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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 […]

Business

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 […]

Business

World Bank President seeks new debt-resolution process for developing countries

World Bank President, David Malpass, has called for a new process for restructuring debt burdens for developing nations amid concerns about a lack of transparency over how much they owe to China. Malpass, who made the call while speaking on Bloomberg Television’s “Surveillance” yesterday, said: “The world needs to have a resolution process for debt […]

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World Bank raises Nigeria’s growth forecast to 3.8%

Reforms, oil price to influence process The World Bank has forecast a 3.8 per cent growth for Nigeria this year, higher than the 2.5 per cent it had projected for the country in its January 2022 Global Economic Prospects report. The Bretton Woods institution, which made the prediction in the latest edition of its Africa’s […]

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Digital identity: World Bank rates Nigeria as ‘unsatisfactory

…says 71m NIN issued so for The World Bank has described the overall implementation progress of the Nigeria Digital Identification for Development (ID4D) project as unsatisfactory. This is even as it disclosed that the country had only increased the number of issued National Identification Number (NIN) by 34 million in the last two years. According […]

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World Bank: Inflation pushes 12.8m Nigerians into poverty

Rise in food prices to claim moreIbori About 12.8 million Nigerians fell into poverty last year as a result of increase in prices of foods, the World Bank has said. This is even as it warned that many more people in the country may fall into this category this year as prices of foods continue […]

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