IMF increases Nigeria’s 2021 economic growth forecast to 2.5%

…To recommend debt repayment relief The International Monetary Fund, (IMF), has revised upward its growth forecast for the Nigerian economy for 2021 to 2.5 percent, from its earlier projection of 1.5 percent it announced in January. The IMF announced the new projection in its World Economic Outlook update released yesterday. The new growth projection is 1.0 percent higher than the multi-lateral institution’s 2021 forecast in January, which was a downward review from the forecast it shared in October 2020. This is just as there are strong indications that Nigeria may…

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‘Nigeria moved out of recession earlier than expected’ – World Bank

The World Bank has disclosed that Nigeria made an early exit out of recession than projected in its October 2020 forecast for sub-Saharan Africa. This disclosure was made by the bank in its latest Africa Pulse Report for April 2021 titled: ‘Covid-19 and the Future of Work in Africa: Emerging Trends in Digital Technology Adoption’. The Bank said Nigeria’s oil sector weakened in the fourth quarter of 2020 despite an increase in oil prices. Recall that Nigeria had slid into its worst economic recession in over three decades (33 years)…

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Nigeria missing in World Bank’s $375m ranching project for herdsmen

Nigeria is missing on a list of beneficiary countries, which the World Bank has earmarked $375 million to improve the productivity and resilience of pastoral production systems of countries in the Sahel region. The Bank, in a statement, said its executive directors approved the fund on Wednesday to help the implementation of the second Regional Sahel Pastoralism Support Project. The countries include Burkina Faso, Chad, Mali, Mauritania, Niger, and Senegal. The World Bank’s Sahel Pastoralism Support Project was initiated to pursue investments to establish animal health systems and ensure pastoralists’…

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World Bank finally approves $1.5bn loan for Nigeria

The World Bank has approved Nigeria’s request for a $1.5 billion loan.  In a statement on Tuesday, the Bretton Wood institution said the facility is a five-year country partnership framework (CPF) that will last from 2021 to 2024. The bank said the facility was prepared jointly with the International Finance Corporation (IFC) and the Multi-lateral Investment Guarantee Agency (MIGA). The loan will focus on four areas of engagement namely Investing in human capital, promoting jobs and economic transformation and diversification, enhancing resilience and strengthening the foundations of the public sector. …

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World Bank appoints new head of IFC in Benin

The World Bank on Friday announced the appointment of Cyndo Obre as the new International Finance Corporation (IFC) representative in Benin. A national of Côte d’Ivoire, Obre holds a Master’s degree in International Finance and Business from the Institut Supérieur du Commerce de Paris. As country manager, he will work closely with IFC’s regional representation based in Accra, Ghana, and with the World Bank and MIGA teams. He will coordinate the increase of IFC’s interventions in Benin, particularly in key sectors such as access to finance for SMEs, infrastructure and…

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