• World
  • Columnist
  • Commodities
  • WORLD BUSINESS & ECONOMY
  • Executive Knowledge Series
  • Finance
  • Manufacturing
  • Markets
  • Risk & Governance
  • Small Business
  • Technology, Media & Innovation
  • Comments
  • Business AM WebTV
  • Login

Businessamlive
  • FRONTPAGE
  • FINANCE
    • AllAsset ManagementAuditBankingBondBudgetCapital MarketsC&I LeasingCurrencyDealDebt marketForexFund RaisingFundingGovernmentHedge FundsInsuranceInvestmentInvestorInvestor ServicesMergers & AcquistionsMoney marketTreasury BillsMortgagePensionsPersonal financePonziQuantitative EasingshareTaxationTSAWealth Management
      Finance

      CBN says cryptocurrency ban in interest of Nigerians

      February 25, 2021

      Companies-in-Action

      Zenith Bank in strong operational performance as profit rises 10.4% to N230.56bn in FY20

      February 25, 2021

      Companies

      United Capital posts strong numbers as earnings rise 50% to N12.87bn in 2020

      February 23, 2021

      Finance

      CIBN revives mentorship initiative for bank workers

      February 20, 2021

  • MARKETS
  • ECONOMY
    • AllAfricaAgricAirportsAmericaAsiaAustraliaBreakthroughDealEuropeForeign InvestmentsforexGlobal marketGovernanceIMFMiddle EastNECANigeriaOutlookRich listSouth AfricaSport BusinessTradeU.KWest AfricaWorld Economic forum
      Insurance Business

      Enterprise risk management surges amid pandemic, RIMS reports

      February 25, 2021

      WORLD BUSINESS & ECONOMY

      Hyundai to recall 82,000 electric cars over battery malfunction

      February 25, 2021

      Frontpage

      Global health insurance premiums fall amid pandemic, says new report

      February 24, 2021

      Frontpage

      Insurance M&A record highest growth in Africa, Middle East in 2020

      February 23, 2021

  • COMMODITIES
  • ENERGY
    • AllConferenceElectricityOil and GasPowerRenewable
      Frontpage

      Nigerian engineers to manage world’s largest single train refinery

      21 hrs

      Frontpage

      NNPC, again, denies FG planning increase in fuel price this month

      21 hrs

      Frontpage

      Nigeria, amid challenges to gas-to-power drive, needs to build institutional capacity – experts

      March 1, 2021

      Oil and Gas

      REA delivers 100kW hybrid solar mini grid to Edo community

      February 25, 2021

  • TECHNOLOGY
  • MANUFACTURING
  • ANALYSIS
    • Analyst Insight

      The bull run still has legs despite inflation concerns

      March 1, 2021

      Analyst Insight

      Incorporating three lines of defence in data privacy schemes

      March 1, 2021

      Analyst Insight

      Coronation MB analysts project sharp rates rise after Nigeria recession exit

      February 25, 2021

      Analyst Insight

      How NITDA can further foster data protection compliance in Nigeria

      February 22, 2021

Frontpage

World Bank support for Nigeria, fragile states doubles to more than $14bn

January 30, 20181K views0 comments

Rachid Benmessaoud, the World Bank Nigeria country director, said on Tuesday that the World Bank Group’s support to fragile states, including Nigeria through its International Development Association (IDA) has doubled to more than $14 billion.

Benmessaoud said this in Abuja at a conference with the theme: “Ideas for Action Africa” hosted by the bank, in conjunction with the African University of Science and Technology and the University of Lagos.

He said the focus of the programme was to provide opportunities for the youths to contribute to the narrative shaping Africa’s 2030 agenda and also the Sustainable Development Goals (SDGs).

According to him, the Ideas for Action Africa is a powerful platform that gives young people the means to have a say in the international development debate and provide practical solutions to the world’s most complex problems.

Read Also:

  • Petrol: CSOs canvass labour union's support for deregulation
  • Nigerian engineers to manage world’s largest single train refinery
  • Zenith Bank in strong operational performance as profit rises 10.4% to…
  • Revealed! Nigeria among countries most sceptical about 5G technology
  • Sincere commitment to reduce corruption in Nigeria

He said to advance sustainable development and the implementation of the 2030 Agenda, the bank’s strategy was to invest more in people and pursue private sector solutions to maximise finance for development.

Benmessaoud also said  the World Bank’s strategy also includes accelerating inclusive and sustainable economic growth through distribution of diversified economic opportunities across sectors and finally, fostering resilience to global shocks and threats.

“The underlying challenge remains the need for countries to mobilise domestic revenues, for development to be sustainable. This is because ultimately the ability to implement and sustain these programmes depends on political will of the government.

“Development has to be led by each country with a focus on protecting its most vulnerable and benefitting its poor,” he said, adding that there was a moral responsibility to do more to help people lift themselves out of both fragility and extreme poverty, to help stabilise the countries they live in, and to give them hope for the future.

It was against this backdrop that the allocation for fragile states under the International Development Association (IDA) doubled to more than $14 billion, according to Benmessaoud, while also noting that the bank continues to find new and innovative ways to reach the poor and boost shared prosperity.

Benmessaoud urged young Nigerians to put forth their best ideas and be a part of the innovation that is Ideas for Action.

Kingston Nyamapfene, president, African University of Science and Technology, described African youths as the engine of growth and positive change on the continent.

Share on Facebook Tweet Email
TagsIDA Mobilise Political World Bank
PreviousNigeria’s state oil company says insecurity hindering oil exploration in Chad basin
NextLondon court ruling bugs down concession of Nigeria’s Ajaokuta steel plant

Leave a comment

- Cancel reply

MARKET DATA

Market Videos

Recent Posts

  • PHOTO NEWS: Nigeria receives first consignment of COVID-19 vaccine
  • MTN Nigeria leads pack of top-earning directors’ list for 2020 financial year
  • Eastern railway rehabilitation begins next week, says FG
  • MTN recovers from Covid-19 aftermath to post 15% revenue growth to N1.35trn  
  • Pandemic takes good slice off Nestle Nigeria as profit down 14% to N39.21bn

World

Africa

Buhari, Okonjo-Iweala congratulate Adesina over reelection as AfDB President

Europe

EU businesses to cut investments in 2020, says EIB report

America

U.S. increases cost of visa application for Nigerians

Africa

Thatcher-Loving Nigeria Candidate Plans to Overhaul Economy

Africa

AfDB scales up industrialization pace on the continent, delivers improved business access to finance, skills, energy

Frontpage posts

0

PSHAN, Aig-Imoukhuede in new initiative tackling Nigeria’s primary healthcare challenges

Frontpage June 23, 2020

1
2

Nigeria’s a high inflationary economy, Asia to drive global growth in 2018, says GlobalData

Frontpage May 30, 2018

3

Power generation to get boost as Chinese banks pledge financing Nigeria’s gas projects

Frontpage August 12, 2017

4

Stock market halts gaining streak, sheds N181bn

Equities January 15, 2020

5

Pension operators target widened pension coverage

Finance June 25, 2020

SUPPORT

  • Photo Gallery
  • Help Centre
  • About Us
  • Accessibility

LEGAL & PRIVACY

  • Terms & Conditions
  • Privacy
  • Cookies
  • Copyright

SERVICES

  • Conferences & Events
  • Analysts Research
  • Advertising Rate
  • Ebooks

TOOLS

  • Portfolio
  • Newsletters
  • News feed
  • Currency Converter

SUBSCRIBE

Join us to get latest updates on business related news.

[mc4wp_form id="3076"]
  • ABOUT US
  • CONTACT US
  • CAREERS
  • TERMS & CONDITIONS
  • PRIVACY POLICY
Copyright 2017. All rights reserved. BusinessAMLive. A Businessnewscorp Member Company.