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  • 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 World 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, 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: UACC tasks government on security, urges Nigerians to remain prayerful

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

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

    “We are targeting GDP growth of up to 7% in the medium term, more than double population growth and significantly raise living standards,” he 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.

  • World Bank approves $300m loan for IDPs, hosts communities in northern Nigeria

    World Bank approves $300m loan for IDPs, hosts communities in northern Nigeria

    The World Bank has approved a $300 million loan for the Solutions for the Internally Displaced and Host Communities Project (SOLID), aimed at improving access to essential services and economic opportunities for Internally Displaced Persons (IDPs) and their host communities in Northern Nigeria.

    The financing, approved on August 7, will be provided through the Bank’s lending arms — either the International Development Association (IDA), which offers concessional financing to low-income countries, or the International Bank for Reconstruction and Development (IBRD), which provides standard lending.

    While the terms have not yet been disclosed, the entire funding package is structured as a loan, meaning Nigeria will be required to repay it over time under agreed conditions.

    The World Bank said on Monday that the project forms part of a long-term strategy to address the impact of conflict and insecurity in Northern Nigeria, which has forced more than 3.5 million people from their homes.

    The influx of displaced persons, according to the Bank, has placed significant pressure on local infrastructure, particularly in selected Local Government Areas (LGAs) where IDPs have settled. The resulting population surge has limited access to basic services, increased vulnerability to natural disasters such as flooding, and intensified competition for already scarce resources, deepening economic hardship for both displaced persons and host communities.

    It noted that many local governments are unable to fully address these challenges, creating an urgent need for a coordinated approach that bridges the gap between emergency relief and long-term development.

    The SOLID Project will build on earlier interventions, including the Nigerian government’s programmes, support from international partners, and the World Bank-backed Multi-Sectoral Crisis Recovery Project (MCRP), which focused on short-term emergency recovery. Unlike MCRP, SOLID will prioritise sustainable solutions that foster resilience and economic stability.

    The initiative will focus on developing and maintaining climate-resilient infrastructure to withstand environmental shocks; promoting social cohesion and community resilience through participatory development planning, economic cooperatives, and the integration of IDPs into host communities; and supporting livelihoods so that both displaced persons and local residents can initiate and sustain income-generating activities. It will also work to strengthen state and local institutions, enabling them to better respond to demographic changes caused by forced displacement.

    Matthew Verghis, World Bank Country Director for Nigeria, said the programme’s integrated design aligns with both the National IDP Policy and the Federal Government’s long-term development vision.

    “We are glad to support this initiative, which has tremendous potential to help Nigeria in addressing development challenges associated with protracted displacement in a sustainable way. The Project’s integrated approach will ensure that IDPs and host communities can transition from dependency on humanitarian assistance to self-reliance and resilience, which will open up better economic opportunities,” he said.

    Read Also: World Bank VP visits Baze Varsity, commends educational standards 

    According to the Bank, the SOLID Project is expected to directly benefit up to 7.4 million people, including approximately 1.3 million IDPs. Implementation will follow a coordinated, community-driven approach involving federal, state, and local governments, with strong participation from international partners.

    Fuad Malkawi and Christopher Johnson, the project’s Task Team Leaders, described SOLID as central to addressing Northern Nigeria’s displacement crisis.

    “This operation is central to tackling the enduring displacement crisis in Northern Nigeria. It reflects the urgency of addressing infrastructure gaps and service delivery challenges in host communities that were already strained before the influx of displaced populations. It will provide targeted livelihoods support to help both displaced and host populations achieve sustainable economic outcomes,” they said.

    By channelling loan financing into long-term development, the World Bank and the Nigerian government aim to move Northern Nigeria from crisis response to stability, resilience, and inclusive growth.

  • World Bank VP visits Baze Varsity, commends educational standards 

    World Bank VP visits Baze Varsity, commends educational standards 

    The Regional Vice President for Western and Central Africa at the World Bank, Mr. Ousmane Diagana has paid a high-level visit to Baze University, Abuja, where he commended the institution’s commitment to academic excellence and assured of future partnerships in critical sectors.

    Diagana, who is in Nigeria for official engagements, lauded Senator Yusuf Datti Baba-Ahmed PhD, Chancellor and Founder of Baze University, for his bold vision and investments in education, describing the institution as a shining example of African excellence driven by Africans.

    “I am happy to see a university of this standard built and led by Africans. This is really a thing of joy. We are proud of Baze University and the role institutions like this play in human and capital development,” Diagana said.

    He emphasized the World Bank’s focus on people-centered approaches, youth empowerment, private sector development, and agricultural productivity across the region. Diagana also expressed his appreciation for the opportunity to interact with students, noting that “every concept of development begins with learning.”

    In his welcome address, Senator Yusuf Datti Baba-Ahmed PhD FSAN, while expressing gratitude to the visiting delegation, highlighted the historical and ongoing impact of the World Bank in shaping global development, particularly in the Global South.

    “After the Second World War, the world witnessed a transformation in global financial and development architecture. Institutions like the World Bank have been instrumental in trade liberalization, financial autonomy, and capital proliferation,” he noted.

    Senator Datti further called for closer collaboration between sovereign nations and the World Bank, especially in ensuring financial discipline and building strong national development frameworks. He emphasized that the visit by the World Bank leadership was a clear testament to the institution’s interest in not just supporting governments, but also engaging with educational institutions that are shaping the continent’s future.

    Read Also: Ondo okays N3.5b counterpart funding for World Bank rural road projects

    He shared success stories of Baze University, including its academic track record where, in 2019, 30 out of 31 of its students returned with distinction in postgraduate studies in the UK. He also spoke of ongoing innovations, including the planned establishment of a flying school to offer training in aviation management, air traffic control, and hospitality.

    “Baze University represents diversity, religious harmony, technological advancement, and academic integrity. Even during the COVID-19 lockdown, our academic calendar continued without disruption,” Senator Datti affirmed.

    Also speaking, Vice Chancellor, Professor Jamila Shu’ara, praised the World Bank team for recognizing Baze University’s contributions to development conversations. She described Baze as a “university of tomorrow in today,” powered by innovation, diversity, and excellence.

    “All our processes are technology-driven. From student admissions to staff management, we use smartboards in every classroom, and we’re fully accredited by nine professional bodies,” she said.

    She added that the university currently has 6,985 students, has graduated over 3,400 alumni, employs 920 staff members, and maintains 150 trained security operatives on campus.

    The event ended with an interactive session between the World Bank delegation, students, and faculty members, focusing on the Bank’s role in development, youth empowerment, and global policy reforms.

    The World Bank delegation included the Country Director for Nigeria, Mr. Ndiamé Diop; Regional Practice Director, Dr. Abebe Adugna; Manager for External and Corporate Relations (Western and Central Africa), Ms. Naye Anna Bathily; Senior External Affairs Officer, Mr. Mansir Nasir; and External Affairs Officer, Ms. Maryam Laushi Dasilva.

  • World Bank to upgrade 490 secondary schools in Nasarawa

    World Bank to upgrade 490 secondary schools in Nasarawa

    The World Bank has commenced the upgrade of 490 public secondary schools across the 13 local government areas of Nasarawa State through its Adolescent Girls Initiative For Learning And Empowerment Project.

    Governor Abdullahi Sule who flagged off the project in Lafia noted that the project was approved following the payment of N150 Million counterpart funds by the state government.

    He explained that with the AGILE project, the state government now has the opportunity to address the challenges of access, retention and quality of girls’ education at the secondary schools level in the state.

    Read Also: ‘How Nigeria can benefit from World Bank’s $2.5b carbon

    The Governor, who commended the Federal Ministry of Education for considering the state for the school improvement grant, expressed the determination of his administration towards supporting the World Bank AGILE project to succeed in the State.

    He appealed to the School Based Management Committee and other key stakeholders to manage the available resources judiciously in line with the work approved plan, urging them to be transparent in their responsibilities.

  • ‘How Nigeria can benefit from World Bank’s $2.5b carbon

    ‘How Nigeria can benefit from World Bank’s $2.5b carbon

    A non-governmental organisation, Search for Common Ground (SFCG), has attributed poor implementation by the government of environmental policies and climate change issues as the major drivers of conflict and hardship in the Niger-Delta region.

    It said carbon offset projects, if backed by strong laws, can help address economic marginalisation, reduce environmental degradation and support fair development of the region.

    The event with theme ” State- Level Multi-Stakeholder Dialogue on Carbon Offset Study Report ( From Degradation to Regeneration: Local Solutions for Carbon Offsetting in Bayelsa) was organised by  Search for Common Ground (SFCG), in collaboration with the European Union (EU) and other partners, is being implemented in 3 states, 33 LGAs, and 66 communities in the Niger-Delta region.

    The one day programme which was held in Yenagoa, Bayelsa State capital, focused on a community-centered approach to addressing the systemic drivers of violence and criminality in the state using carbon offset initiatives to address environmental degradation and sustainability, economic marginalisation and conflict resolution.

    Through these efforts, SFCG hopes to create an inclusive community framework that addresses the root causes of violence, and contribute to long-term stability and development in the Niger Delta.

    Participants who were drawn from communities in Bayelsa state, including local communities, civil society groups, security agencies, government, private sector, academia and traditional institutions, examined what carbon offset means, understanding the opportunities it presents and how best stakeholders can leverage on the opportunities surrounding carbon offset and credits.

    Read Also: Terrorists kill four soldiers in fresh attack on Shiroro communities

    SFCG’s project facilitator, Mr. Joshua Chorbe, said the project which is a community centered approach can help transform criminality and violence in the Niger-Delta.

    He said the programme is aimed at bringing critical stakeholders to dialogue on the findings of the carbon offset study conducted by SFCG and how best local communities can leverage on opportunities of carbon offset with the potential to earn up to 2.5 billion dollars with support from the World Bank.

    According to him, the programme is aimed at how best the government can partner with community actors to drive the carbon credit process, adding that solutions identified are based on local needs with SFCG and its development partners supporting them.

    Chorbe lamented that the Niger-Delta region’s energy emissions are significantly higher than the global average, stressing that any viable carbon offset approach must include afforestation, reforestation, renewable energy and carbon capture.

    Bayelsa Environment Commissioner, Mr Ebi Ololo described the programme as timely as the negative effects of climate change bites harder on local communities.

    He added that steps taken by the state government to mitigate climate change include a ban on indiscriminate logging, employment of two hundred forest guards and a reafforestation campaign programme to educate local communities.

    He raised concerns about the activities of oil exploration activities by multinational oil companies and the absence of a clear remediation strategy which results in the loss of livelihoods for local communities.

  • World Bank backs Nigeria’s 90,000km optic network project

    World Bank backs Nigeria’s 90,000km optic network project

    The World Bank Group is working with Nigeria to deliver a 90,000-kilometre fibre-optic cable project, it was learnt yesterday.

    It is aimed at transforming the country’s digital infrastructure and powering broad-based economic growth.

    World Bank Managing Director and Chief Financial Officer, Anshula Kant, met with President Bola Ahmed Tinubu at the State House, Abuja.

    Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun and his Communications, Innovation and Digital Economy counterpart, Dr. Bosun Tijani, were present.

    Kant told reporters after the meeting that the World Bank was fully committed to supporting Nigeria’s digital transformation agenda, as well as broader macroeconomic reforms being implemented under President Tinubu’s leadership.

    “One of the biggest forthcoming projects we are partnering on is in the digital space, providing broadband access across the country.

    “We also have ongoing collaborations in agribusiness, energy, education, health and social protection.

    “Nigeria is a very valuable partner for the World Bank Group, and we believe our priorities are strongly aligned,” Kant said.

    Read Also: World Bank appoints Mathew Verghis as new Country Director for Nigeria

    Commending the Tinubu administration’s bold economic reforms, she said Nigeria was already witnessing momentum from the policies being pursued.

    “I congratulated the President for embarking on such ambitious macroeconomic reforms and staying the course. These are not easy, but they are already showing strong results,” she added.

    Edun described the fibre optic cable initiative as one of the largest of its kind globally, structured through a sustainable and commercially viable financing model.

    “This 90,000-kilometre fibre project is a landmark, and the World Bank is a major partner.

    “It is self-financing and structured to ensure the users of the infrastructure will pay for its services, making it highly viable,” Edun explained.

    He said the partnership underscored Nigeria’s strategy for achieving sustained, inclusive growth that creates quality jobs and lifts millions out of poverty.

    Dr. Tijani said the fibre-optic initiative was designed to be future-facing and growth-driven.

    “We’re laying 90,000 kilometres of fibre across Nigeria — with rings across geopolitical zones and full state coverage. It is about solving connectivity once and for all.

    “We want every home, office, school, and hospital to have access to fibre-based broadband,” he said.

    Tijani said the Federal Executive Council (FEC) had already approved the initiative, which is being implemented through a special purpose vehicle (SPV) with funding support from the World Bank and private investors.

    “The World Bank is helping structure this project through an SPV where the government is investing, but the private sector will hold 51 per cent equity and run it independently.

    “This will ensure sustainability and proper management,” he said.

  • World Bank, partners back Nigeria’s 90,000km fibre optic network drive

    World Bank, partners back Nigeria’s 90,000km fibre optic network drive

    The World Bank Group with other global development and financial partners is partnering with Nigeria to deliver a landmark 90,000-kilometre fibre-optic cable project aimed at transforming the country’s digital infrastructure and powering broad-based economic growth.

    The World Bank’s Managing Director and Chief Financial Officer, Anshula Kant, disclosed this on Wednesday after leading a high-powered delegation to a meeting with President Bola Ahmed Tinubu at the State House, Abuja. 

    Also present at the meeting were Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and the Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani.

    Addressing journalists after the closed-door engagement, Kant said the World Bank was fully committed to supporting Nigeria’s digital transformation agenda, as well as broader macroeconomic reforms being implemented under President Tinubu’s leadership.

    “One of the biggest forthcoming projects we are partnering on is in the digital space, providing broadband access across the country. We also have ongoing collaborations in agribusiness, energy, education, health and social protection. Nigeria is a very valuable partner for the World Bank Group, and we believe our priorities are strongly aligned,” Kant said.

    Read Also: World Bank appoints Mathew Verghis as new Country Director for Nigeria

    Commending the Tinubu administration’s bold economic reforms, she said Nigeria was already witnessing momentum from the policies being pursued. 

    “I congratulated the President for embarking on such ambitious macroeconomic reforms and staying the course. These are not easy, but they are already showing strong results,” she added.

    Kant also highlighted the World Bank’s overarching mission of eradicating poverty on a livable planet through accelerated growth and better job opportunities for young people. 

    According to her, growth requires a foundation of both physical and human capital — including access to digital services, energy, improved education, and healthcare.

    Minister of Finance, Wale Edun, described the fibre optic cable initiative as one of the largest of its kind globally, structured through a sustainable and commercially viable financing model.

    “This 90,000-kilometre fibre project is a landmark, and the World Bank is a major partner. It is self-financing and structured to ensure the users of the infrastructure will pay for its services, making it highly viable,” Edun explained.

    He said the partnership underscored Nigeria’s strategy for achieving sustained, inclusive growth that creates quality jobs and lifts millions out of poverty. 

    “There is consensus around the need to focus on agriculture, infrastructure like digital connectivity, and affordable access to finance, particularly for SMEs. This is the path to national growth and transformation,” he added.

    Providing further details, the Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, said the fibre-optic initiative was designed to be future-facing and growth-driven.

    “We’re laying 90,000 kilometres of fibre across Nigeria — with rings across geopolitical zones and full state coverage. It is about solving connectivity once and for all. We want every home, office, school, and hospital to have access to fibre-based broadband”, Tijani explained.

    Tijani said the Federal Executive Council (FEC) had already approved the initiative, which is being implemented through a special purpose vehicle (SPV) with funding support from the World Bank and private investors.

    “The World Bank is helping structure this project through an SPV where government is investing, but the private sector will hold 51% equity and run it independently. This will ensure sustainability and proper management,” he said.

    He emphasized that the project would not only expand digital access but also underpin Nigeria’s broader development objectives in agriculture, healthcare, education, and the creative economy.

    “There’s evidence that a 10% improvement in broadband quality can increase GDP by 1.35%. There are very few investments with that kind of return. The President is focused on growth, and this is exactly the type of infrastructure that supports that goal,” he noted.

    Dr. Tijani further disclosed that the project design was complete and would be made public in the coming months to allow Nigerians see how the network will be laid and how communities will benefit. 

    He expressed confidence that implementation could commence before the end of 2025.

    President Tinubu, he said, remains committed to building resilient, growth-oriented infrastructure that positions Nigeria for long-term competitiveness. 

    “Mr. President has made it clear — we must invest in infrastructure that allows our economy to grow and thrive,” he added.

  • FG inaugurates inter-ministerial committee to drive HOPE programme implementation

    FG inaugurates inter-ministerial committee to drive HOPE programme implementation

    The federal government has inaugurated an Inter-Ministerial Committee to oversee the implementation of the Human Capital Opportunities for Prosperity and Equity (HOPE) programme — a World Bank-backed initiative aimed at improving education, healthcare, and governance outcomes across the country.

    The inauguration ceremony, which took place in Abuja, was led by the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, who chairs the committee. 

    Co-chairing the committee are key ministers: the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun; the Coordinating Minister of Health and Social Welfare, Professor Muhammad Ali Pate; the Minister of Education, Dr. Tunji Alausa; and the Minister of Women Affairs, Hajia Imaan Suleiman-Ibrahim.

    Senator Bagudu stated that the primary objective of the committee is to ensure that all relevant Ministries, Departments, and Agencies (MDAs) work in concert to deliver on the objectives of the HOPE programme. 

    He clarified that the role of the Budget and Economic Planning Ministry is to coordinate the implementation of national development plans rather than compete with other ministries.

    “We are not competing, we are complementing each other to drive the HOPE project,” he said. According to him, the committee is expected to develop a coordinated roadmap to ensure a seamless rollout of the HOPE programme and provide guidance on national alignment.

    The committee has been tasked with several key responsibilities to strengthen programme performance. These include: Assessing the implementation progress of the HOPE programme and tracking achievements related to Disbursement Linked Indicators (DLIs) across all beneficiary entities.

    Others include, evaluating the status of disbursements to implementing agencies and monitoring Investment Programme Financing (IPF) arrangements; reviewing how the HOPE series of operations align with national priorities, monitoring and evaluation strategies, and public communications, including the publication of Annual Performance Assessment (APA) results; monitoring the progress of capacity-building initiatives across implementing agencies and identifying and addressing risks or challenges that may impact the programme’s effective delivery.

    The HOPE programme is being coordinated at the federal level by the Federal Ministry of Budget and Economic Planning through the HOPE Governance National Programme Coordinating Unit (NCPU), which will also serve as the programme’s secretariat. Dr. Assad Hassan serves as the National Coordinator of HOPE-Governance.

    The NCPU is expected to work closely with the federal ministries of Health and Social Welfare, Education, and Finance, as well as their counterparts at the state and local government levels. The goal is to ensure that interventions across all tiers of government are integrated and targeted towards improving the human capital development index in Nigeria.

    Read Also: FG urges grassroots focus on nutrition as N774 initiative gathers momentum

    At the meeting, the Ministers of Finance, Health, Education, and Women Affairs pledged full support for the programme, stressing the need for sustained collaboration to improve living standards nationwide.

    Finance Minister Wale Edun noted that the programme aligns with the administration’s broader economic reform agenda aimed at addressing poverty and boosting productivity. Coordinating Minister of Health Professor Muhammad Ali Pate also expressed confidence in the HOPE programme’s potential to bridge gaps in access to quality healthcare services, particularly for vulnerable populations.

    Minister of Education Dr. Tunji Alausa stated that the education sector is ready to work with all stakeholders to expand access and improve quality, while Women Affairs Minister Hajia Imaan Suleiman-Ibrahim assured that gender inclusion and protection of vulnerable groups will remain a priority within the HOPE framework.

    Earlier, the Acting Permanent Secretary in the Ministry of Budget and Economic Planning said the HOPE programme was designed with an overarching objective to support the federal government in strengthening essential service delivery systems and driving long-term national development. 

    He noted that the World Bank-supported initiative seeks to achieve measurable improvements in human capital indicators, which are central to Nigeria’s Vision 2050 and the National Development Plan (2021–2025).

  • Fed Govt, World Bank, AfDB, others move to unlock energy investments

    Fed Govt, World Bank, AfDB, others move to unlock energy investments

    The federal government is leading a global coalition of stakeholders aimed at unlocking further investments in the energy sector.

    A high-level stakeholder engagement forum towards the implementation of the National Energy Compact under the Mission 300 initiative, which is a critical step towards tackling energy poverty, will hold today through the Federal Ministry of Power and the Federal Ministry of Finance, in collaboration with Sustainable Energy for All (SEforALL).

    Tagged Mission 300, the initiative is championed by the World Bank Group and the African Development Bank, with key support from The Rockefeller Foundation, the Global Energy Alliance for People and Planet (GEAPP) and SEforALL.

    The project is geared towards achieving the ambitious goal of connecting 300 million people across Africa to electricity by 2030, alongside other African countries, with Nigeria as one of twelve countries selected for the first phase of Mission 300 implementation.

    Nigeria has committed to bold reforms to expand energy access, scale up renewable energy and attract private sector investment. To drive this effort, the government has established a high-level Compact Delivery and Monitoring Unit to oversee and coordinate the delivery of Mission 300 targets.

    READ ALSO: Meet longest-serving Olubadan who ruled for 16 years

    To propel coordinated action and unlock investment, the Compact Delivery and Monitoring Unit, through the Stakeholder Forum, will bring together senior government officials, development partners, and private sector leaders to discuss progress and showcase implementation efforts for Nigeria’s National Energy Compact, launched at the Dar es Salaam Energy Summit in January 2025.

    The Compact outlines clear, investable targets: doubling the annual electricity access growth rate from 4.0 per cent to 9.0 per cent and increasing access to clean cooking solutions from 22 per cent to 25 per cent per year. These targets signal Nigeria’s commitment to achieving universal energy access by 2030 and creating a predictable, results-driven environment for energy investments.

    The forum focuses on the five strategic pillars of Nigeria’s Mission 300 Compact, each designed to unlock investment and drive market transformation:

    Infrastructure Rehabilitation and Expansion to create a bankable pipeline of grid and off-grid projects through least-cost planning and technical capacity building.

    Last-mile access to open new markets by extending electrification to underserved communities. Clean cooking to promote the widespread adoption of clean cooking solutions to reduce reliance on traditional biomass fuels. Financially Viable Utilities to improve creditworthiness and attract capital into the power sector. Private Sector Participation through clear incentives, de-risking mechanisms, and enabling policies. Regional Integration to scale investment opportunities across borders and enhance power trade.

    “Nigeria is showing real leadership in driving forward the ambition of Mission 300. Its progress shows what is possible when political will, bold reforms, and clear, investment-ready targets come together. The African Development Bank is proud to stand with Nigeria to help translate this ambition into reality, mobilizing funding, strengthening institutions, and unlocking private capital to ensure millions more gain access to reliable, affordable, and sustainable electricity.”  said Wale Shonibare, Director, Energy Financial Solutions, Policy and Regulation, African Development Bank

    Speaking ahead of the forum, the Honourable Minister of Power, reaffirmed the Federal Government’s commitment: “Mission 300 is more than an initiative – it is a transformative opportunity to reshape Nigeria’s energy future. We are committed to working with our partners to ensure affordable, reliable, and sustainable electricity for all Nigerians and we invite all stakeholders across government, development, private sector, and civil society to join this critical initiative to build an inclusive and resilient energy sector for Nigeria.”

    The success of Mission 300 depends on bold partnerships and immediate action. This forum shows what’s possible when governments, business and development partners come together with urgency and purpose backed by significant and sustained investment,” Damilola Ogunbiyi, CEO and Special Representative of the UN Secretary-General for Sustainable Energy for All, and Co-Chair of UN-Energy, said.

  • World Bank appoints Mathew Verghis as new country director for Nigeria

    World Bank appoints Mathew Verghis as new country director for Nigeria

    The World Bank has announced the appointment of Mathew Verghis as its new Country Director for Nigeria, effective July 1, 2025.

    Verghis takes over from Dr. Ndiame Diop, who has assumed a new role within the institution.

    A statement from the World Bank on Friday described Verghis as an Indian national who brings more than 20 years of experience in economic policy and development, having joined the World Bank in 1999.”

    Over the course of his career, he has worked in senior leadership roles spanning Africa, East Asia, Europe, and Central Asia. His most recent position was Regional Practice Director for Prosperity in the South Asia Region, based in Washington, D.C.

    Speaking on his appointment, Verghis described this period as a critical moment for Nigeria’s development path.

    “I am honoured to take on this role and to work alongside the government and people of Nigeria,” he said. “There is real potential for transformative growth that can improve lives, create jobs, and expand opportunities for all. I’m also excited to experience firsthand the rich culture and incredible energy of Nigeria.”

    As Country Director, Verghis will oversee the World Bank’s engagement in Nigeria, steering the institution’s support for a range of development initiatives aimed at fostering economic growth, reducing poverty, and strengthening resilience. His role will also involve deepening collaboration with government agencies, civil society organisations, and other development partners to advance shared goals.

    Verghis holds an M.A. and Ph.D. in Economics from the University of Notre Dame in the United States and has written widely on issues including growth, fiscal policy, labour markets, and poverty reduction.

    The World Bank’s work in Nigeria remains central to the broader strategy of promoting inclusive economic development across Sub-Saharan Africa. With Verghis at the helm, the institution aims to help Nigeria unlock its economic potential through reforms and investments that can deliver tangible benefits to millions of citizens.