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Tag: World Bank

Naira fall'll worsen Nigeria’s food, energy crisis — W’Bank
News

More Nigerians’ll fall into extreme poverty, World Bank predicts

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 […]

Debt
Economy

Debt servicing draws Nigeria closer to Lebanon crisis

Nigeria is edging closer to a Lebanon financial crisis that has caused the country to see a high rate of poverty, inflation, and emigration. BusinessDay, citing new projections by the International Monetary Fund, reported that Nigeria could be spending 100 per cent of its revenues servicing debt by 2026. Nigeria’s debt servicing cost as a […]

Naira fall'll worsen Nigeria’s food, energy crisis — W’Bank
Economy

Commodity price surge to become global problem – World Bank

The World Bank on Monday said that recent commodity price shocks, particularly in food and energy, are likely to be felt by people around the world. This was disclosed in the international financial institution’s Commodity Markets Outlook cited by AMBusiness. According to World Bank’s Senior Economist, Peter Nagle, Ukraine and Russia are both large exporters […]

World Bank punishes Nigerian firms, individuals for corruption
Oil and Gas

Nigeria’s oil production falls over poor maintenance -World Bank

The World Bank has said that Nigeria’s oil production declined in 2021 due to a lack of maintenance and the loss of infrastructure efficiency. It added that Nigeria was yet to benefit from increasing oil prices as a result of declining oil production and fuel subsidy. The Washington-based bank said this in a new report […]

Oil production: Angola, Libya overtake Nigeria, says OPEC
Oil and Gas

Oil production: Nigeria leads Q1 shortfall, World Bank cites sabotage

The World Bank has said Nigeria has the largest shortfall among oil-producing countries due to sabotage within the oil production system and other factors, such as low investments and the COVID-19 pandemic. According to the bank, Nigeria has a shortfall of 500,000 barrels per day, while Angola and Russia both have a shortfall of 300,000 […]

World Bank punishes Nigerian firms, individuals for corruption
Economy

Sluggish growth affecting Nigeria, other African countries – W’Bank

The World Bank has stressed the need to boost labour output in Africa, stating that sluggish productivity growth is making the continent lag behind many developing nations. This was contained in a press release on the World Bank’s website, announcing the publication of a report titled, ‘Boosting Productivity in Sub-Saharan Africa’. The statement read in […]

Energy

Negotiations with labour on fuel subsidy removal still ongoing – FG

The Federal Government is still in negotiations with the organised labour as regards the removal of subsidy on Premium Motor Spirit, popularly called petrol, it was gathered on Sunday. Officials of the Nigerian National Petroleum Company Limited and the Nigerian Midstream and Downstream Petroleum Regulatory Authority stated that the removal of subsidy on petrol had […]

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  • 14th March 2022
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