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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World Bank: G-20 endorses extending debt relief to year-end

Finance ministers from the Group of 20 nations are supportive of an extension of debt relief for the world’s poorest nations through to the end of the year, World Bank President, David Malpass has said. “I’m pleased that the G-20 is endorsing the extension,” he said in an interview with Alix Steel and Guy Johnson […]

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World Bank projects 3.4% GDP growth for Nigeria, others in 2021

The World Bank yesterday said it expected growth in sub-Saharan Africa this year to rise to between 2.3 per cent and 3.4 per cent, compared with the 2.7 per cent it projected for the region in January. The bank, which made the forecast in its latest Africa Pulse report titled, “The Future of Work in […]

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World Bank: Debt crisis threatens developing nations

Developing nations remain at risk of a debt crisis due to the impact of the global pandemic, and the World Bank is working on ways to reduce the burden, President David Malpass has said. The Washington-based development lender and the International Monetary Fund (IMF) are collaborating closely on designing plans that connect debt reductions to […]

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Analysts: Nigeria’s GDP stronger than World Bank’s projection

Analysts at Coronation Asset Management Ltd have predicted a less severe contraction for Nigerian economy in 2020 compared with projections by the World Bank and the International Monetary Fund(IMF). In a report obtained by New Telegraph yesterday, the analysts noted that althoug the Bretton Woods institutions have an excellent track record of forecasting Nigeria’s Gross […]

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C’River achieves $20.4m World Bank grants

Cross River State government has said it has achieved World Bank grants worth $20.4m given under States Fiscal Transparency Accountability and Sustainability (SFTAS) programme. The Commissioner for Finance, Asuquo Ekpenyong Jnr, disclosed this on Friday while briefing journalists on the achievement of his ministry He said the state met the eligibility criteria for 2019 programme […]

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32 states get World Bank’s N123.38bn SFTAS grant

Rivers, Bayelsa, Imo, Zamfara miss out Sokoto top beneficiaries with N6.61bn No fewer than 32 states of the federation has again benefitted from the World Bank’s States Fiscal Transparency Accountability and Sustainability (SFTAS) programme grant. Four states – Bayelsa, Imo, Rivers and Zamfara – got zero allocation due to their inability to meet the 2019 […]

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World Bank: Remittances to Nigeria, others to fall by 9% this year

Remittances to Nigeria and other Sub-Saharan African countries are likely to drop by 9 per cent to $44billion in 2020 due to the effects of the coronavirus(COVID-19) pandemic, the World Bank has said. The Bank, which made this prediction in its latest, “Migration and Development Brief,” also projected that as the pandemic and economic crisis […]

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