The President of the World Bank Group, David Malpass, has warned that Nigeria’s parallel exchange rate is harmful as it worsens future debt service payments and increases the risk of debt distress. Malpass said this in a blog post titled ‘Parallel Exchange Rates: The World Bank’s Approach to Helping People …
Read More »Babalola urges Tinubu to seek debt forgiveness for Nigeria
Foremost lawyer Chief Afe Babalola has asked the incoming administration of Asiwaju Bola Ahmed Tinubu to prioritise debt forgiveness for Nigeria from creditors countries and multilateral financial institutions. Babalola said forgiveness or cancellation would relieve Nigeria of humongous foreign debts, adding that lion share of the country’s resources were being …
Read More »African Devt Bank proposes ‘fast track’ compensation for Zimbabwe white ex-farmers
The African Development Bank (AFDB) has developed financial instruments to “fast track and front load” $3.5 billion in compensation to white farmers whose land was taken from them by Zimbabwe’s government, the bank’s president said on Monday. Akinwumi Adesina’s announcement, which did not include details of the proposed instruments, comes …
Read More »Nigeria, Jaiz Sign Finance Agreement With Islamic Trade Corporation
The Federal Republic of Nigeria and the International Trade Financing Corporation (itfc) have signed a one billion dollars framework agreement for the next couple of years. Jaiz Bank has also signed a $10 million agreement for the Murabaha financing facility. The signing ceremony took place on Saturday at the four …
Read More »Ghana expects first $600 mln tranche from IMF after Wednesday meeting – minister
Ghana expects the International Monetary Fund to approve a first loan tranche of $600 million as soon as Wednesday, paving the way for disbursement within a week, Minister of State in the Finance Ministry Mohammed Amin Adam told Reuters on Sunday. Ghana is seeking $3 billion from the Fund to …
Read More »Fuel Subsidy: ‘Suspend disbursement of $800m loan to FG’, SERAP tells World Bank
Socio-Economic Rights and Accountability Project (SERAP) has urged the World Bank President Mr David Malpass to use his “good offices to suspend any disbursement of the $800m loan to the Federal Government and to request the incoming administration to provide satisfactory explanations for the loan.” SERAP urges Mr Malpass and …
Read More »AfCFTA: Africa must reduce Intra- Africa and Global Trade barrier costs – Okonjo Iweala
President of the World Trade Organisation, Dr Ngozi Okonjo Iweala, has said that for Africa to make the African Continental Free Trade Area (AfCFTA) work, we must reduce the costs on the continent, to trade with ourselves and with the global community. She stressed that the costs African exporters experience …
Read More »4 things Africa must do to make AfCFTA work – IMF Chief
If the AfCFTA is implemented, trade barriers removed, long trade barriers removed and logistics transportation improved, intra continental can grow by 53% Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, stated that Africa must focus on reducing Trade Barriers, regional supply chains, economic diversification and focus on youth-led …
Read More »BVN is for Life- CBN
The Central Bank of Nigeria (CBN) says the Bank Verification Number (BVN) issued in Nigeria remains for life and has no expiry date, as reported by a national newspaper. Its Acting-Director, Corporate Communications, Alhaji Isa Abdulmumin, said this in a statement on Wednesday. According to Abdulmumin, the claim is completely …
Read More »Fuel Subsidy: Buhari Writes Senate, Requests $800m World Bank Loan
President Muhammadu Buhari has sent a letter to the Senate seeking approval to take a loan to the tune of $800 million from the World Bank to cushion the effects of subsidy removal. This follows the Federal Government’s April announcement of an $800 million World Bank grant targeting 50 million …
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