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Tag: World Bank

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

Nigeria’s economy to decline 2023 – World Bank

World Bank has predicted a 3.3 per cent to 3.2 per cent drop in Nigeria’s economy in 2023, blaming the decline on inflationary pressures. The report tagged Africa’s Pulse published on Tuesday in Washington DC says the economic growth decline will extend till 2024. “The Nigerian economy is projected to slow in 2023, down to […]

World Bank punishes Nigerian firms, individuals for corruption
Economy

Nigeria has low ability to attract investment- World Bank

The World Bank has revealed that Nigeria has a low ability to attract both domestic and foreign investment as the nation’s economic outlook is uncertain. As obtained in a draft report for State Action on Business Enabling Reforms, which is available on its website, the Washington-based bank stated noted that the condition of welfare in Nigeria […]

World Bank punishes Nigerian firms, individuals for corruption
Economy

Prepare for recession, World bank warns CBN

The World Bank on Thursday issued a warning to the Central Bank of Nigeria and other central bank across the world that they should prepare for a recession following reoccurring increase of interest rates. It would be recalled that the CBN during its last Monetary Policy Committee meeting in July in Abuja increased the benchmark […]

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

Nigeria facing existential threats – World Bank

The World bank on Wednesday alerted the regime of the President, Major General Muhammadu Buhari(retd), that Nigeria might be facing an existential threat due to its dwindling revenue. The international financial institution also cited the continued payment of trillions of naira on fuel subsidies by the government and the attendant economic challenges, as other causes. […]

Buhari
featured

Nigeria ranks fourth on World Bank debtors’ list

Nigeria under the regime of the President, Major General Muhammadu Buhari(retd), currently ranks fourth on the World Bank’s top 10 International Development Association borrowers’ list. Rising debt has pushed Nigeria from the fifth position with $11.7bn IDA debt stock as of June 30, 2021 on the World Bank Fiscal Year 2021 audited financial statements, known […]

inflation
Economy

Nigeria’s inflation hits 20%, surpasses World Bank’s projection

Nigeria’s inflation rate is now at 20 per cent, 0.5 per cent above the World Bank’s projection of 15.5 per cent, despite raising its Monetary Policy Rate (interest rate). In its recent ‘Nigeria Development Update (June 2022): The Continuing Urgency of Business Unusual,’ the global bank projected that Nigeria’s inflation rate was going to be […]

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

How Nigeria, others can increase mobile money accounts – World Bank

The World Bank has revealed how Nigeria and other Sub-Saharan African countries can increase the number of mobile money accounts. According to its ‘COVID-19 Drives Global Surge in use of Digital Payments,’ introducing its ‘Global Findex 2021 database’ report, the apex bank highlighted the digitalisation of cash payments and expansion of phone ownership. The global […]

Buhari
Economy

World Bank faults Buhari regime’s response to inflation

The World Bank has faulted the response of the regime of the President, Major General Muhammadu Buhari(retd), to the inflation suffered by Nigeria. According to a statement released by the Washington-based bank, the Federal government’s response is inadequate as the country continues to suffer double-digit inflation. The apex bank, in its latest Nigeria Development Update […]

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 […]

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