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ECOWAS endorses $27bn Nigeria-Morocco Gas Pipeline project
Barely a month after Algeria kicked off work on its section of a proposed 4,100km long Trans-Saharan Gas Pipeline (TSGP) project involving Nigeria-Niger-Algeria, leaders of the West African sub-region have unanimously approved take-off of the Nigeria-Morocco Gas Pipeline (NMGP) also…
BOI secures €60m credit support for Nigeria’s cocoa, dairy industry development
Bank of Industry (BoI) has secured a €60 million credit facility from the European Investment Bank (EIB) to support Nigeria’s cocoa processing and dairy industries, as the country intensifies efforts to move beyond exporting raw agricultural commodities. Managing Director and…
FG draws fresh $1.25bn World Bank loan to finance job creation programme
World Bank has granted approval to a fresh $1.25 billion loan request by the Federal Government under its Nigeria Actions for Investment and Jobs Acceleration programme. The approval was confirmed in a statement made by the World Bank on Wednesday, along…
Despite IMF, Fitch concerns, FG draws $1.5bn first tranche of $5bn Abu Dhabi bank loan
Despite concerns raised by the International Monetary Fund (IMF) and Fitch Ratings, the Federal Government has proceeded to draw the first tranche of a $5 billion loan agreement with the First Abu Dhabi Bank (FAB) worth $1.5 billion. The Nigerian senate…
Labour unions reject World Bank, AfDB’s ‘Mission 300’ electricity initiative over debt concerns
Labour unions in Africa, including Nigeria, have jointly rejected the African Development Bank (AfDB) and World Bank-assisted ‘Mission 300’ electricity access programme, as they argued that the initiative further places ‘unsustainable debt burdens on already struggling governments.’ The labour unions while…
Hormuz: IMF, World Bank, IEA warn of acute fuel scarcity
Amid escalating prices of petroleum products, as well as, the liquefied petroleum gas (LPG) across parts of Nigeria, and the rest of the world, leaders of the International Monetary Fund (IMF), World Bank and International Energy Agency (IEA) have warned of…
Nigeria, World Bank restructure $500m education funding programme, as more states now to benefit
Nigeria and the World Bank have agreed to restructure the $500m HOPE for Quality Basic Education for All programme earlier approved for the country, last year, with more states now to benefit. The new structuring formula sees a cut in the…
World Bank withdraws $717m power sector loan facility to Nigeria over unsatisfactory performance
World Bank and Federal Government have both claimed responsibility for the reported cancellation of the $717m undisbursed power sector loan facility from the financial institution. Federal Government had, Tuesday, announced the cancellation of the $717.7 million in undisbursed funding under the…
Nigeria retains third spot among World Bank’s biggest borrowers
Nigeria has retained its position as the third largest borrower from the World Bank’s International Development Association (IDA) despite recording a slight reduction in its debt profile during the first quarter of 2026. Data obtained from the bank showed that the…
Nigeria’s total public debt to hit N160.98tn, as fresh $1.25bn World Bank loan nears approval
As a fresh World Bank loan by the federal government nears approval, the country’s total public debt profile is now projected to reach N160.98 trillion. This figure is sharp rise from the N87.38 it stood, as at the assumption of…
