Tag: WORLD BANK

Nigeria, 3 others top World Bank debtors’ list

Aminu Imam

Nigeria has been ranked the fourth country in the world with the highest debt according to the World Bank’s newly released financial report for the fiscal year of 2022 audited financial statements for the International Development Association, (IDA). Nigeria, which has the highest IDA debt stock in Africa, increased its debt to $13bn since June 30, 2022, from $11.7bn in June, 2021 Other countries in the top five position are India in the first position, Bangladesh in the second position, Pakistan in the third position, and Vietnam in the fifth…

Read More

‘Nigeria has over 11m out-of-school children; highest globally’ – World Bank

Aminu Imam

The international financial institution, the World Bank, has disclosed that Nigeria has more than 11 million out-of-school (OSS) children, the highest of any country in the world. The global bank, which disclosed this in a document titled: “Nigeria Development Update (June 2022): The Continuing Urgency of Business Unusual.”, said, this is despite the expansion in access to education during the last few decades. The World Bank said more efforts need to be made to ensure Nigeria’s children are back to school. “Although Nigeria has experienced a significant expansion in access…

Read More

‘Inflation shocks will push another 15 million Nigerians into poverty’ – World Bank

Aminu Imam

The World Bank has said that inflation shock is projected to push about 15 million more Nigerians into poverty between 2020 and 2022. The Washington-based bank said this in its latest Nigeria Development Update report, titled: ‘The Continuing Urgency of Business Unusual’. The report read in part: “Overall, the ‘inflation shock’ is estimated to result in about 15 million more Nigerians living in poverty between 2020 and 2022.” The lending bank stressed the need for reducing the rising rate of inflation, which is pushing millions of Nigerians into poverty. Although…

Read More

More Nigerians’ll fall into extreme poverty, World Bank predicts

Aminu Imam

The World Bank has predicted that more people in Nigeria and its sub-Saharan neighbours are expected to fall into extreme poverty. According to a report obtained via a World Bank newsletter on Friday, titled: “Global Economic Prospects”, Russia’s invasion of Ukraine and its effect on the commodity market, supply chains, inflation, and financial conditions have intensified the slowdown in economic growth. The Washington-based institution further explained that the possibility of high global inflation could eventually result in tightened monetary policy in advanced countries which might lead to financial stress on…

Read More

Rising petrol subsidy could pose debt sustainability concerns for Nigeria – World Bank

Aminu Imam

…As FG earmarks N4tr for subsidy The global financial institution, the World Bank, has warned Nigeria’s increasing fuel subsidy could pose debt sustainability concerns for the country. The Bank disclosed this in its latest ‘Africa’s Pulse’ report, a bi-annual analysis of the near-term regional macroeconomic outlook. The warning comes on the heels of the National Assembly’s approval of President Muhammadu Buhari’s request to earmark N4 trillion for petrol subsidy. According to the report, “Risk remains high on increasing fuel subsidies, which could weigh heavily on public finance and pose debt…

Read More

World Bank warns Nigerians to expect tougher months ahead

Aminu Imam

The World Bank has predicted tougher months ahead as household real disposable incomes in Nigeria are expected to face an ‘exceptional squeeze’. The World Bank’s Country Director for Nigeria, Shubham Chaudhuri, who disclosed this in Abuja, indicated that the Covid-19 crisis in the country exacerbated pre-existing structural distortions (including trade distortions, such as 2019’s border closure), which were already driving up prices and eroding purchasing power before the pandemic. This in turn explains the near-stagnation in household real disposable incomes that have preceded the exceptional squeeze expected this year,” Chaudhuri…

Read More

‘4 out of ten Nigerians live below poverty line’ – World Bank

Aminu Imam

The World Bank has disclosed that four out of every 10 Nigerians currently live below the poverty line. The global financial institution, which disclosed this in its recent report titled: ‘A Better Future for All Nigerians: Nigeria Poverty Assessment 2022,’ said Nigeria currently needs long-term reforms to foster and sustain pro-poor growth and raise citizens out of poverty. It said Nigeria requires macroeconomic reforms including fiscal, trade, and exchange rate policy; policies to boost the productivity of farm and non-farm household enterprises among others. The report, which represents the culmination…

Read More

World Bank blames FG as high inflation worsens poverty

Aminu Imam

The global financial institution, the World Bank says Nigeria’s federal government did not take any concerted action towards curbing inflation in 2021 despite inflation shock pushing an estimated eight million Nigerians below the poverty line. The Washington-based bank said this in the latest edition of its ‘Nigeria Development Update’ report 2021. It said, “Double-digit inflation rates are depressing economic activity and exacerbating poverty. Rising food prices are eroding household purchasing power, and we estimate that during 2020 and 2021, the ‘inflation shock’ alone pushed about eight million more Nigerians below…

Read More

“Nigerians’ frustration with Buhari’s govt. could spark crisis” – World Bank

Aminu Imam

The World Bank has warned that the incompetence of President Muhammadu Buhari’s administration in addressing the worsening insecurity and harsh economic situation may fuel national unrest and impede the growth of Africa’s most populous nation. The World Bank, in its flagship report for 2022, titled: “Global Economic prospect”, also cited mounting insecurity in Afghanistan, expressing concerns that it could further spread to Nigeria due to citizens’ dissatisfaction with the regime. “Deteriorating security conditions in Afghanistan, for instance, could generate instability in nearby countries, while conflict and violence in several countries…

Read More

Nigeria’s economy to grow by 2.5% in 2022 – World Bank

Aminu Imam

Nigeria’s economy is expected to grow by 2.5 percent in 2022 and by another 0.3 percent next year, the World Bank has projected. The World Bank gave the forecast in its latest Global Economic Prospects report, yesterday. “In Nigeria, growth is projected to strengthen somewhat to 2.5 percent in 2022 and 2.8 percent in 2023,” said the Washington-based institution, in the section of the report which focused on recent developments in sub-Saharan Africa. “The oil sector should benefit from higher oil prices, a gradual easing of the Organisation of the…

Read More