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Tag: World Bank

NNPCL fuel subsidy gains not fully remitted - World Bank
News

Subsidy removal: Nigerias inflation to rise 25%, World Bank predicts

The World Bank predicts that the removal of petrol subsidies will cause inflation to reach up to 25% by 2023. Nevertheless, the Washington-based bank highlighted that even though there would be a considerable increase in 2023, headline inflation will decline by the first quarter of 2024. This projection was included in the Nigeria Development Update for […]

World Bank punishes Nigerian firms, individuals for corruption
Business

Fuel subsidy: Civil society question $800m palliative loan

The Civil Society Legislative Advocacy Centre has questioned the over $800 million loan obtained by the Federal Government from the World Bank as palliative measures to cushion the effects of the proposed fuel subsidy removal scheduled for June 2023. According to The Punch, this was in a statement released by the Executive Director of CISLAC, […]

NNPCL fuel subsidy gains not fully remitted - World Bank
featured

How Nigeria can stabilize economy – World Bank

Increased oil revenues are one strategy the Nigerian government can use to regain macroeconomic stability, according to the World Bank. This was stated in the April 2023 Macro Poverty Outlook by the World Bank. According to this, the government may improve the economy by enacting some measures; Increase oil and non-oil revenues, tighten monetary policies to […]

World Bank approves $300m support package for Ghana's economic recovery
featured

Nigeria’s debt to World Bank hits N6trn

Under the administration of the President, Major General Muhammadu Buhari (retd.), Nigeria’s debt from the World Bank increased by 121.46% to six trillion. According to The Punch, Nigeria’s overall debt to the World Bank Group increased by $7.64 billion (or N3.52 trillion, using the Central Bank of Nigeria’s exchange rate, which was N460.53 per dollar as […]

World Bank punishes Nigerian firms, individuals for corruption
Business

Global economic growth rate drop to 2% – World   

WorlThe World Bank Group’s most recent analysis reveals that global economic output is predicted to be a mere 1.7% in 2023, indicating a significant decline in global growth. Economists at the World Bank are cautioning that this economic downturn could have widespread effects, and any negative developments could potentially lead to a global recession. The […]

Buhari unveils SDG financing framework
Opinion

Experts knock Buhari over $800m loan facility

Financial experts have criticized the President, Major General Muhammadu Buhari (retd.), over his decision to obtain a World Bank facility worth $800 million on the eve of his departure from office.   The facility is expected to be disbursed to about 50 million vulnerable Nigerians as palliatives to cushion the impact of the expected removal […]

CBN extends old naira's validity indefinitely
News

How naira declined by 10% in 2022 – World Bank

The naira saw a record devaluation of 10.2% in 2022, according to data from the World Bank. The Punch reported that the World Bank recognized these factors as primary causes of inflationary pressures in the Sub-Saharan area, along with rising food and fuel prices globally and the depreciation of the exchange rate. The loan-granting financial […]

World Bank confirms Ajay Banga sole candidate for president
World

World Bank confirms Ajay Banga sole candidate for president

US national and former Mastercard Inc. chief, Ajay Banga, has been announced as the sole nominee for the position of the next President of the World Bank by the bank’s Board of Executive Directors. This comes after US President Joe Biden nominated him for the position in February. In a statement issued on Friday, the […]

Agribusiness featured

FG partners World bank on six-year livestock project

The Federal Government in collaboration with the World Bank have unveiled a six-year livestock development initiative.   The initiative, which is tagged: ‘Livestock Productivity and Resilience (L-PRES)’, is with the aim of upscaling production and curbing farmers/ herders’ crises.   The Nation reported that the Chief of Staff to the president, Professor Ibrahim Gambari, during […]

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

World Bank lowers economic outlook over predicted recession

The World Bank lowered its economic outlook on Tuesday as a result of a “perilous” near-recession experience. In contrast to the 3% growth it forecast in June, the BBC now projects that the global economy will expand by just 1.7% this year. The pandemic’s effects and Russia’s invasion of Ukraine are two things that the […]

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

Global economy vulnerable to recession in 2023 – World Bank

The World Bank has warned that “even a moderate hit” could tip the global economy into recession in 2023.   The global financial institution made this known it’s recently published 2022 review, saying that the global economy is in its steepest slowdown since 1970 and that “consumer confidence (is) already suffering a much sharper decline […]

News

Nigeria needs N3.7 yearly to tackle poverty – World Bank

The World Bank has revealed that Nigeria would need to spend N3.7 trillion to end the country’s rising rate of poverty. This was noted by the financial institution in its synthesis report for the Nigeria Country Economic Memorandum: Charting a New Course, which was released earlier this month. The World Bank also pointed out that […]

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