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
The average amount of money earned by an individual in Nigeria, otherwise known as the per capital income has remained subdued in the last 40 years, Shubham Chaudhuri, World Bank country representative for Nigeria said at the 27th Nigerian Economic Summit. Ordinarily, the per capital income is a function of the Gross Domestic Product (GDP). When the GDP is divided Read More
The African Union (AU) has said it suspended Sudan from all its activities after the country’s military overthrew the civilian-led transitional government in a coup. The African Union Political Affairs Peace and Security on Wednesday tweeted the news of the suspension, an expected move typically taken in the wake of military coups. In a communique, the pan-African body said the Read More
Vice President Yemi Osinbajo said Wednesday that Nigeria and the World Bank are collaborating to raise $30 million to finance a vaccine plant. He stated this during a conference tagged: “The Health Access and Socio-Economic Development Beyond COVID-19: The First Multisectoral Approach to Solution Finding” in Abuja. The conference was organised by the National Institute for Pharmaceutical Research and Development Read More
The October 2021 edition of the World Bank bi-annual economic report on Sub-Saharan Africa (SSA) has favored the region and Nigeria specifically with a raise in its expected economic growth. The Washington-based institution revised upward its 2021 growth projection for SSA by 100 basis points (bps) to 3.3 per cent (April 2021 edition: 2.3 per cent) due to strong rebound Read More
Nigeria’s economy is expected to grow by 2.4 per cent in 2021, due to accelerated growth in Nigeria’s service sectors, however, it still falls behind the sub-Saharan growth forecasts of 3.3 per cent in 2021 and 3.5 per cent in 2022. The World Bank disclosed this in its recently published Africa’s Pulse report, titled “Climate Change Adaptation and Economic Transformation Read More
Sub-Saharan Africa’s economy is expected to grow by 3.3% this year and 3.5% in 2022, buoyed by rising commodity prices, the lifting of some anti-coronavirus restrictions and a pick-up in global trade, a World Bank report said on Wednesday. It said sub-Saharan growth would rise to 3.8% in 2023. Like elsewhere around the world, sub-Saharan Africa imposed restrictions on movement Read More
Operatives of the Imo State Police Command has bursted a kidnap and armed robbery syndicate in the state, recovering arms and vehicles from the gang. In a press briefing at the Command’s headquarters Owerri, Wednesday, the Commissioner of Police, Mr Rabiu Hussaini said the breakthrough followed the kidnapping of one Okechukwu Mbata, 42 years of age, in 2019 and Kelechi Read More
The World Bank has suspended at least four Nigerian firms for engaging in procurement frauds. One of the firms is Sargittarius Nigeria Limited, located at 22B Adebayo Doherty Road, Lekki Phase 1 Lagos. The second delisted company is Sargittarius Henan Water Conservancy Engineering Limited. Both firms share the same address and were sanctioned on the same date – 30 August, Read More
All is not well with the World Bank-funded flooding project in Oyo state as there were rumours of the funding being withdrawned because of tardy preparation by the state government. BAYO AGBOOLA reports. The history of flooding in Ibadan, the Oyo state capital could be traced back to August 1980 in the days of the old Oyo during the tenure Read More
Nigeria’s foreign liabilities stood at $187.36 billion while the country’s foreign assets amounted to $102.15 billion as of December 2020, the International Monetary Fund (IamF) has said. From 2016, Nigeria’s foreign liabilities jumped by 42.41 per cent from $131.56bn, while foreign assets rose by 13.67 per cent from $89.87 billion. Foreign assets are the investment securities owned by the Nigerian Read More
Former President General Ibrahim Babangida has been described as a leader who survived more coups than any other leader in Nigeria and one whose intellectual capacity was evident on the way he handled security matters while presiding the affairs of this nation. A business mogul and a close ally of General Babangida, Chief Emmanuel Iwuanyanwu in a statement in honour Read More
A think-tank group of the ruling All Progressives Congress (APC) known as APC Legacy Awareness and Campaign has revealed how President Muhammadu Buhari-led administration has introduced policies and programmes that will ensure uninterrupted power supply in the country. The group in a statement signed Wednesday in Abuja by its national youth leader Ismaeel Ahmed, former national publicity secretary Lanre Issa-Onilu Read More
Nigeria’s revenue-to-Gross Domestic Product ratio, which fell to between five and six per cent last year, is the lowest in the world, the World Bank has said. The Country Director for Nigeria, World Bank, Dr Shubham Chaudhuri, said this during a panel session at a virtual public sector seminar with the theme ‘Nigeria in challenging times: imperatives for a cohesive Read More
The Transmission Company of Nigeria, TCN, has commenced an intensive training program for 708 engineers in the company taken from the electrical, maintenance department, Protection, Control, and Metering department and linesmen across the 10 regions of the company, through a World Bank programme. Declaring the training open in Abuja, the Ag. Managing Director and Chief Executive Officer of TCN, Engr. Read More
A year of coronavirus pandemic saw a pot of jollof rice and other stable meals grow steadily more expensive in the Nigerian markets. At Nyanya Market, near Abuja, Nigeria’s capital, the price of the rice that forms the base for the dish went up by 10 per cent. The FAO’s food index price last hit this high in 2011. Some Read More
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