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W’Bank Likely To Grant Nigeria’s $1.1bn Loan Request 

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9 months ago

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The World Bank is set to approve a total of $1.13billion in loans for Nigeria before the end of March 2025.
This is part of ongoing efforts to support the country’s economic resilience, health security, and education reforms.
Information published on the World Bank’s website, stats that three key projects for Nigeria are at the stage of negotiation, with approval dates set for this month.
Among the projects set for negotiation is the Accelerating Nutrition Results in Nigeria 2.0 programme, valued at $80million, which is expected to be approved by March 31, 2025.
This initiative is aimed at improving nutrition outcomes, particularly among vulnerable groups, by enhancing access to essential dietary support and reducing malnutrition rates.
Another project in the negotiation phase is the Community Action for Resilience and Economic Stimulus Programme, which has a commitment value of $500million and is expected to be approved by March 24, 2025.
The project is designed to provide economic stimulus for community-driven initiatives to strengthen economic resilience and growth.
The “HOPE for Quality Basic Education for All” programme, with a proposed funding of $552.2million, is also at the negotiation stage and is expected to secure approval by March 31, 2025.
This initiative seeks to improve the quality of basic education by addressing infrastructure deficits, enhancing teacher training, and increasing educational accessibility across the country.
The potential approval of these loans comes at a time when Nigeria continues to grapple with economic challenges, including foreign exchange liquidity constraints, fiscal deficits, and mounting debt servicing obligations.
The Tide’s source had earlier reported that the Federal Government would likely secure six new loans totalling $2.23billion from the World Bank in 2025 as the international financial institution continues to support the country’s economic and structural reforms.
Data from the World Bank’s official website indicates that this will bring Nigeria’s total approved loans to $9.25billion over three years, reflecting a growing reliance on multilateral funding to support critical sectors of the economy, including infrastructure, healthcare, education, and economic resilience.
An analysis of Nigeria’s loan approvals from the World Bank since 2023 under the administration of President Bola Tinubu shows a significant increase in funding commitments.
In 2023, the World Bank approved loans amounting to $2.7billion, which primarily targeted projects in renewable energy, women’s empowerment, education, and the power sector.
The funding approvals recorded in 2024 significantly surpassed those of the previous year, with a total of $4.32billion allocated to various projects. This increase was largely due to Nigeria’s growing need for financial assistance to stabilise the economy amid mounting fiscal pressures and rising public debt.
For 2025, Nigeria is looking to secure six new loans from the World Bank, with a combined value of $2.23billion. The planned loans cover key sectors, such as digital infrastructure, healthcare, education, nutrition, and community resilience.
While the proposed World Bank loans could provide much-needed fiscal relief, concerns remain over the country’s rising debt burden. Recent data from the Central Bank of Nigeria indicate that the country has spent $5.47bn on external debt servicing in the past 14 months, highlighting the strain on its foreign reserves.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, earlier said that rather than accumulating more debt, the government is prioritising alternative funding sources such as revenue generation, concessional loans, and strategic investments.
“We are at that optimisation stage, where there is less focus on borrowing, particularly from the commercial markets, which is quite high. We are focusing more on optimising assets and attracting private sector investment, whether domestic or foreign,” Edun said.
However, the consistent growth in the World Bank’s financial commitments to Nigeria, from $2.7bn in 2023 to $4.32bn in 2024, and the anticipated $2.23bn in 2025, highlights the country’s increasing dependence on concessional financing to drive structural reforms and public sector investments.
The source further observed that Nigeria has retained its position as the third-largest debtor to the World Bank’s International Development Association, despite its exposure dropping to $16.8bn as of December 31, 2024.
According to the World Bank’s latest financial statements for the fiscal year up to December 2024, Nigeria’s debt to the IDA dropped by $300m in three months from $17.1bn recorded in September 2024.
However, the current amount is still higher than the $16.5bn recorded in June 2024.
According to data from the external debt report released by the Debt Management Office, the World Bank’s share of Nigeria’s debt totals $17.32bn, with the majority owed to the International Development Association, which accounts for $16.84bn, which represents 39.14 per cent of Nigeria’s total external debt.
The International Bank for Reconstruction and Development, another arm of the World Bank, is owed $485.08m, or 1.13 per cent.

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Ban On Satchet Alcoholic Drinks: FG To Loss  N2trillion, says FOBTOB

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6 days ago

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November 24, 2025

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Ahead the December 31 effective date for enforcement of the ban on alcoholic drinks and beverages in PET or glass bottles below 200ml, the Food, Beverage, and Tobacco Senior Staff Association (FOBTOB) has warned that Nigeria risks losing more than N2 trillion in investments.
The union urged the federal government to reverse the planned ban, cautioning that the Senate’s directive to the National Agency for Food and Drug Administration and Control (NAFDAC) would trigger severe socioeconomic consequences across the industry.
Speaking at a Press Conference, in Lagos, the President of FOBTOB, Jimoh Oyibo, said repealing the directive would prevent massive job losses and protect the country from economic disruption.
“Repealing the order would avert the grave repercussions that would most definitely follow the ban, especially by saving approximately 5.5 million jobs, both direct and indirect,” he said.
Oyibo appealed to the Senate to invite stakeholders to a public hearing, insisting that all parties must be allowed to present their positions before any decision is made.
“For a fair hearing and to demonstrate good faith, the Senate should invite relevant stakeholders to a Public Hearing to ‘hear the other side’ and be adequately informed to make an informed decision,” he said.
The union leader urged the Senate to carefully review and endorse the validated National Alcohol Policy, describing it as a multi-sectoral framework developed after last year’s public hearing, when the initial call for the ban was raised.
He urged the lawmakers to consider the entire value chain in the alcoholic beverage industry, including formal and informal workers and legitimate local manufacturers, before approving any enforcement.
Highlighting the economic implications, Oyibo said close to N2 trillion invested in machinery and raw materials could be wasted, while over 500,000 direct workers and an estimated five million indirect workers, including suppliers, distributors, marketers, and logistics operators, could lose their livelihoods.
He said “Nearly N2 trillion worth of investments in machinery and raw materials could be lost. Indigenous Nigerian manufacturers risk total collapse, discouraging future investments.
“Smuggling and the circulation of unregulated alcoholic products may skyrocket, worsening public health dangers. Government tax revenue could decline sharply as factories shut down or scale back operations.
“With rising unemployment and no safety nets, this ban will plunge families into poverty. The very children the policy claims to protect may be forced out of school if their parents lose their jobs”.
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Estate Developer Harps On Real Estate investment 

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6 days ago

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November 24, 2025

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A  Canadian based Nigerian Estate  Developer, Andrew Enofie, has said that diversification of investment into the real  estate sector remains the key to business sustainability.
Enofie said this during the launch of The Golden Gate investments, in Port Harcourt, recently.
He said  real estate sector has always remain stable during period of  inflations, adding that diversification into the sector would ensure that businesses never loose out during such periods.
He also called on Nigerian businessmen to put their money into the Canadian estate industry with the view to reaping maximum benefit.
According to him, Canada  has one of the lowest inflation rate in the world and Nigerian businessmen can reap benefits by putting their monies into the Canadian estate sector.
Enofie said his company, with many years of experience in the real estate sector, can assist Nigerian businessmen with the quest  to acquire property in Canada.
According to him, investors have more opportunities to diversify their funds, saying “it also open doors for investors to invest in the Canadian real estate market.
“With the launch of this fund, we are strategically positioned to navigate current market dynamics,r3 rising demand, shifting rates and evolving economic trends, while focusing on sustainable growth”, he said.
Also speaking, an investor, Mike Ifeanyi, also called on investors to invest in real estate.
He commended the company for its pledged to assist Nigerian businessmen willing to invest in Canada, but added that the whole thing must be transparently done inorder to avoid fraud.
Also speaking, Chukwudi Kelvin, yet another investor, described the event as an eye opener, stressing that time has come for Nigerian investors to go into the Canadian estate sector.
By: John Bibor,/Isaiah Blessing/Umunakwe Ebere/Afini Awajiokikpom
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FG Reaffirms Nigeria-First Policy To Boost Local Industry, Expand Non-oil Exports

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6 days ago

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November 24, 2025

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The Federal Government has reaffirmed its continued commitment to driving Nigeria-First policy aimed at encouraging local manufacturers and improving the economy through the non-export sector.
This is as the National Assembly has revealed that a bill for establishing a Weights and Measures Centre is advancing.
Delivering the keynote address at the Opening Ceremony of the 2025 Nigerian International Trade Fair, in  Lagos, Minister of Industry, Trade and Investment, (FMITI), Dr. Jumoke Oduwole, said that government would continue to promote locally made goods.
Oduwole stated that the fair was not only an opportunity to showcase the best of Nigerian products but ensuring that the country continues to accelerate its non-oil exports under the Renewed Hope Agenda.
The minister noted that the government’s reforms are working and demands a lot of support from all stakeholders.
In her words, “Already, our non-oil exports have grown by 14 per cent. Our exports to the rest of Africa was the fastest growing at 24 per cent last year Q1, year-on-year, CBN released the results at the end of Q1.
“Now, this shows us that our goods are in demand across Africa. Earlier this year, the Federal Ministry of Industry, Trade and Investment opened an air cargo corridor in partnership with Uganda Air, and we mapped 13 Southern and Eastern African countries who want Nigerian products. We understood that they want our fashion, they want our light manufacturing, our food, our snacks, plantain chips, chin chin.
“They also want our zobo, our shea butter, beauty products. The things we take for granted here, our slippers, our hair wigs, are things that are in demand across the continent. And so we’re here to support our Nigerian exhibitors and to welcome our friends across Africa and across the world.
“Exhibitors, buyers who are interested in purchasing, we’re interested in growing these businesses. So a business that is a small business this year should be a medium-sized business in the next five years. Each trade fair has its uses, each trade fair has its conveners, and really, to be honest, there cannot be too many.
“This trade fair, traditionally, has been the largest in the country, and we want to bring it back to its former glory. There’s nothing like a competition.
On her part, the Executive Director, Lagos International Trade Fair Complex Management Board, Vera Safiya Ndanusa, said the board would, in the coming months, champion structured and modernised regulatory frameworks for trade fairs and exhibitions.
She stressed that reviving the Tafawa Balewa Complex was part of a broader mission to strengthen confidence in the nation’s trade infrastructure, while stimulating industrial activity and showcasing the enormous potential of the nation’s citizens.
“Most importantly, we remain the only agency in Nigeria expressly mandated by law to organise trade fairs, and we intend to restore that statutory responsibility to the prominence it deserves ensuring coherence, quality, and national alignment in trade events across the country.
“We will be deepening our engagement with NACCIMA, whose partnership has historically anchored the success of organised trade in Nigeria, while also strengthening ties with ECOWAS, continental business groups, and international partners who share our vision for a more integrated African marketplace.
“In the coming months, we will champion a more structured and modernised regulatory framework for trade fairs and exhibitions, one that protects stakeholders, ensures standards, and positions Nigeria as a credible and well organised destination for regional and continental commerce”, she stated.
She noted that as Africa embraces the promise of the African Continental Free Trade Area, a new momentum was building across the continent.
“For Nigeria, AfCFTA is not just an economic framework; it is a pathway to industrialisation, job creation, and intra-African collaboration.
“This complex must play a central role in that journey. We intend to make this fairground a primary entry point for African trade, a marketplace where producers and buyers from across the continent meet, a logistics hub connected to regional value chains, a centre for cross-border SME activity, and a launchpad for Nigerian businesses looking to expand beyond our borders.
“To achieve this, we are intentionally expanding access to markets physically, economically, and digitally. We are working to make participation more affordable for SMEs, women-led enterprises, and young entrepreneurs. We are improving mobility within and around the complex. A truly vibrant trade ecosystem must be inclusive, and inclusivity begins with access,” she stated.
Chairman, House Committee on Commerce, Ahmed Munir, commended Ministry of Industry Trade and Investment, ED LITF and her team, for promoting the platform as a veritable marketplace of ideas, innovation, and partnership.
He said the event was a clear reflection of the economic agenda of the current administration, supported by Speaker Rt. Hon.Abbas Tajudeen.
According to him, “The House of Representatives recognises that the engine of our economy is the private sector, particularly our Micro, Small, and Medium Enterprises (MSMEs), which contribute nearly 50 per cent to our GDP and employ the vast majority of our citizens.
“To create the competitive environment they need, the National Assembly has been working assiduously to pass and amend vital legislation to enhance the Ease of Doing Business by Streamlining regulatory bottlenecks and reinforcing essential infrastructure to make business operations simpler and more predictable.”
He stressed that as policy makers they would continue to promote the “Nigeria First” Policy through robust legislative support, ensuring that government ministries and agencies prioritise locally manufactured goods in all public procurement processes. “This is our clear statement: We must buy Nigerian to build Nigeria.
“Also to ensure quality and standards, the bill for establishing a Weights and Measures Centre is advancing. Quality is not optional; rather, it is the key to consumer trust and international competitiveness,” he said.
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