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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 […]

Business

World Bank, others endorse IMF’s $50bn plan for COVID-19

The World Bank, World Health Organisation (WHO) and World Trade Organisation (WTO) have endorsed the International Monetary Fund (IMF)’s call to invest $50 billion to fight COVID-19 by making and delivering vaccine and treatment. “Governments must act without further delay or risk continued waves and explosive outbreaks of COVID-19 as well as more transmissible and […]

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World Bank portfolio in Nigeria hits $12bn

The World Bank’s portfolio in Nigeria now amounts to more than $12billion, the Bretton Woods institution has said. The Vice President for Western Africa at the World Bank, Ousmane Diagana, disclosed this during a conference call yesterday. According to him, the World Bank regards Nigeria as a very important partner because any investment it makes […]

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World Bank: Remittance inflows to Nigeria fell by 27.7% to $17.2bn

Agusto projects $22bn payments into Nigeria in 2021 A 27.7per cent decline to $17.2billion in remittances to Nigeria last year led inflows to sub- Saharan Africa dropping by 12.5 per cent to $42 billion in 2020, a World Bank rereport shows. According to the bank’s “Migration and Development Brief” released yesterday, excluding flows to Nigeria, […]

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