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World Bank to consider Nigeria’s fresh $1bn loan request
The World Bank has fixed December 16 as a tentative approval date for a fresh $1bn Development Policy Financing loan to the country under a new initiative tagged “Nigeria Actions for Investment and Jobs Acceleration (P512892).”
According to a project document published by the bank on October 27, the new facility comprises a $500m International Development Association credit and a $500m International Bank for Reconstruction and Development loan.
The facility, which falls under the bannk’s Macroeconomics, Trade and Investment practice area for the Western and Central Africa region, is designed to strengthen ongoing economic reforms, promote job creation, and accelerate private investment.
The proposed loan is part of the bank’s broader support package aimed at consolidating the country’s post-reform stability and driving inclusive growth across key sectors of the economy.
The funding is designed to consolidate Nigeria’s ongoing macroeconomic reforms and support a decisive shift from economic stabilisation to inclusive growth.
It will be implemented through the Federal Ministry of Finance, with the World Bank confirming that the loan preparation process has been authorised to proceed.
“The proposed Development Policy Financing supports Nigeria’s pivot from stabilisation to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500m IDA credit and US$500m IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.
Since 2023, the country has embarked on many economic reforms, including the removal of the petrol subsidy, unification of exchange rates, and an end to central bank deficit financing.
According to the Federal Government, the measures, championed under President Bola Tinubu’s Renewed Hope Agenda, have helped stabilise the economy, narrow the fiscal deficit, and restore investor confidence.
But despite the improvements, growth remains sluggish, with more than 130 million Nigerians still living in poverty.
The World Bank report noted that while macroeconomic stability has returned, “Nigeria’s economy has yet to shift decisively into a higher and inclusive growth path,” underscoring the urgency of new investment to spur productivity, diversify exports, and create jobs.
The new policy loan is structured around two key pillars: unlocking private sector growth and lowering the cost of doing business, while expanding opportunities across agriculture, trade, and digital services.
Under the first pillar, the facility will expand access to financial credit and digital inclusion, with backing for the investment and Securities Act 2025, new credit enhancement facilities, and a CBN Rulebook aimed at improving microfinance and non-bank financial institutions.
It also supports the National Digital Economy and E-Governance Bill 2025, which will provide a legal framework for electronic transactions, authentication services, and digital records, key steps toward building a modern, paperless government system.
The second pillar seeks to lower costs for firms and households, reduce inflationary pressures, and enhance export competitiveness.
The bank’s report highlights plans to simplify trade barriers, adopt AfCFTA tariff concessions, and improve certified seed systems for key crops like rice, maize, and soybeans.
This is expected to raise productivity, boost food security, and attract new private investment into the agricultural value chain.
According to the document, the $1bn DPF loan forms part of a broader FY2026 package of World Bank interventions supporting Nigeria’s growth agenda.
Other complementary projects include FINCLUDE (to improve MSME financing), BRIDGE (digital infrastructure), and AGROW (agricultural value chain growth). Together, these are expected to crowd in private capital, expand access to finance, and create an enabling environment for small and medium-scale enterprises.
The programme is also aligned with the Paris Climate Agreement, with components targeting climate-resilient agriculture, reduced deforestation, and digital governance systems that lower emissions from paper-based processes.
The Bank estimates that the policy reforms supported under this operation will help reduce food inflation, increase seed productivity, and expand digital exports, while creating millions of direct and indirect jobs. It added that improved access to credit, particularly for MSMEs and smallholder farmers, will translate to “expanded economic opportunities by creating jobs, including for the poor.”
In addition, reduced import bans and lower tariffs on key inputs are expected to make goods cheaper and improve consumer welfare, while also boosting Nigeria’s competitiveness in regional markets.
Upon approval, the funds will be disbursed in two tranches as policy milestones are achieved, with implementation overseen by the Federal Ministry of Finance in collaboration with the Central Bank of Nigeria and relevant line ministries.
The initiative is expected to anchor Nigeria’s transition from short-term stabilisation to long-term, inclusive growth, potentially marking one of the largest World Bank policy support operations for the country in recent years.
As of June 30, 2025, the country’s external debt stood at $46.98bn, figures from the Debt Management Office show.
The World Bank Group remains the country’s largest single creditor, accounting for $19.39bn comprising $18.04bn from the IDA and $1.35bn from the IBRD.
This means the bank holds 41.3 per cent of Nigeria’s total external debt, underscoring its dominant role in financing the nation’s development programmes.
News
Rivers Govt Hails Anglican Church’s Role In Peace, Development
The Rivers State Government has commended the Church of Nigeria (Anglican Communion) for its outstanding contributions to the development of Rivers State, particularly in the areas of peacebuilding, education, healthcare, and moral development.
Governor of Rivers State, Siminalayi Fubara, stated that the Church has remained a dependable partner in promoting peace, unity, justice, moral discipline, and social harmony across society.
The Governor, who was represented by the Secretary to the State Government, Dr. Dagogo Wokoma, made the remarks during the thanksgiving service marking the 30th Anniversary and First Session of the 11th Synod of the Diocese of Niger Delta North, held at St. Peter’s Anglican Church on Sunday.
Governor Fubara described the Synod’s theme, “Kingdom Advancement: The Priority of Every Believer,” as timely and relevant, considering the prevailing realities in society.
According to him, the Church continues to play a vital role in shaping societal values and inspiring hope among citizens.
“The Church remains a vital partner in promoting peace, unity, justice, and moral discipline. Its role in shaping values and inspiring hope cannot be overemphasized,” he stated.
The Governor further acknowledged the Anglican Communion’s contributions in education, healthcare delivery, youth empowerment, humanitarian services, and spiritual guidance across communities in Rivers State.
“The Rivers State Government appreciates the invaluable contributions of the Anglican Communion in education, healthcare, youth development, humanitarian support, and spiritual guidance. Your impact across communities in Rivers State continues to strengthen families and promote peaceful coexistence among our people,” he added.
Governor Fubara reaffirmed his administration’s commitment to building a peaceful, united, and prosperous Rivers State where all citizens can thrive irrespective of religion, ethnicity, or social background.
He also urged the Synod to continue praying for sustainable development and progress in Rivers State and Nigeria at large.
Earlier in his sermon, the Guest Minister, Joseph Olushola, spoke on the topic, “Kingdom Investment and Internal Rewards,” urging Christians to remain faithful stewards of God’s blessings and committed to advancing God’s kingdom through service and generosity.
The cleric emphasized that believers are custodians of the virtues and resources entrusted to them by God, stressing that divine rewards are based on faithfulness and impact rather than material possessions.
News
Shell, MAN Back Rivers’ Drive For Expanded Gas Supply To Industries
The Shell Nigeria Gas Limited, in partnership with the Manufacturers Association of Nigeria (MAN), has reaffirmed support for efforts to expand gas distribution infrastructure in Rivers State as part of initiatives aimed at improving access to affordable, cleaner and more reliable energy for industries across the South-South region.
The commitment was highlighted during the SNG–MAN Business Forum held in Port Harcourt, where stakeholders from the industrial and public sectors examined the role of natural gas in driving industrialisation, boosting local production and strengthening energy security.
Speaking at the forum on behalf of the Managing Director of Shell Nigeria Gas Limited, the company’s Head of Gas Distribution, Mr. Chukwuka Amos Ejesi, described natural gas as a critical component of Nigeria’s energy mix and a key driver of sustainable industrial growth.
According to him, Nigeria’s gas development agenda has reached a stage where policy direction must be matched with practical implementation capable of addressing the energy challenges confronting manufacturers.
He noted that pipeline gas offers industries a cleaner, more dependable and cost-effective energy alternative capable of supporting uninterrupted operations, reducing emissions and improving production efficiency.
“Gas is the backbone of manufacturing, and we are encouraged by the growing recognition among stakeholders of the need for cleaner and more reliable energy solutions,” he said.
Ejesi stressed the need for sustained collaboration among energy providers, government institutions and industrial stakeholders to maximise the country’s gas resources for economic development.
He added that improved gas infrastructure would strengthen manufacturing value chains, enhance productivity and promote more competitive industrial operations across Rivers State and the wider South-South region.
Participants at the forum also emphasised the importance of expanding energy infrastructure as a pathway to unlocking industrial capacity, reducing operating costs and promoting sustainable industrial development.
Representing Governor Siminalayi Fubara, the Director-General of the Rivers State Investment Promotion Agency, Dr. Chamberlain Peterside, reaffirmed the state government’s commitment to partnering with private sector investors to revitalise industrial activities in the state.
He identified key projects targeted under the initiative to include the revival of the Ahoada Industrial Park, the New Port City project and the proposed Bonny Industrial Park, all aimed at stimulating economic growth and expanding industrial opportunities along the Bonny corridor.
According to the governor, the long-term vision is to position Rivers State as a leading manufacturing hub in Southern Nigeria through strategic public-private partnerships.
Governor Fubara also commended Shell Nigeria Gas and MAN for sustaining engagements geared towards improving industrial energy access, noting that gas infrastructure development remains central to the state’s economic recovery plans.
He further observed that the gas sector presents enormous opportunities for economic growth, especially as global energy systems continue to shift towards cleaner energy sources.
The governor called on stakeholders to work collectively towards developing a practical and sustainable gas framework capable of supporting the state’s industrial and energy development objectives.
By; Kevin Nengia
News
Odu Charges Newlyweds To Build Marriage On Love
Rivers State Deputy Governor, Prof. Ngozi Nma Odu, has charged newlywed couples to build their marriages on the virtues of love and submission as taught in the Word of God.
Prof. Odu gave the charge at the wedding ceremony of Amblessed Favour Sunny-Cookey and Samson Jesuganji at Lifegate Power Ministries, Dominion Cathedral, in Port Harcourt on Saturday, 16th May 2026.
The Deputy Governor congratulated the couple on beginning a new phase of life together and prayed for God’s blessings upon their union, noting that the couple had been raised by godly parents and encouraged them to uphold the Christian values instilled in them.
Referring to the sermon delivered during the ceremony, Prof. Odu emphasized that the principles of love and submission remain fundamental to a successful marriage.
According to her, genuine love reflects the nature of God, stressing that love should remain the foundation of the couple’s relationship as they journey through life together.
Prof. Odu further prayed for enduring peace, happiness, and progress in the home, expressing confidence that the marriage would continue to flourish under God’s guidance.
The Deputy Governor also commended the families of the couple for their support and upbringing, while urging the newlyweds to always remember the significance of the day and the commitment they had made before God and witnesses.
In his sermon at the wedding, the Founder and Presiding Pastor of Salvation Ministries, Pastor David Ibiyeomie, stated that marriage did not originate from Western culture, traditions, or human ideas, but from God, whom he described as the “manufacturer” of marriage.
According to the cleric, couples seeking lasting and peaceful homes must rely on biblical principles rather than societal trends or assumptions.
He explained that many marital crises and rising divorce rates stem from ignorance and failure to apply scriptural teachings in family life.
Drawing from the biblical parable of building a house on a rock, Pastor Ibiyeomie said the Word of God remains the only solid foundation capable of sustaining marriages through challenges and difficult times.
He noted that marriage naturally comes with unexpected realities and pressures, stressing that religious ceremonies or cultural practices alone are not enough to sustain a home without proper understanding of God’s instructions.
The pastor further warned that ignorance of scripture remains one of the greatest weapons against believers, urging Christians to study and practice the Word of God rather than merely attending church services.
It would be recalled that the bride is the daughter of Pastor Sunny Cookey the Founder and Presiding Pastor of Lifegate Ministries. The Ceremony had lots of Ministers in attendance which includes Apostle Zilly Aggrey, Pastor George Izunwa, and Bishop Winston Iwo
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