President Muhammadu Buhari has urged the World Bank, African Development Bank (AfDB) and other partners to support the One Planet Summit initiative and activate the US$19 billion pledge. He said the pledge, meant for the activities of the Pan African Great Green Wall Agency (PAGGW), would be utilized for...
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The World Bank says global progress to reduce gas flaring, the wasteful industry practice of burning natural gas during oil production has stalled in the last 10 years. This is contained in a statement obtained from the World Bank website on Saturday in Abuja by the News Agency of...
The African Development Bank’s (AfDB) Africa Digital Financial Inclusion (ADFI) facility will receive 15 million dollars to develop and extend digital financial solutions to women-owned small and medium businesses in Africa. The bank on its website, on Wednesday, said that Women Entrepreneurs Finance Initiative (We-Fi) said the new round...
Introduction In the last week, there was a big match between the World Bank team captained by the President, Mr. David Malpass and Nigeria captained by the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed ably assisted by the Central Bank of Nigeria (CBN) Governor Godwin Emiefele....
The Federal Ministry of Mines and Steel Development in collaboration with the World Bank had embarked on an Airborne Geophysical Survey activity to determine the accurate mineral deposits in Ekiti State. The survey is being implemented through the Mineral Sector Support for Economic Diversification Project (MINDIVER), a World-Bank assisted...
World Bank Group President, David Malpass has expressed concern over higher poverty rates in developing countries due to war in Ukraine and COVID-19 related shutdown. A statement issued on Monday by the Bank quoted Malpass as making this known in his opening remark at the World Bank Spring Meetings...
By BENJAMIN ORISEMEKE, Abuja – The economy of Europe and Central Asia is expected to shrink by 4.1 percent this year, compared with the pre-war forecast of 3 percent growth, as the economic shocks from the war compound the ongoing impacts of the COVID-19 pandemic. In its Economic Update...
Mr Olutokun Toriola, Chief Executive Officer, MTN Nigeria, has urged Small and Medium Enterprises (SMEs) to use the data presented to them through telecommunication companies and financial systems to access capital. Toriola, gave the advice on Friday at the Sparkle’s webinar for SMEs with the theme: ’’Simplifying Support for...
As the global economy enters a pronounced slowdown amid fresh threats from COVID-19 variants and others, Nigeria’s growth is projected to strengthen to 2.5 per cent in 2022 and 2.8 per cent in 2023. The World Bank said this in Washington at the presentation of its January 2022 Global...
Global growth will slow down over the next two years in the face of “fresh threats” from COVID-19 variants and rising inflation, debt and income inequality, the World Bank said on Tuesday in its latest report. While economic growth experienced a strong rebound in 2021, it is expected to...
The House of Representatives has approved President Muhammadu Buhari’s loan request of 5.8 billion dollars and grant of $10 million. The loans are to be sourced from the World Bank, Islamic Development Bank, China Exim bank, Chinese Africa Development Fund, and International Fund for Agricultural Development. In approving the...
By HARUNA AHMED, Kano – The World Bank has lauded the successes recorded in its Agro-processing Productivity Enhancement and Livelihood Improvement Support Project in Kano State. The World Bank Task Team Leader, Dr Adetunji Oredipe, gave the commendation on Saturday while fielding questions at the 7th implementation support mission...
The World Bank Group has called on the Federal Government to impose special taxes on alcohol, cigarettes and sugar-sweetened beverages to improve primary healthcare. “If we want to improve healthcare in Nigeria, we need to tax the things that are killing us. “The economic rationale for taxing these products...
The Minister of Power, Mr Abubakar Aliyu, has assured the Republic of Chad of Nigeria’s continuous interaction on power interconnection. Mr Odutayo Oluseyi, Assistant Director, Press, Ministry of Power, in a statement in Abuja on Tuesday quoted Aliyu as saying this while receiving the Chadian Ambassador, H.E Abakar Chahaimi,...
The World Bank has commended Kogi on its 2020 audited financial statement, describing the financial report as a standard for transparency and accountability in the public sector. The bank gave the commendation in a letter addressed to the state’s Accountant -General and dated Nov. 21. The letter was received...
The Nigerian National Petroleum Company (NNPC) Limited started its activities for the week at the World Bank Nigeria Development Update in Abuja, with a fresh commitment to the ongoing reform in the oil and gas sector in Nigeria. The event which held at the Transcorp Hilton Hotel in Abuja...
Experts have expressed divergent views over the International Monetary Fund (IMF) advice to the Federal Government to ensure total removal of electricity and petrol subsidies. They expressed the views in interviews with the News Agency of Nigeria (NAN) in Lagos on Thursday. A financial analyst, Mr Johnson Chukwu, said...
The World Bank has said that economic growth in Nigeria is being threatened by certain macroeconomic challenges, including dollar shortage, petrol subsidy and the fiscal deficit financing by the Central Bank of Nigeria. The bank disclosed this in its Nigeria Development report, which was released on Tuesday. The report...
The Governor of Kaduna State, Malam Nasir El-Rufai, has said the state governments are ready to support the Federal Government in the elimination of fuel subsidy regime. El-Rufai gave the assurance on Tuesday in Abuja, at the presentation of the World Bank Nigeria Development Update, November 2021 edition titled...
The project monitoring committee in Ikot-Nkebre community in Calabar Municipality has appealed to the World Bank not to abandon their erosion work at the Agro-field and the community road that was destroyed while reclaiming the gully in the community. Speaking to journalists in Calabar, Mr Emmanuel Ewa, Secretary of...