Business
Nigeria, 3rd largest debtor to World Bank’s scheme
A financial statement published by the World Bank has placed Nigeria as the third largest debtor to the Bank’s International Development Association (IDA) as of June 30, 2024.
In the financial statement, Nigeria’s exposure to IDA rose to $16.5 billion as at June 30, which is an increase of $2.2 billion, or 14.4% over $14.3 billion recorded at the end of 2023.
On top of the IDA debt list is Bangladesh with $20.5 billion, followed by Pakistan with $17.5 billion exposure.
IDA is a key arm of the World Bank which provides concessional loans and grants to the world’s poorest countries.
The loans are designed to promote economic growth, reduce inequalities, and improve living conditions in developing nations, and are characterised by low interest rates and long tenors.
Nigeria pushed India to the fourth spot with $15.9 billion after the country reduced its IDA exposure from $17.9 billion in 2023; while Ethiopia, Kenya and Vietnam followed with $12.2 billion, $12.0 billion, and $12.0 billion, respectively.
The three countries at the bottom of the list are Tanzania with $11.7 billion, Ghana $6.7 billion, and Uganda with $4.8 billion.
“As of June 30, 2024, the ten countries with the highest exposures accounted for 63% of IDA’s total exposure.
“Monitoring these exposures relative to the SBL requires consideration of the repayment profiles of existing loans, as well as disbursement profiles and projected new loans and guarantees,” the World Bank said.
Business
TIME Names Moniepoint CTO Felix Ike Among 50 Global Executives of the Year
In its citation, TIME said Ike “has helped to establish the business as one of Africa’s leading financial platforms.
TIME magazine has named Felix Ike, co-founder and Chief Technology Officer of Nigerian fintech Moniepoint, to its inaugural Executives of the Year: Tech and Data list.
Ike is the only executive representing an African company among the 50 leaders selected for the 2026 list.
The list, unveiled on Tuesday, September 22, recognises chief information officers, chief technology officers, chief data officers and chief product officers whose decisions are shaping how major organisations deploy technology and use data.
Moniepoint is also the only African company represented on the inaugural list.
Ike was named alongside executives from Netflix, CrowdStrike, Dell, Duolingo, AT&T, OpenAI, Anthropic, Shopify and Reddit, among others.
In its citation, TIME said Ike “has helped to establish the business as one of Africa’s leading financial platforms.
“The recognition follows Moniepoint’s inclusion in TIME’s 2025 list of the 100 Most Influential Companies, giving the Lagos-founded fintech another global distinction.
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Business
Djibouti, Ethiopia and Dangote to build $660 million petroleum pipeline
In Kenya, Dangote and the government are due to break ground on a new 700,000-barrel-per-day crude oil refinery in Lamu next week.
Ethiopia, Djibouti and Nigerian billionaire Aliko Dangote plan to build a $660 million refined petroleum pipeline that will connect Ethiopia and Djibouti, a spokesperson in Ethiopian Prime Minister Abiy Ahmed’s office said on Thursday.
The project will include a 120-km (75-mile) pipeline, as well as approximately 375,000 cubic metres of storage capacity at Damerjog in Djibouti and 800,000 cubic metres at Dewele in Ethiopia, the spokesperson told Reuters, adding it should become operational within 18 months.
Abiy said on his X account the project will be developed through a partnership between Ethiopian Investment Holdings and the Dangote Group, which separately is already building a $4 billion fertiliser pipeline and power plant, and a polypropylene packaging facility, in Ethiopia.
The project aims to reduce logistics costs and delays along the Ethiopia-Djibouti transport corridor, Abiy said.
Developers say the infrastructure will strengthen energy security and improve supply chain resilience for the two countries, he said.
Abiy is on a visit to Djibouti and made the announcement alongside its president, Ismail Omar Guelleh, and Dangote.
In Kenya, Dangote and the government are due to break ground on a new 700,000-barrel-per-day crude oil refinery in Lamu next week.
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