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World Bank Inaugurates Next Phase of Private Sector Investment Lab, Expands Membership

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The World Bank Group on Wednesday announced the inauguration of the next phase of its Private Sector Investment Lab(PSIL), focused on implementing proven solutions at scale.

This is contained in a statement issued by the World Bank Online Media Briefing Centre made available to Newsmen on Wednesday.

The statement said the new chapter also expands the Lab’s membership to include private sector leaders in sectors critical to job creation in developing economies.

It said these sectors included infrastructure and energy, agribusiness, healthcare, tourism, and manufacturing.

“These industries have a proven ability to translate investment into broad-based employment and economic opportunity.

“This  aligns  directly with the Bank’s sharpened focus on job creation as a core driver of development.”

The statement quoted  World Bank Group President Ajay Banga as saying, “with the expanded membership, we are mainstreaming this work across our operations and tying it directly to the jobs agenda that is driving our strategy.

“This isn’t about altruism, it is  about helping the private sector see a path to investments that will deliver returns, and lift people and economies alike. It is central to our mandate.”

It said over the last 18 months, the Lab brought together leaders from global financial institutions to identify the most pressing barriers to private sector investment in developing countries and to test actionable solutions.

The statement said that the work had now been consolidated into five priority focus areas that were being integrated across the Bank Group operations and they include, Regulatory and Policy Certainty.

Others are Political Risk Insurance, Foreign Exchange Risk, Junior Equity Capital and Securitization.
It listed the new members of the Lab to  include Bill Anderson, CEO, Bayer AG and Sunil Bharti Mittal, Chair, Bharti Enterprises.

Others  are Aliko Dangote, President and CEO, Dangote Group, and Mark Hoplamazian, President and  CEO, Hyatt Hotels Corporation.

The statement said the Lab’s founding members included senior executives from AXA, BlackRock, HSBC, Macquarie, Mitsubishi UFJ Financial Group, and Ninety One.

Others are Ping An Group, Royal Philips, Standard Bank, Standard Chartered, Sustainable Energy for All, Tata Sons, Temasek, and Three Cairns Group.

It said the Lab is chaired by Shriti Vadera, Chair of Prudential Plc.

The statement quoted  Shriti Vadera, Chair, Prudential Plc. and Chair, Private Sector Investment Lab as saying, “We are grateful to the Lab leaders who helped deliver such important results in the first phase.

“We welcome our new members’ support in continuing our focus on five key areas.”

The statement also quoted Sunil Bharti Mittal, Chair, Bharti Enterprises, as saying, “The World Bank Group is leading the way with initiatives to grow economies and create opportunities in emerging markets around the globe.

“I have seen firsthand the power of connectivity to transform lives by creating opportunities for businesses to grow and communities to thrive.

“I hope that the successes of the telecommunications sector will be valuable as PSIL embarks on the next stage of its important work,” he said. (NAN)

NEWS

Trust is Democracy’s Invisible Currency, Says Akpabio

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The National Assembly remains the bridge through which the hopes and aspirations of ordinary Nigerians must translate into government decisions, Senate President Godswill Akpabio has said, stressing that democracy can only endure when citizens feel heard, included and confident in their future.

Akpabio said this on Tuesday while addressing the 153rd Assembly of the Inter-Parliamentary Union in Arusha, Tanzania, where he identified inclusion, trust and opportunity as the pillars of a democracy that delivers tangible benefits to citizens.

The Senate President, who is also Chairman of Nigeria’s National Assembly and head of the Nigerian delegation to the global parliamentary gathering, said the success of democracy should not be judged by elections or economic statistics alone, but by its impact on the daily lives of Nigerians.

Akpabio said inclusion, trust and opportunity “are the foundations of a democracy that gives every citizen a voice, every community a place and every generation a reason to hope.”

In his address titled “Inclusion, Trust and Opportunity,” the former Akwa Ibom governor stated that democracy meant more than elections, while development meant more than impressive statistics.

He said, “If progress is not seen in our people, our work is not finished. Trust is the invisible currency of democracy. We cannot command it, demand it or legislate it into existence. We earn it through fairness, transparency and accountability.

Akpabio said Nigeria’s diversity made inclusion both a democratic necessity and a national responsibility, insisting that no citizen or community should be excluded from the country’s common future.

He told the international parliamentary forum that the administration of President Bola Tinubu, working with the 10th National Assembly, was pursuing reforms designed to widen participation and expand opportunities for Nigerians.

Akpabio said expanded regional development institutions were aimed at bringing development closer to communities and responding more directly to their needs.

He also said tax reforms were being pursued to make the system fairer, reduce the burden on low-income earners and small businesses, and strengthen enterprise.

On education, the Senate President highlighted the Nigerian Education Loan Fund as an intervention aimed at ensuring that financial circumstances did not determine the future of young Nigerians.

 “Distinguished colleagues, let this Assembly renew our resolve to build Parliaments that listen, governments that serve and institutions that keep faith with their people.

“Let us turn inclusion into participation, trust into partnership and opportunity into shared prosperity. The smallest village must have a stake in the greatest national ambition. When every citizen can say, “I belong, I am heard, and my future matters,” democracy becomes a promise fulfilled.

“That is the future Nigeria seeks. That is the future we must build together. I thank you,” Akpabio said.

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NEWS

Why Women Must Equip Themselves – Minister

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By Laide Akinboade Abuja

The Minister of Women Affairs and Social Development, Imaan Suleiman-Ibrahim, on Tuesday, tasked Nigerian women to ensure they equip themselves because this would bridge barriers in economic, institutional, social and equal participation in decision-making.

Suleiman-Ibrahim, stated this in Abuja, at the public presentation of a book titled “Rising Beyond Borders” authored by Dame Esther Uduehi, Founder and BOT Chairperson, League of Women Voters of Nigeria (NILOWV).

She praised Nigerian women resilience in business, agriculture, education, public service, politics, science, the professions and community leadership.

The Women Affairs Minister reiterated the commitment of the Federal Government to building policies, institutions and programmes that do not merely speak about women’s advancement, but create practical pathways through which women can acquire skills, access opportunities, build livelihoods, exercise their rights and participate meaningfully in shaping the future of Nigeria.

The Minister said, “The story of Nigerian women is, in many ways, a story of rising beyond borders. Across our communities, women have continuously demonstrated resilience in business, agriculture, education, public service, politics, science, the professions and community leadership. Yet we also recognise that too many barriers remain; economic barriers, institutional barriers, social barriers and barriers to equal participation in decision-making. This is precisely why the mandate of the Federal Ministry of Women Affairs and Social Development is so important.

“We are committed to building policies, institutions and programmes that do not merely speak about women’s advancement, but create practical pathways through which women can acquire skills, access opportunities, build livelihoods, exercise their rights and participate meaningfully in shaping the future of Nigeria”.

She said, 10 million women represent mothers, daughters, entrepreneurs, farmers, professionals, artisans, students, traders, community leaders and caregivers spread across Nigeria.

She stressed that the author used her leadership opportunity not only to occupy positions, but she understands the responsibility that comes with influence and using that influence to widen the space for others.

She therefore urged Nigerian Women to rise beyond the borders that divide us without surrendering the diversity that makes Nigeria strong.

The Minister appealed to legislators, policymakers, development partners, civil society organisations, private-sector leaders and women’s movements, to have renewed commitment of creating an environment in which women can participate fully in Nigeria’s democratic and economic life.

In her address, the President of the League of Women Voters of Nigeria, Irene Awunah Ikyegh, called for action on the Special Skills Bill for Women, saying the proposed legislation was intended to create additional opportunities for women and address persistent gender imbalance in representation.

Awunah expressed concern that the bill had yet to be brought forward for voting and appealed to stakeholders to sustain advocacy for its consideration.

She said the women’s movement must continue to pursue reforms that would open more opportunities for women in education, leadership and public life.

According to her, the presentation of Rising Beyond Borders marked the opening chapter of NILOWV’s 30th anniversary celebration and provided an opportunity to preserve the history of the women’s movement while inspiring a new generation of women to understand and confront the barriers to their participation.

She urged universities, particularly departments of gender studies, political science, development studies, history and government, to consider the book as a supplementary text for teaching and research on women’s leadership, political participation, democracy and social transformation.

Awunah also called on women-led organisations, civil society groups, political women’s groups and development partners to obtain copies of the book and make them available in libraries, offices, training centres and mentorship programmes.

She said the movement’s history must be preserved because future generations needed to understand the sacrifices and struggles that had contributed to the progress recorded by Nigerian women.

 “A movement that does not preserve its history risks losing the lessons that made its progress possible,” Awunah said.

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Foreign News

Horrors Must Never be Repeated, Says UN Chief

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UN Secretary General António Guterres on Monday called for a peaceful future for Israelis and Palestinians ahead of the third anniversary of the Oct. 7 attacks by the militant organisation Hamas on Israel.

“Let this anniversary mark not only another year of mourning, but also a renewed determination to build a different future,” Guterres said in New York.

He said Israelis and Palestinians should be able to “live side by side in peace and security, with their rights, dignity, and aspirations fulfilled.
“These horrors must never be repeated, “He added.On October 7, 2023, Hamas and other armed groups killed more than 1,200 Israelis and foreign nationals and abducted 251 people to Gaza.

The ‌‍‍‍⁠⁠‍‍‌⁠‍‍‌attacks triggered the Gaza war, in which more than 74,000 Palestinians have since been killed, according to the Hamas-controlled health authority in Gaza.

A ceasefire has been in place since October 2025, although deadly attacks have continued.

Relations between the Israeli government and the United Nations remain deeply strained, with Israel accusing Guterres of bias and the UN chief repeatedly criticising Israel’s conduct in Gaza.

Guterres also paid tribute to the victims of the Oct. 7 attacks.

“Nothing can justify these atrocities,” he said.

“Their suffering, and the enduring grief of their families, must never be forgotten.”

The UN chief also highlighted the suffering of Palestinians in Gaza following the war.

“Their suffering, too, demands an end, now,” he said.

Guterres said the ceasefire had brought some relief but had yet to deliver security, adequate humanitarian assistance or a credible path to recovery and peace.

He urged all sides to fully implement their commitments and move to the next phase of the ceasefire.

“It is time for the ceasefire to become permanent. It is time to allow humanitarian assistance at scale.

“And it is time to respect international law,” he said.

“We must build the political path to lasting peace across the whole region.” 

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