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  • World Bank projects Nigeria’s economy to grow 4.4% in 2026

    World Bank projects Nigeria’s economy to grow 4.4% in 2026

    The World Bank has projected that Nigeria’s economy will grow by 4.4 per cent in both 2026 and 2027, describing the outlook as the country’s fastest pace of expansion in more than a decade.

    According to the Bank’s Global Economic Prospects report released in January 2026, Nigeria’s 2026 growth forecast was revised upward to 4.4 per cent from the 3.7 per cent projection contained in the June 2025 edition of the report, while the 2027 estimate was retained at 4.4 per cent.

    The revised figures signal sustained optimism about Nigeria’s medium-term economic prospects, reflecting improving macroeconomic conditions despite persistent structural challenges.

    This outlook comes as Nigeria’s Gross Domestic Product (GDP) expanded by 3.46 per cent year-on-year in real terms in the third quarter of 2025, according to data from the National Bureau of Statistics.

    The World Bank said the anticipated expansion would be driven largely by continued growth in the services sector, a rebound in agricultural production, and a modest pickup in non-oil industrial activity.

    Read Also: World Bank: inflation decline drives 5.6% growth prospect

    “Growth in Nigeria is forecast to strengthen to 4.4 per cent in both 2026 and 2027—the fastest pace in over a decade,” the Bank noted, adding that services and agriculture would remain the main pillars supporting economic performance over the forecast period.

    The report also highlighted the role of ongoing economic reforms, particularly in the tax system, alongside prudent monetary policy, in supporting growth and strengthening macroeconomic stability.

    “Economic reforms, including in the tax system, along with continued prudent monetary policy, are expected to continue supporting activity,” the Bank said.

    According to the World Bank, these measures should help improve investor confidence and further tame inflation. It added that higher oil output is expected to offset weaker international oil prices, boosting fiscal revenues and improving Nigeria’s external balance.

    The Bank’s emphasis on non-oil sector growth underscores the gradual impact of Nigeria’s diversification efforts aimed at reducing dependence on crude oil exports. A stronger services sector and improved agricultural output could support job creation, price stability, and a broader government revenue base over time.

    For policymakers and investors, the forecast offers cautious optimism that recent reforms may begin to deliver measurable gains, even as Nigeria continues to manage underlying economic vulnerabilities.

  • World Bank: inflation decline drives 5.6% growth prospect

    World Bank: inflation decline drives 5.6% growth prospect

    The World Bank Group yesterday projected two-year 5.6 per cent growth in low-income countries driven by stronger domestic demand, exports recovery, and easing inflation.

    In its latest Global Economic Prospects report, the global lender said despite 2026–27 growth prospects, the income gap between developing and advanced economies will continue to narrow.

    “Per capita income growth in developing economies is projected to be three per cent in 2026, about a percentage point below its 2000-2019 average. At this pace, per capita income in developing economies is expected to be only 12 per cent of the level in advanced economies,” it said.

    Global inflation is projected to edge down to 2.6 percent in 2026, reflecting softer labour markets and lower energy prices. Growth is expected to pick up in 2027 as trade flows adjust and policy uncertainty diminishes.

    In 2026, growth in developing economies is expected to slow to 4 percent from 4.2 percent in 2025 before edging up to 4.1 percent in 2027 as trade tensions ease, commodity prices stabilize, financial conditions improve, and investment flows strengthen the World Bank Group’s Chief Economist and Senior Vice President for Development Economics, Indermit Gill disclosed that with each passing year, the global economy has become less capable of generating growth and seemingly more resilient to policy uncertainty.

    Read Also: World Bank lauds certification rollout

     “But economic dynamism and resilience cannot diverge for long without fracturing public finance and credit markets. Over the coming years, the world economy is set to grow slower than it did in the troubled 1990s, while carrying record levels of public and private debt. To avert stagnation and joblessness, governments in emerging and advanced economies must aggressively liberalize private investment and trade, rein in public consumption, and invest in new technologies and education,” he said.

    In addition, developing economies need to bolster their fiscal sustainability, which has been eroded in recent years by overlapping shocks, growing development needs, and rising debt-servicing costs. A special-focus chapter of the report provides a comprehensive analysis of the use of fiscal rules by developing economies, which set clear limits on government borrowing and spending to help manage public finances.

    These rules are generally linked to stronger growth, higher private investment, more stable financial sectors, and a greater capacity to cope with external shocks.

    World Bank Group’s Deputy Chief Economist and Director of the Prospects Group, M. Ayhan Kose, said that with public debt in emerging and developing economies at its highest level in more than half a century, restoring fiscal credibility has become an urgent priority.

     “Well-designed fiscal rules can help governments stabilize debt, rebuild policy buffers, and respond more effectively to shocks. But rules alone are not enough: credibility, enforcement, and political commitment ultimately determine whether fiscal rules deliver stability and growth,” he said.

    More than half of developing economies now have at least one fiscal rule in place. These can include limits on fiscal deficits, public debt, government expenditures, or revenue collection.

    The report explained that developing economies that adopt fiscal rules typically see their budget balance improve by 1.4 percentage points of GDP after five years, once interest payments and the ups and downs of the business cycle are accounted for.

    “Use of fiscal rules also increases by 9 percentage points the likelihood of a multi-year improvement in budget balances. However, the medium- and long-term benefits of fiscal rules depend heavily on the strength of institutions, the economic context in which the rules are introduced, and how the rules are designed, the report finds.

    According to the report, the global economy is proving more resilient than anticipated despite persistent trade tensions and policy uncertainty. Global growth is projected to remain broadly steady over the next two years, easing to 2.6 percent in 2026 before rising to 2.7 percent in 2027, an upward revision from the June forecast,” it said.

    Also, the resilience reflects better-than-expected growth, especially in the United States, which accounts for about two-thirds of the upward revision to the forecast in 2026.

    “Even so, if these forecasts hold, the 2020s are on track to be the weakest decade for global growth since the 1960s. The sluggish pace is widening the gap in living standards across the world, the report finds: at the end of 2025, nearly all advanced economies enjoyed per capita incomes exceeding their 2019 levels, but about one in four developing economies had lower per capita incomes,” it said.

    In 2025, growth was supported by a surge in trade ahead of policy changes and swift readjustments in global supply chains. These boosts are expected to fade in 2026 as trade and domestic demand soften. However, the easing global financial conditions and fiscal expansion in several large economies should help cushion the slowdown, according to the report.

  • World Bank lauds certification rollout

    World Bank lauds certification rollout

    • Urges strong verification systems

    The World Bank has applauded the commencement of professional certification examinations by the Sustainable Procurement, Environmental and Social Standards Enhancement (SPESSE) Environmental Node.

    The Bank described the certification examination as a major step forward for the project.

    The Bank said the development represented a significant milestone, signalling SPESSE’s progression from theoretical capacity development to the practical application of standards-based certification.

    It explained that the certification exercise was one of the key outcomes of the recent Implementation Support Mission on the SPESSE Project, which took place between November and December 2025.

    During the Mission, a World Bank delegation paid a targeted visit to the SPESSE Environmental Node, hosted by the Environmental Assessment Department of the Federal Ministry of Environment.

    Receiving the delegation on behalf of the Environmental Node, the Director of the Environmental Assessment Department at the Federal Ministry of Environment, Mrs Rofikat Odetoro, reaffirmed the Department’s resolve to develop certification systems under SPESSE that are credible, transparent and institutionally sustainable.

    The World Bank Task Team Leader, Mr Ishtiak Siddiqe, while commending the Environmental Node for launching certification activities, cautioned that the success of the initiative should not be judged solely by the number of certificates issued.

    He said the long-term relevance of the programme would rest on the credibility, governance and verifiability of the systems supporting the certification process, particularly the National Environmental Standards Certification Programme (NESCP).

    Read Also: World Bank’s $500m deepens economic stimulus funding

    Siddiqe noted that verification goes beyond administrative procedures and forms the basis for confidence in SPESSE certifications among development partners, government institutions and the professional community.

    “For the Environmental Node, this reinforces the need to align operational practices with the verification standards that underpin the credibility of the certification system,” he said.

    The engagement, he added, was not a routine progress assessment but part of the World Bank’s broader effort to strengthen institutional frameworks capable of sustaining SPESSE outcomes beyond the lifespan of the project, rather than focusing only on completed activities.

    Discussions during the visit placed strong emphasis on the independent verification framework embedded in SPESSE’s results-based financing model.

    Members of the World Bank Task Team outlined the expectations, performance indicators and assessment methodologies that will shape future verification processes.

    The World Bank’s engagement, the team noted, reinforces SPESSE’s overarching goal — not merely to enhance individual capacity, but to establish durable systems that uphold environmental and social standards long after the project ends.

    In response, the SPESSE Environmental Node Project Coordinator, Mr Hussain Shittu, disclosed that operational practices are being adjusted to meet these standards, with systems already in place to provide comprehensive digital records, clear audit trails and accessible participant information on the certification portal.

    He added that the entire certification process — from application and screening to examinations and issuance — is administered through a digital platform designed to ensure consistency, transparency and traceability.

  • World Bank approves additional funding for Nigeria’s education skills project

    World Bank approves additional funding for Nigeria’s education skills project

    The World Bank has approved additional financing for the implementation of the Sustainable Procurement, Environmental and Social Standards Enhancement (SPESSE) project in Nigeria.

    The bank rated the performance of SPESSE as satisfactory, hence the need for the additional funds to sustain its momentum.

    The SPESSE, which is being supported by the Federal Government of Nigeria, the World Bank, and the National Universities Commission (NUC), was designed to tackle a long-standing problem in both the public and private sectors: the shortage of skilled professionals and the absence of structured academic pathways in procurement, environmental safeguards, and social standards.

    Through coordinated training programmes anchored by six Centres of Excellence spread across the six geopolitical zones, the project has steadily bridged that gap, producing a new generation of professionals equipped to meet global best practices.

    The World Bank recently reinforced its confidence in the initiative during an Implementation Support Mission (ISM) held to assess progress, review ongoing activities under the original financing, and agree on next steps under the Additional Financing (AF).

    The mission was led by the World Bank Task Team Leader, Ishtiak Siddique, alongside the National Project Coordinator, Dr Joshua Atah of the NUC.

    According to the mission’s Aide Mémoire, SPESSE has recorded “significant progress” since the last review. 

    All four Project Development Objective (PDO) indicators have been fully achieved, while the overall Project Implementation Progress (IP) has been rated satisfactory following verification for the January 1–June 30, 2025 period.

    Independent verification also confirmed that 12 out of 18 Performance-Based Conditions (PBCs) have already been met or exceeded.

    Five additional PBCs are scheduled for completion by June 30, 2026, with remaining targets aligned with the project’s closing timeline.

    During the mission, the World Bank team engaged with key national and state-level stakeholders, including the SPESSE National Facilitation Implementation Unit (NFIU) at the NUC, the Bureau of Public Procurement (BPP), the Federal Ministry of Women Affairs, the Federal Ministry of Environment, and the Federal Ministry of Finance. The team also reviewed activities at the six Centres of Excellence hosted by Ahmadu Bello University, Zaria; Abubakar Tafawa Balewa University, Bauchi; Federal University of Agriculture, Makurdi; Federal University of Technology, Owerri; University of Benin; and the University of Lagos.

    Presentations from the centres highlighted milestones achieved, progress toward PDO targets, international accreditations, disbursement-linked indicators, and student exchange programmes. Tracer studies further underscored the far-reaching impact of SPESSE since its inception.

    One of the project’s most notable achievements is the launch of professional certification examinations in procurement, environmental safeguards, and social safeguards. Conducted through online portals between April and June 2025, the examinations have already produced 3,429 successful candidates. Of this number, 2,121 passed procurement certification, 855 qualified in social safeguards, and 453 in environmental safeguards.

    These certifications represent only a fraction of the project’s reach. 

    More than 85,000 participants have benefited from SPESSE training programmes across the six Centres of Excellence, cutting across Tracks A to E. Even the disruption caused by the COVID-19 pandemic in the early stages of implementation failed to slow the project’s steady progress.

    The strong performance has earned SPESSE a reputation as one of Nigeria’s standout development projects. An overall satisfactory rating at this stage of implementation is rare among donor-funded programmes, a fact confirmed by the Director of the International Economic Relations Department at the Federal Ministry of Finance, Mr Stanley Nyeso George.

    He, alongside other stakeholders, commended the NUC under both its current and former leadership, as well as Dr Atah, for driving the project’s success. Centre Leaders and their teams were also praised for their dedication and results.

    In recognition of these gains, the World Bank approved Additional Financing to extend the project’s lifespan until June 2026.

    The decision, the Bank said, reflects SPESSE’s improved outcomes and alignment with its development objectives.

    With renewed funding, the project is expected to deepen procurement reforms, expand online training platforms and strengthen institutional capacity, ensuring long-term benefits for Nigeria’s public sector, private businesses and local communities.

    Stakeholders insist the focus remains on translating training and certification gains into tangible improvements in transparency, efficiency and inclusiveness within Nigeria’s procurement system.

    In a move to institutionalise these standards, the Bureau of Public Procurement has initiated steps to make SPESSE courses mandatory for the professional certification of all procurement officers.

    Director-General of the BPP, Dr Adebowale Adedokun, disclosed this at a high-level review meeting with the World Bank during the 2025 SPESSE ISM in Abuja.

    Adedokun said the proposal, which has received preliminary approval from the Head of Service, will be incorporated into the revised circular governing the procurement cadre.

    He reaffirmed the Bureau’s commitment to implementing all project objectives, including the transition to e-procurement.

    The Bureau and the World Bank jointly reiterated their resolve to ensure the continued success of SPESSE, a project many now see as a cornerstone of Nigeria’s drive toward sustainable procurement and responsible governance.

    The bank rated the performance of SPESSE as satisfactory, hence the need for the additional funds to sustain its momentum.

    The SPESSE, which is being supported by the Federal Government of Nigeria, the World Bank, and the National Universities Commission (NUC), was designed to tackle a long-standing problem in both the public and private sectors: the shortage of skilled professionals and the absence of structured academic pathways in procurement, environmental safeguards, and social standards.

    Through coordinated training programmes anchored by six Centres of Excellence spread across the six geopolitical zones, the project has steadily bridged that gap, producing a new generation of professionals equipped to meet global best practices.

    The World Bank recently reinforced its confidence in the initiative during an Implementation Support Mission (ISM) held to assess progress, review ongoing activities under the original financing, and agree on next steps under the Additional Financing (AF).

    The mission was led by the World Bank Task Team Leader, Ishtiak Siddique, alongside the National Project Coordinator, Dr Joshua Atah of the NUC.

    According to the mission’s Aide Mémoire, SPESSE has recorded “significant progress” since the last review. 

    All four Project Development Objective (PDO) indicators have been fully achieved, while the overall Project Implementation Progress (IP) has been rated satisfactory following verification for the January 1–June 30, 2025 period.

    Independent verification also confirmed that 12 out of 18 Performance-Based Conditions (PBCs) have already been met or exceeded.

    Five additional PBCs are scheduled for completion by June 30, 2026, with remaining targets aligned with the project’s closing timeline.

    During the mission, the World Bank team engaged with key national and state-level stakeholders, including the SPESSE National Facilitation Implementation Unit (NFIU) at the NUC, the Bureau of Public Procurement (BPP), the Federal Ministry of Women Affairs, the Federal Ministry of Environment, and the Federal Ministry of Finance. The team also reviewed activities at the six Centres of Excellence hosted by Ahmadu Bello University, Zaria; Abubakar Tafawa Balewa University, Bauchi; Federal University of Agriculture, Makurdi; Federal University of Technology, Owerri; University of Benin; and the University of Lagos.

    Presentations from the centres highlighted milestones achieved, progress toward PDO targets, international accreditations, disbursement-linked indicators, and student exchange programmes. Tracer studies further underscored the far-reaching impact of SPESSE since its inception.

    One of the project’s most notable achievements is the launch of professional certification examinations in procurement, environmental safeguards, and social safeguards. Conducted through online portals between April and June 2025, the examinations have already produced 3,429 successful candidates. Of this number, 2,121 passed procurement certification, 855 qualified in social safeguards, and 453 in environmental safeguards.

    These certifications represent only a fraction of the project’s reach. 

    More than 85,000 participants have benefited from SPESSE training programmes across the six Centres of Excellence, cutting across Tracks A to E. Even the disruption caused by the COVID-19 pandemic in the early stages of implementation failed to slow the project’s steady progress.

    The strong performance has earned SPESSE a reputation as one of Nigeria’s standout development projects. An overall satisfactory rating at this stage of implementation is rare among donor-funded programmes, a fact confirmed by the Director of the International Economic Relations Department at the Federal Ministry of Finance, Mr Stanley Nyeso George.

    He, alongside other stakeholders, commended the NUC under both its current and former leadership, as well as Dr Atah, for driving the project’s success. Centre Leaders and their teams were also praised for their dedication and results.

    In recognition of these gains, the World Bank approved Additional Financing to extend the project’s lifespan until June 2026.

    The decision, the Bank said, reflects SPESSE’s improved outcomes and alignment with its development objectives.

    With renewed funding, the project is expected to deepen procurement reforms, expand online training platforms and strengthen institutional capacity, ensuring long-term benefits for Nigeria’s public sector, private businesses and local communities.

    Stakeholders insist the focus remains on translating training and certification gains into tangible improvements in transparency, efficiency and inclusiveness within Nigeria’s procurement system.

    In a move to institutionalise these standards, the Bureau of Public Procurement has initiated steps to make SPESSE courses mandatory for the professional certification of all procurement officers.

    Director-General of the BPP, Dr Adebowale Adedokun, disclosed this at a high-level review meeting with the World Bank during the 2025 SPESSE ISM in Abuja.

    Adedokun said the proposal, which has received preliminary approval from the Head of Service, will be incorporated into the revised circular governing the procurement cadre.

    He reaffirmed the Bureau’s commitment to implementing all project objectives, including the transition to e-procurement.

    The Bureau and the World Bank jointly reiterated their resolve to ensure the continued success of SPESSE, a project many now see as a cornerstone of Nigeria’s drive toward sustainable procurement and responsible governance.

  • World Bank’s $500m deepens economic stimulus funding

    World Bank’s $500m deepens economic stimulus funding

    National Coordinator, Nigeria Community Action for Resilience and Economic Stimulus (NG-CARES), Dr Abdulkarim Obaje, has said the additional financing of $500 million from the World Bank wiould further catalyse governments at all levels to deepen and strengthen economic resilience among poor and vulnerable households, smallholder farmers and small businesses affected by economic shocks.

    The World Bank had declared the effectiveness of additional financing for the Nigeria Community Action for Resilience and Economic Stimulus (NG-CARES) Programme  following  an official communication dated 9th December 2025, indicating that all conditions for effectiveness have been fully met.

    Obaje  described the effectiveness of the additional financing as a major milestone in the Federal Government Renewed Hope Agenda to expand social protection support to poor an vulnerable Nigerians.

    He  stated that with this approval, states and the FCT can commence full implementation of NG-CARES by funding Delivery Platforms and Coordination Units, as this will be reimbursable after an independent verification Agent (IVA).

    Read Also: Akinnadewo urges Christian, Nigerian leaders to deepen humanitarian efforts

    He reaffirmed that the Federal CARES Support Unit (FCSU) will continue to provide the required technical support, guidance and oversight to ensure smooth rollout and strict adherence to programme standards

    He thanked  President Bola Ahmed Tinubu for the achievements realised under the NG-CARES programme.

    He also acknowledged the leadership and guidance provided by the Minister of Budget and Economic Planning  Abubakar Atiku Bagudu, which have significantly contributed to the notable results achieved so far under the programme.

    NG-CARES remains one of the flagship programmes in the World Bank Nigeria portfolio and has earned a highly satisfactory rating for performance.

  • World Bank canvasses slash of import tariff to lower inflation

    World Bank canvasses slash of import tariff to lower inflation

    World Bank yesterday advised the Federal Government to urgently cut import tariffs and remove ban on some import items to reduce rise in prices of goods and services.

    According to the World Bank Country Director for Nigeria, Mathew Verghis, the measures, if applied, will reduce poverty rate.

    Verghis, who spoke on a cable television monitored in Lagos, noted that high inflation erodes the purchasing power of millions of Nigerians.

    In its Consumer Price Index (CPI) Report for October, the National Bureau of Statistics (NBS) put the inflation rate at 16.05 per cent down from the September figure of 18.02.

    According to the NBS, it was the seventh consecutive month of decline and the lowest in three years.

    The Report was released on November 17.

    But Verghis said the bank’s projections show poverty levels in Nigeria may continue to increase through 2025 and possibly into 2026 if inflation is not decisively addressed.

    “The reason we are projecting poverty to continue to rise in 2025, and possibly into 2026, is because inflation remains high enough that it is undermining household incomes, especially for the poor, because food inflation remains at around 20 per cent,” the World Bank director said.

    READ ALSO: On Ezra Olubi’s nemesis

    Advising Nigeria to sustain ongoing economic reforms, Verghis said that India and China and other countries achieved stability through decades of consistent reform.

    He said: “Nigeria has high tariffs and, in some cases, import bans on goods consumed by the poor… One way of lowering inflation quickly is to reduce some of these tariffs and take away some of these import bans.”

    Speaking on the naira, Verghis said that raising export earnings represent a viable way to keep the naira stable.

    He said: “The best way to keep the Naira stable is to make sure that your exports are increasing and your foreign direct investment is increasing.

    “The primary objective is to get growth going, and a stable exchange rate that allows businesses to plan will contribute to that.”

    The director also praised progress in revenue diversification. “Nigeria is now, today, much less dependent on oil revenues than it was before,” he said and attributed it to a more realistic exchange rate and the removal of petrol subsidies.

    Verghis argued that higher non-oil revenues will allow greater investment in infrastructure and human capital.

    He said that Nigeria’s borrowing outlook is improving as seen in the reasonably moderate debt-to-GDP ratio but cautioned that borrowed funds should be spent wisely.

  • World Bank Group appoints MD

    World Bank Group appoints MD

    The World Bank Group has appointed Paschal Donohoe as its Managing Director and Chief Knowledge Officer. Donohoe has served as Ireland’s Minister for Finance since January 2025, and as President of the Eurogroup of finance ministers since July 2020. His extensive experience spans both the public and private sectors, including nearly a decade at Procter & Gamble. “Paschal brings more than twenty years of public service, and knows firsthand how good policies can unleash private capital mobilization, boost growth, and generate jobs,” said World Bank Group President Ajay Banga.

    “He also brings extensive knowledge of how investors, private sector, financial companies, technology firms, and others operate – from his near decade of experience in the private sector. This combination will be invaluable at ensuring the World Bank Group delivers more impact at scale.”

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    As Chief Knowledge Officer, Donohoe will lead on shaping, managing, and leveraging the institution’s Knowledge Bank—a force multiplier in the mission to fight poverty and improve quality of life in emerging markets and developing economies. He will ensure that the World Bank Group offers its sovereign and private clients proven solutions that can be used at scale, based on the best combination of expertise in regulations, technological advances, and development innovations. He will also be responsible for the World Bank Group’s strategic engagement with governments, civil society, foundations and philanthropies.

    “It is a tremendous honor to take up this role at the World Bank, as Managing Director and Chief Knowledge Officer,” said Paschal Donohoe. “In more than twenty years as a public representative, my motivation has been to improve the lives of all of the people I represent and to foster engagement and cooperation as the best means of progressing vital issues.”

    “By encouraging collaboration with, and between, governments and global institutions we can make progress and meet the challenges we face head-on. This has been a key and continuous theme of my public life and the work that I have done. The need for this has never been greater than it is today. I look forward to playing a central role at the World Bank in making the case for this cooperation at a time of great change in our world.”

  • Govt moves to improve World Bank’s project transparency

    Govt moves to improve World Bank’s project transparency

    The World Bank has begun rolling out its new “Funds Chains” system, a blockchain-based platform designed to promote transparency, accountability and efficiency in the management of development project funds.

    The global institution is starting the implementation with six projects, marking a major shift toward digital tracking of donor-funded interventions.

    In response to this transition, the Office of the Accountant General of the Federation (OAGF) said it has instituted a series of management reforms aimed at improving the financial governance of World Bank–funded projects across Nigeria.

    The Accountant General of the Federation (AGF), Dr. Shamseldeen Babatunde Ogunjimi, made this known in Abuja during a financial workshop for Accountants-General, Heads of Project Financial Management Units (PFMUs) and Coordinators of World Bank–funded projects.

    The event took place at the Treasury House in Garki, Abuja, according to a statement signed by Mr. Bawa Mokwa, Director of Press in the OAGF.

    Dr. Ogunjimi said the workshop was convened to discuss ways of strengthening accountability in donor-funded projects. “This workshop is to deliberate on enhancing transparency and accountability in the financial management of donor-funded projects,” he said. “These values are the foundation upon which we build trust, ensure effective use of resources and achieve our project development objectives.”

    He announced that the OAGF had developed a Financial Management Manual (FMM) to provide clear guidance on executing financial transactions under various project arrangements. According to him, the manual is expected to serve as the principal reference document for all project teams. He encouraged project coordinators, accountants and PFMUs to adopt the FMM fully “to minimise infractions, improve performance and sustain favourable rating with the World Bank.”

    The Accountant General also revealed that the OAGF and the World Bank had reached an agreement preventing the removal of Project Financial Management staff within six months of a project’s closure date. This measure, he said, is meant to prevent lapsed loans and undocumented advances, which often occur when there is abrupt turnover of financial personnel.

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    He added that to ensure continuity in implementation, “the new project officer should be allowed to stay with the old management officer for a period not less than three months to avoid project stoppage.”

    Ogunjimi said the OAGF had intensified efforts to address obstacles that limit project ratings. “We continue to address the issues that hinder projects from attaining high ratings. Prominent among these issues are lapsed loans and undocumented advances,” he stated. He revealed that collaboration with the World Bank had already produced significant results, reducing outstanding lapsed loans from USD 18 million to USD 7 million, representing a 61 per cent decline.

    Similarly, he reported a 15 per cent reduction in undocumented advances. “Projects will continue to receive letters from us on outstanding lapsed loans and undocumented advances. Therefore, I urge all project coordinators and Project Financial Management Units to prioritise documentation, refund of lapsed loans and adherence to World Bank agreement terms,” he said.

    The AGF stressed the need for stronger cooperation and alignment with global best practices. He urged accountants and project managers to remain committed to strengthening their internal systems to deliver results that reflect the Renewed Hope Agenda of President Bola Ahmed Tinubu’s administration. He said collaboration, transparency and accountability must remain the driving principles of project management in Nigeria.

    Ogunjimi added that the adoption of the World Bank’s new blockchain-based Funds Chains system, coupled with ongoing reforms within the OAGF, places Nigeria in a stronger position to manage donor resources effectively while improving development outcomes across the country.

  • Fed Govt seeks $150m World Bank support to deepen research

    Fed Govt seeks $150m World Bank support to deepen research

    The Federal Government said it was banking on funding support to the tune of $150 million from the World Bank for the implementation of the Africa Centres of Excellence (ACE) Innovate Project.

    The innovate project is aimed at sustaining cutting-edge research and innovation in Nigerian universities, and is the next phase of the World Bank-funded ACE project.

    Executive Secretary of the National Universities Commission (NUC), Prof Abdullahi Ribadu, disclosed this on Monday in Abuja, during the official launch of the ACE Alliance and the unveiling of a four-volume Compendium of Key Achievements and Impacts of the ACE project in Nigeria.

    Ribadu said the Minister of Education, Dr Maruf Alausa, had formally written to the Federal Ministry of Finance to engage the World Bank for the funding, which would drive the next phase of the ACE initiative.

    According to him, the request for $150 million in new World Bank support, signals Nigeria’s determination to consolidate the gains of the ACE Project and institutionalise excellence in research, innovation, and postgraduate education.

    The NUC chief noted that the ACE Project represents one of the most transformative initiatives in the history of higher education in sub-Saharan Africa as over the past decade, 17 Nigerian universities, hosting 20 Centres of Excellence have produced world-class research, postgraduate training, and innovations that address national and regional development priorities in health, agriculture, ICT, education, and engineering.

    Ribadu added that the new ACE Innovate Project would build on these achievements while expanding collaboration with other development partners, including the African Development Bank, Islamic Development Bank, and the Arab Bank for Economic Development in Africa, to ensure sustainability beyond donor cycles.

    He stated: “We will continue to engage other development partners to explore new collaborative frameworks that can build on the lessons of the ACE Project and the NUC’s goal of ensuring a university system that is at par with its contemporaries globally. 

    “Some of these partners we are currently in talks with include the African Development Bank, the Islamic Development Bank, and the Arab Bank for Economic Development in Africa. This is important because we aim to sustain excellence, expand opportunities, and ensure that the structures and systems established under ACE continue to thrive beyond the project’s lifecycle. 

    “We also remain committed to institutionalising the ACEs within their host universities, ensuring they remain engines of innovation, policy influence, and capacity building for generations to come.”

    The NUC boss also inaugurated an interim steering committee for the newly formed ACE Alliance, chaired by Prof. Emenike Ejiogu of the University of Nigeria, Nsukka, to drive collaboration, research exchange, and policy engagement among Nigeria’s Centres of Excellence.

    He expressed confidence that the project will deepen research collaboration, and advance Nigeria’s competitiveness in higher education.

    Also speaking, the Minister of Education, Alausa, noted that the ACE Project, funded by the World Bank and co-financed by the French Development Agency, AFD, has significantly strengthened Nigeria’s position as a leader in African higher education, in line with President Bola Tinubu’s Renewed Hope Agenda, which prioritises education as the bedrock of national development.

    The minister said recognising the immense impact of the ACE Project to the Nigerian University System (NUS) he did not hesitate when NUC requested for approval to approach key development partners such as the African Development Bank, AfDB, the Islamic Development Bank, IsDB, and the Arab Bank for Economic Development in Africa, BADEA, to mobilise additional support for the Blueprint for the Rapid Revitalisation of University Education in Nigeria. 

    On the Compendium of key achievements of the ACE projects, a landmark documentation of the ACE journey, the minister said it captures over 2,000 peer-reviewed publications, a directory of scholars and equipment, and a comprehensive record of innovations achieved by Nigerian universities under the World Bank-supported project.

    He noted that with the ACE Alliance and the Innovate Project, Nigeria is poised to transform its universities into engines of growth, innovation, and sustainable development.

    Alausa said: “One of the most remarkable achievements of the ACE Project is its contribution to the internationalisation of education. From the report before me, the Nigerian ACEs have attracted students and faculty from across Africa, fostering cross-border knowledge exchange and positioning Nigeria as a regional hub for excellence. 

    “This aligns with our broader agenda to integrate Nigeria into global education data systems, ensuring that our institutions are recognised and ranked among the best worldwide. The ACE Project has, therefore, positioned Nigeria not only as a consumer but also as a provider of high-quality transnational education, and through the ACE Alliance, our Centres can continue to forge stronger partnerships with leading institutions worldwide, promoting joint degrees, faculty exchanges, and collaborative research that benefit students and faculty alike. 

    “To remain competitive, however, we must continue to benchmark our systems against global standards, leveraging robust data to guide policy, planning, and performance improvement.”

    He also stated that by fostering excellence in research, teaching, and innovation, the ACEs are helping to shape the skilled workforce and knowledge base our nation needs to compete in a dynamic global economy.

    National Coordinator of the ACE Project in Nigeria, Dr Joshua Atah, described the launch of the ACE Alliance Project as “a celebration of visionary investment, innovation, partnership, and transformation” that has reshaped the nation’s higher education landscape since the project’s inception in 2014.

    Atah noted that Nigeria has led the continent in the implementation of the project under ACE I, in 2014, with 10 Centres of Excellence, and later under ACE Impact, in 2019, with 17 Centres supported by the World Bank and Agence Française de Développement, AFD.

    “Over the past decade, Nigeria’s ACEs have evolved into engines of innovation and excellence. Collectively, they have attracted over $145 million in performance-based funding and mobilised additional resources exceeding N3.9 billion, $46 million, €1.78 million, and £2.6 million from diverse sources, all reinvested into research, infrastructure, and capacity building,” he said.

    According to him, the Centres have enrolled more than 45,000 students, including participants from over 15 African countries, and produced over 6,600 graduates, among them 1,596 PhDs. 

    He added that their faculty and students have published more than 4,200 peer-reviewed papers and established over 625 partnerships with industries and research institutions across the world.

    Apart from the figures, Atah said, the impact of the ACEs is evident in their response to real-world challenges.

    “During the COVID-19 pandemic, two Nigerian Centres were designated by the World Health Organisation (WHO) as testing laboratories—a testament to the relevance of their research infrastructure,” he stated.

    He explained that ACE Alliance represents the next phase of the initiative, a bold step toward sustainability and a collaborative platform to consolidate the gains of the past decade, deepen partnerships, influence policy, and attract new investments for innovation and regional development.

    “As we look ahead, the ACE story is proof that with vision, partnership, and persistence, African universities can compete globally and contribute meaningfully to the continent’s transformation,” he said.

  • Nigeria, World Bank open talks on $1b facility

    Nigeria, World Bank open talks on $1b facility

    Nigeria has opened discussions with the World Bank for a new $1 billion facility aimed at driving private investment, job creation, and economic diversification.

    The programme, titled Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) initiative expected to go before the World Bank Board on December 16, 2025.

    According to preliminary documents, the loan will be split evenly between a $500 million International Development Association (IDA) credit and a $500 million International Bank for Reconstruction and Development (IBRD) loan.

    If approved, it will mark the second-largest World Bank loan obtained under President Bola Tinubu’s administration, following the $1.5 billion RESET programme approved in June 2024.

    The World Bank said the financing aims to help Nigeria transition from short-term macroeconomic stabilisation to sustainable, private-sector-led growth. The plan includes reforms to expand access to credit, enhance digital finance, ease inflationary pressure, and strengthen key agricultural value chains.

    “The DPF supports Nigeria’s shift from stabilisation to inclusive growth and job creation. It aims to catalyse private investment, deepen capital markets and digital services, and promote export diversification,” the bank stated.

    With private-sector credit at 21.3 per cent of GDP in 2024, far below emerging-market averages, the initiative will support the implementation of the Investment and Securities Act 2025, improve credit-enhancement facilities, and introduce stronger consumer-protection frameworks under a new CBN rulebook.

    The plan also includes the National Digital Economy and E-Governance Bill 2025, designed to establish a legal foundation for electronic transactions and digital authentication.

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    Additionally, the World Bank is urging Nigeria to liberalise its trade regime, adopt AfCFTA tariff concessions, and simplify agricultural seed certification to boost food supply, cut inflation, and encourage export growth.

    The loan aligned with three other World Bank-supported programmes — FINCLUDE, BRIDGE, and AGROW — all focused on expanding access to finance, improving digital infrastructure, and strengthening agriculture.

    The World Bank projected that these reforms could significantly lower living costs and boost job creation, particularly for small businesses.

    As of June 2025, Nigeria’s total external debt stood at $46.98 billion, with the World Bank Group accounting for over 41 per cent of that amount — approximately $19.39 billion in total exposure.

    While the bank praised Nigeria’s ongoing reforms — including fuel subsidy removal and FX unification — it noted that growth remains modest and poverty levels high. The new facility, it said, was designed to close that gap and accelerate inclusive, private-sector-driven recovery.