LAGOS MAY 17TH (NEWSRANGERS)-The World Bank has blacklisted 58 Nigerian companies and individuals for engaging in corrupt practices, a move which comes as part of the institution’s ongoing efforts to uphold integrity and transparency in its projects and operations. Among those affected are 39 Nigerian companies previously debarred by the African Development Bank (AfDB), along…
LAGOS JANUARY 21ST (NEWSRANGERS)-The World Bank estimates that improved access to Internet coverage over three years led to a seven per cent reduction in extreme poverty in Nigeria and Tanzania. The bank disclosed this in a new brief titled, “Digital transformation drives development in Africa.” It said Internet access also led to an increase of…
LAGOS JANUARY 17TH (NEWSRANGERS)-Nigeria is discussing as much as $1.5 billion of World Bank funding to help ease a severe dollar shortage that has contributed to the naira’s steep decline. “We’re hoping to get $1 billion or $1.5 billion from the World Bank” for budgetary support, Finance Minister Wale Edun said Wednesday in a Bloomberg…
LAGOS JANUARY 11TH (NEWSRANGERS)-Niger, Senegal, and Rwanda will be among the world’s highest growth economies in 2024, the World Bank said in its report on global economic prospects released this week. Niger is forecast to grow at 12.5% this year driven by its oil sector which has made up for low uranium production.Its growth rate…
LAGOS SEPTEMBER 25TH (NEWSRANGERS)-The World Bank has approved a fresh $700m loan for Nigeria to enhance adolescent girls’ learning and empowerment. It disclosed this in a statement published on its website on Friday. The new loan is to provide additional funds for an ongoing project known as the Adolescent Girls Initiative for Learning and Empowerment….
LAGOS JUNE 28TH (NEWSRANGERS)-The World Bank has stated that Nigeria has one of the highest inflation rates, which pushed an estimated four million people into poverty between January and May 2023. This was disclosed during the launch of the June 2023 edition of the Nigeria Development Update on Tuesday in Abuja. The Washington-based lender also…
LAGOS APRIL 23RD (NEWSRANGERS)-The World Bank has recommended a single foreign exchange (Forex) market, urging Nigeria to do away with its multiple forex markets. In its latest ‘Macro Poverty Outlook for Nigeria: April 2023’, the World Bank said unification of the forex markets should be one of the reforms to strengthen the recovery of the…
LAGOS APRIL 5TH (NEWSRANGERS)-Nigeria has secured $800 million from the World Bank to scale up its national social program ahead of the removal of its costly but popular subsidies on petrol in June, Finance Minister Zainab Ahmed said on Wednesday. Africa’s biggest economy set aside 3.36 trillion naira ($7.3 billion) this year to spend on…