A World Bank report has indicated that Nigeria’s poverty level has taken a notch higher, at the backdrop of the recent economic and fiscal reforms. The key reforms include the removal of petrol subsidy and the foreign exchange market rate restructuring. The bank, however, commended the Federal Government for what …
Read More »World Bank affirms positive impacts of Tinubu’s economic reforms in Nigeria
The World Bank has declared that despite temporal pains, economic reforms introduced by the Bola Tinubu administration are beginning to record positive impacts including macro-economic stabilization, and pro-people priorities but only an extended momentum of current reforms can propel Nigeria towards the high and inclusive path of growth. The World …
Read More »IMF Welcomes CBN’s Removal of FX Restrictions on 43 Items
The International Monetary Fund (IMF) has commended the Central Bank of Nigeria’s decision to remove restrictions on 43 items previously restricted from accessing foreign exchange at the official window. The IMF also acknowledged that the newly appointed officials under President Bola Tinubu have initiated a series of reforms aimed at …
Read More »Nigeria among countries with highest self-employment rates – World Bank
Nigeria and other countries in the Sub-Saharan Africa (SSA) region have the highest rates of self-employment and unpaid family employment in the world, according to the World Bank. In its latest Africa’s Pulse report, the multilateral lender said this ranking is leading to depressed worker productivity and limiting workers’ earnings …
Read More »World Bank lists naira among worst-performing African currencies
The World Bank has said the Nigerian naira is among the worst-performing currencies in the African continent.According to the global bank, the naira weakened by nearly 40 per cent against the United States dollar since it was devalued in June. It made this known in its report titled, ‘Africa’s Pulse: …
Read More »World Bank raises concerns over Nigeria’s macroeconomic management
The World Bank has raised concerns over Nigeria’s macroeconomic management, calling for an urgent need for structural reforms to among other things improve revenue mobilization and financial management. The Bank said this would be imperative for the much “needed enabling business environment to attract investment and foster sustainable economic growth.” …
Read More »India’s Modi: there is need to expand mandate of multilateral development banks
There is a need to expand the mandate of multilateral development banks and develop global standards to regulate cryptocurrencies, Indian Prime Minister Narendra Modi told G20 leaders during a summit of the bloc on Sunday.The group of 20 major economies has pledged in a declaration at the New Delhi meeting …
Read More »FG to establish tech hubs in 7 states to empower 1m youths, 500,000 MSMEs
The federal government said yesterday it has partnered Wema Bank to establish micro, small and medium enterprise, MSME, digital hubs in seven states. Vice President Kashim Shettima, who disclosed this in a statement, signed by the Director of Information in his office, Olusola Abiola, said the hub would empower one …
Read More »Why FG should not focus only on national averages for subsidy removal palliatives –World Bank
The World Bank has advised Nigerian policymakers to move away from relying solely on national averages when formulating social protection measures following fuel subsidy removal in the country. In its June 2023 report titled “Detox Development: Repurposing Environmentally Harmful Subsidies,” the World Bank noted that it is crucial to also …
Read More »CBN multiple exchange rates may increase debt burden – W’Bank
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 …
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