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. In a blog post published on Wednesday on the bank’s website, Malpass said that about 24 emerging and developing economies, including Nigeria, have an active parallel currency market. He explained: …

The Federal Government is on the brink of getting a one-year extension to access the World Bank’s $750m concessional loan for Nigeria’s COVID-19 Action Recovery and Economic Stimulus on behalf of the 36 state governments and the Federal Capital Territory. The World Bank Task Team Leader for the NG-CARES, Professor Foluso Okunmadewa, confirmed the development in Ibadan, Oyo State, during …

The World Bank has approved the extension of the Federal Government COVID-19 Action Recovery and Economic Stimulus tagged: “NG-CARES” Programme from June 2023 to June 2024. At a Ministerial Town Hall meeting on the NG-CARES programme for four states in Benin, Edo State capital, on Wednesday, the Minister of State for Budget and National Planning, Prince Clem Agba said that …

Inflation in food prices remains high globally, according to the World Bank’s Food Security Update issued on Wednesday. Between December 2022 and March 2023, available data shows high inflation in almost all low and middle-income countries. Inflation levels are above 5 percent in 70.6 percent of low-income countries and in 90.9 percent of lower-middle-income nations. It is above 5 percent …

The World Bank on Friday released its 2023 Logistics Performance Index (LPI) report, a measure of countries’ ability to move goods across borders with speed and reliability. The seventh edition of Connecting to Compete, the LPI report comes after three years of unprecedented supply chain disruptions during the COVID-19 pandemic. Covering 139 countries, it compared the ease of establishing supply …

As the 2023 edition of the World Bank Group (WBG) Spring meetings draw to a close today in Washington DC, United States of America, Nigeria’s participation, for the first time ever, appears to have been coloured with policy protest coming from civil society groups. On the sidelines of the meetings, Executive Director of Civil Society Legislative Advocacy Centre (CSLAC), one …

Against the backdrop of the imminent assumption of office, the World Bank Group (WBG) has given a long list of challenges that need to be addressed in the immediate term by the new leadership of the Federal Government. At a press briefing on Thursday during the ongoing Spring Meetings of the Bretton Woods institutions in Washington D.C., United States, WBG …

Agro-Climatic Resilience in Semi-Arid Landscape (ACReSAL), a World Bank intervention project, has announced plans to begin implementation and construction of approximately 3.7 kilometre of erosion control works that cut across very populated areas of Bulbula Gayawa in Nassarawa and Tudun Fulani in Ungogo Local Government Areas of Kano State. Rarin in Dawakin Tofa LGA, Kauyen Alu in Tarauni LGA, and …

The Federal Government has secured $800 million from the International Bank for Reconstruction and Development (well known as the World Bank) to provide post-petroleum subsidy palliatives for over 50 million Nigerians ahead of June 2023. After this week’s Federal Executive Council chaired by President Muhammadu Buhari at the Aso Rock Villa, Abuja on Wednesday, the Minister of Finance, Budget and …

The World Bank has disbursed at least $12bn, almost half of which was to Africa, to help beneficiary counties cope with food shortages. In a new report titled “Food Security Update | World Bank Response to Rising Food Insecurity”, the bank noted that domestic food prices remained high all over the world, especially in low and middle-income countries. According to …