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CBN’s Multiple FX Rates Slowing Nigeria’s Economic Growth – W/Bank

The World Bank Group has stated that the current multiple exchange rates being operated by the Central Bank of Nigeria (CBN) is slowing the nation’s economic growth based on the inflationary impact and discouragement of foreign direct investment (FDI) into the economy. The World Bank Group President, David Malpass, made this remark in a blog […]

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World Bank Forecasts 3.1% Growth For Nigeria, Others

The World Bank Group President, David Malpass, has predicted that developing economies would experience moderated growth of about 3.1% this year compared to the 4.1% growth recorded in 2022. Malpass made this projection on Tuesday during a Media Call at the ongoing World Bank/IMF Spring Meetings in Washington D.C, United States. The development finance banker […]

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Nigeria, Other Developing Countries’ External Debt Hits $9Trn In 2021

The World Bank has reported that the external debt stock of developing countries, comprising low and middle-income economies, accumulated to $9 trillion at the end of 2021 with about 60% of the poorest countries already at high risk of debt distress or already in distress. The bank noted that the debt stock grew more than […]

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World Bank Rates Nigeria’s Public Expenditure Among Lowest Globally, Proffers Solutions

The World Bank Group has rated Nigeria’s fiscal system, in terms of revenue generation and inefficient use of resources, among the lowest globally and canvassed the need for the Nigerian governments to embark on macroeconomic and fiscal reforms to lift Nigeria’s development outcomes. The Washington D. C-based development finance institution’s latest position on the nation’s […]

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World Bank Supports Countries With $31.7Bn For Climate Change

The World Bank Group has disclosed that it committed the sum of $31.7 billion this financial year (FY2022) to help countries address climate change challenges. The Washington D.C-based multilateral finance institution in a statement hoisted on its website on Thursday indicated that the amount represented a 19 percent increase over the $26.6 billion financing by […]

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World Bank Assures Support For Nigeria’s Poverty Alleviation Drive

The The World Bank Group (WBG) has expressed its readiness to help in increasing assistance to Nigeria’s poor and vulnerable. Nigeria’s Vice President, Prof. Yemi Osinbajo, in a tweet on Friday, said he met with WBG President, David Malpass, and discussed a wide range of issues relating to climate, energy, investment, exchange rate, and poverty […]

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Current Crises Will Re-define Developing Economies’ Commodity Markets – W/Bank

The World Bank Group has projected that COVID-19 pandemic, the Russia-Ukraine conflict and the impacts of climate change would have intense implications for developing economies over the coming years. The Breton Woods institution, in statement hoisted on its website on Friday reflecting the findings of its new report titled ‘Commodity Markets: Evolution, Challenges, and Policies’ […]

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Low-Income Countries’ Debt Peaks At $860Bn In 2020

The World Bank in a new report released on Monday stated that efforts by governments around the world to tackle the COVID-19 pandemic with massive fiscal, monetary, and financial stimulus packages further aggravated loc-income countries’ debt stock, rising by 12 percent to a record $860 billion in 2020. The Breton Woods institution noted that while […]

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World Bank To Support Africa’s Livelihood-Enhancing Projects With Over $5Bn

The World Bank Group on Thursday unveiled plans to invest over $5 billion over the next five years to help restore degraded landscapes, improve agricultural productivity and promote livelihoods in 11 African countries of the Sahel, Lake Chad and Horn of Africa. The Breton Woods institution President, David Malpass, gave this hint at the One […]