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World Bank: Global recession’ll hurt growth in Nigeria, others

The World Bank has said that growth in countries in sub- Saharan African (SSA) such as Nigeria, which export oil and industrial metals, will be severely affected by a sharper than anticipated slowdown of the global economy. The bank, which stated this in its latest Global Economic Prospects report released yesterday, also warned that there […]

Business

World Bank to increase lending capacity to tackle climate change

The World Bank has said it plans to increase its lending capacity to combat climate change and other global issues as part of its evolution roadmap. The bank, which stated this in a new report, also disclosed that it aims to shift its resources away from a country and project specific lending model it has […]

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World Bank: Nigeria has potential to earn N600bn as duty on beer

The World Bank has estimated that Nigeria could earn up to N600 billion by imposing excise duty on beer alone, if the country utilises the potential on excise regime. The global bank said that enhancing the excise regime offered the country an immediate opportunity for revenue increases. It observed that although effective tax rates have […]

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World Bank unveils agenda for Nigeria, others in $300bn blue economy

The World Bank has promised to work with Nigeria and other African coastal countries to leverage opportunities and manage the risks inherent in growing their budding $300billion blue economies. Of the amount, Nigeria could create 20million jobs realised more than $53billion annually from the scheme. The Blue Economy consists of fisheries, coastal tourism, marine transport, […]

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World Bank: Nigerians, others account for 60% in extreme poverty

Nigeria and other sub-Saharan African countries now account for 60 per cent of people in extreme poverty, the World Bank has said. The World Bank stated this in its “Poverty and Shared Prosperity Report,” which was released yesterday. According to the report, without history-defying rates of economic growth over the remainder of this decade, the […]

Business

World Bank to discuss replacement for ‘Doing Business’ reports

The World Bank’s board will discuss plans next month for replacing the bank’s flagship “Doing Business” rankings that were canceled in September 2021 after an external report found data irregularities, World Bank President David Malpass, has said. According to Reuters, Malpass told an event hosted by Stanford University on Wednesday that there were still issues […]

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Headwinds: World Bank raises the alarm over global recession

Following instability in the global economy, fuelled by sweeping inflation and other negative manifestations, the World Bank has raised the alarm over possible global recession in the near future. In a paper by Guénette, Justin Damien, M. Ayhan Kose, and Naotaka Sugawara, they observed that since the beginning of the year, a rapid deterioration of […]

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World Bank’s climate finance hits $31.7bn in 2022

The World Bank Group yesterday announced that it delivered a record $31.7 billion in fiscal year 2022 (FY22) to help countries address climate change. This is a 19 per cent increase from the $26.6 billion all-time high in financing reached in the previous fiscal year, the bank said in statement posted on its website. The […]

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World Bank advises developing countries to initiate health tax

Following the devastating effect of Ukrainian war on global economy aftermath of the Coronavirus crisis, the World Bank has advised governments, especiallyindeveloping countries, to consider theimplementationof higher taxes on harmful products. A report by the Global Director, Macroeconomics, Trade & Investment at the bank, Marcello Estevao, identified tobacco, alcoholic and sweetened beverages as soft sources […]

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World Bank revises Nigeria’s growth forecast to 3.4% in 2022

Citing high oil prices, further recovery in agriculture and manufacturing as well as key structural reforms such as the Petroleum Industry Act (PIA), the World Bank has raised its 2022 growth forecast for Nigeria to 3.4 per cent, from the 2.5 per cent it projected for the country in January. The Bank, which stated this […]

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