Business
World Bank’s Investment In Nigeria’s South-West Hits N305.2bn
The World Bank Country Director for Nigeria, Mr Rachid Benm-essaoud says the bank’s combined investment in the South West region of the country is about N305.2 billion (1 billion dollars).
Rachid, in a statement last Wednesday by the Senior Communications Officer, Nigeria, Mrs Olufunke Olufon, said the investments were in conjunction with the Ministry of Finance and governments of the South West states.
He said the investments in Ekiti, Lagos, Ogun, Ondo, Osun and Oyo states, comprised active projects in social protection, rural development, agriculture, education, health, water, transport and infrastructure.
“The World Bank extended its support to the states in setting up such state-level coordination mechanism, in order to ensure that current processes are working well and the funds are utilised effectively.
“Delivering quick and meaningful results to the project beneficiaries require the states to work collectively to resolve implementation challenges in a timely manner and communicate results to the public,” he said.
Rachid said the bank had carried out a State Portfolio Performance Review Meeting of World Bank-financed projects in the South-West states.
He said the review meeting assessed project performance and results of 11 projects across the 6 South-West states, noting implementation progress to date and focused on specific issues affecting performance.
Rachid said that at the meeting, project implementation challenges were discussed, and state-by-state measures agreed to streamline processes and improve performance and effectiveness.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.