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  • World Bank, BOI mull new development finance framework

    World Bank, BOI mull new development finance framework

    The World Bank in partnership with the Bank of Industry, BOI has created a framework for development finance with an aim to accelerate job creation, unlock private capital, and deepen financial inclusion across the country.

    The World Bank Country Director for Nigeria, Dr. Matthew Verghis has emphasized the urgency of rethinking Nigeria’s development financial architecture to reflect changing global realities and domestic needs, stating that the partnership is to also chart a new development finance model to boast Nigeria’s economy.

        Verghis disclosed at the second edition of the Bank of Industry Development Lecture Series in Abuja, with the theme,  “Development Finance Imperatives: Rethinking Nigeria’s Path Forward,” as he explains that Nigeria is at a turning point with clear signs of macroeconomic stability emerging from the government’s ongoing reform efforts.

        He spoke on easing inflation, rising reserves, and growing industrial confidence as evidence that policy consistency and fiscal discipline were beginning to yield tangible results, he  describes the removal of Nigeria from the Financial Action Task Force (FATF) grey list as a landmark achievement, signalling that the country’s financial system now meets international anti-money laundering standards.

    READ ALSO: Nigerians revive ‘Justice For Ochanya’ seven years after teen’s death

        According to him, “It is a signal that Nigeria’s anti-money laundering structures now meet international benchmarks, as a single step that enhances investor trust and strengthens the foundation for sustainable economic growth. Poverty and unemployment remain persistent challenges, noting that millions of Nigerians are yet to feel the benefits of macroeconomic reforms.

        “We are seeing progress in stabilization, but the purchasing power of citizens remains weak because inflation is still high, to sustain these reforms, we must focus on policies that drive job creation and increase access to finance. It is important for Nigeria to adopt a new model of development finance that mobilizes private capital and leverages digital innovation, the need to fill existing gaps in infrastructure and enterprise funding”.

        He argued that traditional models in which governments and donors directly fund infrastructure are no longer sufficient to meet Nigeria’s enormous needs, estimated at hundreds of billions of dollars annually, stating that if the country follows conventional financing approaches it will not take them  close to the infrastructure or enterprise goals, he explained that the country needs a shift, one that treats development finance not as an end in itself, but as a tool for structural transformation.

        Speaking, BOI Chairman, Dr. Mansur Muhtar called for deeper collaboration among public institutions, private investors, and development partners to create an environment conducive to inclusive and sustainable growth, assuring that BOI remains committed to its mandate of driving industrialization and supporting businesses through innovative and responsible lending.

  • Govt partner World Bank, others on aquaculture

    Govt partner World Bank, others on aquaculture

    The Federal Government has concluded plans to partner with the World Bank, research institutions, and coastal communities to promote innovation, ensure environmental sustainability, and enhance data-driven planning for fisheries and aquaculture development.

    Minister of Marine and Blue Economy, Mr Adegboyega Oyetola who disclosed this in Lagos, said efforts are also being directed towards strengthening the cold chain system, promoting value addition through fish processing and packaging, improving access to quality feed and seed, developing functional hatcheries, expanding extension services, and facilitating access to finance for fish farmers and entrepreneurs.

    In his keynote during a one-day interactive seminar between Stakeholders and Regulatory Authorities involved in Stockfish and Seafood Import and Export Trade in Nigeria organized by the Norwegian Seafood Council and the Norwegian government in Lagos, he said the Federal Ministry of Marine and Blue Economy recognizes the importance of seafood trade not only as an economic activity but also as a source of animal protein and a driver of industrial linkages.

    “The seafood sector connects production, processing, storage, transportation, and marketing, thereby creating a comprehensive value chain that sustains livelihoods and supports national economic objectives.

    “The Ministry is partnering with development partners such as World Bank, research institutions, and coastal communities to promote innovation, ensure environmental sustainability, and enhance data-driven planning for fisheries and aquaculture development. In addition, the Ministry is also working to ensure that fish is affordable and available for the ordinary Nigerian.

    “The Ministry is equally working towards streamlining seafood import and export processes, thereby reducing administrative bottlenecks, and ensuring regulatory harmony through collaboration with relevant agencies such as NAFDAC, SON, the Nigeria Customs Service, and the Federal Ministry of Industry, Trade and Investment, as well as through the National Single Window platform and the digitalization of the entire fisheries and aquaculture processes,” he said.

    Read Also: NFF, Jalla bicker over planned workshop on  amendment of statues at Ibadan AGM

    Under the Blue Economy framework, government he said is implementing measures to strengthen monitoring, control, and surveillance systems to address Illegal, Unreported, and Unregulated (IUU) fishing; promote private sector investment in aquaculture and fisheries infrastructure; upgrade fish handling, processing, and certification systems to meet international export standards; and enhance collaboration with international partners on research, innovation, and digitalization of fisheries management.

    Oyetola acknowledged the fact that the government alone cannot achieve all the goals, underscoring the need for partnership. “Stakeholders must continue to cooperate with regulatory authorities, comply with established standards, and support the implementation of government policies and programmes. I encourage all stakeholders to freely express their concerns and share practical suggestions that will enable Government to address existing challenges and strengthen the regulatory environment.

    “I reaffirm the commitment of the Federal Ministry of Marine and Blue Economy to the development of a sustainable, efficient, and inclusive seafood value chain that will contribute to national food security, employment generation, and economic growth. Working together, we can transform Nigeria’s fisheries and aquaculture sector into a globally competitive industry that not only feeds our people but also advances the national Blue Economy,” he said.

    Royal Norwegian Ambassador to Nigeria, Mr Svien Baera, renewed the call for the inclusion of stockfish and its head in the list of goods with zero import duty to make it affordable in the country.

    Baera urged President Bola Tinubu to intervene in the sustainability of the sector through the zero import duties on stockfish due to the low quota of cod (the primary fish for stockfish) and its subsequent price increase fundamentally due to the forces and demand and supply.

    The Norwegian envoy said Nigeria remained one of its largest markets in the world, adding that government intervention would help drive affordability among the large consuming population.

    “Nigeria is consistently one of the largest importers of Norwegian stockfish in the world. It is an important part of the Nigerian kitchen.

     “What started as a trade relationship many decades ago has now grown into something mutually beneficial. This is not just a story of commerce; it is a story of cultural exchange.

    “Both our nations share a strong commitment to sustainability to ensure that our oceans continue to provide for generations to come.

    “As part of this responsible approach, we have in recent years seen a reduction in cod quotas, reflecting the need to protect fish stocks and support long-term marine health.

    “Unfortunately, this necessary reduction has led to increased prices for both stockfish and stockfish heads, impacting both producers and consumers.

    “Hence, we respectfully appeal once again for zero import duty on stockfish heads as a meaningful step towards ensuring continued accessibility and affordability for Nigerian consumers,” Baera said.

    Also speaking on the occasion, both the Director of Africa, Norwegian Seafood Council, Mr Johnny Haaberg, and Fisheries Consultant to Norwegian Seafood Council, Ms. Abiodun Oritsjemine Cheke also supported the envoy’s call for zero-duty on the importation of fish head to promote the health of Nigerians.

    “We try to share our knowledge about aquaculture and management of fisheries, also with Nigeria, and we have been doing that for many years, and we think the cooperation is very good.

    “We have been raising the issue of zero duties for stockfish imports because we think the Nigerian consumers deserve better access to cheaper stockfish heads.

    “Actually, we would wish to have more stockfish heads and stockfish at a good price to offer to the Nigerian market.

    “But because of the lowering of our quotas, the exporters that are here, they sell everything they have, and they are not able to access more,” Haaberg said.

    Ms. Cheke said Norway is ready to increase the training of local fish farmers in the country to increase local export opportunities.

    “In the coming year, we will embark on the training of fish farmers and government officers in fisheries in the sustainability aspect and the documentation aspect of the trade.

    “Nigeria’s product is banned from international trade simply because of documentation, sustainability and quality assurance.

    “So, with this, we intend to leverage it to complement the last training we did for the fish farmers and fisheries officers.

    “And we are also appealing to the federal government that stockfish, especially the heads, is for everybody and is about the cheapest protein in Nigeria.

    “Stockfish heads should be placed on zero per cent import duties for a 150-day period, like the other staple foods. We are also praying for our appeal on zero per cent to be heard and for stockfish heads,” Cheke said.

  • Nigeria to add about 130 million people by 2050, says World Bank

    Nigeria to add about 130 million people by 2050, says World Bank

    World Bank President Ajay Banga has said Nigeria is expected to add about 130 million people by 2050.

    He described the coming decades as a defining moment for developing nations. 

    Speaking at the 2025 Annual Meetings Plenary of the World Bank Group and International Monetary Fund, Banga said the surge would make Nigeria one of the most populous nations in the world, joining the ranks of countries whose demographic weight will determine the future of the global economy.

    “We are living through one of the great demographic shifts in human history,” he said. 

    “By 2050, more than 85 percent of the world’s population will live in countries we call developing today. The pace of growth is most staggering in Africa, which will be home to one in four people on the planet.”

    He warned that while the continent’s expanding youth population could become an engine of global growth, the lack of opportunities could just as easily fuel instability, unrest, and mass migration.

    According to him, in the next 10 to 15 years, 1.2 billion young people will enter the global workforce competing for roughly 400 million jobs, leaving a vast employment gap. 

    “Four young people will step into the global workforce every second over the next ten years,” he said.

     “So in the time it takes to deliver these remarks, tens of thousands will cross that threshold—full of ambition, impatient for opportunity.”

    Banga said this reality makes job creation central to every country’s development and security strategy.

     “A job is more than a paycheck. It is purpose and dignity, the anchor that holds families steady and the glue that keeps societies together,” he stated.

    He noted that the World Bank is refocusing its efforts to meet this challenge through speed, simplicity, and substance in its operations. 

    Project approval times have been shortened, leadership structures consolidated, and financial capacity expanded by about $100 billion to support faster and broader development impact.

    “Our mission is jobs,” he said. “Most jobs—nearly 90 percent—come from the private sector, but they don’t all begin there. Entrepreneurs need the right conditions to start, grow, and hire. Those conditions don’t happen by accident.”

    Banga outlined a three-pillar strategy for growth that includes public investment in human and physical infrastructure such as roads, ports, education, and energy; sound economic management and transparent policies; and finally, mobilising private capital through instruments like guarantees, equity, and risk insurance.

    He highlighted key initiatives aimed at translating these principles into results, including Mission 300, which seeks to connect 300 million Africans to electricity by 2030, and AgriConnect, which helps smallholder farmers move from subsistence to surplus through financing, market access, and digital tools.

    The World Bank, he said, is also finalising a minerals and mining strategy to help African countries shift from raw material exports to local processing and manufacturing. 

    “These are not aid-dependent sectors,” he said. “They are engines of growth—capable of generating locally relevant jobs without displacing work from developed economies.”

    Banga emphasized that the Bank’s development focus now centers on resilience, fiscal soundness, and institutional trust. Nearly half of its recent financing, he revealed, qualified as having climate co-benefits. 

    “When we build a road that connects a manufacturer to a market and it is built to withstand floods, that is counted,” he said. “When we help farmers use drought-resistant seeds and drip irrigation to guard against dry spells, that is counted.”

    He said the demographic surge in countries like Nigeria presents both a challenge and an opportunity for global stability and prosperity. “These young people—with their energy and ideas—will define the next century,” Banga said. “With the right investments focused not on need but on opportunity, we can unlock a powerful engine of global growth.”

  • World Bank and Nigeria

    World Bank and Nigeria

    It was inevitable that the Nigeria Development Update, the World Bank’s biannual flagship report will generate some talking points. Titled “From Policy to People: Bringing the Reform Gains Home”, it claims, as usual to be a broad overview of the economy in terms of trends, policy outcomes, and key challenges after what is arguably, the most aggressive reform path to be undertaken by any administration since independence.

    As far as its summary goes, it was particularly telling as it was instructive: “Nigeria has made substantial progress on macroeconomic stabilization”. The economy, it noted, expanded by 3.9% year-on-year in the first half of 2025, up from 3.5% in the same period of 2024. So was growth, driven largely by strong performance in services and non-oil industries. And just as oil production maintained a steady course, agriculture was also not left behind.

    It noted the steady rise in foreign reserves currently in excess of $42 billion with current account surplus rising to 6.1% of GDP – all of these thanks to higher non-oil exports and lower oil imports. On the fiscal side, it noted that despite lower oil prices, the federal deficit is projected at 2.6% of GDP in 2025, broadly unchanged from 2024, while public debt is expected to decline for the first time in over a decade—from 42.9 to 39.8% of GDP.

    While acknowledging these positive sides, it was also no time for fulsome praises for the administration’s reform efforts: “Stabilization gains”, it noted “have yet to substantially improve Nigerians’ livelihoods”.

    Food inflation and poverty both of which Nigerians already acknowledged as the country’s albatross, remains unbearably high, even as the report drew attention to the need for urgent action to reduce inflation, enhance public spending efficiency, and expand social protection. It referenced the estimated 139 million citizens, said to be living in poverty, even as it warned that the country risks losing reform gains if they fail to translate into tangible improvements in people’s welfare.

    Not surprisingly, the report has since torn Nigerians into two camps: the army of critics who couldn’t imagine the Tinubu administration ever getting anything right on the economy on one side, and the government and its hordes of supporters on the other, particularly with regards to the referenced 139 million citizens said to be living in poverty.

    Bolaji Abdullahi, the megaphone of the African Democratic Congress, the Special Purpose Vehicle cobbled together to realise former vice president, Atiku Abubakar’s presidential dream, has since gone to town with the claim that “the report exposes the widening gap between the government’s propaganda of progress and the harsh realities faced by millions of citizens whose lives and livelihoods have… been devastated under the All Progressives Congress-led government”.

    President Bola Tinubu’s Special Adviser on Media and Public Communication, Sunday Dare has also countered that the methodology used by the World Bank in its determination was not only dated but somewhat suspect given that the “figure was derived from the global poverty line of $2.15 per person per day, set in 2017 using Purchasing Power Parity”.

    Drawing opposing conclusions from the same set of facts being an old game is certainly not exclusive to politicians. It is nothing new particularly to development scholars depending of course on which side of the ideological spectrum that one belongs. And while it seems a fair game that a party like ADC, sworn to displace the ruling APC, will seek to weaponise that aspect of the report, I believe that the government spokesman has provided a robust rebuttal possible in the circumstance.

    Yes, the economic situation in the country is bad enough, without the World Bank compounding our misery with its mystery figures whose values are utterly questionable! So much for the Breton Wood institution’s age-long fixation with the orthodoxies of ‘single stories’ of which our own dear Chimamanda Ngozi Adichie in her 2009 TED Talk, warns – ‘creates and reinforces stereotypes, robbing people and cultures of their dignity and complexity’; it has become for most Nigerians, like an old wife’s tale to be recycled!

    So, Atiku and his ADC people as indeed those interested, may as well run to town with it! That is if it helps to supply the opposition with some oxygen at a time when everything else seems to be falling apart. The government on its part should move past the acknowledgment that things are bad to pressing the throttle. Like most Nigerians, I believe that the signs are clear enough that a lot is moving in the right direction. Time to move the needle to the micro-economy.  

    Away from hugging the headlines, I think Nigerians should take another look at the report to discover the one part of the report so easy to miss: the self-serving prescriptions that have, more often than not, defined the institution’s relations with developing countries. It calls it the three urgent priorities to address the problems of inflation and poverty.

    Read Also: Nigerian youth parliament hails UN-Habitat’s Mlynár as global champion of youth inclusion

    I start with the first and perhaps the most curious of them all: the prescription that the government tackle food inflation by “removing trade barriers such as import bans and excessive duties, while addressing structural bottlenecks in seeds, input supply, security, logistics, and infrastructure (including transport, power, storage, and cold chains)”. Familiar?

    How about this in the age of Trumpism, of trade barriers and protectionist walls?  Imagine a hugely-endowed agrarian economy being asked to throw its borders open for unrestricted food imports so the army of its poor can avail of cheap foods!

    Yes, the prescription is right there in the book!

    So also is the other prescription: the removal of ‘structural bottlenecks in seeds, input supply’ – all in the guise of enhancing farmers output and productivity, policies that have proven over time to perpetuate the same old cycle of dependency and the despair that our farmers have suffered and continue to suffer.

    With friends like this, who needs an enemy?

    And finally, the same barely tolerable, long-winding, if meaningless sweeteners: improve the efficiency of public spending through greater fiscal transparency, stronger discipline in Federation Account (FAAC) deductions, and a national pact to align fiscal policy with development objectives, especially human capital investments, and, expanding and institutionalizing social protection, including regular, domestically financed cash transfers for the ultra-poor and a shock-responsive safety net system to help households manage crises – bland grammars which merely masks their true intent?  

    My question: What will it take for these busybodies to remove themselves from our national affairs so we can concentrate on fixing our broken parts?

  • World Bank: Reforms boost revenue, capital spending in Nigeria

    World Bank: Reforms boost revenue, capital spending in Nigeria

    The World Bank Group has said that Nigeria’s ongoing economic reforms have led to a significant rise in government revenues at all tiers, resulting in increased spending by both the federal and subnational governments.

    This is contained in the Nigeria Development Update (NDU) titled “From Policy to People: Bringing the Reform Gains Home,” released in Abuja on Wednesday by the World Bank.

    World Bank Country Director for Nigeria, Mr. Mathew Verghis, said the reforms are beginning to deliver measurable fiscal outcomes, including improved revenue generation, higher public investment, and signs of macroeconomic stability.

    The report stated that subnational governments, in particular, have witnessed an increase in capital expenditure, which now accounts for nearly 60 to 65 percent of their total spending. According to the report, capital spending by state governments rose from about one percent of the Gross Domestic Product (GDP) in 2022 to a projected 2.7 percent of GDP by 2025.

    Mathew Verghis, however, noted that at the federal level, recurrent expenditure still dominates, with wages and salaries consuming about 70 percent of total spending — leaving limited room for capital investment.

    “Reforms by the federal government have yielded more revenues for all levels of government, leading to higher spending. Subnational governments, in particular, are directing more of their resources toward capital projects, which is a positive development,” Verghis said.

    He explained that Nigeria’s economy has started showing encouraging signs of stabilization, noting that revenue collection is on the rise, debt indicators are improving, the foreign exchange market is stabilizing, reserves are increasing, and inflation is beginning to ease.

    “So these results are exactly what you need to see in a stabilization. These are big achievements,” he said. “However, despite these stabilization gains, many Nigerians are still struggling. Most households are dealing with eroded purchasing power.”

    According to the World Bank chief, poverty levels remain deeply concerning, with an estimated 139 million Nigerians projected to live in poverty by 2025.

    “In 2025, we estimate that 139 million Nigerians will live in poverty. So the challenge is clear — how to translate the gains from the stabilization reforms into better living standards for all,” Verghis stated.

    He said the government must take decisive steps to reduce inflation, particularly food inflation, ensure efficient use of public funds, and expand social safety nets to protect the poorest and most vulnerable citizens.

    Read Also: Fed Govt seeks World Bank’s support for Renewed Hope Ward Development programme

    “Food inflation affects everybody, but particularly the poor and has the potential to undermine political support for the reforms,” he said. “Public resources must be used more effectively, ensuring that spending drives real development results that benefit people. Expanding the safety net is also critical so that the poorest and vulnerable get the support they need.”

    Presenting an overview of the report, the World Bank Lead Economist for Nigeria, Mr. Samer Matta, said gross revenues shared as federation allocations have increased significantly over the past eight months of 2025.

    However, he expressed concern over the high deductions by revenue-collecting agencies, noting that such payments do not contribute to the country’s development. “A large portion of what is collected goes to deductions that don’t impact real development outcomes,” Matta observed.

    He described Nigeria’s economic outlook as “cautiously optimistic,” supported by steady growth, easing inflation, fiscal stability, and a strong external position, though risks remain from oil price volatility, reform fatigue, electoral cycles, and climate shocks.

    According to the Nigeria Development Update, GDP growth is projected to rise modestly to 4.4 percent by 2027, driven by stronger performance in the services sector, a rebound in agriculture, and improved industrial activity under a more stable macroeconomic environment.

    The report also forecasts that inflation will ease to 15.8 percent by 2027, supported by tight monetary policy and reduced supply pressures. Fiscal deficit is expected to average 2.7 percent of GDP between 2026 and 2027, helped by rising tax revenues and lower interest payments.

    The Bank projected that Nigeria’s debt would remain stable, averaging in the low 40 percent of GDP range.

    “The outlook is subject to several risks,” the report cautioned, “as growth and disinflation remain vulnerable to oil price shocks, reform fatigue, election uncertainties, and climate shocks.”

    Overall, the World Bank’s latest assessment suggests that while Nigeria’s reforms are yielding fiscal and macroeconomic gains, the pressing challenge ahead lies in ensuring that these gains translate into tangible improvements in living standards and poverty reduction across the country.

  • Fed Govt seeks World Bank’s support for Renewed Hope Ward Development programme

    Fed Govt seeks World Bank’s support for Renewed Hope Ward Development programme

    The Federal Government has urged the World Bank to back its Renewed Hope Ward Development Programme.

    The initiative is a grassroots-focused initiative designed to stimulate economic activities across the country and advance President Bola Ahmed Tinubu’s vision of a $1 trillion economy by 2030.

    The Minister of Budget and Economic Planning, Senator Abubakar Bagudu, made the appeal yesterday in Abuja at a meeting with the bank’s new Country Director, Mr. Matthew Verghis.

    Bagudu explained that the programme, recently approved by the National Economic Council and coordinated by his ministry, is a transformative plan aimed at driving bottom-up growth and lifting millions out of poverty.

    “The objectives, among others, are to promote sustainable and inclusive growth at the ward level, which will contribute to national development,” Bagudu said. “This will support the $1 trillion GDP target by 2030 and help lift all Nigerians out of poverty.”

    The minister said the initiative would map economic opportunities in all 8,809 wards across the country and support economically active citizens to generate more value.

    “It is about creating sustainable and inclusive growth from the grassroots,” he added.

    Bagudu stressed that the country is drawing lessons from other countries while building a uniquely Nigerian model.

    “We have examined China’s experience of lifting 852 million people out of poverty, India’s rural transformation, and Kenya’s bottom-up strategy. Nigeria can incorporate these lessons, but with a model that reflects our constitutional federalism and ensures all three tiers of government take responsibility,” he said.

    The minister also linked the programme to Nigeria Agenda 2050, the country’s long-term strategic plan, which he described as “ambitious but achievable”.

    He said: “It reflects our national consensus — enshrined in Chapter Two of our Constitution — that all tiers of government must work together to deliver economic, social, and environmental objectives. Our duty is to translate this vision into actionable five-year plans and annual budgets that are people-centred and results-driven.”

    Bagudu expressed appreciation to the World Bank for its consistent partnership, particularly during the past 28 months of economic reforms.

    “The World Bank team has collaborated with us not just as partners but as members of the same team. We could not have achieved the results we have today without your support,” Bagudu said. “Together, we have taken bold steps that are beginning to restore macroeconomic stability and inspire confidence at home and abroad…

    “Our reforms have demonstrated the value of staying the course in the right direction. With effective policies and difficult but necessary choices, we are beginning to see results. The task now is to build on these achievements and ensure that no willing Nigerian is left behind.”

    Verghis hailed Nigeria for taking bold decisions in its reform process, describing them as a “development breakpoint” that could reset the country’s economic trajectory.

    “Nigeria’s recent decisions represent a critical moment. Such choices are not easy, but they create opportunities for a new path. The World Bank stands ready to continue supporting Nigeria in maintaining these reforms and increasing their impact,” he said.

    He described the Renewed Hope Ward Development Programme as a promising initiative but stressed the importance of building on proven structures.

  • Unlocking trillion-dollar economy through gender inclusion

    Unlocking trillion-dollar economy through gender inclusion

    • By Lekan Olayiwola

    Sir: Nigeria’s aspiration of a $1 trillion economy is a referendum on whether the country can build inclusive, resilient growth. Yet, the lofty goal may be unreachable if women remain side-lined. Women’s economic exclusion isn’t just unfair it’s an economic loss.

    According to the World Bank, closing Nigeria’s gender gap in labour force participation could add $229 billion to GDP by 2030. That’s nearly a quarter of the country’s current economic output.

    Female labour force participation stands at 80.7%, nearly equal to men’s at 84.4%, yet women earn less, own fewer assets, and are locked out of formal credit. Only 9% of female-owned MSMEs have access to formal financing.

    The Northwest is home to over 20 million women, many of whom sustain agriculture and informal trade in Sokoto, Zamfara, and Katsina. Yet literacy is barely 53.3%, maternal mortality is nearly 1,000 deaths per 100,000, and insecurity makes schools and markets unsafe.

    Women here contribute significantly to the region’s agricultural GDP estimated at N5.2 trillion annually. But due to lack of access to extension services, credit, and secure markets, their productivity is suppressed. If even 30% of women’s agricultural labour were formalized and scaled, the region could unlock N1.5 trillion ($1.8 billion) in additional value annually.

    The Northeast’s female labour force is underutilised in both education and health sectors. If trauma-informed reintegration programmes enabled just 500,000 displaced women to re-enter teaching, caregiving, and community health roles, the region could gain N400 billion ($480 million) in annual productivity.

    Accelerated learning for displaced girls, stipends for female-headed households, and rotational female teacher postings with secure housing are not charity, but economic recovery tools.

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    North-central’s Benue, Plateau, and Niger host millions of women who farm, trade, and mediate conflict. Yet farmer–herder violence displaces families, disrupts markets, and halts girls’ education. State budgets fail to fund mobile classrooms or mediation hubs; women’s cooperatives are cut out of agricultural grants.

    Women here are central to food production and local commerce. If land access reforms and transport vouchers enabled one million rural women to scale their farming and trade, the region could unlock N600 billion ($720 million) in added GDP annually.

    Conflict-sensitive school calendars, land access reforms, and rural mobility protections are not just social interventions, but economic imperatives.

    In the Southwest, Lagos, Ogun, and Oyo teem with women in trade, caregiving, and tech. Yet overcrowded schools, unpaid caregiving, and bias in funding keep them out of the formal economy. Budgets chase infrastructure, not social protection.

    If just 10% of informal female labour were formalized through tech incubators, para-teacher programmes, and employer incentives, the Southwest could unlock N1.8 trillion ($2.2 billion) annually.

    Double-shift schools, gender-focused tech hubs, and employer tax breaks are not fringe ideas, but fiscal strategies.

    Women’s trade networks in the Southeast contribute an estimated N3.5 trillion to regional GDP. If microcredit and safe mobility expanded access for 500,000 female traders, the region could unlock N500 billion ($600 million) in new value annually.

    Evening schools, credit tied to attendance, and community-police compacts aren’t just protective, but productive.

    In the South-south, Bayelsa, Rivers, and Delta are rich in resources but poor in resilience. Women fish, farm, and rebuild after climate shocks. The 2022 floods closed 18 schools in Bayelsa, yet budgets had no flood-triggered disbursements. Adolescent fertility remains high at 86 births per 1,000 girls aged 15–19, compounding vulnerability.

    Women’s labour in fisheries and agriculture contributes over N2.8 trillion to the region. Climate-smart training and maternal health stipends could unlock N400 billion ($480 million) in new productivity annually.

    Flood-resilient classrooms, catch-up cycles, and maternal stipends are not emergency responses, but economic stabilizers.

    Inclusion is not charity. It is economic strategy. The World Bank’s projection of $229 billion in GDP gains from gender parity is not theoretical; it’s already visible in the zones where women are working without support.

    Women own 43% of MSMEs, yet only 9% have access to formal credit. These numbers are not just statistics, but missed opportunities.

    Nigerian women contribute, but institutions constrain. But a one-size-fits-all national policy cannot fix a multi-crisis map. State institutions often undervalue, underfund, and under protect women through budget neglect, poor planning, or outright exclusion.

    A national dashboard that tracks female labour force participation by zone, gender-responsive budget allocations, crisis-triggered disbursements, and vocational and literacy outcomes for girls would allow policymakers, civil society, and citizens to see where the budget is working or failing.

    •Lekan Olayiwola,

    lekanolayiwola@gmail.com

  • World Bank drives more budget allocations to critical sectors

    World Bank drives more budget allocations to critical sectors

    Minister of Budget and Economic Planning, Sen Abubakar Bagudu, has revealed that the Programme-for-Results (PforR) instrument of the World Bank has enabled the National Assembly and state governments to approve funding and allocate more budgets to critical sectors of the economy.

    Speaking in Abuja yesterday during a courtesy visit by a delegation from Senegal’s Ministry of Health and Social Action, Bagudu said the instrument has also demonstrated the value of government spending and strengthened delivery of social amenities to Nigerians.

    “The Programme-for-Results instrument has enabled the National Assembly and the States to approve funding and allocate more budgets to critical sectors of the economy. It has equally shown the value of spending,” Bagudu said.

    The Minister added that another significant advantage of the PforR initiative is that it has fostered collaboration across ministries, which has helped the government achieve the objectives of different result areas.

    “Another benefit of this instrument is the enhanced cooperation between ministries, which has ensured that the objectives of the result areas are achieved and that services are delivered more effectively,” he stated.

    Introduced in Nigeria in 2015, the World Bank’s Programme-for-Results is a fiduciary strengthening instrument designed to improve accountability, transparency, and sustainable programme delivery at both federal and state levels.

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    Bagudu noted that Nigeria has successfully implemented several PforR initiatives in the areas of health, governance, and economic empowerment. He listed examples such as the Saving One Million Lives (SOML), the Nigerian Community Action for Resilience (NG-CARES), and the Human Capital Opportunities for Prosperity and Equality (HOPE) Education, Governance and Health programmes.

    Earlier, the leader of the Senegalese delegation, Dr. Abibou Ndiaye, Technical Advisor at Senegal’s Ministry of Health, said the team was in Nigeria to learn from its implementation of the Programme-for-Results and draw lessons from the country’s experiences.

    “We are here to benefit from Nigeria’s experiences in executing PforR programmes, including the successes and challenges encountered,” Ndiaye said.

    During the meeting, project coordinators from the Ministry of Budget and Economic Planning gave the delegation an overview of Nigeria’s various PforR projects, explaining their design, impact, and sustainability measures.

    The Senegalese Ministry of Health and Social Action delegation is currently on a study tour to Nigeria to examine the country’s approaches, pitfalls, and achievements in implementing World Bank-supported Programmes-for-Results.

  • New debt  financing strategy reduces  foreign exposures

    New debt  financing strategy reduces  foreign exposures

    Plans are underway by the Federal Government to reduce the foreign debt exposures by about seven basis points as part of a new debt financing strategy.

    The new Medium-Term Debt Management Strategy (MTDS) for 2024–2027 is expected to reduce foreign exchange (forex) debt exposure from the current 51.75 per cent to 45 per cent of the total debt portfolio.

    The policy framework, which is being coordinated by the Debt Management Office (DMO), has been approved by the Federal Executive Council (FEC).

    The strategy was developed with technical support from the World Bank and the International Monetary Fund (IMF). It also has the inputs of key stakeholders, including the Ministry of Finance and the Central Bank of Nigeria (CBN).      

    Read Also: Nigeria to channel World Bank funds into infrastructure, jobs, investment

    The MTDS, which is widely recognised as a global best practice for managing public debt, aims at ensuring debt sustainability, improving fiscal stability, and deepening the domestic securities market.

    The DMO explained in a statement at the weekend that the policy framework would balance the government’s financing needs with debt sustainability considerations, while minimising costs and risks associated with borrowing.

    DMO stated: “The key objectives of the MTDS are to meet the government’s financing needs and payment obligations in the short to medium term, taking into consideration the costs and risks trade-offs in the debt portfolio; to achieve optimum composition of the public debt portfolio that ensures debt sustainability; and to further deepen the domestic securities market through the introduction of new products.”

    Many debt sustainability benchmarks across key fiscal and risk indicators were set.

    Debt-to-GDP was projected to rise from 52.25 per cent at the end of 2024 to 60 per cent by 2027, while interest payments-to-GDP were capped at a maximum of 4.5 per cent as against   3.75 per cent in 2024.

    Sovereign guarantees-to-GDP is not expected to exceed five per cent from the current 2.09 per cent

    Also, the domestic-to-external debt mix was adjusted from the current 48:52 ratio to 55:45 to reduce foreign exchange risk exposure.

    Refinancing risk would be contained with a maximum of 15 per cent of debt maturing within a year, with debt maturing as a share of GDP pegged at five per cent.

    Average maturity time for debt portfolio was set at a minimum of 10 years to ensure longer repayment cycles.

  • Nigeria to channel World Bank funds into infrastructure, jobs, investment

    Nigeria to channel World Bank funds into infrastructure, jobs, investment

    Nigeria has assured the World Bank that it would channel multilateral funds from the Bank into projects that will expand infrastructure, create jobs, and stimulate private sector investment as part of ongoing efforts to accelerate economic transformation.

    The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, made this commitment at the weekend when he received the Executive Director for Angola, Nigeria and South Africa (ANSA) Constituency at the World Bank, Mrs. Zainab Shamsuna Ahmed, during a strategic briefing on Nigeria’s priorities within the Bank’s constituency.

    Edun told the visiting delegation that Nigeria’s reform drive is beginning to yield results, with measures such as the removal of fuel subsidies, improvements in tax collection, and the digitisation of government processes already drawing increased international interest.

    Read Also: Nigeria, Japan seal deals to boost mining investment

    He said new investment inflows into manufacturing sectors are evidence of growing confidence in the Nigerian economy.

    According to him, the President Bola Ahmed Tinubu administration’s goal is to position Nigeria on a growth trajectory that will significantly improve living standards.

    “We are targeting Gross Domestic Product (GDP) growth of up to seven per cent in the medium term, more than double population growth and significantly raise living standards,” Edun stated.

    In response, Mrs. Ahmed praised Nigeria’s economic reform agenda and its leadership role in regional and continental platforms, noting its strong presence at the recent Africa Caucus.

    She assured the Minister of the World Bank’s readiness to continue working closely with Nigeria in delivering projects that support inclusive development and long-term resilience.