Nigeria is starting to experience the positive effects of key policy reforms implemented after a near fiscal crisis in 2020, but it must continue on this path, according to the World Bank. President Bola Tinubu has introduced significant measures, such as ending a long-standing petrol subsidy and devaluing the naira, to address sluggish economic performance … Read more
THE World Bank has revised its economic growth forecast for sub-Saharan Africa, lowering it from 3.4 percent to 3 percent for this year, primarily due to the devastating impact of Sudan’s ongoing civil war. Despite this, growth is expected to remain higher than last year’s 2.4%, driven by stronger private consumption and investment, according to … Read more
THE World Bank says 26 poorest countries worldwide “are deeper in debt than at any other time since 2006,” while being increasingly vulnerable to natural disasters and other catastrophes. In its analysis, the World Bank found that these 26 nations, which have an annual per capita income of less than 1,145 dollars a year, “are … Read more
THE World Bank has launched its new Business Ready 2024 (B-READY) report, evaluating the business and investment environments across 50 global economies. The report, a successor to the Doing Business initiative, is the first of three volumes to be released between 2024 and 2026. The aim of B-READY is to enhance private investment, boost employment, and increase productivity … Read more
COMPANIES bringing solar power to some of the poorest homes in Central and West Africa are now among the continent’s fastest-growing enterprises. These often locally-owned firms are thriving where governments have struggled to provide infrastructure and address climate change, offering hope and electricity to millions disconnected from the national grid. These companies, which include those owned by Africans, … Read more
THE World Bank has approved three new loans for Nigeria, totalling $1.57 billion, to strengthen key sectors, including healthcare, education, and climate resilience. This financing comes as Nigeria’s debt profile continues to grow, reflecting the government’s focus on essential reforms. A statement released on Monday, September 30, confirmed the loan approval, with funds allocated to … Read more
ADDRESSING the 79th session of the United Nations General Assembly, Malawi’s President Lazarus Chakwera appealed for debt relief for African nations struggling with mounting financial obligations. Chakwera highlighted the ‘hardships’ African countries are facing as they attempt to manage and service their increasing debt. ‘We are doing everything possible to manage our debts,’ Chakwera … Read more
THE World Bank has announced the introduction of new measures to ensure that recipients of its loans in Uganda are not discriminated against, following the country’s enactment of a controversial anti-gay law. These measures, which include independent monitoring mechanisms, will apply to both ongoing and future projects funded by the bank. Uganda passed the Anti-Homosexuality Act … Read more
THE federal government is expected to receive a new loan from the World Bank, totalling $1.5 billion. According to the Washington-based financial institution’s project list, the loan is set to be approved on September 26. The $1.5 billion will be distributed through three major development projects aimed at improving Nigeria’s economic stability and resource mobilisation … Read more
NIGERIA has owned sizable shares of diaspora remittance, averaging $20 billion in foreign inflows in the last decade as such remittances become the most important foreign exchange earner in several countries for over a decade. This growth has however slowed in recent years. In 2023, Diaspora remittances to Nigeria fell 3 percent to $19.5 … Read more