Tag: World Bank
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Nigeria, 18 other African countries to benefit from World Bank’s $22.5m electricity grant
Nigeria and 18 other African countries would benefit from World Bank’s 22.5 million dollars additional financing for the Regional Off-Grid Electricity Access Project (ROGEAP) in Western and Central Africa. The World Bank announced this in a statement issued on Friday in Washington D.C., adding that its board of Executive Directors had approved the additional financing.…
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SERAP asks World Bank to publish documents on funded electricity projects in Nigeria from 1999
Socio-Economic Rights and Accountability Project (SERAP) has urged the World Bank President Mr David Malpass “to exercise the Bank’s prerogative to release archival records and documents relating to spending on all approved funds to improve access to electricity in Nigeria between 1999 and 2020, the Bank’s role in the implementation of any funded electricity projects,…
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Cross River gets $20.4m World Bank SFTAS’ grant
The Cross River State government has achieved a total of $20.4m in grants from the World Bank funded SFTAS programme of the Federal Government of Nigeria. The state Commissioner for Finance, Asuquo Ekpenyong Jnr revealed this at a press briefing, Friday morning in his office, stating that Cross River state met the eligibility criteria for…
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World Bank predicts economic growth for Nigeria in 2021
The World Bank says global economy is expected to grow by 4 per cent in 2021, assuming an initial COVID-19 vaccine rollout becomes widespread throughout the year. It said this in a statement issued in Washington D.C. on Tuesday at the presentation of the January 2021 Global Economic Prospects. It added that the said recovery…
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BREAKING: World Bank finally approves $1.5billion loan to help Nigeria reduce poverty
The World Bank has finally approved Nigeria’s request for a $1.5 billion loan. This was announced in a statement by World Bank on Tuesday noting that the facility is a five-year Country Partnership Framework (CPF) that will last from 2021 to 2024. “This Country Partnership Framework will guide our engagement for the next 5 years…
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Nigeria’s $1.5bn World Bank budget support loan request hits fresh road block
Nigeria’s 1.5 billion dollar budget support loan request is “still in the works”, says Shubham Chaudhuri, World Bank Country Director for Nigeria. Chaudhuri said this on Thursday in Abuja, at a media conference on the presentation of the World Bank Nigeria Development Update (NDU) for December. The report titled “Rising to the Challenge: Nigeria’s COVID…
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Additional 20 million Nigerians to become poor by 2022 – World Bank
The World Bank dropped a bombshell on Thursday, reporting that an additional 20 million Nigerians are likely to join the ranks of the poor in 2022, with the absence of measures to mitigate the twin impacts of the COVID-19 pandemic and the drop in crude oil prices. The global bank added that the pandemic is…
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Nigeria has largest poor population in sub-Saharan Africa – World bank
Nigeria has the largest poor population in sub-Saharan Africa, with 79 million extremely poor in 2018, the World Bank said in a new report on Wednesday. The country accounts for 20 per cent of the total poor in the region, according to the bank’s biennial ‘Poverty and Shared Prosperity Report’. The report said the COVID-19…
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COVID-19: Nigeria receives $114.28m from World Bank
The World Bank has approved $114.28 million financing to help Nigeria prevent, detect and respond to the threat posed by COVID-19 with a specific focus on state-level responses. According to a statement from the bank on Friday, the amount includes $100 million credit from the International Development Association (IDA) and $14.28 million grant from the…
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W’Bank approves $500m for girls’ education in 7 states
The World Bank has approved a $500 million credit for the Adolescent Girls Initiative for Learning and Empowerment (AGILE) towards improving secondary education opportunities among girls in seven states in the country. The credit was approved from its International Development Association (IDA) which provides grants to developing countries. The grants are with low to zero-interest…