Tag: World Bank
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Immediate policy action needed to curb long term COVID-19 impact on Nigerians – World Bank
Immediate policy action is needed to curb the long-run impacts of the COVID-19 crisis on the lives and livelihoods of Nigerian households, the World Bank has said in a new report.
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World Bank cuts aid to Sudan over military coup
The World Bank said Wednesday it has suspended aid to Sudan following the military takeover that deposed the prime minister.
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Global oil prices won’t decline until 2023 – World Bank
The stunning recent runup in global oil prices could threaten economic growth and is unlikely to retreat until 2023, the World Bank said Thursday.
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World Bank raises Nigeria’s growth projection to 2.4% in 2021
The World Bank on Wednesday raised its 2021 economic growth forecast for Nigeria to 2.4 per cent, but said this still falls behind the sub-Saharan growth forecasts of 3.3 percent in 2021 and 3.5 per cent in 2022. The World Bank disclosed this in the latest edition of its Africa’s Pulse Report. The World Bank…
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World Bank names Nigeria among high debt risk nations
The World Bank has listed Nigeria and nine other countries as nations with high-debt risk exposure. In a financial statement for the International Development Association (IDA) released on Monday, the World Bank pegged Nigeria at number five with a $11.7b IDA debt stock. “As of June 30, 2021, the ten countries with the highest exposures…
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Nigeria facing worst unemployment crisis in history – World Bank
A report by the World Bank has said Nigeria’s unemployment crisis in recent times is the worst in the nation’s history. The report, which raised an alarm over the nation’s rising unemployment situation was published by the World Bank with support from the Korea World Bank Partnership Facility (KWPF) and the Rapid Social Response (RSR)…
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World Bank projects 5.6% growth for global economy
The global economy is expected to grow at 5.6 per cent in 2021, although many emerging market and developing economies continue to struggle with the COVID-19 pandemic and its aftermath. The World Bank said this in its June Global Economic Prospects released on Tuesday in Washington D.C., adding that the expected growth was based largely…
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Nigeria, six others top gas flaring countries for nine consecutive years – World Bank
The World Bank says Russia, Iraq, Iran, the United States, Algeria, Venezuela and Nigeria remain the top seven gas flaring countries for nine years running. The bank said this on Wednesday in Washington D. C. in its gas flaring satellite data for 2020, compiled by World Bank’s Global Gas Flaring Reduction Partnership (GGFR). It added…
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FG to end fuel, electricity subsidies by mid-2021
Plans by the federal government of Nigeria to end both electricity and fuel subsidies by mid-2021 have been revealed. The Nigeria Natural Resource Charter (NNRC) revealed the plans on Sunday quoting an International Monetary Fund (IMF) report. According to NNRC, the report followed the conclusion of IMF’s Article IV consultation with Nigeria. According to the…
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Nigeria exited recession ‘faster than expected’ – World Bank
The World Bank has said that Nigeria moved out of recession faster than its forecasts had predicted. “Following a 6.1 percent year-on-year contraction in 2020 Q2, Nigeria’s economy contracted by 3.6 percent in 2020 Q3, and expanded by 0.1 percent in 2020 Q4, moving out of recession faster than expected,” the bank said in its…