THE Minister of Water Resources and Sanitation, Prof. Joseph Utsev, has urged the World Bank to increase its support for Nigeria’s plans to upgrade existing dams and develop new irrigation systems. He said the enhanced support would help advance the Federal Government’s vision of achieving food security and boosting hydropower generation. Utsev made the … Read more
THE World Bank has approved a $350 million grant for the Mpatamanga Hydropower Storage Project, a landmark initiative expected to double Malawi’s hydropower capacity and extend electricity access to over one million households. The financing was confirmed in a statement issued late Thursday by the Bank, which described the project as a critical investment in Malawi’s energy … Read more
THE World Bank is set to approve a total of $632 million in fresh loans to Nigeria on Monday, aimed at supporting crucial sectors such as nutrition improvement and quality education, despite mounting concerns over the country’s rising debt profile. According to Punch, the loans consist of $80 million for the Accelerating Nutrition Results in Nigeria … Read more
THE World Bank is set to approve a $2.2 billion loan for Nigeria in 2025, spread across six development projects. According to the Washington-based financial institution, the funding will support key initiatives in education, health, digital infrastructure, and economic resilience. $500 million – Community Action for Resilience and Economic Stimulus Programme (Approval: March 17) $552 … Read more
The Governor of Adamawa State, Ahmadu Umaru Fintiri has called on the Federal Government to reconsider its approach to economic management. He lamented that the policies are inflicting severe hardship on Nigerians, adding that the country is currently bleeding. Fintiri shared his reservation at the North East Zonal meeting of the Peoples Democratic Party (PDP) National Reconciliation … Read more
THE World Bank has announced that it has earmarked 1.2 billion dollars for investment in girls’ education across 18 states. The states include; Borno, Ekiti, Kebbi, Kaduna, Plateau, Katsina, Kano, Adamawa, Kogi, Nasarawa, Niger, Bauchi, Jigawa, Yobe, Kwara, Gombe, Sokoto and Zamfara. The World Bank Country Director, Mr Ndiame Diop, disclosed this at the … Read more
THE World Bank has concluded plans to provide technical assistance to the Lagos Metropolitan Area Transport Authority (LAMATA) on the implementation of the Lekki Green Corridor Project. The Lekki Green Corridor Project includes Rail and Bus Mass Transit infrastructure, Traffic Management and other components. The Lagos State Commissioner for Transportation, Mr Seun Osiyemi, revealed this … Read more
THE World Bank announced it has raised about $24 billion to provide loans and grants for some of the world’s poorest nations that it can leverage to generate a record $100 billion in total spending power. Known as the International Development Association (IDA), donor countries committed $23.7 billion to replenish the bank’s concessional lending … Read more
THE World Bank has uncovered $32 million in unaccounted funds in Nigeria’s water project. This was disclosed in the banks’ recently released FY2024 Sanctions System Annual Report. The report showed that the missing funds were intended to bolster water infrastructure in Nigeria but were not adequately accounted for, prompting an intervention to safeguard the project’s … Read more
LAGOS, Nigeria’s bustling commercial capital, has announced a tender for the construction of gas-fired power plants with a total capacity of up to 4,000 megawatts (MW). This ambitious move aims to tackle the city’s persistent electricity shortfalls, which have plagued both households and businesses for years. With around 20 million residents, Lagos requires at least … Read more