World Bank

World Bank: 139 Million Nigerians Drowning In Abject Poverty

World Bank: 139 Million Nigerians Drowning In Abject Poverty

October 10, 2025 5:19 pm

World Bank—Global lender warns that Nigeria’s economic reforms risk losing momentum unless they translate into real gains for millions facing hardship.

The World Bank has warned that about 139 million Nigerians are now living in poverty, despite early signs of progress from the government’s economic reforms. The bank cautioned that unless these reforms lead to visible improvements in people’s lives, the gains could quickly erode.

The warning came on Wednesday during the launch of the World Bank’s October 2025 Nigeria Development Update (NDU), titled “From Policy to People: Bringing the Reform Gains Home.” The event, held in Abuja, reviewed …

Davspen-art: Resilience And Artistic Brilliance Unveiled

Davspen-art: Resilience And Artistic Brilliance Unveiled

September 7, 2023 3:39 am

In a country where the clamour of socio-economic hardship often drowns out the subtle symphonies of artistry and ingenuity, one individual stands as a resonant echo of both creativity and resilience. Amidst a society entangled in the webs of limited opportunities, political complexities, and economic disparities, he has carved out a unique space, emerging as a luminous beacon in an often dim reality. This extraordinary individual is Bamishaye Sunday David, who has garnered widespread acclaim and captivated countless souls under the evocative pseudonym ‘Davspen-art’.

Born into a family of eleven children and hailing from Kabba, Kogi State, Davspen-art’s journey …

How States Can Access, Claim $750m World Bank Loan — FG

How States Can Access, Claim $750m World Bank Loan — FG

October 3, 2022 6:26 am

The Presidential Enabling Business Environment Council (PEBEC), has stated that the state governments will need to improve four reform areas to access the $750 million approved by the World Bank to strengthen the Business Enabling Environment in states.

According to the Federal Government of Nigeria, this can only be made possible through the State Action for Business Enabling Reforms (SABER), programme.

Special Adviser to the President on Ease of Doing Business, Dr Jumoke Oduwole, listed the areas of reform to include improving land administration and land investment process; improving business enabling infrastructure; increasing sustainable large-scale investments, and enabling firm operations.…

Fresh Fears As Nigeria's World Bank Debt Hits $660m

Fresh Fears As Nigeria’s 2022 World Bank Debt Hits $660m

August 14, 2022 2:35 am

Africa Today News, News York can confirm that the total debt owed by Nigeria to the World Bank Group has heightened to $660m in the first six months of the year. Data from both the Debt management and the financial statements of the World Bank has shown.

Data from DMO indicated that debts owed by Nigeria to a Washington-based bank was earlier marked at $12.38 as of December 31, 2021. Financial analysis from the world bank for 2022 fiscal year reveals that Nigeria is indebted to the institution with the record of $13.04bn on June 30, 2022.

Over the years, …

Kenyan Environpreneur, Eddy Gitonga, Invents Smart Trash Bin

Kenyan Environpreneur, Eddy Gitonga, Invents Smart Trash Bin

July 9, 2022 2:28 am

Indiscriminate waste is a leading environmental problem in many countries of the world. In a 2012 World Bank report, global waste was projected to increase by 70%, raising the cost of waste management from $205 billion to $375 billion in 2025. According to World Bank, low-income countries (such as many African nations) face the most challenge when it comes to waste management.

Experts project that Africa’s waste generation is expected to reach 244m tonnes per year by 2025, two times what it was in 2012. Sadly, our waste collection services are grossly inadequate and only 4% of waste …

More Nigerians Set Fall Into Extreme Poverty - World Bank

More Nigerians Set Fall Into Extreme Poverty – World Bank

June 13, 2022 4:38 am

The World Bank dropped a devastating prediction on Nigeria declaring that people in Nigeria and its Sub-Saharan neighbours are expected to fall into extreme poverty in the coming months. 

According to a report obtained via a World Bank newsletter onon Monday, titled, ‘Global Economic Prospects,’ Russia’s invasion of Ukraine and its effect on the commodity market, supply chains, inflation, and financial conditions have continued to intensify the slowdown in economic growth.

The Washington-based bank further explained that the possibility of high global inflation could eventually result in tightened monetary policy in advanced countries which might lead to financial stress …

Nigeria Experiencing Its Worst Unemployment Crisis – W'Bank

Nigeria Experiencing Its Worst Unemployment Crisis – W’Bank

July 24, 2021 4:13 am

A new report by the World Bank has suggested that Nigeria’s unemployment crisis in recent times is the worst in the nation’s history. 

The report which was analysed by Africa Daily News raised an alarm over the nation’s rising unemployment situation was published by the World Bank with support from the Korea World Bank Partnership Facility (KWPF) and the Rapid Social Response (RSR) trust funds.

According to the research paper, the nation’s ever increasing working-age population combined with scarce domestic employment opportunities is creating high rates of unemployment, particularly for youth.

This situation has also been worsened by the pressures …

NANS To Shut Down Private Universities If Strike Continues

NANS Condemns FGN’s Plan To Borrow $750m From World Bank

November 19, 2020 4:21 am

The National Association of Nigerian Students (NANS) has condemned the Federal Government for planning to borrow the sum of $750m from the World Bank according to a statement released by the organisation. The association also expressed displeasure with the continued strike by the Academic Staff Union of Universities (ASUU).

The Minister of Finance, Budget and National Planning, Zainab Ahmed, on Friday announced that the Federal Government is in the process of accessing a $750m World Bank loan for states. She said the facility would boost the local economy in the various states. She also said that the Federal Government is …

Beirut Explosions Caused Up To $4.6bn Damages – World Bank

COVID-19: World Bank Warned Over $114m Grant To Nigeria

August 9, 2020 3:12 pm

The Socio-Economic Rights and Accountability Project, (SERAP) has sent a letter to the World Bank President, David Malpass, urging him to demand that the Nigerian government account for the spending of $114.28million grant for COVID-19.

Malpass was also asked to put pressure on governors to accept voluntary scrutiny by Nigerians and civil society regarding the spending of the funds.

The World Bank credit with Project ID number: P173980, is due to be paid back over 30 years, with an additional 5 years grace period.

The fund includes $100million credit from the International Development Association (IDA) and $14.28million grant from the …

Global Food Prices Remain High, Says World Bank

Global Food Prices Remain High, Says World Bank

May 21, 2020 11:08 am
The World Bank has stated that global prices of food remained high, even though its Food Price Index maintained the same rates between July and September 2011.

The World Bank, in its recently released Global Food Price Index (GFPI) indicated that despite dipping marginally in September 2011 by one percent and settling at five percent below its February 2011 peak, the food price index is still 19 percent above its September 2010 levels.

Also, the bank stressed that global price trends differ by commodity adding that over the last quarter an increase of three percent in the price of cereal

…
World Bank To Boost Electricity In Nigeria With $500m

World Bank: 87% Of Poor Nigerians Are In The North

February 13, 2020 3:28 am

The World Bank has estimated that 87% of all the poor people in Nigeria are in the north.

In a report titled, ‘Advancing social protection in a dynamic Nigeria’, the Bretton Wood institution said the south-south zone recorded the most significant drop in poverty between 2011 and 2016.

“Poverty in the northern regions of the country has been increasing especially in the north-west zone. Almost half of all poor lived in the north-west and the north accounts for 87 percent of all poor in the country in 2016.

“Poverty rates in the southern zones were around 12 percent with little …

China

Why We’re Borrowing $17bn From China – FG

February 5, 2020 6:10 am

The Federal Government, yesterday, said it opted to approach the China-Exim Bank for a $17 billion loan request when other lending institutions like the World Bank and the African Development Bank were unwilling to assist.

Minister of Finance, Zainab Ahmed, stated this when she appeared before the Senate Committee on Local and Foreign Debt. She appeared to defend Federal Govern  $29.96 billion loan in order to fund critical infrastructure across the country.

She explained that the 8th National Assembly had approved about $6 billion for the Federal Government out of the $29.96 billion loan leaving a balance of $22.8 …

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𝐀𝐟𝐫𝐢𝐜𝐚 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐍𝐞𝐰𝐬, 𝐍𝐞𝐰 𝐘𝐨𝐫𝐤, is a nonpartisan online news portal founded on the truth to provide you with weekly, insightful articles written with precision and current updates on current events from Africa in particular and the rest of the world in general. All of our reports undergo extensive fact-checking to ensure their veracity, and we adhere strictly to the facts, no matter whose ox is gored.

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