Nigeria got US $19 billion from the World Bank since 2019

Good morning, and a warm welcome to ThinkBusiness Africa, your Monday – Friday dose of commentary, contexts, and insights on business and economic news that matter to you.

Remember to visit https://tb.africa/ to continue to enjoy the second phase of our media services development. Also, remember to share your feedback.

ThinkBusiness Africa thank you.

Please, also share so we can continue to build a community of “business thinkers”.

Headlines

Nigeria got US $19 billion from the World Bank since 2019 - Since 2019, Nigeria has received approximately $19 billion in support from the World Bank for various programs and projects. This financial assistance includes loans from the International Bank for Reconstruction and Development (IBRD) and credit grants from the International Development Association (IDA). However, the full disbursement of these funds often falls short due to Nigeria's inability to meet certain conditions and timelines. The funds have supported diverse initiatives such as stabilization and stimulus efforts, renewable energy projects, gender and education programs, business reforms, social safety nets, water supply improvements, digital identification, power sector reforms, and rural development. Over the decade from 2015 to 2024, Nigeria received a total of $21 billion from the World Bank, which is 75% of the total assistance since 1947. This significant increase in the past decade highlights the country's economic challenges. Since the first loan in 1947, Nigeria has received about $39 billion in total, with a greater proportion coming as credits rather than loans, reflecting its low-income status. Read more

ESRI User Conference Lands in Abuja - West Africa's journey with Geographic Information Systems (GIS) is about to take a giant leap. The ESRI User Conference, hosted by GIS leader Sambus Geospatial, arrives in Abuja, Nigeria on September 10th-11th, 2024. This event promises to gather professionals, academics, and industry leaders from across the region for a powerful learning and networking experience. (Register here: https://africabusinessconvention.com/event/esri-user-conference-west-africa-2024/)

The conference highlights the growing importance of GIS in tackling various challenges, from developing infrastructure to protecting the environment. ESRI, a leader in GIS software with their ArcGIS platform, will be at the forefront. Attendees will explore cutting-edge mapping tools, discover real-world GIS applications across different sectors, and gain insights from renowned speakers. Collaboration is key. Dedicated networking sessions aim to build partnerships and share knowledge, fostering a strong GIS community in West Africa. This conference comes at a crucial time for the region's geospatial technology. Advancements like high-resolution satellite imagery, the spread of GPS-enabled smartphones, and open-source software like QGIS are making GIS more accessible and powerful. By uniting key players, showcasing advancements, and encouraging collaboration, the ESRI User Conference positions West Africa to leverage GIS for crucial challenges and a brighter future.  Don't miss this exciting opportunity to be a part of it! Read more

What’s required is more than a Supreme Court judgement - Ogho Okiti - Since President Bola Ahmed Tinubu took office on May 29th, 2023, significant fiscal changes have been proposed, marking his presidency as potentially the most impactful since Nigeria's independence. Despite the severe cost of living crisis overshadowing these developments, three key issues have emerged: the creation of the Federal Ministry of Livestock Development, a bill to add 74 seats for women in the Senate and House of Representatives, and a Supreme Court ruling on local government federal allocations. The focus here is on the Supreme Court's July 11th ruling, which permits direct federal allocations to local governments, bypassing state control. This decision follows two previous rulings: one in 2004 favouring Lagos State against federal interference and another in 2022 opposing President Buhari’s directive for direct federal-to-local allocations. This latest ruling aims to address the misuse of local government funds by state governors and the lack of independence of state electoral commissions. However, the President's approach raises concerns about increasing presidential power rather than fostering genuine local government autonomy. True fiscal federalism would involve empowering local governments to generate their own resources, rather than relying on federal allocations. Read more

Upcoming Event