News
World Bank Approves $1.25bn Loan for Nigeria to Boost Jobs, Private Investment
World Bank Approves $1.25bn Loan for Nigeria to Boost Jobs, Private Investment
The World Bank has approved a fresh $1.25 billion loan for Nigeria under the Nigeria Actions for Investment and Jobs Acceleration (NAIJA) programme, providing significant financial support for President Bola Tinubu’s economic reform agenda despite growing public concerns over the country’s rising external debt.
The approval was announced on Wednesday alongside the launch of the World Bank’s Country Partnership Framework (CPF) for Nigeria (2026–2032), a six-year strategy that will guide the institution’s engagement with Africa’s largest economy.
According to the World Bank, the new framework is designed to help Nigeria create more and better jobs by unlocking private sector-led growth, improving infrastructure, strengthening institutions and expanding opportunities for millions of Nigerians.
In a statement announcing the approval, the World Bank said the new Country Partnership Framework builds on Nigeria’s recent macroeconomic reforms and seeks to convert economic gains into improved living standards.
“The World Bank Group has endorsed a new Country Partnership Framework for Nigeria spanning 2026–2032, setting out a strategy to create more and better jobs at scale by unlocking private sector-led growth,” the institution stated.
The bank also confirmed the approval of the $1.25 billion Development Policy Financing (DPF) operation under the NAIJA programme, describing it as a key initiative to strengthen Nigeria’s competitiveness and lay the foundation for sustainable economic growth.
READ ALSO:
- Fuel Marketers Reject Petrol Price Controls, Threaten Nationwide Shutdown
- Sanwo-Olu Orders Emergency Dredging of 28 Channels as Lagos Battles Flash Floods
- Gunmen Kidnap Pastor, Two Worshippers in Benue Church Attack
According to the World Bank, the financing will support a broad package of reforms aimed at improving Nigeria’s business environment and attracting greater private investment.
The programme includes strengthening capital markets to improve access to finance, modernising regulations governing the digital economy and e-governance, accelerating reforms in the power sector to expand electricity access, reducing trade barriers in line with Nigeria’s commitments under ECOWAS and the African Continental Free Trade Area (AfCFTA), improving access to quality agricultural seeds to boost food production, and strengthening domestic revenue mobilisation and public financial management.
The World Bank believes these reforms will help increase productivity, stimulate investment and create employment opportunities across critical sectors of the Nigerian economy.
As part of the 2026–2032 Country Partnership Framework, the World Bank aims to support projects expected to expand electricity access to approximately 32 million Nigerians, deliver internet connectivity to about 58 million people, improve health and nutrition services for nearly 40 million Nigerians, and support around 9.5 million farmers through increased agricultural productivity and improved access to quality inputs.
The institution also plans to prioritise investments in human capital development, agriculture, digital infrastructure and climate resilience while supporting policies that encourage inclusive economic growth.
The World Bank’s Country Director for Nigeria, Mathew Verghis, said the institution’s priority is to help Nigeria translate recent macroeconomic improvements into tangible benefits for citizens.
According to him, while recent reforms have strengthened economic stability, addressing structural barriers to investment remains essential for creating jobs and reducing poverty.
Similarly, International Finance Corporation (IFC) Divisional Director for Nigeria, Dahlia Khalifa, said Nigeria’s reform agenda has created fresh opportunities for private investment, while Multilateral Investment Guarantee Agency (MIGA) Vice President Ed Mountfield noted that political risk guarantees would encourage more investors to participate in Nigeria’s economy.
The approval has renewed public debate over Nigeria’s growing dependence on external borrowing.
Several economists and civil society organisations have questioned whether successive multilateral loans have translated into meaningful improvements in infrastructure, employment and living standards, particularly as many Nigerians continue to face high inflation, rising food prices and increased living costs.
According to figures from the Debt Management Office (DMO), Nigeria’s debt to the World Bank rose from $17.81 billion at the end of 2024 to $19.89 billion by December 31, 2025, representing an increase of $2.08 billion, or 11.7 per cent.
The DMO also reported that the World Bank accounted for 38.36 per cent of Nigeria’s $51.86 billion external debt stock as of the end of 2025, making it the country’s largest multilateral creditor.
Despite the concerns, the World Bank maintains that continued structural reforms, stronger institutions and increased private sector participation remain essential to achieving sustainable economic growth, reducing poverty and creating long-term employment opportunities.
For the Tinubu administration, the latest financing represents another significant vote of confidence from one of Nigeria’s largest development partners. However, analysts say the success of the programme will ultimately depend on transparent implementation, fiscal discipline and whether the reforms deliver measurable improvements in the lives of ordinary Nigerians.
World Bank Approves $1.25bn Loan for Nigeria to Boost Jobs, Private Investment
![]()
News
Court remands alleged ‘fake PFIPC DG’ Adeyemi in Kuje over forgery
Court remands alleged ‘fake PFIPC DG’ Adeyemi in Kuje over forgery
A Federal High Court sitting in Abuja has ordered the remand of Adeniyi Adeyemi Matthew, who allegedly presented himself as the Director-General of the Presidential Foreign Intervention Promotion Council, PFIPC, at the Kuje Correctional Centre over alleged forgery.
Justice Muhammed Umar reportedly made the order on Wednesday after Adeyemi was arraigned on an eight-count charge bordering on alleged forgery.
Adeyemi pleaded not guilty to the charges.
The court also fixed October 12, 2026, for the hearing of his bail application and directed that the case be given accelerated hearing.
One of the allegations against Adeyemi relates to the alleged forgery of presidential letterhead paper on March 8, 2024.
He was also accused of allegedly forging a request for collaboration with the Ministry of the Area Councils, as well as documents requesting land allocation and office accommodation across the 36 states of the federation.
The documents were allegedly presented as having emanated from the State House in Abuja.
The case is connected to the controversy surrounding the purported Presidential Foreign Intervention Promotion Council, an organisation the Federal Government has said was never established as a government agency.
The Presidency had earlier disowned the organisation and warned members of the public and foreign missions against dealing with Adeyemi on the basis of his alleged claim to have been appointed by the Presidency.
The government subsequently said investigations had established that the purported agency was fictitious and alleged that Adeyemi used forged appointment letters and other government documents to present himself as a presidential appointee.
The authorities further alleged that documents associated with the purported organisation were used to seek official recognition and diplomatic assistance.
The controversy also attracted the attention of the House of Representatives, which investigated the activities of the organisation and the circumstances surrounding Adeyemi’s alleged appointment.
During the investigation, lawmakers were told that the appointment letter allegedly presented by Adeyemi had been confirmed to be fake by relevant government authorities.
The case has also raised questions over how the purported organisation was able to operate and obtain correspondence with some government institutions before the Presidency publicly disowned it.
Adeyemi, however, has denied the allegations against him and previously made counter-allegations concerning the circumstances surrounding his purported appointment. He has also questioned references to the PFIPC in government documents.
Those claims remain part of the wider controversy and have yet to be determined by the court.
With the latest order, Adeyemi will remain at the Kuje Correctional Centre pending further proceedings.
His bail application is expected to come up on October 12, 2026.
The allegations against him remain unproven until determined by the court.
Court remands alleged ‘fake PFIPC DG’ Adeyemi in Kuje over forgery
![]()
News
FG Opens Nationwide Youth Registration, Targets Nigerians Aged 15–35
FG Opens Nationwide Youth Registration, Targets Nigerians Aged 15–35
The Federal Government has commenced nationwide registration of Nigerians aged 15 to 35 under the National Youth Data Bank (NYDB), a new initiative designed to build a reliable database of young people and support access to jobs, skills training, internships, entrepreneurship and other opportunities.
Minister of Youth Development, Ayodele Olawande, announced the commencement of the exercise as the government launched the National Youth Data Bank, saying accurate youth data would help improve the planning, targeting and delivery of government programmes.
The NYDB is designed to capture information on young Nigerians, including their education, skills, employment, entrepreneurship and other demographic characteristics. The official platform says the database is intended to provide a centralised and continuously updated picture of Nigeria’s youth population.
The government said the initiative is not an electoral registration exercise but a youth development programme aimed at improving how government identifies young people and connects them with relevant opportunities.
The registration covers young Nigerians in different sectors and settings, including those in schools, the informal sector, agriculture, sports, creative industries and technology.
READ ALSO:
- Dangote Draws Battle Lines as Fuel Import Fight Heads Back to Court
- Tinubu Returns After 30 Days in Europe, Says ‘I’m Healthy and Ready to Work’
- NMDPRA Moves Against Fuel Pump Fraud, Threatens Licence Revocation
A key part of the exercise is the establishment of approved NYDB registration centres or cluster points. According to the official NYDB platform, young Nigerians can register at approved locations within their state, Local Government Area (LGA), school or other specially designated locations.
This means that not every school, LGA office or public facility is automatically a registration centre. Applicants are expected to use approved NYDB cluster points, where trained registration personnel will guide them through the process.
The exercise is being extended across Nigeria’s 36 states and the Federal Capital Territory, with the programme designed to reach young people in rural and underserved communities as well as those in urban areas.
The registration process begins with a visit to an approved NYDB cluster point, followed by an eligibility check and the creation of a youth profile. Participants are then required to confirm the information provided before completing the registration.
The 15 to 35 age bracket is the target population for the data-bank exercise. The database is expected to be updated continuously to maintain current information on eligible young Nigerians.
The Federal Ministry of Youth Development says the information gathered will help government understand where young people are located, what qualifications and skills they have, whether they are employed or seeking opportunities, and what forms of support may be required.
The NYDB platform identifies education, skills, employment, entrepreneurship, civic participation and health among the key areas of information being developed to strengthen youth-focused planning and interventions.
The initiative is also expected to improve the ability of government and authorised partners to identify young people who may be missing from existing datasets, particularly those in rural communities and underserved groups.
The Federal Ministry of Youth Development has separately announced plans for a National Youth Confab 2026, scheduled to begin in October, with participation expected from young Nigerians across the country’s 360 federal constituencies.
For Nigerians within the 15–35 age bracket, the government is therefore encouraging participation through the approved NYDB registration centres as the nationwide exercise expands.
FG Opens Nationwide Youth Registration, Targets Nigerians Aged 15–35
![]()
News
Tinubu Returns After 30 Days in Europe, Says ‘I’m Healthy and Ready to Work’
Tinubu Returns After 30 Days in Europe, Says ‘I’m Healthy and Ready to Work’
President Bola Ahmed Tinubu has returned to Nigeria after spending about 30 days in Europe, declaring that he is healthy, sound and ready to work after his extended working vacation.
Tinubu arrived at the Presidential Wing of the Murtala Muhammed International Airport, Lagos, at about 6:22pm on Tuesday after departing Paris, France, where he spent the final part of his trip.
Speaking briefly after his arrival, the President said he had enjoyed his time abroad and dismissed concerns about his health.
“I enjoyed myself,” Tinubu said when asked about his trip.
Asked whether he was ready to resume work, he replied: “Ready to kick. Ready to work. There’s nothing wrong.” He also described himself as “healthy, sound and ready to go.”
Tinubu left Nigeria on August 30 for what was initially announced as a three-week working vacation. He spent time in London before travelling to Paris, with the Presidency later announcing an extension of his stay.
During the European trip, Tinubu maintained contact with Nigerian officials and continued to receive updates on government affairs, according to the Presidency.
READ ALSO:
- NMDPRA Moves Against Fuel Pump Fraud, Threatens Licence Revocation
- $2.1m Land Suit: Court Orders Wike’s Son to Produce American Passport
- Two Nigerians Jailed 15 Years Over $2.4m US Cyber Fraud
While in Paris, he held a private dinner with French President Emmanuel Macron at the Élysée Palace and met French businessman Vincent Bolloré and executives of the Bolloré Group.
He also witnessed the signing of an agreement involving the Ogun State Government and DP World for the proposed development of the Gateway Deep Sea Port and Blue Marine Economic Zone. The Presidency has described the proposed project as a $7 billion investment.
Tinubu’s extended stay abroad attracted public debate, particularly after he did not personally attend the 81st United Nations General Assembly (UNGA) in New York.
Vice President Kashim Shettima represented Nigeria at the UNGA and delivered the country’s national statement.
The Presidency defended the arrangement, maintaining that Tinubu remained in charge of government and continued to direct affairs while abroad.
His return to Nigeria through Lagos also comes ahead of the country’s 66th Independence Day celebrations on October 1.
Tinubu is expected to attend the premiere of MKO, a documentary on the life of the late businessman and pro-democracy campaigner MKO Abiola, at the Wole Soyinka National Theatre in Iganmu, Lagos.
The film features archival material and interviews with prominent Nigerians, including former military leaders Ibrahim Babangida and Abdulsalami Abubakar, former President Olusegun Obasanjo, Nobel laureate Wole Soyinka and Tinubu.
Tinubu’s return brings his extended European working vacation to an end, with the President expected to resume his regular official engagements as the administration enters the final quarter of 2026.
Tinubu Returns After 30 Days in Europe, Says ‘I’m Healthy and Ready to Work’
![]()
-
metro2 days agoOsogbo Food Bonanza Turns Nightmare as Discount Vendor Vanishes With Customers’ Millions
-
metro2 days ago24 Hours in Darkness: Iju Ishaga Residents, Businesses Count Losses as Ikeja Electric Fails to Restore Power
-
News3 days agoAgbede Mourns Baba Alado, Says Mushin Has Lost Pillar of Peace
-
Education2 days agoFG Releases 2026–2028 Approved Textbooks, Introduces QR Codes for Tracking
-
Sports1 day agoNigeria XI vs Guinea-Bissau: Awoniyi, Lookman, Adams Lead Super Eagles Attack
-
News2 days agoBreaking: Tinubu Ends Extended European Vacation, Departs Paris for Nigeria
-
Politics3 days agoWhy I Can No Longer Defend Peter Obi’s Lifestyle – Okonkwo
-
metro1 day agoHamzat Clarifies Lagos Traffic ‘Lifestyle’ Remark After Backlash
