The collapse in crude oil prices, coupled with the COVID-19 pandemic, is expected to “plunge the Nigerian economy into a severe recession, the worst since the 1980s”, the World Bank said on Thursday.
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.
World Bank Warns As Debt In Developing Countries Hit $55trn
The World Bank in its 2019 Nigeria Economic Update Report which was released on Monday Decemeber 2, warned that Nigeria might be home to 25 per cent of the world’s destitute people if the government fails to revive economic growth and create jobs.
***As Ministers, Central Banks Governors End Annual Meetings Tayo Olanipekun, Washington DC World Bank President, David Malpass, closed the institution’s 2019 Annual Meetings with emphasis on its commitment to working out trade facilitation for African countries across the borders through harmonization of tariffs amidst the customs systems. Making this known during the African Caucus Meeting […]
**Senator Says Debts Okay For Development Tayo Olanipekun, Washington DC The government is willing to show to Nigerians what projects its various debts are tied to as details of these are not currently in the public domain, the Finance Minister, Zainab Ahmed, has said. She made this known on Thursday at a panel discussion during […]
Tayo Olanipekun, Washington DC As the number of people who suffer from hunger worldwide climbed steadily in recent years, the situation can only improve if governments empower the women, increase agricultural productivity and promote technological change, the World Bank has said. Land management and feeding of the growing market will also give the estimated 3.4 […]
Hafez Ghanem, World Bank’s vice-president for Africa, says the lender is in talks with the Nigerian government for a $2.5 billion concessionary loan.
The World Bank’s team on addressing fragility, conflict and violence (FCV) says Nigeria is not a fragile state even with the current security challenges.
**To Invest $15bn In Africa In 3 Years Tayo Olanipekun, Washington DC The World Bank has said it will increase its investments in human capital in Africa by 50 per cent in the next funding cycle to include new grants and concessional finance for human capital projects totaling $15 billion in fiscal years 2021-2023. […]