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 […]

Business

World Bank seeks improved debt transparency

Citing the large number of lowincome countries that have not published any sovereign debt data for more than two years, as well as the huge discrepancies that exist in publicly available estimates of debt, the World Bank has called for more debt transparency in developing economies. The bank, which stated this in a blog post […]

Opinion

Interrogating World Bank’s prescriptions for Nigeria’s economy

Without a doubt, the Nigerian economy has been in dire straits for a while, even before the onset of the coronavirus pandemic (by March 2021) that is yet ravaging the globe. This is why in such a short period of five years (2016 to 2020), the economy had twice sunk into deep recession; and all […]

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Nigeria to receive $17.6bn inflows –World Bank

…says inflation may push 6m Nigerians into poverty Editors laud CBN on eNaira, interventions TheWorldBankhasestimated that remittance inflows into Nigeria increased to $17.6billion this year from $17.21billion last year. The bank, which stated this in its “Migration and Development Brief 35” released yesterday, also said that remittance inflows to sub-Saharan Africa returned to growth in […]

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World Bank raises Nigeria’s growth forecast to 2.4%

The World Bank has raised Nigeria’s 2021 growth forecast to 2.4 per cent from the 1.8 per cent it projected for the country in June. The bank, which stated this in the latest edition of its Africa’s Pulse report titled, “Climate Change Adaptation and Economic Transformation in Sub-Saharan Africa,” released yesterday, said its upward revision […]

Business

Ethics review: World Bank discontinues climate report

The World Bank Group announced yesterday that it has decided to discontinue publication of its “Doing Business” rankings of country business climates after a review of data irregularities in the 2018 and 2020 reports. In a statement, the World Bank said that after the irregularities raised ethical matters involving former bank staff and board officials, […]

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World Bank raises Nigeria’s 2021 growth forecast to 1.8%

Upgrades global to 5.6% Deutsche Bank: Global economic crisis imminent amid rising inflation The World Bank has raised Nigeria’s 2021 growth forecast by 0.7 per cent to 1.8 per cent from the 1.1 per cent it projected for the country in January. The bank, which stated this in the latest edition of its Global Economic […]

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