 2018. “We’re talking about a new set of programmes of about the same amount, it should be about $2.5bn,” Bloomberg quoted him to have said. “It’s important to resolve the problems of the power sector in Nigeria to bring in more investments. Because you need to bring down the cost of power to make the economy more competitive for the [Read]

Gov Amosun, Ogun Govt to Obtain $350m World Bank Loan Three Weeks to Hand Over

NEWS FLAKES NG gathers that the Ogun state government has concluded plans to obtain $350m loan from the World Bank. Ibikunle Amosun, governor of the state, disclosed this when he received a delegation of the bank in Abeokuta, the state capital. The loan, according to Amosun, would help create a system-driven environment for business, needed for better welfare of citizens and good governance. He said his administration would do everything possible to secure the loan, saying the incoming administration already had the support needed to enhance good governance. He urged the bank’s team to fast-track the process for its final approval. Kofi Nouve, leader of the delegation, said the loan [Read]

BREAKING: World Bank Approves $2.1bn Loan For Seven Major Projects In Nigeria

The World Bank has announced the approval of $2.1bn loan for seven projects to be executed in Nigeria. A statement issued in Abuja on Thursday said the loans were approved in Washington on Wednesday and are for seven projects to support Nigeria’s investment in nutrition, access to electricity, states’ fiscal transparency, polio eradication, women’s economic empowerment, public finance and national statistics and reducing vulnerability to soil erosion. World Bank Country Director for Nigeria, Rachid Benmessaoud, was quoted to have said, “The Federal Government of Nigeria’s Economic Recovery and Growth Plan identifies human capital investment, restoring growth, and building a competitive economy as its key pillars. The projects approved by the [Read]