The Federal Government in collaboration with the World Bank is to spend $659 million in tackling erosion menace in 11 states of the country, including Cross River State. The task team leader of the World Bank for New Map Project handling the Nigeria Erosion and Water Shed Management Project, Mr. Steve Danyo, disclosed this during a courtesy call on the Cross River State Governor Liyel Imoke, at the Governor ...

The federal and state governments need to improve cooperation and policy coordination in a few key areas to support the nation’s launch into rapid diversified growth and job creation. This recommendation is contained in the World Bank’s Nigeria Economic Report which was launched in Abuja on Monday. According to the report, key areas including macroeconomic management, coordinated policies to enhance market ...

From the 2014 fiscal year, Nigeria would gradually move to a ‘Blend’ country status. What this means is that the country would not only be able to continue to access resources from the World Bank’s International Development Association (IDA) concessional window, but would start accessing from the bank’s International Bank for Reconstruction and Development (IBRD) window. World Bank’s country representative; ...

The World Bank plans to restructure the $115 million adaptable programme loan granted the Infrastructure and Concession Regulatory Commission (ICRC) of Nigeria. The World Bank says the reason for the restructuring is because of poor implementation. In a report titled “Implementation status and results, Nigeria public/private partnership programme (p115386)” and relating to the $115 million adaptable program ...

President Barack Obama hosts the leaders of four African nations this week, all of which are cited in a new report for effectively increasing spending on agriculture to combat extreme poverty and hunger. The report by the ONE Campaign, an anti-poverty group co-founded by Irish rockers Bono and Bob Geldof, said Senegal, Malawi, Cape Verde and Sierra Leone either met or were close to meeting targets for incre ...

The World Bank is to provide N300 million credit line to the federal government to support the setting up of a mortgage refinancing company that will create over 200 mortgages for housing development in the country. The Permanent Secretary in the Ministry of Lands, Housing and Urban Development, Ibrahim Mahe, made this known while briefing state house correspondents after presenting details on the performan ...

Nigeria’s Consumer Price Index fell to 9 per cent in January from 12 per cent in December last year. Data released by the National Bureau of Statistics (NBS), showed a decline in the food price sub-index, which fell to 10.1 from 10.2 per cent in the period under review. This is the second consecutive month of a decline in prices since September 2012, owing to floods and other market forces. The bureau also ...

The World Bank says it will spend N785 billion on 27 projects across the country in the next five years. The bank's country director, Ms Marie-Francoise Marie-Nelly, said 60 per cent of the total amount would be spent on sustainable development projects, including infrastructure, construction and rehabilitation, energy, water and agriculture. According to her, human capital development, which is the second ...

The strife-torn West African nation, Mali, has been approved to receive an $18.4 million loan from the International Monetary Fund (IMF) to help stabilize its economy over the next 12 months, the IMF said on Monday. The Fund said approval of the loan, under its Rapid Credit Facility, will not fulfill all the government's needs but should send a signal that Mali's economy is on the right path, prompting othe ...

The International Finance Corporation (IFC), a member of the World Bank, plans to issue a $50 million bond, to support Nigeria’s capital market and increase access to finance in the country. This brings IFC’s total committed portfolio in Nigeria to $1.1 billion, the largest country portfolio in Africa and the eighth-largest globally. It’s the first Naira denominated bond to be issued by the IFC, targeted at ...