The World Bank has raised alarms over the deepening poverty crisis in Nigeria, revealing that nearly half of the population now lives below the international poverty line, even as Africa’s largest economy continues to report GDP growth. In its May 2025 edition of the Nigeria Development Update, the World Bank estimates that approximately 46 percent
The World Bank has raised concerns over Nigeria’s 2025 budget projections, describing the government’s assumptions of producing 2.06 million barrels of oil per day at $75 per barrel as overly optimistic. This skepticism stems from Nigeria’s current production levels, which hover around 1.6 million barrels daily, and the prevailing international oil price of approximately $60
Aliko Dangote, Africa’s richest man and President of the Dangote Group, has been appointed to the World Bank’s Private Sector Investment Lab, an initiative focused on accelerating private investment and job creation in developing countries. The appointment, announced on April 23, 2025, marks a significant expansion of the Lab as it enters its implementation phase.
