The World Bank has reviewed its projections on Nigeria’s development and replaced them with a mixed grill that sounds even gloomier. The bank raised Nigeria’s gross domestic product (GDP) growth projection for 2022 from 2.6 to 3.4 per cent. It however lamented that surging inflation and Ukraine war-induced famine will push 7 million more Nigerians into abject poverty during the Read More
The World Bank has stated that the Central Bank of Nigeria’s low-interest loans undermines commercial banks that lend on a risk-adjusted pricing basis and needs to be dialled down. This was disclosed by the World bank in a document titled ‘Nigeria Development Update (June 2022): The Continuing Urgency of Business Unusual.’ The CBN decided to maintain a five per cent Read More
The World Bank has predicted that more people in Nigeria and its Sub-Saharan neighbours are expected to fall into extreme poverty. According to a report obtained via a World Bank newsletter on Friday, titled, “Global Economic Prospects,” Russia’s invasion of Ukraine and its effect on the commodity market, supply chains, inflation, and financial conditions have intensified the slowdown in economic Read More
World Bank has warned that the world is facing its deepest global recession since World War 11 over the ongoing war between Russia and Ukraine which entered its fourth month. The Washington-based bank in its newsletter said the possibility of high global inflation could eventually result in tightened monetary policy in advanced countries which might lead to financial stress on Read More
The World Bank has predicted that more people in Nigeria and its Sub-Saharan neighbours are expected to fall into extreme poverty. According to a report obtained via a World Bank newsletter on Friday, titled, “Global Economic Prospects,” Russia’s invasion of Ukraine and its effect on the commodity market, supply chains, inflation, and financial conditions have intensified the slowdown in economic growth. Read More
The World Bank has said Rwanda will outgrow Nigeria, South Africa and all other African countries in 2022 despite the projected slow pace of growth when compared to 2021. In its latest economic report titled “Stagflation Risk Rises Amid Sharp Slowdown in Growth”, the world’s leading multilateral financial institution said Rwanda’s economy is expected to grow at a 6.8 per Read More
The World Bank has stated that global growth is expected to slump from 5.7 percent in 2021 to 2.9 percent in 2022—significantly lower than 4.1 percent that was anticipated in January. In its latest Global Economic Prospects report, the Bank noted that compounding the damage from the COVID-19 pandemic, the Russian invasion of Ukraine has magnified the slowdown in the Read More
The World Bank says it is ready to disburse the sum of $30 billion to fund existing and new projects in Nigeria and other countries as part of a global response to combat the ongoing food security crisis. The global bank disclosed this on Wednesday when it announced how it plans to be part of a comprehensive, global response to Read More
In spite of the perceived slowdown in diaspora remittance to Nigeria, a total of $19.2 billion came to the country in 2021, the highest Sub-Saharan Africa (SSA) according to World Bank’s Migration and Development Brief released at the weekend. In fact, the figure rose 11.2 per cent from the $17.2 billion recorded in 2020. Against the backdrop that, the country’s Read More
The World Bank has warned that import restrictions and the Central Bank of Nigeria’s foreign exchange policies are the main drivers of food inflation in Nigeria. This was revealed in the World Bank’s new biannual study, Africa’s Pulse. The Nigerian central bank has implemented regulations such as prohibiting some commodities from accessing forex at the official rate through the Investors Read More
The Federal Government of Nigeria, in collaboration with World Bank, has launched the Agro-Climatic Resilience in Semi-Arid Landscapes (ACReSAL) Project, to address environmental challenges in the country’s North. Minister of Environment, Alhaji Mohammed Abdullahi at the Pre-launch Mission of the World Bank during weekend in Abuja, added that the project would last for five to six years. Abdullahi assured Nigerians Read More
The World Bank recently presented a rather cursory report on Nigeria’s worsening poverty. That is a dangerous move that could send the rulers of the land into nauseating revelry. The bank said that poverty in Nigeria would rise from the 40 per cent mark in 2021 to 42.5 in 2022. In all, the bank expects Nigeria’s population of the poor Read More
A team of experts from the Nigeria office of the World Bank has described the federal government port concession model that was rolled out in 2006 as the best in Africa. The global body team visited the NPA alongside officials of International Finance Corporation (IFC) where a senior transport specialist with the bank, Olatunji Ahmed, assured the NPA that the Read More
The Benue state government has began the enumeration of building properties across the state, particularly major towns in the state in order to access the World Bank grant of $2.5 million for social amenities. Commissioner for Lands, Survey and Solid Minerals, Dr. Benard Unenge, said the grant will be based on the data collected by the Benue Georgraphical Information Service Read More
The Federal Government’s plan to supply millions of Nigerians with affordable power through its Electrification Project has received a boost as it obtained $550m from World Bank and African Development Bank, AfDB. The Rural Electrification Agency (REA), a Federal Government organisation in charge of the electrification project had craved for a robust budget funding of about $2.5 billion to supply Read More
The Central Bank of Nigeria is forecasting a GDP growth rate of 3.2 percent in 2022, according to the 2022 economic outlook presented by CBN’s governor, Godwin Emefiele. This is as the World Bank has predicted that Nigeria’s economy will grow at a 2.5 per cent rate in 2022 and 2.8 per cent in 2023, largely due to the expected Read More
The World Bank projects that the global growth forecast will taper to 4.1 per cent in 2022. In it’s January 2022 Global Economic Prospects Report, the World Bank says it is down two tenths of a percent from 5.6 per cent in 2021. According to the report, developing countries are facing issues ranging from lower vaccination rate, global macro policies Read More
The International Financial Cooperation (IFC) , a sister organization of the World Bank and member of the World Bank Group, plans to invest $3 million to help Nigerian startups through its Startup Catalyst Program, Microtraction Fund Il. Microtraction Fund II is a $15 million seed-stage fund focused on pre-seed and seed-stage investments in tech and tech-enabled businesses in Sub Saharan Read More
The World Bank has warned that high inflation is frustrating Nigeria’s economic recovery and eroding the purchasing power of the most vulnerable households in the country, noting that country is expected to have the highest inflation rates in the world and the seventh highest in Sub-Saharan Africa in 2022. The global financial institution stated this in its latest edition of Read More
The recent warning by the World Bank to the effect that additional six million Nigerians may be pushed into poverty due to the increase in food prices, calling on the government’s attention for short-term policies to support welfare, deserves urgent attention by managers of the nation’s economy. The Washington-based institution stated this in its latest report titled ‘COVID-19 in Nigeria: Read More
The World Bank has disclosed payment $4.5 billion as subsidy on petrol by Nigerian Government is benefiting smugglers and wealthy households the more. The Bank said this at the November 2021 edition of its Nigeria Development Update tagged “Time for Business Unusual” on Monday, November 29 was indicative of two per cent of Gross Domestic Product (GDP) or 35 per Read More
The bad news is that our national economy remains stubbornly defiant. Past and present efforts to solve its inherent historical problems and cure it of its burgeoning weaknesses have not succeeded in changing the economic fortunes of this giant of Africa from being a potentially great nation to a great nation. And the World Bank continues to dish out the Read More
Nigeria needs to end its costly fuel subsidy within the next three to six months, improve exchange-rate management, and speed up other reforms to boost growth, the World Bank said yesterday. The fuel subsidy has cost Nigeria N864 billion ($2.1 billion) in the first nine months of 2021, it said, up from N107 billion in 2020 and the highest deduction Read More
Vice President Yemi Osinbajo on Friday at the Presidential Villa, Abuja, received the World Bank Managing Director of Development, Policy and Partnerships, Dr. Mari Pangestu. Osinbajo’s spokesman, Laolu Akande, who spoke with State House correspondents after the meeting, said it was Pangestu’s first visit to Nigeria. Akande said it was her first country visit outside of Washington DC since she Read More
Last week the World Bank warned that Nigeria would spend N3 trillion on petrol subsidy in 2021. That is about 400 per cent of what the federal government spends on health and education annually. Government has defiantly ignored the warning because electricity and petrol subsidy is government way of bribing the populace to overlook the horrendous looting by politicians and Read More
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