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Nigeria sits in top four on World Bank debtors’ ranking

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World Bank debtors’ list

Nigeria sits in top four on World Bank debtors’ ranking

By Olorunfemi Adejuyigbe

World Bank

Rising debt has pushed Nigeria up the World Bank’s top 10 International Development Association borrowers’ list.

The World Bank Fiscal Year 2021 audited financial statements, known as the IDA financial statement, showed that Nigeria was rated fifth on the list with $11.7bn IDA debt stock as of June 30, 2021.

 

 

However, the newly released World Bank Fiscal Year 2022 audited financial statements for IDA showed that Nigeria has moved to the fourth position on the list, with $13bn IDA debt stock as of June 30, 2022.

This shows that Nigeria accumulated about $1.3bn IDA debt within a fiscal year, with the country taking over the fourth top debtor position from Vietnam.

 

 

 

 

 

 

This debt is different from the outstanding loan of $486m from World Bank’s International Bank for Reconstruction and Development.

The top five countries on the list slightly reduced their IDA debt stock except Nigeria.

 

 

 

 

 

 

 

India, which is still the first on the list reduced its IDA debt stock from $22bn in the previous fiscal year to $19.7bn, followed by Bangladesh from $18.1bn to $18bn.

It is followed by Pakistan which cut its debt from $16.4bn to $15.8bn, and lastly, Vietnam, which went down the list to fifth position, from $14.1bn to $12.9bn.

 

 

 

 

 

 

 

Nigeria has the highest IDA debt in Africa, as the top three IDA borrowers (India, Bangladesh and Pakistan) are from Asia. The World Bank disclosed recently that Nigeria’s debt, which may be considered sustainable for now, is vulnerable and costly.

The bank said, “Nigeria’s debt remains sustainable, albeit vulnerable and costly, especially due to large and growing financing from the Central Bank of Nigeria.”

 

 

 

 

 

 

 

 

 

However, the Washington-based global financial institution added that the country’s debt was also at risk of becoming unsustainable in the event of macro-fiscal shocks.

The bank further expressed concerns over the nation’s cost of debt servicing, which according to it, disrupted public investments and critical service delivery spending.

 

 

 

 

Economists have also raised concerns over the rising debt profile of the Federal Government.

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CNG CAMPUS: 20 Federal Tertiary Institutions to Get CNG Conversion Centres and Refuelling Stations

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CNG CAMPUS: 20 Federal Tertiary Institutions to Get CNG Conversion Centres and Refuelling Stations
…6 to be Fully Operational by May 2025

 

In alignment with President Bola Ahmed Tinubu’s commitment to affordable, clean, and sustainable energy, the Midstream and Downstream Gas Infrastructure Fund (MDGIF), in collaboration with Femadec Energy, is set to establish Compressed Natural Gas (CNG) conversion centres and refuelling stations across 20 federal tertiary institutions nationwide.

 

The Honourable Minister of Education, Dr Morufu Olatunji Alausa, recently convened a meeting with Vice-Chancellors and executives from Femadec Energy, MDGIF, and the Presidential Compressed Natural Gas Initiative (PCNGI) to finalise project details and ensure timely implementation.

Dr. Alausa emphasized the project’s significance: “This initiative not only aims to reduce transportation costs for our students and lecturers but also represents a pivotal step towards integrating clean energy solutions within our educational institutions.”

Echoing this sentiment, a representative from Femadec Energy stated: “Our collaboration with MDGIF and the federal institutions underscores our dedication to promoting sustainable energy. By introducing CNG infrastructure, we aim to provide cost-effective and environmentally friendly transportation options, fostering a culture of innovation and sustainability among the academic community.”

This project is designed to alleviate the high transportation costs faced by students and lecturers. It aligns with the administration’s Renewed Hope Agenda to leverage Nigeria’s abundant natural gas resources for cleaner, cheaper, and more sustainable transportation.

Six institutions are slated to have fully operational CNG facilities by May 29, 2025, demonstrating immediate impacts and paving the way for broader adoption nationwide.

#RenewedHope #CNGRevolution #CleanEnergy #SustainableTransportation #AffordableEnergy #GreenCampus

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Cyberpedia Internet Governance, Presidential Office of Digital Engagement & Strategy partner to Pioneer AI-Driven Civic Dialogue Initiative

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Cyberpedia Internet Governance, Presidential Office of Digital Engagement & Strategy partner to Pioneer AI-Driven Civic Dialogue Initiative

 

Abuja, Nigeria – The Presidential Office of Digital Engagement and Strategy (PODES), under the leadership of Senior Special Assistant to the President, Otega Ogra, has entered into a partnership with Cyberpedia Internet Governance—an African Artificial Intelligence, Data & Cybersecurity corporation—to reimagine civic communication in Nigeria.

This groundbreaking collaboration, announced ahead of Cyberpedia President Abiodun Sowemimo’s keynote at the global Cloudfest conference in Frankfurt, Germany, aims to strengthen the government’s digital resilience by equipping citizens with innovative tools to identify and counter misinformation in real-time.

Addressing the challenges posed by disinformation, misinformation, and fractured digital attention, the partnership is built upon two core pillars, including Mapping Public Sentiment by Utilizing Artificial Intelligence to capture real-time insights across Nigeria’s diverse linguistic and cultural landscape, where over 400 languages create complexities in centralised messaging, and Grassroots Empowerment with would include Collaborating with local influencers, content creators, community leaders, and cultural ambassadors to co-develop relatable, engaging content that promotes clarity and national values, combats misinformation and fosters constructive dialogue among citizens.

“This initiative is not about controlling the narrative—it’s about equipping Nigerians with the tools to lead their own informed conversations,” noted Otega Ogra. “In an age of digital disruption, trust is the ultimate currency. Our goal is to build transparency by empowering Nigerians directly, meeting them on platforms where they already engage, debate, and form opinions.”

Cyberpedia Internet Governance’s President, Abiodun Sowemimo, described the collaboration as an innovative model for governance in a disrupted digital era. “This initiative goes beyond Nigeria,” Sowemimo emphasised. “It is about demonstrating how democracies can harness technology ethically, ensuring greater citizen participation without compromising democratic principles.”

Still in its early stages, the partnership will prioritise digital literacy initiatives designed to equip citizens with tools to identify and counter disinformation proactively. Planned initiatives include interactive mobile applications and gamified educational experiences to help citizens recognise manipulated content, fake news, and deepfake technology.

This groundbreaking initiative comes at a critical time as democracies worldwide grapple with misinformation amplified by emerging technologies. Nigeria, home to a vibrant digital landscape and one of the continent’s youngest populations is uniquely positioned to pioneer scalable solutions and set new standards for digital engagement and public trust globally.

PODES and Cyberpedia will unveil additional details of the partnership’s initiatives in the coming months. Sowemimo will formally introduce the initiative later this week at Cloudfest in Frankfurt, Germany, home to the largest gathering of internet infrastructure industry with over 9,000 leaders in the tech ecosystem globally, highlighting Nigeria’s commitment to innovation-driven civic engagement on the global stage.

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ASR AFRICA EMERGES WINNER OF THE CSR CHAMPION OF THE YEAR AWARD AT THE 2024 INDEPENDENT AWARDS

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ASR AFRICA EMERGES WINNER OF THE CSR CHAMPION OF THE YEAR AWARD AT THE 2024 INDEPENDENT AWARDS

ASR AFRICA EMERGES WINNER OF THE CSR CHAMPION OF THE YEAR AWARD AT THE 2024 INDEPENDENT AWARDS

 

 

ASR Africa emerges the Corporate Social Responsibility Champion of the Year at the Independent Awards 2024 in Lagos recently. Dr Ubon Udoh, the MD/CEO of ASR Africa, represented the Chairman, Abdul Samad Rabiu (CFR, CON) at the event to receive the award on his behalf.

 

ASR AFRICA EMERGES WINNER OF THE CSR CHAMPION OF THE YEAR AWARD AT THE 2024 INDEPENDENT AWARDS

 

 

Dr. Ubon Udoh thanked the organisers of the Award for recognizing the immense contributions of Abdul Samad Rabiu in creating sustainable homegrown solutions in Nigeria and Africa at large, in the area of health, education, mentorship and social development. He noted that the award, no doubt, will serve as an impetus for ASR Africa to continue to do more.

 

ASR Africa is an initiative of one of Africa’s biggest philanthropists and serial entrepreneurs, Abdul Samad Rabiu, Founder & Executive Chairman, BUA Group. At the heart of our mission lies a deep-rooted commitment to fostering substantial progress across the African continent through focused investments in education, health, and social development sectors.

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