Tag: WORLD BANK

“Internet exposure reduced Nigeria’s poverty by 7%” – World Bank

Aminu Imam

The World Bank has disclosed that improved access to internet over three years led to a seven per cent reduction in extreme poverty in Nigeria. In a new brief, titled: “Digital transformation drives development in Africa”, the World Bank noted that the exposure has also led to an eight per cent increase in labour force participation and wage employment. “In 2023, a World Bank flagship report found that in Nigeria and Tanzania, extreme poverty declined by about seven per cent after three or more years of exposure to internet coverage,…

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Competitive Industrial Performance Index: Forex restriction places Nigeria on low ranking – World Bank

Aminu Imam

Nigeria ranked 97 out of 153 countries in 2023 on the Competitive Industrial Performance Index, partly because of the government’s foreign exchange (FX) access restrictions and import bans, according to the World Bank. This was revealed in its latest Nigeria Development Update for December 2023, titled: ‘Turning the corner: From reforms & renewed Hope’. The report, produced bi-annually, assesses immediate economic developments and prospects in Nigeria. The report said: “While the FX restrictions did not explicitly prohibit importing the 43 categories of goods on the restriction list, they created a…

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2024: World Bank predicts insecurity, economic hardship, others in some Northern States

Aminu Imam

The World Bank has forecasted that persistent insecurity, armed conflict, and worsening livelihoods will continue to affect local government areas in Borno, Kaduna, Katsina, Sokoto, Yobe, Zamfara States, and the far north of Adamawa State until May, 2024. According to the World Bank, poor macro-economic conditions are restricting access to agricultural inputs in the affected States, and that it is set to affect cereal production in the country. The global bank, in its latest ‘Food Security Update’, issued on Wednesday, stated that estimated cereal production for the 2023/24 crop year is expected…

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‘World Bank an enemy of Nigeria’ – NLC

Aminu Imam

The Nigeria Labour Congress (NLC) has labelled the World Bank an enemy of the country after the financial institution asked the Federal Government to stop the subsidy payment on petrol and raise the cost of the product to N750/litre. In a statement issued on Thursday, Ajaero said, in part: “It is truly a shame that the World Bank has really shown itself to be an enemy of the Nigerian nation. Its continued grandstanding and generation of anti-poor policies and programmes have destabilized many countries of the South, especially nations within…

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World Bank N750 per litre advise to Nigeria shows it is an enemy of the people – NLC

Abdul-Azeez Ahmed Kadir

The Nigeria Labour Congress (NLC) has condemned the advice by the World Bank to the Federal Government to increase petrol prices to N750 per litre . Mr Joe Ajaero, NLC President, said this on Friday in Abuja in a statement, titled; “World Bank’s N750 per litre for premium motor spirit is a threat to Nigerians economy”. It would be recalled that the World Bank Lead Economist for Nigeria, Mr Alex Sienaert, offered the advice recently during a presentation of the Nigeria Development Update, Dec. 2023 edition. The economist had noted…

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“It’s time Nigeria moved from reforms to results” – World Bank

Aminu Imam

Having applauded several reforms by President Bola Ahmed Tinubu, the World Bank on Wednesday urged the government to take a bold step forward by moving from reforms to results. The Bank stated this in its December 2023 edition of the Nigeria Development Update (NDU), titled: ‘Turning the Cor­ner’. The latest NDU report by the bank recommends specific actions required to further sustain and achieve the full benefits of reforms already embarked on by the government. From the year 2024 and the years after it, the bank advised Nigeria to im­prove…

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‘NNPCL not transparent on subsidy, dollar revenues’ – W’Bank

Aminu Imam

The World Bank has said the Nigeria National Petroleum Corporation Limited (NNPCL) is not transparent about the financial gains from fuel subsidy removal, disclosed. The Washington-based made this call in its Nigeria Development Update, December 2023 edition, titled, ‘Turning the Corner (from reforms and renewed hope, to results)”. This extends to subsidy arrears that are still being deducted and the impact of subsidy removal on federation revenues, the bank noted. Recall that the Minister of Finance and Coordinating Minister of Economy, Wale Edun, recently revealed that the Government was ready…

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’24m Nigerians pushed into poverty by inflation’ – World Bank

Aminu Imam

…But insists petrol should sell N750 per litre Sluggish growth and rising inflation in Africa’s biggest economy have pushed an additional 24 million Nigerians into poverty within five years, according to the World Bank. This was revealed in its latest ‘Nigeria Development Update report for December 2023′, yesterday. The report said: “Sluggish growth and rising inflation have increased poverty from 40 percent in 2018 to 46% in 2023, pushing an additional 24 million people below the national poverty line”. It said the number of poor rose from 79 million in…

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“Suspend loans to Nigeria’s 36 States” – SERAP tells World Bank

Aminu Imam

…Demands probe of loans in Nigeria Socio-Economic Rights and Accountability Project, (SERAP), has urged the World Bank President, Ajay Banga, to promptly, transparently and effectively conduct an investigation into the spending of over $8.5 billion loans and other facilities by 36 State governors in Nigeria. SERAP also urged the Bank to “suspend further applications for loans and any other funding to the 36 States until those States are able to satisfactorily explain details of spending of loans and other facilities obtained from the Bank and its partners”. Many of the…

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$1.5bn World Bank loan: “Nigeria becoming a carcass” – Moghalu kicks

Aminu Imam

A former Deputy Governor of the Central Bank of Nigeria, (CBN), Kingsley Moghalu, has kicked against the Federal Government’s plan to borrow $1.5 billion from the World Bank. Recall that the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, while speaking with newsmen at the 2023 Annual Meetings of the World Bank and the International Monetary Fund (IMF) in Marrakech, Morocco, confirmed the loan. Edun, who promised that there would be a coordination of monetary and fiscal policies, pledged that President Tinubu’s administration will not breach Ways and…

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