Nigeria’s economic growth is expected to be slower than other countries in West Africa due to inflation, high unemployment and COVID-19 The World Bank has said that Nigeria moved out of recession faster than its forecasts had predicted. “Following a 6.1 percent year-on-year contraction in 2020 Q2, Nigeria’s economy contracted by 3.6 percent in 2020 … Read more
Nigeria and 18 other African countries would benefit from the World Bank’s 22.5 million dollars additional financing for the Regional Off-Grid Electricity Access Project (ROGEAP) in Western and Central Africa. The World Bank announced this in a statement issued on Friday, March 12, in Washington D.C., adding that its board of Executive Directors had approved … Read more
loan takes effect from 2021 and will be terminated in 2024. The World Bank has approved Nigeria’s request for a $1.5 billion loan. This was announced in a statement by World Bank on Tuesday, December 15 noting that the loan kicks into effect from 2021 and will be terminated in 2024. “This Country Partnership Framework … Read more
The World Bank has warned that the economic impact of the COVID-19 may send personal incomes back four decades, Eko Hot Blog reports. According to a World Bank report, Africa’s most populous country will have to enact a series of potentially politically unpopular reforms in order to avoid a prolonged recession. The report stated that … Read more
The former aide to ex-President Goodluck Jonathan, Reno Omokri has appealed to the International Monetary Fund and World Bank to stop lending money to President Muhammadu Buhari. He took to his twitter to revealed this, emphasizing that the money given to the Nigerian Government is being used to fill their own private capacities. His … Read more
The World Bank Group has revealed it will partner with the Nigerian government to build up the health and education sectors. World Bank Group’s President, David Malpass, disclosed this during a press briefing at the 2020 annual general meeting on Thursday. According to him, the system of transparency in government is important to reduce corruption … Read more
COVID-19 Vaccines, World Bank The World Bank has approved $12 billion to help developing countries to buy COVID-19 vaccines. The organisation announced this in a statement on Wednesday. Read Also: Rape: Court Sentences Man To Life Imprisonment “The World Bank’s Board of Executive Directors today approved an envelope of 12 billion dollars for developing countries … Read more
World Bank Director for Nigeria, Shubham Chaudhuri on Wednesday approved a $750 million International Development Association (IDA) credit for Nigeria’s Power Sector Recovery Operation (PSRO). Shubham Chaudhuri said ”This is ultimately what is needed to lift 100 million Nigerians out of poverty. “The objective of this operation is to help turn around the power sector and … Read more
The world’s poorest countries could save over $12 billion owed to sovereign and other creditors this year through their participation in a debt-relief program, with Angola alone saving some $3.4 billion, according to estimates published Friday in a new database from the World Bank. Reuters reported that savings under the COVID-19-linked Debt Service Suspension Initiative … Read more
World Bank on Wednesday approved $2.2billion loans for six projects to support Nigeria’s development priorities. The bank explained that the approved programme of support in the fiscal year 2020 included Immunisation Plus and Malaria Progress by Accelerating Coverage and Transforming Services (IMPACT). The projects will strengthen health systems to deliver effective primary health care and … Read more
Kenya is in advanced talks with the World Bank for “a fairly priced” loan of up to 100 billion shillings ($991.57 million), nearly half of its required external funding this fiscal year, a senior Treasury official said on Friday. The East African nation wants to cut debt from overseas capital markets, after a borrowing binge … Read more
The World Bank has once again cried out over that the poverty rate in Nigeria could become worse in the next ten years with up to 30 million people expected to fall into extreme poverty. This, it said, can only be prevented by Federal Government policy reforms. “Nigeria’s population is expected to grow by as … Read more
The Edo State Governor Godwin Obaseki, will chaired the Nigerian Governors’ Forum NGF in the bid to strategize on how to access the $750m World Bank grant. The governor disclosed this to newsmen on arrival at the State’s Airport in Benin from Abuja. Obaseki noted that he had attended series of meetings in Abuja adding … Read more
Ekiti State Governor, Dr Kayode Fayemi, on Tuesday announced that the World Bank would soon embark on some legacy projects across the state worth about 500 million dollars. The Governor stated this in Ado Ekiti, the state capital, while presenting cheques worth N180 million to 19 benefiting communities under the state’s self-help community development programme. … Read more
The Vice President for Sustainable Development, World Bank, Laura Tuck, has warned Nigeria and other countries paying subsidies on fossil fuels to desist from it as such practice were not sufficient to support the poor. According to The PUNCH, Tuck stated this at the ongoing World Circular Economic Forum in Helsinki, Finland while addressing the … Read more
The Vice President for Sustainable Development, World Bank, Laura Tuck, has warned Nigeria and other countries paying subsidies on fossil fuels to desist from it as such practice were not sufficient to support the poor. According to The PUNCH, Tuck stated this at the ongoing World Circular Economic Forum in Helsinki, Finland while addressing the … Read more
The 63 year old, David Malpass, a senior US Treasury official in President Donald Trump’s administration, was unanimously chosen Friday as the next president of the World Bank. The selection of Malpass was made by the bank’s board of directors in an “open, transparent” nomination process in which citizens of all membership countries were potentially … Read more
IFC, a member of the World Bank Group, has signed an agreement with Africa Reinsurance Corporation(Africa Re) to help thousands of small holder Nigerian farmers to access insurance more easily to protect their crops and livelihoods. Under the agreement, Africa Re, a pan-African reinsurance company headquartered in Nigeria, and IFC’s Global Index Insurance Facility … Read more
IFC, a member of the World Bank Group, has signed an agreement with Africa Reinsurance Corporation(Africa Re) to help thousands of small holder Nigerian farmers to access insurance more easily to protect their crops and livelihoods. Under the agreement, Africa Re, a pan-African reinsurance company headquartered in Nigeria, and IFC’s Global Index Insurance Facility … Read more