Nigeria’s liabilities to the World Bank Group now stands at $8.52 billion, investigation has shown. Statistics obtained from the Debt Management Office in Abuja on Wednesday showed that the group’s portfolio rose from $5.73 billion as of March 31, 2015 to $8.52 billion as of March 31, 2018. This means that the bank’s commitment to […]
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LAGOS, June 28 (Reuters) – The World Bank said on Thursday it had approved a total of $2.1 billion in concessionary loans to fund projects in Nigeria aimed at improving access to electricity and promoting governance. The projects approved by the International Development Association (IDA), the bank’s low-interest arm, are expected to support Nigeria’s economic […]
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Development experts predicate a robust and sustainable relationship with the World Bank and its development partners on a regime of strict adherence to rules and terms guiding the execution of developmental projects, transparency, accountability and a preference for projects that can pull the largest number of people out of poverty, as against frivolous political projects. […]
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Nigeria’s unemployment and underemployment rates increased in 2017, the World Bank has said. A statement issued by the World Bank in Abuja on Monday night showed that this was indicated in its report, ‘Nigeria Bi-annual Economic Update’. According to the report, Nigeria emerged from recession in 2017, but poverty in the country increased slightly. Titled: […]
Read More The World Bank has raised the alarm over rising debts in African countries, including Nigeria. While releasing ‘Africa’s Pulse’, a biannual analysis of African economies in Washington on Wednesday, the World Bank’s Chief Economist Africa, Albert Zeufack; Lead Economist, Africa, Punam Chuhan-Pole; and Research Manager, Michael Toman, said the continent had been showing positive growth […]
Read More The Obafemi Awolowo University, (OAU) Ile-Ife, Osun State, has set up an $8 million World Bank-assisted information and communication technology (ICT) driven-knowledge park, tagged African Centre of Excellence ( OAU ACE). This is even as the institution is calling for more participation from the private and public sector to tap into the potential of the […]
Read More The World Bank forecasts that economic growth in Nigeria would edge up to at least 2.5 per cent in 2018, as the country benefits from improved commodity prices, investments and trade. According to the World Bank’s January 2018 Global Economic Prospect report launched on Tuesday in Washington DC, Nigeria’s Gross Domestic Product (GDP) is expected […]
Read More World Bank Statistics have shown that remittances to African countries have declined by an estimated 6.1 per cent to $33 billion. The figure, which was for last year, was triggered by slow economic growth in remittance-sending countries and a decline in commodity prices. It said rising sources of income for Africans are being realised through […]
Read More As part of its commitment to programme implementation, the World Bank said it will continue the preparation of the proposed $1 billion Performance Based Loan (PBL) to support the Power Sector Recovery Programme (PSRP) in the country. At the just concluded two days consultation on PSRP, the World Bank Group and the Federal Government said […]
Read More The World Bank will stop financing oil and gas exploration and extraction from 2019, it announced Tuesday at a climate summit seeking to boost the global economy’s shift to clean energy. “The World Bank Group will no longer finance upstream oil and gas, after 2019,” it said in a statement in Paris, where world leaders […]
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A new report has shown that Nigeria owes 51 per cent of its cumulative $15.35 per cent external debt to the World Bank Group. A report by FBN Capital research titled: ‘External Debt Ratios to Savour’ said the Federal Government of Nigeria’s (FGN’s) external debt obligations at end-September amounted to $15.35 billion, equivalent of 3.9 […]
Read More The World Bank, yesterday, raised concern over the financial status of states in Nigeria, while it also stated that despite Nigeria’s recent Gross Domestic Product, GDP, growth, a number of fiscal challenges still exist at different levels of governance. The World Bank in its latest Nigeria Bi-Annual Economic Update released in Abuja, disclosed that irrespective […]
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