LAGOS DECEMBER 29TH (NEWSRANGERS) – The World Bank has cautioned Nigeria and other emerging economies against raising electricity tariffs. The Bank, in its latest Commodity Markets Outlook forecast, argued that such steps will push inflation in 2022, adding that prices of electricity, which peaked at 80 per cent this year compared to 2020, will remain high next…
World Bank Blacklists 18 Nigerian Companies, Individuals For Corruption –Report LAGOS OCTOBER 25TH (NEWSRANGERS)-The World Bank has blacklisted 18 Nigerian individuals and firms for engaging in corrupt practices, fraud and collusive practices in its 2021 fiscal year 2021, a new report has revealed. A list of debarred individuals and firms was presented in a new…
LAGOS OCTOBER 2ND (NEWSRANGERS) – Nigeria got approval on Friday for $400 million in World Bank financing to procure and deploy COVID-19 vaccinations, the bank said in a statement. The World Bank board of directors signed off on the financing, provided via the International Development Association, which it said would enable Africa’s most populous nation…
LAGOS JUNE 9TH (NEWSRANGERS)-Nigeria plans to borrow 722.53 billion naira ($1.76 billion) from capital markets for additional security spending, Finance Minister Zainab Ahmed said on Wednesday. As part of Nigeria’s security spending, the World Bank also agreed to allow the government to restructure existing loans of 39.58 billion naira to supplement the funds, she told…
LAGOS JUNE 8TH (NEWSRANGERS0-The World Bank has listed Nigeria among the three countries with the largest electricity deficits in the world. It said during the last decade, a greater share of the global population gained access to electricity than ever before, but the number of people without electricity in Sub-Saharan Africa increased. The bank disclosed…
LAGOS APRIL 25TH (NEWSRANGERS)-The World Bank says Nigeria now has the highest percentage of the population without access to electricity globally, overtaking the Democratic Republic of Congo in unreliable and widespread blackouts. According to the bank, over twenty-five percent of Nigeria’s population has no access to electricity supply, this was stated during a virtual engagement…
LAGOS DECEMBER 15TH (NEWSRANGERS)-The World Bank has approved Nigeria’s request for a $1.5 billion loan. In a statement on Tuesday, the Bretton Wood institution said the facility is a five-year Country Partnership Framework (CPF) that will last from 2021 to 2024. “This country partnership framework will guide our engagement for the next five years in…
LAGOS NOVEMBER 14TH (NEWSRANGERS)-As part of efforts to mitigate the effect of COVID-19, the Minister of Finance, Budget, and National Planning, Zainab Ahmed, says the Federal Government, is in the process of acquiring a 750 million dollar loan, from the world bank to help states. This loan according to her is to stimulate the local…