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FG Asks World Bank, AfDB for $3.5Bn Emergency Loan

The federal government has asked the World Bank and African Development Bank (AfDB) for $3.5 billion in emergency loans to fill a growing gap in its budget in the latest sign of the economic damage being wrought on oil-rich nations by tumbling crude prices.
The request from the eight-month-old government of President Muhammadu Buhari is intended to help fund a $15 billion deficit in a budget heavy on public spending as Nigeria attempts to stimulate a slowing economy and offset the impact of slumping oil revenues.
It comes as concerns grow over the impact of low oil prices on petroleum exporting economies in the developing world. Azerbaijan, which last month imposed capital controls to try and halt a slide in its currency, is in discussions with the World Bank and the International Monetary Fund about emergency assistance.
Nigeria’s economy is Africa’s largest and has been hit hard by the fall in crude prices — oil revenues are expected to fall from 70 per cent of income to just a third this year.
Finance minister Kemi Adeosun told the Financial Times recently that she was planning Nigeria’s first return to bond markets since 2013.
But Nigeria’s likely borrowing costs have been rising alongside its budget deficit. A projected deficit of $11bn, or 2.2 per cent of gross domestic product, had already risen to $15bn, or 3 per cent, as a result of the recent turmoil in oil markets.
The $2.5bn loan from the World Bank and a parallel $1bn loan from the ADB, which would enjoy below-market rates, must still be approved by both banks’ boards.
Under World Bank rules its loan would be subject to an IMF endorsement of the government’s economic policies and bank officials say they would have to be confident the Nigerian government was undertaking significant structural reforms.
But both loans would carry far fewer conditions than one from the IMF, which does not believe Nigeria needs a fully fledged international bailout at this point.
“I think we all agree that Nigeria is facing significant external and fiscal accounts challenges from the sharp fall in . . . oil prices, as of course are all oil exporters,” Gene Leon, the IMF’s representative in Nigeria, told the FT. But he added that Nigeria was not in immediate need of an IMF program. “We are not in that space at all.”
An IMF mission that visited the country in January as part of a regular review estimated that Nigeria’s economy grew 2.8-2.9 per cent in 2015 and predicted it would register 3.25 per cent growth this year, down from an average 6.8 per cent growth in the decade to 2014, Mr Leon said.
The country’s financial buffers are also eroding. The central bank’s foreign exchange reserves have nearly halved to $28.2bn from a peak of almost $50bn just a few years ago. A rainy-day fund that had $22bn in it at the time of the 2008-09 global financial crisis now has a balance of $2.3bn.
Mr Buhari won elections last year by promising to root out corruption and he has launched an aggressive crackdown since taking office, promising to recover “mind-boggling sums” he says were stolen under the watch of his predecessor, Goodluck Jonathan.
But the new government is also facing questions about its handling of the economy. Capital controls introduced last year have weighed on growth and the IMF has called for Mr Buhari to pursue alternatives.
The central bank introduced the first controls before Mr Buhari took office last May, but many new measures have been imposed since and the president has repeatedly voiced his support for them.
During a January visit Christine Lagarde, the IMF’s managing director, urged the government to allow the naira to trade more freely so that it could help absorb economic shocks. “It can also help avoid the need for costly foreign exchange restrictions, which we don’t really support,\” she said in an address to parliament.
Some see a growing case for outside help. Nigeria’s current economic troubles are “exactly the situation an IMF loan was created to deal with”, said John Ashbourne, economist at Capital Economics.
Although Mr Buhari has promised reforms, they would take time to work and “getting money from abroad would help him do that”, he said.
But Mr Buhari and his government are likely to resist a full IMF rescue programme. The former military ruler butted heads with the IMF while leading the government in the 1980s and many observers believe he would be reluctant to invite the fund in again.
The World Bank loan would come as part of its “development policy” lending, which the bank uses to lend help to countries facing short-term financing difficulties. Such loans, known as “development policy operations”, often come alongside formal IMF bailouts, but they can also be independent of the IMF.
During the 2008-09 crisis the World Bank used such loans to help developing countries, including Nigeria. And because of the growing problems facing many commodity-producing emerging economies, bank officials say they are seeing demand rising again.
News
LG Nigeria Begins Nationwide Search for Oldest Working TV, Rewards Loyalty with AI QNED Upgrade

LG Electronics has announced the launch of a nationwide campaign aimed at celebrating decades of customer loyalty and technological heritage by searching for the oldest still-functioning LG television sets across the country.

The initiative, themed “The Oldest LG TV”, seeks to honour long-time customers whose LG screens have stood the test of time, while introducing them to the future of home entertainment through LG’s advanced AI QNED TVs.
For generations, LG televisions have been more than an electronic device in Nigerian homes, they have been silent witnesses to family milestones, cultural moments and shared memories.
This campaign bridges nostalgia with innovation, acknowledging the emotional connection Nigerians have built with the brand while showcasing LG’s leadership in AI-powered display technology.
The campaign features a storytelling -driven narrative that highlights community, heritage and the evolution of viewing experiences. Participants are invited to share the stories behind their long-serving LG TVs, transforming everyday screens into symbols of trust, resilience and innovation.

In creative twist, the campaign also introduces LG’s AI-enabled televisions as responsive companions that understand viewer preferences, recommend content and enhance picture quality in real time. This shift from nostalgia to futuristic interactivity underscores LG’s continued commitment to delivering smarter, more personalized entertainment solutions.
To participate, simply visit https://lgsearchcampaign.vercel.app/ upload a photo or video of your old LG TV and share the story behind it – how long you’ve had it and the memories it holds.
The winner walks away with a brand-new LG AI QNED TV, effectively trading legacy for luxury.
At its core, this campaign reminds us that technology is not only about pixels and processors, but about people. It’s about the laughter in the living rooms, the silence during tense match moments and the comfort of family routines.
By celebrating the oldest TVs still standing strong, LG is celebrating the people who kept the on, families who trusted the brand through changing times and evolving technologies. In doing so, LG isn’t just upgrading television, it’s upgrading memories into the future.
According to Mr. Choongbae Seok, General Manager, Media Entertainment Solutions, LG Electronics Nigeria, “The journey from our classic CRT Televisions to today’s AI QNED technology reflects how far both our customers and our innovation have come. Those early sets were built to last, and many are still functioning today, a testament to durability and consumer trust. This initiative allows us to honour that legacy while introducing a new era of intelligent viewing, where the screen does more than show content; it adapts, learns and enhances every moment”.
LG Display 2026 TV Models at InnoFest
LG Electronics (LG), a leader in AI-powered solutions for the home, outlined plans to accelerate growth in emerging markets at LG InnoFest 2026 MEA. The event, held in Abu Dhabi, provided a forum to share LG’s strategic direction and market outlook with regional partners. At the exhibition, LG displayed its premium 2026 AI TV lineup focusing heavily on advanced processing power, smarter picture and sound technologies. The flagship OLED evo G6 and 100-inch Micro RGB evo TVs are powered by the new Alpha 11 AI processor Gen 3 enabling faster and more intelligent performance. The OLED evo W6 Wallpaper TV, an ultra-slim television designed to sit flush against the wall like artwork uses true wireless connectivity, reducing cable clutter and creating a cleaner, minimal setup.
News
African Leaders Highlight Africa’s AI Ambitions

African leaders used the AU Summit in Addis Ababa over the weekend to sharpen the continent’s technology agenda, with Ethiopia positioning artificial intelligence (AI), digital infrastructure and connectivity as pillars of Africa’s economic future.

Opening the 39th African Union Summit, Ethiopian prime minister Abiy Ahmed outlined an ambitious vision to place Africa at the forefront of the global AI race, anchored by Ethiopia’s plan to launch what he described as Africa’s first AI-focused university.
“In 2020, Ethiopia established Africa’s first Artificial Intelligence Institute. Building on this foundation, we are preparing to launch an AI university anchored in the philosophy of Medemer, purposeful collaboration, to unite human values with machine intelligence and position Africa as a global leader in the age of intelligence,” Abiy told delegates. “
He framed AI not as a standalone sector, but as a cross-cutting enabler for governance, industry and social development. “Every river we manage, every city we design, and every digital platform we deploy must generate resilience, opportunity and dignity,” Abiy said. He further linked digital transformation to Agenda 2063’s long-term prosperity goals.
Beyond AI, the high-powered AU summit discussions highlighted digital identity, cross-border connectivity and telecom expansion as critical building blocks for an integrated African market. Ethiopia’s Digital Ethiopia 2030 roadmap, including its Faida digital ID ecosystem, was cited as a model for secure, interconnected public services.
Abiy pointed to aviation and telecom infrastructure as key accelerators for economic development across the continent. “Through Ethiopian Airlines, we connect people and markets. Ethio Telecom is expanding partnerships across Africa to bridge the digital divide,” he said.
The Ethiopian leader added that large-scale infrastructure projects are designed to anchor Africa deeper into global value chains.
The broader summit tech agenda also touched on regulatory harmonisation, digital trade and data governance, with leaders emphasizing that continental cooperation is essential to avoid fragmented digital markets.
UN Secretary-General António Guterres underscored the need for inclusive innovation, telling delegates that Africa’s digital rise must be “people-centered and opportunity-driven,” while African Union Commission Chair Mahmoud Ali Youssouf stressed coordinated policy frameworks to accelerate adoption.
“AI capability, digital infrastructure and unified regulation are no longer optional ambitions, but strategic imperatives shaping the continent’s competitiveness in the intelligence era,” he said.
News
NITDA Explores Partnership with Trust Stamp on Digital Trust and Innovation

By Naeemah Junaid
The National Information Technology Development Agency (NITDA) has held strategic discussions with representatives of Trust Stamp, a NASDAQ-listed global technology company, to explore potential areas of partnership aimed at strengthening Nigeria’s digital trust framework and advancing innovation within the digital economy.

The meeting, chaired by NITDA Director General, Kashifu Inuwa Abdullahi, focused on identifying collaborative opportunities aligned with Nigeria’s digital transformation agenda and the Agency’s strategic priorities for building a secure, inclusive, and innovation-driven digital ecosystem.
Inuwa emphasised that trust remains a critical foundation for the growth of the digital economy, noting that secure systems and strong cybersecurity frameworks are essential for driving innovation, economic growth, and national development. He stated that building trust in digital platforms and services is key to accelerating adoption and unlocking opportunities across sectors.
He reiterated NITDA’s mandate as a regulator to create an enabling environment through forward-looking policies and regulatory frameworks that support innovation rather than promote specific technologies. According to him, government interventions are designed to stimulate markets, create opportunities, and empower both businesses and citizens to participate fully in the digital economy.
The Director General further reaffirmed Nigeria’s openness to investments that strengthen digital infrastructure and enhance digital services, stressing that sustainable national development is best driven by private sector participation under supportive regulatory and policy frameworks. He called for continued engagement to ensure alignment with national priorities and effective integration into Nigeria’s digital ecosystem.
In his remarks, Trust Stamp Vice President, Jonathan Pasha, highlighted the company’s global experience in secure verification and trust technologies, describing its approach as partnership-oriented and focused on delivering long-term value within local ecosystems. He noted that the company prioritises collaboration with governments and private sector stakeholders to address local challenges and expand access to secure digital services.
Pasha referenced Trust Stamp’s ongoing operations in Nigeria, including its collaboration with a telecommunications provider to enhance SIM swap prevention and fraud detection capabilities. He also outlined the firm’s biometric tokenisation technology, which converts biometric data into secure, privacy-preserving representations, enabling verification processes without exposing sensitive information.
He explained that the technology supports secure verification, fraud prevention, financial inclusion initiatives, and the tokenisation of real-world assets, while being designed to function effectively in low-connectivity environments and on low-specification devices to expand access to digital services.
Both parties expressed interest in advancing technical-level discussions to identify specific areas of collaboration aligned with national priorities and Nigeria’s digital transformation objectives.
NITDA reaffirmed its commitment to fostering a secure and trusted digital economy through strategic partnerships, robust regulatory frameworks, and initiatives that promote innovation, inclusion, and sustainable growth.
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