FEC okays $50.6m additional shares in World Bank

Thu Nov 14th, 2019 - Abuja (FCT)

Minister of Industry, Trade and Investment, Adeniyi Adebayo (left); Minister of Foreign Affairs, Geoffrey Onyema; Minister of State for Mines and Steel, Uchechukwu Ogah; and Minister of State for Industry, Trade and Investment, Mariam Katangun, during the Federal Executive Council (FEC) meeting at the Presidential Villa, Abuja…yesterday. PHOTO: PHILIP OJISUA

Approves N650b for capital projects, N1.7b for jetty in Rivers
The Federal Executive Council (FEC) has approved for Nigeria to subscribe additional 3,230 shares worth $50.637 million in the International Bank for Reconstruction and Development (IBRD) of the World Bank.

Specifically, the IBRD, at the last meeting of the World Bank group adopted in 2016, granted approval for the country to secure the additional subscription.

Minister of Finance, Budget and National Planning, Zainab Ahmed, told State House correspondents after the meeting in Abuja, that Nigeria had a share capital of 1,687 at the IBRD.

Ahmed, joined by the Minister of State for Transportation, Gbemisola Saraki; and Minister of Information and Culture, Lai Mohammed, explained that the increase in the share capital would add fillip to the move to strengthen the country’s position and enhance its stand in the global financial architecture.




source: Guardian