‘The World Bank said that some of the challenges in Nigeria included multiple exchange rates and restrictive trade policy’ The President of the World Bank Group, David Malpass, has said that the bank will work with the International Monetary Fund to assess Nigeria’s debt sustainability. Malpass said this during the 2022 annual meetings opening press
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The World Bank has said that Nigeria’s economic outlook is uncertain and its ability to attract domestic and foreign investments is also crashing. It also noted that the condition of welfare in Nigeria was worsening despite the economic recovery from recession. The Washington-based bank said this in its draft report for State Action on Business
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ISLAMABAD: World Bank would support Pakistan in dealing with massive devastation caused by the flooding by re-programming its existing activities and future programmes, Said Masood Khan. The Pakistani ambassador in United States Masood Khan said that World Bank would also re-purpose US$300 million to help flood victims and support flood relief. Khan said they held
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The World Bank Group President, David Malpass says the bank is ready to support Nigeria in phasing out regressive fuel subsidies while increasing social assistance for the poor and vulnerable. He also stressed the need for a unified exchange rate in Nigeria, which would significantly improve the business-enabling environment in Nigeria, attract foreign direct investment,
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The World Bank has approved a $500 million loan to improve access to electricity in Nigeria and expand the metered network of power distribution companies. The money will help distribution companies or DisCos “make necessary investments to rehabilitate networks, install electric meters for more accurate customer billing and to improve quality of service for those
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The World Bank on Tuesday downgraded its outlook for the global economy, and warned the situation could deteriorate if Covid-19 infections accelerate or the vaccine rollout is delayed. The coronavirus pandemic also has worsened the risks surrounding the rising debt load in developing nations, and it will take a global effort to avoid a new
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… about 47% have no access to electricity The Nigeria’s Power Sector Recovery Operation (PSRO) received the World Bank $750 million credit facilities in the International Development Association (IDA) The bank’s Board of Directors gave the approval “to improve the reliability of electricity supply, achieve financial and fiscal sustainability, and enhance accountability in the power
Read moreThe World Bank has estimated a possible fall in Nigeria’s real gross domestic product growth as one of the countries in sub-Saharan Africa affected by coronavirus outbreak. According to report released, said already, growth in the region had been significantly impacted by the outbreak and is forecast to fall sharply from 2.4 per cent in
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The total debt owed to the World Bank Group by Nigeria rose by $1.3bn in one year to $9.81bn as of September 2019, latest data from the Debt Management Office showed on Wednesday. The International Bank for Reconstruction and Development and the International Development Association, which make up the World Bank, have over the years
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The World Bank has raised doubts over the sustainability of Nigeria’s public debt. Nigeria’s total public debt, which stood at N21.73tn as of December 31, 2017, rose to N25.7tn as of June 30, 2019, according to data from the Debt Management Office. The federal government reportedly deployed 54.2 per cent of all its earned revenue
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…Nigeria will be home to 25 per cent of the world’s destitute people if the government fails to revive economic growth and create jobs – World Bank reveals. World Bank reveals that number of Nigerians living in abject poverty may increase by more than 30 million by 2030 if the Nigeria government fails in its
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