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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
…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 […]
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 […]