Only six of the world’s 26 poorest countries are projected to reach middle-income status by 2050, the World Bank said in a new analysis. The rest are likely to remain in poverty unless they significantly boost their economic growth rates. The findings, part of the World Bank’s forthcoming “Global Economic Prospects” report to be published on Jan. 14, 2025, highlighted …

A Senior Agriculture Economist with the World Bank, Dr. Adetunji Oredipe, has called on governments at all levels to re-strategize to check the incidence of rising prices of foods in the country. He also advocated the development and immediate implementation of a National Food Prices Management Plan (NFPMP), rather than adopting food price control measures, to tackle the impact of …

The Academic Staff Union of Universities (ASUU) on Tuesday raised an alarm over a plot to sabotage the interest of public universities in the country. ASUU’s National President, Prof Emmanuel Osodeke, at an event marking the 2024 ASUU’s Heroes Day in Abuja, also accused the World Bank and the International Monetary Fund (IMF) of working relentlessly to destroy Nigeria’s public …

The Executive Director of Civil Society Legislative Advocacy Centre ( CISLAC), Comrade Auwal lbrahim Rafsanjani has called for the need for African nations to take charge of their economic liberation rather than relying on Western intervention. He described this dependence as a form of deception during the recently concluded 2024 IMF/World Bank Annual Meeting. The human rights activist emphasised that …

The Naira has been listed among the worst-performing currencies in Sub-Saharan Africa in 2024. This is according to the latest edition of Africa’s Pulse, a new report by the World Bank. As of the end of August 2024, the Naira had depreciated by approximately 43 per cent year-to-date, making it one of the region’s weakest currencies alongside the Ethiopian birr …

The World Bank has announced a $500 million grant to support Nigeria’s recovery efforts from the impacts of the COVID-19 pandemic. The fund will be utilised through the Nigeria Community Action for Resilience and Economic Stimulus (NG-CARES) programme. The News Agency of Nigeria (NAN) reports that the programme was launched in 2021 to aid poor and vulnerable households and micro-small …

Lagos State Governor, Mr. Babajide Sanwo-Olu has earned the commendation of the World Bank for the transformation recorded in the State over the last five years. The multilateral institution said the state had not only been implementing programmes targeted at improving the quality of life for residents, but had also progressed in upgrading infrastructure to improve the socio-economic situation in …

Nigeria has become the third largest debtor to the World Bank’s International Development Association (IDA) as of 30 June 2024, marking a significant increase in the country’s borrowing from the institution. This development has reflected a substantial shift in Nigeria’s financial landscape under the administration of President Bola Tinubu. According to the World Bank’s latest financial statements, Nigeria’s exposure to …

World Bank has extolled Gombe State government over its development feats, saying the state is a paradigm of success in project implementation and effective governance. During a courtesy visit to Governor Inuwa Yahaya at the Gombe Governor’s Lodge in Abuja, World Bank’s country director for Nigeria, Dr Ndiame Diop, praised the state’s remarkable strides in executing World Bank-supported projects across …

The World Bank Group (WBG) Finances has revealed that the Federal Government is still repaying $10.6 billion in loans obtained under former Presidents Olusegun Obasanjo, late Umaru Musa Yaradua, and Goodluck Jonathan. In June 2024, the Debt Management Office said as of 31 March 2024, Nigeria’s domestic and external debts stood at N121.67 trillion ($91.46 billion). The domestic debt was …