General
World Bank Okays $2.2bn Loan for Six Projects in Nigeria
By Adedapo Adesanya
The World Bank has approved a loan of $2.2 billion for Nigeria for the completion of six development projects across the country.
The global lender said on Wednesday that the approved projects are to support Nigeria’s development priorities with special focus on improving immunisation and also providing an enabling business environment for the private sector, expanding the digital economy to promote job creation, increasing the capacity of public and private sector on governance, social and environmental measures as well rural development.
A statement signed by the Country Director, Mr Shubham Chaudhuri, on Wednesday, added that the projects are focused on delivering better services to Nigerian citizens.
“The projects focus squarely on delivering better services for Nigerians ensuring that children are immunized and sleep under mosquito nets, building better roads especially in rural areas, and providing Nigeria’s poorest citizens with a unique identification that will make social safety nets and services more effective,” he said.
These six projects include: Nigeria Digital Identification for Development Project which will support the National Identity Management Commission (NIMC) to increase the number of persons who have a national identification number (NIN) to 150 million in the next three years.
Also reserved is the Nigeria Rural Access and Agricultural Marketing Project, this is meant to upgrade rural roads and improve connectivity and access to local markets and agribusiness services in 13 states.
To strengthen health systems and improve immunization in the country, the World Bank with the Immunization Plus and Malaria Progress by Accelerating Coverage and Transforming (IMPACT) services are set to deliver effective primary health care.
The loan is expected to strengthen the skills of 50,000 Nigerian students and enhance the capacity of technical teachers through the Innovation Development and Effectiveness in the Acquisition of Skills Project.
Ogun State will also benefit through the Economic Transformation Project that help private sector investment in Ogun State by improving the business environment, strengthening the linkages between agricultural producers, suppliers and service providers.
The final project is the Sustainable Procurement, Environment and Social Standards Enhancement Project which is aimed at strengthening capacity in managing procurement, environmental and social standards in the public and private sectors.
The World Bank also disclosed that these projects have been financed with funds from the French Development Agency, the European Investment Bank, the International Development Association (IDA) and the Federal Government of Nigeria.
The new loan facility will push Nigeria’s total debt up even as the World Bank itself has expressed worries as its outstanding loans to Nigeria stood at $8.3 billion and with this new tranche, it will above $10 billion.
By Adedapo Adesanya
Nigeria is seeking backers for a N1.5 trillion ($1 billion) green bonds this year, according to the Minister of Environment, Mr Balarabe Abbas Lawal.
By Adedapo Adesanya
The Ministry of Finance Incorporated (MOFI) and the Niger State Government have signed a landmark Memorandum of Understanding (MoU) to pilot the Sustainable Integrated Productive Communities (SIPC) programme and enterprise development into a single, scalable framework for inclusive growth.
The MoU was signed at the Federal Ministry of Finance, Abuja.
Speaking at the ceremony, the Minister of State for Finance, Mrs Doris Uzoka-Anite, described the agreement as a moment of delivery rather than a ceremonial exercise, noting that the SIPC Programme demonstrates how national priorities can be translated into tangible outcomes through strong federal-state collaboration.
“This partnership reflects our belief that development works best when housing, agriculture, finance, and governance move together. By anchoring farmers in secure, well-planned communities, we are not just building houses. We are strengthening livelihoods, food security, and long-term prosperity,” she said.
Under the programme, Niger State will host the pilot phase of integrated farming and housing estates designed to provide farmers with secure settlements located close to agricultural production zones, storage, processing facilities, and markets.
The model directly addresses long-standing challenges such as insecure rural settlements, rural-urban migration, post-harvest losses, and limited youth participation in agriculture.
On his part, Mr Mohammed Umaru Bago, Executive Governor of Niger State, reaffirmed the state’s commitment to the initiative, highlighting the availability of extensive arable land, water resources and supporting infrastructure.
He emphasized that the programme would also contribute to improved security, climate resilience, and the orderly development of rural communities while creating viable economic opportunities for farming households.
The SIPC Programme adopts an innovative financing structure that blends public land and assets with private investment, allowing the government to focus on policy, coordination, and oversight while leveraging private-sector efficiency and scale. MOFI’s role is central to this approach, ensuring transparency, sustainability, and shared risk across partners.
Key federal agencies participating in the initiative include Family Homes Funds Limited, the Rural Electrification Agency, and Niger Foods Limited, each contributing sector-specific expertise spanning affordable housing delivery, renewable energy solutions and agricultural value chain development. Renewable energy, particularly solar-powered community infrastructure and mini-grids, will underpin agro-processing, storage, and household energy needs, reducing costs and enhancing productivity.
Beyond agriculture, the programme is expected to stimulate broad-based economic activity through construction, logistics, agro-processing and community services, creating jobs for engineers, artisans, builders and suppliers, while supporting local industries such as cement, steel and transportation.
The settlements are explicitly designed to be affordable and functional, with transparent allocation mechanisms and governance structures to ensure access for farmers and low – to middle-income earners.
The signing of the MoU sends a clear signal to developers, financial institutions, pension funds, agribusiness investors and development partners that Niger State, working in alignment with the Federal Ministry of Finance and MOFI, is open to credible, impact-driven investment. The SIPC framework is intended to serve as a replicable national model for integrated rural and peri-urban development.
The Federal Ministry of Finance also reaffirmed its commitment to ensuring that the agreement moves swiftly from signing to execution, with close coordination among all stakeholders to deliver measurable outcomes on housing, food security, employment and inclusive economic growth.
By Adedapo Adesanya
Nigeria is among 75 countries the US government will suspend the processing of immigrant visas for its citizens.
According to the US State Department, the citizens of the 75 countries are those whose nationals are deemed likely to require public assistance while living in the United States.
The State Department, led by Secretary Marco Rubio, said it had instructed consular officers to halt immigrant visa applications from the countries affected in accordance with a broader order issued in November that tightened rules around potential immigrants who might become “public charges” in the US.
Business Post gathered that alongside Nigeria are Afghanistan, Albania, Algeria, Antigua and Barbuda, Armenia, Azerbaijan, Bahamas, Bangladesh, Barbados, Belarus, Belize, Bhutan, Bosnia, Brazil, Burma, Cambodia, Cameroon, Cape Verde, Colombia, Cote d’Ivoire, Cuba, Democratic Republic of the Congo, and Dominica.
Others include Egypt, Eritrea, Ethiopia, Fiji, Gambia, Georgia, Ghana, Grenada, Guatemala, Guinea, Haiti, Iran, Iraq, Jamaica, Jordan, Kazakhstan, Kosovo, Kuwait, Kyrgyzstan, Laos, Lebanon, Liberia, Libya, Macedonia, Moldova, Mongolia, Montenegro, Morocco, Nepal, Nicaragua, Pakistan, Republic of the Congo, Russia, Rwanda, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Senegal, Sierra Leone, Somalia, South Sudan, Sudan, Syria, Tanzania, Thailand, Togo, Tunisia, Uganda, Uruguay, Uzbekistan, and Yemen.
The suspension, which will begin on January 21, will not apply to applicants seeking non-immigrant visas, or temporary tourist or business visas.
“The Trump administration is bringing an end to the abuse of America’s immigration system by those who would extract wealth from the American people,” the department said in a statement.
“Immigrant visa processing from these 75 countries will be paused while the State Department reassess immigration processing procedures to prevent the entry of foreign nationals who would take welfare and public benefits.”
President Donald Trump’s administration has already severely restricted immigrant and non-immigrant visa processing for citizens of dozens of countries, many of them in Africa.
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