world bank

The Digest: The Federal Ministry of Finance has rejected claims that Nigeria's federation revenues are being diverted or hidden, describing interpretations of a World Bank report as misleading. Minister of State for Finance Taiwo Oyedele said deductions from the Federation Account Allocation...

The Digest: The Nigeria Police Force has arrested Agbor Martins Black-Diamond for allegedly posing as a World Bank official to defraud unsuspecting victims. The suspect was arrested on March 31, 2026, after intelligence from a Kenyan NGO. Victims transferred $250,000 over three years for...

The Digest: The World Bank has reported that poverty in Nigeria climbed sharply to 63 percent in 2025, affecting about 140 million people, despite a slowdown in inflation. Poverty rose from 56 percent in 2023 to 61 percent in 2024 before reaching 63 percent in 2025. Headline inflation dropped...

The Digest: The World Bank has downgraded Nigeria's economic growth projection to an average of 4.1 percent in 2026, down from an October 2025 forecast of 4.4 percent. The 2027 projection was also downgraded to 4.2 percent. The bank said the services sector, particularly ICT, finance, and real...

The Digest: The World Bank has said fuel prices in Nigeria have risen by more than 50 percent since the outbreak of the Iran conflict, intensifying inflationary pressures and raising concerns over household welfare. Lead Economist for Nigeria, Fiseha Haile, said diesel costs have nearly...

The Digest: The World Bank has approved a $500 million International Development Association credit to boost Nigeria's agricultural sector under the Nigeria Sustainable Agricultural Value Chains for Growth Project, also known as AGROW. The six-year project aims to increase smallholder farmers'...

The Digest: The Rural Electrification Agency (REA) is rolling out 1,350 mini solar grids and over one million solar home systems under the DARES project, backed by $750 million from the World Bank and development partners. The initiative targets underserved communities, small businesses, and...

The Digest: Nigeria has secured a decisive arbitration victory against United Kingdom-based technology firm European Dynamics UK Ltd, winning $6.2 million in a dispute over a national e-procurement contract. The ruling, delivered by sole arbitrator Funmi Roberts at the International Centre for...

The Digest: Nigeria's debt to the World Bank's concessional lending arm, the International Development Association (IDA), has risen to $18.7 billion as of December 31, 2025, making the country the third-largest borrower in the IDA portfolio. World Bank data show that Nigeria trails only...

The Digest: President Bola Tinubu has declared there will be no reversal of his administration's economic reforms, stating his government has its "hands on the plow." During a meeting with a World Bank delegation led by Managing Director of Operations, Anna Bjerde, Tinubu acknowledged the...

The Digest: The World Bank has praised President Bola Tinubu's economic reforms, describing Nigeria as a "frequent global reference point" for reform implementation and results. During a meeting at the State House in Abuja, the Bank's Managing Director of Operations, Anna Bjerde, commended the...

The Digest: The World Bank has invited Nigerian companies to compete for a share of its $250 billion global procurement budget, highlighting significant existing engagement. During a procurement seminar in Lagos, World Bank Vice President Gallina Andronova Vincelette announced there are 40,000...

The Digest: A new World Bank report reveals that more than a quarter of emerging market and developing economies have per capita incomes lower than 2019 levels, highlighting a stark and persistent divide in the global economic recovery. The January 2026 Global Economic Prospects report notes...

The Digest: The World Bank has upgraded Nigeria’s growth forecast to 4.4% for 2026 and 2027, the fastest expansion in more than a decade, signaling a cautious optimism as reforms and sectoral recovery begin to steady an economy long navigating turbulent waters. Key Points: World Bank...

The Digest: A new World Bank report has revealed that Nigeria's social protection programs are having virtually no impact on poverty reduction, despite government claims of multiple intervention schemes. According to the findings, the country allocates only 0.14% of its GDP to social...

The Digest: The Presidency has officially dismissed circulating reports that Finance Minister Wale Edun suffered a stroke and was flown abroad for treatment. According to official statements, the minister is "indisposed" and recuperating at his private residence in Abuja under the care of...

The Digest: In a last-minute change, Central Bank Governor Olayemi Cardoso will lead Nigeria's delegation to the critical World Bank and International Monetary Fund (IMF) annual meetings. The shift comes as the Coordinating Minister of the Economy, Wale Edun, has been ruled out due to a...

The Digest: According to Daily Post Nigeria, an economic expert has validated the World Bank's poverty report, stating that most Nigerians do not earn the ₦90,000 monthly benchmark required to escape poverty, highlighting that economic growth has yet to translate into tangible development for...

The Digest: The World Bank has advised the Nigerian government to consolidate its economic reforms by enforcing strict fiscal discipline, increasing taxes, and ensuring full transparency in public finance. Key Points: The Bank recommended a forensic audit of the Nigerian National Petroleum...

The Digest: The Federal Government has challenged the World Bank's recent report stating that 139 million Nigerians live in poverty, arguing the statistic is a "modelled global estimate" that doesn't reflect the country's current economic reality. Key Points: The President's media aide...