The World Bank has raised worries over the Nigerian National Petroleum Company Limited’s (NNPCL) ”absence of straightforwardness and conflicting monetary detailing,” which it claims has blocked precise oversight of oil income circulation to Nigeria’s federation account. These discoveries were framed in the bank’s Accelerating Resource Mobilisation Reforms (ARMOR) Report, delivered on May 17, 2024. The […]
The World Bank has sanctioned three initiatives totaling $1.57 billion aimed at bolstering Nigeria’s human capital by enhancing the health of women, children, and adolescents while also mitigating the impacts of climate change through improved dam safety and irrigation practices. This new funding comprises $500 million dedicated to tackling governance challenges that hinder the provision […]
The World Bank has advised Nigeria that the transition period of the naira redesign initiative by the Central Bank of Nigeria, CBN, is short and would harm the country’s economy, especially the poor. The bank stated this in its recent Nigeria Development Update, NDU, report ‘Nigeria Choice’. Recall that the CBN has commenced the circulation […]
The world bank has revealed that 74% of power users in nigeria have less than 12 hours of electricity supply daily. The Global financial body disclosed this at the Power Sector Recovery Programme . The opinion research fact sheet obtained in Abuja stated that the findings were made and conclusion drawn from after a thorough […]
The World Bank said its estimates show that between 15 million and 20 million Nigerians will join the poverty rank by 2022. They revealed this on Tuesday at the virtual launch of the 2021 Macroeconomic Outlook of the Nigerian Economic Summit Group, a private sector-led think-tank. Nigeria needs to implement key reforms in order to […]
The World Bank has approved a $750 million loan to the Federal government which is to be used to improve electricity supply in the country. In a statement released today Wednesday, June 24, the World Bank said the loan is for the power sector recovery operation (PSRO) to achieve financial sustainability and enhance accountability in the […]
The coronavirus pandemic is expected to throw into extreme poverty more than 60 million people globally, the World Bank said on Tuesday as it announced emergency operations worth $160 billion in 100 developing countries to fight this deadly virus. “The pandemic and shutdown of advanced economies could push as many as 60 million people into […]