Tag: World Bank
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42% of jobs lost to COVID-19 – World Bank chief
ALMOST half of those employed have lost their jobs due to Coronavirus (COVID-19) pandemic, the World Bank has said. The bank put the percentage of individuals who were working before March, but now out of employment at 42. Its Senior Financial Sector Specialist, Ahmed Rostom, shared the information in a data during a Development Bank…
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Nigeria about to witness worst form of recession – World Bank
The World Bank has urged Nigerians to brace for the worst recession since the 1980s. According to the global bank, the twin calamities of collapse in oil prices and COVID-19 pandemic are expected to plunge the economy into a severe economic recession. The World Bank, in its World Bank Nigeria Development Update (NDU) report, entitled:…
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World Bank approves $750m loan to boost power supply in Nigeria
The World Bank has approved $750 million International Development Association (IDA) credit for Nigeria’s Power Sector Recovery Operation (PSRO), to improve electricity supply. The Bank, in a statement in Abuja on Wednesday, said that the would help Nigeria achieve financial and fiscal sustainability and enhance accountability in the power sector. It explained that about 47…
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Living standards: Not possible to say poverty decreased in Nigeria from 2009 – NBS
It is not possible to say whether poverty increased or decreased in Nigeria between 2009 and 2019, a FAQ on the Nigerian Living Standards Survey (NLSS), following release of the Poverty and Inequality in Nigeria 2019 report by the National Bureau of Statistics (NBS) has revealed. TheNewsGuru.com (TNG) reports the NLSS is a household-based survey…
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Coronavirus: World Bank forecasts historic sharp fall in remittances to Nigeria, others
The World Bank said remittances will decline sharply by about 23.1 percent to sub-Nigeria and other Saharan African nations this year, due to the economic crisis induced by the COVID-19 pandemic and shutdown. Globally, a reduction of 20 per cent has been projected. The projected fall, which would be the sharpest decline in recent history,…
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COVID-19: Osinbajo meets IMF, World Bank representatives
Vice President Yemi Osinbajo is enlarging the pool of options open to Nigeria in achieving the Buhari Presidency plan to turn the current economic challenges to an opportunity for Nigerians, especially the “Common Man.” Today, the VP has met with representatives of the International Monetary Fund and the World Bank as Nigeria continues to improve…
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COVID-19: World Bank to deploy $150bn for economic recovery
The World Bank Group President David Malpass in his remarks from the G20 Finance Ministers conference call on the COVID-19 pandemic said these are difficult times for all, especially for the poorest and most vulnerable. For the World Bank Group, he said the first goal is to provide prompt support during the crisis, based on…
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Nigeria debts soar to almost $80bn as World Bank approves fresh $2.2bn loan
Nigeria’s debt has risen to $80bn as World bank on Tuesday approved nearly $2.2bn loan for the country to invest in six projects, including improving immunization, enabling a stronger business environment for the private sector, expanding the digital economy to promote job creation, and increasing public and private sector capacity on governance and social and…