The World Bank has approved three funding operations for Nigeria, totaling $1.08 billion in concessional financing. These initiatives aim to improve quality of education, strengthen household and community resilience, and enhance nutrition for underserved groups. The funding includes $500 million in additional financing for the NIGERIA: Community Action for Resilience and Economic Stimulus (NG-CARES) Program,…
The Lagos Chamber of Commerce & Industry (LCCI) has warned against the insatiable appetite of Nigeria for loans and it’s poor use of the facilities. Its Director-General, Dr Chinyere Almona in a statement raised concerns about the efficiency of fund allocation and utilization, given that only 16 per cent of previously approved World Bank loans…
Standard Chartered Bank has expressed strong support for Nigeria’s far-reaching economic reforms, describing them as a catalyst for investment inflows and sustained growth. A statement from the Ministry of Finance said the endorsement came during a high-level meeting between a delegation from the bank and the Minister of Finance and Coordinating Minister of the Economy,…
The Federal Government has reiterated its commitment to fostering an enabling environment for private sector-led investments to drive economic growth, particularly in the agricultural sector. The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, gave this assurance during a meeting with the Managing Director of Olam Agri, Mr. Anil Nair, in…
The Federal Government said the introduction of the sale of crude oil in Naira was a strategic move to enhance operational efficiency of local refineries by reducing foreign exchange risks and transaction costs. President Bola Tinubu disclosed this while officially declaring the eight edition of the Nigeria International Energy Summit (NIES 2025) open in Abuja…
Nigeria and the African Export-Import Bank (Afreximbank) have signed the Host Country Agreement for the 32nd Afreximbank Annual Meetings (AAM), scheduled for Abuja between June 23 and 28, 2025. The Afreximbank Annual Meetings are among Africa’s most significant economic gatherings, featuring high-level policy discussions, expert presentations, and networking sessions focused on trade, investment, and economic…
Country Director for Nigeria at the World Bank, Dr. Ndiame Diop, has said Nigeria still remained the largest economy in Africa by Gross Domestic Product (GDP) despite the challenges faced by its private sector. Speaking at the Country Private Sector Diagnostic (CPSD) and Stakeholder Engagement in Abuja on Thursday, Dr. Diop said while Nigeria receives…
The Central Bank of Nigeria (CBN) has projected that diaspora remittances are expected to rise to N31.7871 trillion when fourth-quarter (Q4) 2024 figures are released. The substantial increase in diaspora remittances was attributed to the reforms carried out by the CBN especially the foreign exchange (forex) reforms designed to attract more forex into the country….
Telecom sector regulator, the Nigerian Communications Commission (NCC) has blamed its low revenue generation last year to the failure of telecom operators to purchase 5G spectrum licences. Its Chief Executive Officer/Executive Vice Chairman (CEO/EVC), Aminu Maida, and its Director of Financial Services, Yakubu Gontor, disclosed this in Abuja during the 2025 budget defense before the…
