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AGF warns that Nigeria may reject delayed World Bank loans

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Nigeria’s Accountant General of the Federation, Shamseldeen Ogunjimi, has warned that the country may decline future World Bank loan arrangements if delays in approvals and disbursements continue.

Mr Ogunjimi stated this in Abuja during a meeting with a World Bank delegation led by Treed Lane, according to a statement issued on Friday by the Director of Press and Public Relations at the Office of the Accountant-General of the Federation, Bawa Mokwa.

The accountant general expressed concern over what he described as lengthy bureaucratic processes surrounding development financing, stressing that delayed approvals could affect project implementation and fiscal planning.

“If approvals take more than six months, the Nigerian Government may no longer honour such arrangements,” he said.

He noted that Nigeria expects faster processing of funding requests because the facilities are repayable loans rather than grants.

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According to him, prolonged delays in accessing approved funds could undermine the effectiveness of projects tied to the financing arrangements.

Mr Ogunjimi urged the World Bank to accelerate approval and disbursement procedures to support the country’s development priorities.

Audit reports, financial reforms

The accountant-general said his office had begun addressing concerns earlier raised by the World Bank regarding public financial management and audit reporting.

He disclosed that the 2023 Audit Report would be submitted to the Office of the Auditor-General for the Federation within two weeks, while work on the 2024 and 2025 reports is ongoing.

Mr Ogunjimi added that the government is taking steps to modernise the Government Integrated Financial Management Information System (GIFMIS) by replacing obsolete infrastructure with updated technology.

According to him, the reforms are aimed at strengthening transparency, accountability and efficiency in Nigeria’s public finance system.

World Bank response

Speaking during the visit, Mrs Lane congratulated Mr Ogunjimi on his recent appointment as African Chairman of the Association of Accountants-General.

She also encouraged the Office of the Accountant-General to sustain ongoing digitalisation reforms and ensure the timely submission of financial statements to the Auditor-General.

The development comes amid growing scrutiny of Nigeria’s rising debt exposure to the World Bank and concerns over delays in loan disbursements.

READ ALSO: World Bank reviews livestock support projects in Kwara, Oyo

The World Bank explained that its loans are not released in lump sums but are tied to specific milestones and implementation conditions, depending on the financing structure of each project.

The global lender also noted that disbursement timelines vary across projects and are linked to agreed performance benchmarks between Nigeria and the bank.


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AI could help Nigeria, other developing economies achieve century of progress in decade

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Artificial intelligence (AI) could help developing countries achieve in a decade what might otherwise take a century, according to the World Bank’s report.

The lender said governments must act swiftly to address gaps in electricity, connectivity, skills and institutional quality that could leave them behind.

The World Bank disclosed this in its latest World Development Report 2026, titled ‘The Promise of Artificial Intelligence’.

The report surveyed enterprises’ AI adoption in developing economies, sampling 777 firms in Nigeria.

The World Bank, in its report, urged developing economies to adopt an optimistic mindset, noting that AI could help governments reach billions of underserved people with medical, legal, educational, and agricultural services more quickly.

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“AI could help extend otherwise costly medical, legal, educational, and agricultural services to the underserved billions—doing in a decade what might otherwise take a century,” the report stated.

It noted that jobs in high-income countries are more than three times as likely to be at risk of automation by generative AI as those in low- and middle-income countries, where 4.5 per cent of existing jobs are at risk, compared with 14.2 per cent in high-income countries.

At the same time, 16.2 per cent of jobs in developing economies could see their productivity meaningfully boosted by AI, close to the 18.7 per cent expected in high-income countries.
The greatest promise for developing countries lies not in replacing workers, but in amplifying what they can do, the report said.

“AI has thrown developing economies a lifeline, and they should seize it,” Indermit Gill, Senior Vice President and Chief Economist of the World Bank Group, added in the report.

He explained that developing economies do not need large models or big data centres to reap the benefits of AI adoption.

By adapting small, low-cost AI tools to local conditions, they can bring better medical care, education, judicial services and agricultural extension within reach of millions, the World Bank chief stated.

The report is the first comprehensive assessment of AI’s implications for developing countries, revealing how businesses and governments there have begun to use AI.

It revealed that AI is already helping people, businesses, and governments solve problems, analyse information, improve forecasts and deliver services on a larger scale.

These capabilities are especially valuable in countries where trained professionals, reliable records and public capacity are often limited.

According to the World Bank, AI tools can make it easier for doctors to diagnose patients, farmers to make better crop decisions, and businesses to become more productive.

Governments, too, could use AI to improve tax collection, social programmes, disaster response, healthcare, and education, it added.

The lender said AI could significantly boost the weak growth performance of developing countries before the end of the 2020s while delivering tangible benefits to people.

READ ALSO: Engaging the blackbox-glassbox paradox: Media imperatives in the era of artificial intelligence, By Omoniyi Ibietan

The report added that the opportunity is limited, noting that most developing economies still lack the power, internet access, data, skills and institutions needed to use AI effectively.

The report stated that, without deliberate action, AI could widen disparities between countries, increase inequality within them, concentrate market power, weaken trust in public institutions, and create new risks to safety, rights, and social cohesion.

The report outlines a clear three-stage approach: adopt available tools, tailor them to local circumstances, and gradually progress towards frontier AI development.


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AXA Mansard Health Int’l Health Plan Covers Cancer, Other Chronic Health Conditions

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AXA Mansard Health’s International Healthcare Plan, iMED, offers Nigerians access to comprehensive medical coverage for cancer, as well as critical medical procedures such as organ and bone marrow transplants, and international emergency medical assistance at leading healthcare facilities in Nigeria, the United States, the United Kingdom and Dubai.

According to estimates by the Global Cancer Observatory (GLOBOCAN), more than 150,000 new cancer cases are diagnosed annually in Nigeria, with over 90,000 deaths recorded each year. Among men, prostate, colorectal and liver cancers remain the most commonly diagnosed, while breast, cervical and colorectal cancers account for the highest incidence among women.
In response to these evolving healthcare needs, AXA Mansard was designed to provide its eligible enrolees with access to premium international health insurance coverage that supports access to advanced medical care for eligible medical conditions through a network of accredited healthcare local and international providers. This product offers comprehensive cover for a broad range of medical services, including chronic condition management, chemotherapy and radiotherapy where medically necessary, helping individuals prepare for unexpected health events and associated medical expenses.
Speaking on the rationale behind the introduction of the plan, Chief Executive Officer, AXA Mansard Health, Tope Adeniyi, said the company remains committed to developing solutions that address evolving healthcare needs while reducing barriers to specialized treatment.
“It’s heartbreaking to see the growing impact cancer continues to have on families and communities, not only in Nigeria but across the world. As a company committed to acting for human progress by protecting what matters, we recognise the need to continually develop healthcare solutions that respond to the realities our customers face.”
“Through iMED, we are bringing world-class healthcare closer to Nigerians by providing access to specialised treatment options across local and international medical facilities. This solution helps bridge critical gaps in healthcare access and gives our customers greater confidence that they can receive quality care when they need it most, regardless of where they are in the world,” Adeniyi said.
With access to an extensive network of leading healthcare providers across key medical destinations, including the United States, the United Kingdom and Dubai, iMED is designed to provide individuals, families and corporate clients with enhanced protection against the financial and emotional burden often associated with serious illnesses.
Beyond cancer care, the plan also provides access to treatment for a range of chronic and complex medical conditions, reinforcing AXA Mansard Health’s commitment to improving health outcomes and ensuring Nigerians have access to quality healthcare without geographical limitations.
As healthcare needs continue to evolve and demand for specialized treatments also increases, AXA Mansard Health remains focused on delivering innovative solutions that empower customers to navigate complex medical journeys with greater peace of mind while supporting broader efforts to improve health and well-being across Nigeria.

The post AXA Mansard Health Int’l Health Plan Covers Cancer, Other Chronic Health Conditions appeared first on Business Today NG.

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