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…