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Tag: World Bank

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

Debt: Zambia gets $100m from World Bank

  The World Bank announced on Wednesday that it would disburse $100 million for Zambia, despite significant delays in debt restructuring procedures as creditors drag their feet. According to The News Agency of Nigeria, Zambia received a 275 million USD grant from the World Bank in October to aid in its recovery from the COVID-19 […]

Economy

Nigeria to lose 123.4% revenue in 2023 – World Bank

The World Bank has projected a 123.4% deficit from the country’s revenue in 2023 as a result of debt servicing.   The international financial institution made this assertion via its Lead Economist for Nigeria, Alex Sienaert during a presentation titled: ‘Nigeria Public Finance Review: Fiscal Adjustment for Better and Sustainable Development Results.’ for the month […]

Agribusiness

Enugu farmers, SMEs benefit from World Bank’s project

Farmers, Small and Medium Enterprises and others have benefitted from the World Bank assisted Agro-Processing, Productivity Enhancement and Livelihood Improvement Support Project in Enugu State.   The Enugu State Deputy Governor, Mrs Cecilia Ezeilo, made this known during a two-day World Bank 9th Implementation Support Mission held in Enugu.   The News Agency of Nigeria […]

ICF
Appointments

IFC appoints new director for Africa

The International Finance Corporation of the World Bank Group on Tuesday appointed Sarvesh Suri as its new Regional Industry Director for Infrastructure and Natural Resources in Africa. In a statement, Suri, who brings more than 20 years of global investment and development expertise to his new role, will drive IFC’s strategy to connect more people […]

World Bank punishes Nigerian firms, individuals for corruption
News

World Bank punishes Nigerian firms, individuals for corruption

Seven Nigerian firms and individuals have been penalized by the World Bank over corruption during its 2022 fiscal year. According to The PUNCH, this information was disclosed in the Sanctions System Annual Report for the bank’s most recent Fiscal Year 2022, which ran from July 1, 2021, to June 30, 2022. The penalty list included […]

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

Why ending global poverty by 2030 unlikely – World Bank

The World Bank has revealed why the global goal to end poverty by the year 2030 is unlikely. According to the News Agency of Nigeria, the world financial body on Thursday stated that the global poverty goal is unlikely to be met by 2030 due to “absent history-defying rates of economic growth over the remainder […]

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 […]

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