The World Bank said it has advanced over $200 million as support to Kano (Northwest), Gombe in North East, Aba in Southeast and Ekiti in Southwest as informal apprenticeship for development of technical education. World Bank official from Nigeria region office Mr. Tude Adekola who revealed this during the unveiling of framework for National Apprenticeship and Traineeship System (NATS) ‘skill Read More
The World Bank has cut Nigeria’s 2022 growth forecast to 3.1 per cent from a previous forecast of 3.8 per cent, it said during a briefing in Abuja on Thursday. It said that the revision was due to slow economic growth in the third quarter from a year earlier, dragged down by the oil sector and a weak performance in Read More
The World Bank has said that Nigerians abroad sent home $20.9 billion to families and friends. This was contained in its latest Migration and Development Brief published Wednesday on its website. The brief stated that remittance flows to Nigeria increased by 7.5% when compared to the previous year. That puts its inflows far ahead of other countries in Sub-Saharan Africa Read More
“Too often, services fail poor people – in access, in quantity, in quality. But the fact that there are strong examples where services do work means governments and citizens can do better. How? By putting poor people at the center of service provision: by enabling them to monitor and discipline service providers, by amplifying their voice in policy making, and Read More
ActionAid Nigeria (AAN) has observed that that the current number of 133million poor Nigerians by National Bureau of Statistics (NBS) far exceeds the World Bank’s projection for the country in 2022. The Country Director, Ene Obi in a press release issued in Abuja said the latest findings differ from the World Bank’s, which stated that poverty reduction stayed the same Read More
Reports that the World Bank has raised the poverty line to $2.15 (N936.32) from $1.90 (N827.45), effective September 2022 should, everything being equal, be a cause to cheer, especially by the poor and vulnerable across the word, particularly Nigeria, where hyperinflation has eroded the purchasing power of the citizenry and worsened the poverty situation. The new poverty benchmark by the Read More
The World Bank has announced a new multi-partner fund that will pool funding from the global community including donor countries, the private sector and foundations for scalable pathways to greenhouse gas emission reduction. The Scaling Climate Action by Lowering Emissions (SCALE) partnership will provide grants for verifiable emissions reductions and expand the funding sources for global public goods. “Climate finance Read More
World Bank has announced a new multi-partner fund that will pool funding from the global community — including donor countries, the private sector and foundations — for scalable pathways to greenhouse gas emission reduction. The Scaling Climate Action by Lowering Emissions (SCALE) partnership will provide grants for verifiable emissions reductions and expand the funding sources for global public goods. “Climate Read More
Reports that the World Bank has raised the poverty line to $2.15 (N936.32) from $1.90 (N827.45), starting from September 2022 should, everything being equal, be a cause to cheer, especially by the poor and vulnerable across the word, particularly Nigeria, where hyperinflation has eroded the purchasing power of the citizenry and worsened the poverty situation. The new poverty benchmark by Read More
Nigeria’s economic misery is likely to continue till 2024, if predictions by the World Bank is anything to go by. The bank sees crude oil prices falling in the next two years. The World Bank‘s latest commodity markets outlook report released on October 26, said, oil prices will likely experience a decline from now till 2024. The report forecast that Read More
Lagos government has disclosed that it has sought collaboration with World Bank for rapid delivery of technology-driven and affordable mass housing schemes in the state. This was contained in a statement issued by the spokesperson of the state’s Ministry of Housing, Mrs Adeola Salako, over the weekend in Lagos. Salako quoted the Commissioner for Housing, Mr. Moruf Akinderu-Fatai, as seeking Read More
Sub-Saharan Africa’s economy is set to grow 3.3% this year, down from 4.1 per cent in 2021, the World Bank said on Tuesday, due to slowing global growth, drought, increased risk of debt distress and rising inflation made worse by Russia’s war in Ukraine. The 2022 forecast was cut from a prediction of 3.6 per cent made in its last Read More
Reports that the World Bank has raised the poverty line to $2.15 (N936.32) from $1.90 (N827.45), starting from September 2022 should, everything being equal, be a cause to cheer, especially by the poor and vulnerable across the word, particularly Nigeria, where hyperinflation has eroded the purchasing power of the citizenry and worsened the poverty situation. The new poverty benchmark by Read More
Recent media report that the total debt owed to the World Bank Group by Nigeria rose by $660 million in the first six months of 2022, is not only worrisome but it is also an ominous sign of a comatose economy on the fringe of recession. Besides, a heavily indebted nation risks her economic autonomy, sovereignty and territorial integrity as Read More
Last week the World Bank shocked the world with its release on state-by-state poverty index on Nigeria. The index is a sad reminder of the abject poverty in the midst of Nigeria’s enormous wealth. A summary of the index puts Nigeria’s average poverty rate at 65.2 per cent. That is a precipitous decline from the 40 per cent touted around Read More
The World Bank President, David Malpass, has disclosed that cheap and functional mobile phones and affordable internet access are necessary for expanding digital finance in developing economies. According to him, COVID-19 is influencing a digital revolution that has catalysed increases in access to and use of financial services in developing economies, transforming how people make and receive payments, borrow, and Read More
The World Bank Group says it has responded to the overlapping global crises by deploying $114.9 billion in financing in 2022. The Bank in its website said in its just completed 2022, from July 1, 2021, to June 30, 2022, it responded with unprecedented scale to overlapping global crises. It said it provided advice and financing in response to the Read More
The World Bank has attributed the surge in use of digital payments to the COVID-19 pandemic, adding that three-quarters of adults now have a bank or mobile money account. In low and middle-income economies (excluding China), over 40 per cent of adults who made merchant in-store or online payments used a card, phone, or the internet for the first time Read More
The COVID-19 pandemic has spurred financial inclusion–driving a large increase in digital payments amid the global expansion of formal financial services, the World Bank has said. This expansion, the global lender stated, created new economic opportunities, narrowing the gender gap in account ownership, and building resilience at the household level to better manage financial shocks. According to the Bank, the Read More
We are in an era of economic uncertainties that characterised the post COVID-19 pandemic. The global economy currently is in a reverse gear courtesy inflation, stock depreciation, and rising public and private debts both in developed and developing countries. The Russia-Ukraine war that depicts persistent power in the use of strategic military weapons by the warring parties, unfortunately, is causing Read More
The World Bank has said that fuel shortage and rising inflation will likely restrain economic growth in Nigeria. It said this in its June 2022 edition of its Global Economic Prospects report. Earlier, the Bank had projected that Nigeria’s economy would grow by 3.4 per cent in 2022 and later decline to 3.2 per cent in 2023 and 2024. For Read More
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
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