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What Should Low-Income Countries Expect In 2022?
The World Bank in its latest Global Economic Prospects report (PDF) predicts a fall in global economic growth from 5.5 percent in 2021 to 4.1 percent in 2022. While the economic growth rates in advanced countries are said to be sufficient to restore output and investments with a downward trend of 5 percent last year…
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World Bank Forecasts Growth In Nigeria’s Economy
With a slight increase from the 2021 forecast, the World Bank has projected a 2.5 percent economic growth for Nigeria in 2022, and 2.8 per cent in 2023. In 2021, the bank estimated 2.4 per cent in economic growth. In its latest Global Economic Prospects report released by the bank, higher oil prices and activities…
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Nigeria’s diaspora Remittances Rise To $14.2bn
Nigeria’s diaspora remittances inflow rose to $14.2 billion in the nine months ending September 2021. This is up 10 per cent Year-on-Year, YoY, from $12.9 billion in the corresponding period of 2020, despite the impact of COVID economy. This is contained in a data from the Central Bank of Nigeria, CBN, which also shows that…
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Nigeria’s Economy To Grow By 2.4% In 2021
Projections by the World Bank has revealed that Nigeria’s economy would grow by 2.4 percent in 2021; an increase in the bank’s earlier growth projection of 1.8 per cent made in January this year. The bank made this disclosure in the new edition of its Africa’s Pulse report titled ‘Climate change adaptation and economic transformation…
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20 Countries Benefited $2.69bn Guarantees From World Bank
The World Bank has disclosed that Nigeria and 19 other countries benefited from about $2.69bn guarantees between 2020 and 2021. The apex bank said that the guarantees were issued under the COVID-19 Fast Track Facility. The other countries are Albania, Argentina, Belarus, Bosnia & Herzegovina, Botswana, Chile, Eswatini, Georgia, Ghana, Kosovo, Lesotho, Moldova, Montenegro, Mozambique,…
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Nigeria Is 5th On World Bank’s Borrowers’ List
According to a financial statement of the International Development Association, Nigeria is the fifth highest borrower from the World Bank Group and among the 10 highest debt risk exposure globally. The report is contained in the Fiscal Year 2021 of the World Bank. Nigeria has borrowed $11.7 billion (about N4.816 trillion), the report said. The…
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Nigeria’s Revenue To GDP Ratio Lowest In The World
The World Bank says Nigeria’s revenue to gross domestic product ratio is the lowest in the world. The bank’s country director for Nigeria, Shubham Chaudhuri, said this during a panel session at a virtual public sector seminar organised by the Lagos Business School (LBS) themed ‘Nigeria in Challenging Times; Imperatives for a Cohesive National Development…
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Nigeria’s Active Labour Force Lost 20 Million
Between 2018 and 2020, the number of Nigerians active in the labour force plunged by 20 million, the World Bank has said. The bank said this in a report titled ‘Of roads less traveled: Assessing the potential for migration to provide overseas jobs for Nigeria’s youth.’ It added that the drop in active labour force…
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Report: Nigeria’s International Migrants Increase
The World Bank has said that the number of international migrants from Nigeria had increased threefold from 1990 till 2019. The bank said the increase is from 446,806 in 1990 to 1,438,331 in 2019. The bank said this in a report titled ‘Of roads less travelled: Assessing the potential for migration to provide overseas jobs…
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COVID-19: World Bank Mobilizes $157bn In 15 Months
The World Bank Group has said it has provided over $157billion in 15 months as financing relief to help developing countries survive the impacts of the COVID-19 pandemic. This was according to a press statement titled ‘World Bank Group’s $157bn pandemic surge is largest crisis response in its history’ which was published on the bank’s…