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Tag: World Bank

Nigeria’s Population Set To Surge By 2050, Raising Urgent Need For Job Creation – World Bank

Wale busari04 mins

World Bank Group President Ajay Banga has called for job creation to be placed at the heart of every development, economic, and national security plan, stressing that employment is key to building sustainable growth. Speaking at the 2025 World Bank–IMF Annual Meetings Plenary, Banga projected that by 2050, over 85 percent of the world’s population will live in developing countries, with Africa alone expected to account for one in every four people on earth. He warned that about 1.2 billion young people will join the global workforce within the next 10 to 15 years, competing for only 400 million available jobs—just a third of what’s needed. “These young people—with their energy and ideas—will define the next century. With the right investments, we can unlock a powerful engine of global growth,” Banga said. Highlighting the bank’s reforms, he explained that 153 internal performance metrics had been merged into a single corporate scorecard with 22 key indicators. He also disclosed that the bank’s financial capacity had grown by about $100 billion through innovative financing tools and better resource optimization. According to him, the World Bank’s annual financing increased from $107 billion to $119 billion in two years, while private capital mobilisation jumped from $47 billion to $67 billion. Total commitments, including private capital mobilisation, hit $186 billion, with an additional $79 billion raised through bond issuances. These efforts, Banga noted, have translated into real-world impact: 20 million farmers now have better access to technology and markets, 60 million people have been connected to electricity, 70 million have received education or vocational training, and 300 million have benefited from improved health and nutrition services. He also pointed out that the bank is working closely with the Asian Development Bank and developing an IFC2030 strategy to further boost private investment. The multilateral development bank (MDB) co-financing platform has already backed 175 projects globally. On governance, Banga said the World Bank is partnering with governments to fight corruption using digital identification systems, enhanced fraud detection tools, and artificial intelligence that connects tax, property, and identity data. “Over the past decade, we’ve supported 120 governments in this effort and are currently working with 26 more to target corruption and illicit financial flows,” he said.

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CBN Governor Olayemi Cardoso To Lead Nigeria At 2025 World Bank And IMF Meetings

Wale busari01 mins

Governor of the Central Bank of Nigeria, Olayemi Cardoso, will head Nigeria’s delegation to the 2025 World Bank and IMF Annual Meetings in Washington D.C., beginning October 13. Cardoso, who also serves as Nigeria’s alternate governor at the Bretton Woods institutions, will step in for Finance Minister Wale Edun, who is currently unavailable. The announcement was made in a statement by presidential spokesperson Bayo Onanuga on Sunday in Abuja. The delegation will also include Minister of State for Finance Doris Uzoka-Anite and other senior government officials. The World Bank’s Development Committee Plenary is scheduled for October 16, followed by the IMF’s International Monetary and Financial Committee meeting on October 17. The meetings will also feature regional briefings, press conferences, and policy forums covering global development, financial markets, and the world economy.  

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139 Million Nigerians Still In Poverty – World Bank Urges Reforms To Improve Living Standards

Wale busari04 mins

The World Bank has urged Nigeria to ensure that the positive results of its ongoing economic reforms directly improve the living standards of its citizens, as new data shows that about 139 million Nigerians are currently living in poverty. Country Director for Nigeria, Mathew Verghis, made the call on Wednesday in Abuja during the launch of the latest Nigeria Development Update (NDU) report. Verghis commended the federal government for its bold reforms, particularly the removal of petrol subsidies and the unification of the exchange rate, describing them as transformative policies that have helped stabilise the economy and laid the groundwork for long-term growth. “Over the last two years, Nigeria has implemented major reforms around the exchange rate and petrol subsidy. These policies have laid the foundation for transforming the country’s economic trajectory for decades to come,” he said. According to him, the results are becoming visible through rising government revenues, a more stable foreign exchange market, improving reserves, and a gradual slowdown in inflation. “Growth has picked up, revenues have risen, debt indicators are improving, the FX market is stabilising, reserves are rising, and inflation is finally beginning to come down. These are major achievements, and many countries would envy them,” Verghis noted. However, he expressed concern that millions of Nigerians are yet to feel the impact of these macroeconomic gains, warning that reforms must translate into real improvements in people’s lives. “Despite these stabilisation gains, many Nigerians are still struggling. In 2025, we estimate that 139 million Nigerians live in poverty. The challenge is clear: how to translate reform gains into better living standards for all,” he added. The new NDU report, titled “From Policy to People: Bringing the Reform Gains Home,” outlines a three-point plan for sustaining economic progress — reducing inflation, improving public spending efficiency, and expanding social safety nets. Verghis highlighted that tackling food inflation should be a priority, as it disproportionately affects low-income households and could erode public support for ongoing reforms. “Food inflation affects everyone but hits the poor the hardest. It also threatens to undermine political support for reforms. Tight monetary policy is essential, but it must be complemented by structural measures that tackle supply and market bottlenecks,” he explained. He also called for better management of public funds and stronger social protection systems to cushion economic hardship and promote inclusive growth. “These are not abstract ideas — they are practical steps that can turn macro-stability into improved livelihoods,” Verghis said.

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NNPC Raises Petrol Price to N955 in Abuja, N915 in Lagos

World Bank: SERAP tells NNPCL to Account for Missing N500BN

Fola Badmus011 mins

Socio-Economic Rights and Accountability Project (SERAP) has urged Mr Bayo Bashir Ojulari, Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPCL) Limited “to account for and explain the whereabouts of the missing N500 billion, which the NNPCL failed to remit to the Federation Account, between October 2024 and December 2024, as revealed by the World Bank.” SERAP urged Mr Ojulari “to identify those suspected to be involved, surcharge them for the full amount involved, and hand them over to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) for investigation and prosecution.” SERAP also urged Mr Ojulari “to invite the EFCC and ICPC to investigate the spending and whereabouts of the N500 billion, and to ensure the full recovery and remittance of the money to the Federation Account without further delay. The World Bank had last week disclosed that out of the N1.1trn revenue from crude sales and other income in 2024, the NNPCL only remitted N600bn, leaving a deficit of N500bn unaccounted for. The International Monetary Fund (IMF) also recently called for the subsidy removal savings to be transferred to the national budget. In the Freedom of Information request dated 17 May 2025 and signed by SERAP deputy director Kolawole Oluwadare, the organisation said: “There is a legitimate public interest in explaining the whereabouts of the alleged missing N500 billion oil money and grave violations of the Nigerian Constitution 1999 [as amended]’” SERAP said, “The country’s oil wealth ought to be used solely for the benefit of the Nigerian people, and for the sake of the present and future generations.” According to SERAP, “Nigerians have the right to know why the NNPCL failed to remit the subsidy removal savings to the Federation Account, and why the NNPCL is deliberately denying states and local governments their allocations from the Account, contrary to the provisions of the Nigerian Constitution 1999 [as amended]” The letter, read in part: “Nigerians continue to bear the brunt of these missing public funds from the NNPCL meant for the economic development of the country. “We would be grateful if the recommended measures are taken within 7 days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall consider appropriate legal actions to compel the NNPCL to comply with our requests in the public interest. “The missing oil revenue reflects a failure of NNPCL accountability more generally and is directly linked to the institution’s continuing failure to uphold the principles of transparency and accountability. “The Nigerian Constitution, Freedom of Information Act, and the country’s anti-corruption and human rights obligations rest on the principle that citizens should have access to information regarding the spending of their commonwealth. “SERAP notes that the Supreme Court in a groundbreaking judgment recently declared that the Freedom of Information Act ‘is applicable and applies to the public records in the Federation’, including those kept by the NNPCL. “SERAP is concerned that the Auditor-General of the Federation and Nigeria Extractive Industries Transparency Initiative (NEITI) have for many years documented reports of disappearance of oil money from the NNPCL. “The allegations have undermined economic development of the country, trapped the majority of Nigerians in poverty and deprived them of opportunities. “The failure by the NNPCL to remit the money to the Federation Account is a grave violation of the public trust and the provisions of the Nigerian Constitution, national anticorruption laws, and the country’s obligations under the UN Convention against Corruption. “Despite the country’s enormous oil wealth, ordinary Nigerians have derived very little benefit from oil money primarily because of widespread grand corruption, and the entrenched culture of impunity of perpetrators. “Combating the corruption epidemic in the oil sector would alleviate poverty, improve access of Nigerians to basic public goods and services, and enhance the ability of the government to meet its human rights and anti-corruption obligations. “According to our information, the World Bank recently disclosed that out of the N1.1tn revenue from crude sales and other income in 2024, the NNPCL only remitted N600bn, leaving a deficit of N500bn unaccounted for. “The revenue and other income were expected to be paid into the Federation Account and shared by all levels of government but the NNPCL reportedly failed to do so. “SERAP notes that Section 15(5) of the Nigerian Constitution 1999 (as amended) requires public institutions to abolish all corrupt practices and abuse of power. “Section 13 of the Nigerian Constitution imposes clear responsibility on the NNPCL to conform to, observe and apply the provisions of Chapter 2 of the constitution. “Nigeria has made legally binding commitments under the UN Convention against Corruption to ensure accountability in the management of public resources. Articles 5 and 9 of the UN Convention against Corruption also impose legal obligations on the NNPCL to ensure proper management of public affairs and public funds. “These commitments ought to be fully upheld and respected. “Explaining the spending details and whereabouts of the missing N500 billion public funds, identifying those suspected to be responsible and ensuring that perpetrators are brought to justice and the full recovery of any missing public funds would serve the public interest and end the impunity of perpetrators. “The missing oil revenue has also impeded Nigerians’ ability to enjoy their economic and social rights, and denied them access to essential public goods and services, especially at the time of cost of living crisis in the country. “The missing oil revenue has further damaged the already precarious economy and contributed to very high levels of deficit spending by the government. “Had the NNPCL accounted for and remitted the alleged missing N500 billion to the Federation Account, it is likely that more funds would have been allocated to the fulfillment of economic and social rights, such as increased spending on public goods and services. “Without the full recovery and remittance of the missing N500 billion of oil revenue, the dire economic situation may worsen and Nigerians will continue to…

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World Bank Approves $632m Loan for Nigeria.

World Bank Approves $632m Loan for Nigeria.

Fola Badmus01 mins

The World Bank has approved new loans totaling $632 million to support key sectors in Nigeria, including nutrition and basic education, despite growing concerns over the country’s rising debt. According to the bank’s website, the loans include $80 million for the Accelerating Nutrition Results in Nigeria 2.0 project and $552 million for the HOPE for Quality Basic Education for All program. Both were officially approved on Monday as part of the World Bank’s broader strategy to aid Nigeria’s development in healthcare, education, and community resilience. The funding aims to enhance nutrition outcomes and improve access to quality education for Nigerian children. This follows the World Bank’s approval of a separate $500 million loan on March 28, 2025, for the Community Action for Resilience and Economic Stimulus Programme, which seeks to strengthen livelihoods, food security, and financial support for vulnerable households and businesses.

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World Bank approves $1.57bn loan for Nigeria

Fola Badmus02 mins

The World Bank has approved a $1.57 billion financing package for Nigeria under a new programme to support its health and education sectors and help provide sustainable power, the bank said on Monday. The World Bank is the largest lender to Nigeria, with more than $15 billion in loans at the end of March, data from the Debt Management Office showed. The bank said in a statement that the money would help increase availability and effectiveness of financing for basic education and primary healthcare service delivery. “The new financing includes $500 million for addressing governance issues that constrain the delivery of education and health, $570 million for the Primary Healthcare Provision Strengthening Program and $500 million for the Sustainable Power and Irrigation for Nigeria Project,” the bank said. Nigeria is among countries with the highest number of out of school children mainly due to insecurity, especially in the north of the country where a long-running Islamist insurgency and armed kidnapping gangs have caused havoc. The World Bank said part of the money would be used to improve dam safety to protect people from floods. Nigeria faces frequent flooding and this year up to a million people were affected after a dam in northeastern Borno state burst. More floods are expected in Nigeria after authorities in Cameroon started releasing water from a large dam to prevent it from overflowing.

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