Tuesday, September 11, 2018

Tag "World Bank"

    LBS suggests using religious institutions to improve financial inclusion

LBS suggests using religious institutions to improve financial inclusion

The Lagos Business School (LBS) says religious institutions may be a way of improving financial inclusion amongst Nigerians.In the Nigeria Customer Segmentation Framework released on Thursday, the institution grouped Nigerians who didn't have access to financial services into six groups.The groups are vulnerable believers, which form 12% of the population; resilient savers, which form 21% of the population; dependent individualists, [...]

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    Report: Lagos is third worst city to live in the world

Report: Lagos is third worst city to live in the world

People living in Lagos, Nigeria's economic capital, are inhabiting the third worst city for humans to live in the world.This is according to the newly released ranking of the 2018 Global Liveability Index released by The Economist Intelligence Unit and World Bank.Lagos ranked 138 out of the 140 cities considered for the ranking.The only cities which were scored lower than [...]

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    World Bank pledges support for Nigeria’s economic growth, says it’s a top priority

World Bank pledges support for Nigeria’s economic growth, says it’s a top priority

The World Bank says it is willing to provide technical support to Nigeria in critical areas to facilitate the country’s economic growth and development.A statement from the ministry of budget and national planning quoted Hafez Ghanem, World Bank’s vice-president for Africa as saying Nigeria is “top priority” during a discussion with Udo Udoma, the minister, in Abuja on Thursday.Ghanem said [...]

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    NBS partners World Bank for ‘appropriate’ poverty report (updated)

NBS partners World Bank for ‘appropriate’ poverty report (updated)

Yemi Kale, the statistician-general of the federation, says the National Bureau of Statistics has partnered with the World Bank to conduct the living standard survey.According to the statistician, this is the appropriate methodology for poverty computation."Nigeria via NBS and World Bank are currently doing the living standard survey which is the appropriate methodology for poverty computation," he said in response [...]

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    World Bank approves $2.1bn loan for Nigeria

World Bank approves $2.1bn loan for Nigeria

The World Bank says it has approved a loan of $2.1 billion for seven projects in Nigeria.Earlier in the year, top executives from the bank toured some projects in the country.According to a statement released on Thursday, the seven projects cover areas like nutrition, access to electricity, states’ fiscal transparency, polio eradication, women’s economic empowerment, public finance and national statistics [...]

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    FG should probe syndicate ‘issuing fake CAC certificates’ to NGOs

FG should probe syndicate ‘issuing fake CAC certificates’ to NGOs

The Center for Social Awareness, Advocacy and Ethics (CSAAEINC), a non-profit organisation, has called on relevant government agencies to investigate a syndicate allegedly issuing fake Corporate Affairs Commission (CAC) certificates to non-governmental organisations (NGOs).Godswill Agbagwe (pictured), president of CSAARINC, made the call at a press briefing in Abuja on Friday.The group’s president, who is in the country for some youth conferences [...]

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    Nigeria not getting complacent as oil prices rise, Adeosun assures World Bank

Nigeria not getting complacent as oil prices rise, Adeosun assures World Bank

Kemi Adeosun, minister of finance, says Nigeria is focused on accelerating economic growth rate and will not be "complacent around the increase in oil prices".Speaking on Thursday in Abuja, Adeosun told a delegation of World Bank executives that the federal government is “optimistic and vigilant,” and is working to consolidate on the gains of increased revenue by spending more.The minister [...]

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    World Bank: Despite exit from recession, Nigeria’s poverty increased in 2017

World Bank: Despite exit from recession, Nigeria’s poverty increased in 2017

The World Bank says unemployment and poverty rates increased in Nigeria despite an exit from recession in 2017.The Bretton Wood institution made these remarks in a report released on Monday.The report titled 'Nigeria Bi-annual Economic Update: Fragile Recovery' read: "The decline in the non-oil, non-agriculture sector, however, continued, as aggregate demand remained weak and private sector credit low."The rates of [...]

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    Adeosun: No apologies for borrowing to end recession

Adeosun: No apologies for borrowing to end recession

Kemi Adeosun, minister of finance, says the current administration has no apologies for borrowing to end recession.In 2016, Nigeria's economy slipped into its worst recession in 29 years and the government deployed various debt instruments like Eurobonds, Savings bond and Sukuk to raise funds.Speaking with journalists on the sidelines of the ongoing Spring meetings of the International Monetary Fund and [...]

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    World Bank: African countries’ subsidies help the rich more than the poor

World Bank: African countries’ subsidies help the rich more than the poor

Jim Yong Kim, World Bank president, says subsidies provided by African countries help the rich more than the poor.Speaking to journalists at the ongoing Spring meetings of the International Monetary Fund (IMF) and World Bank in Washington DC, Kim said African countries could raise revenue for investing in health and education by removing these subsidies."They should be better at collecting [...]

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    I regret criticising World Bank over $350m loan, says Kaduna deputy governor

I regret criticising World Bank over $350m loan, says Kaduna deputy governor

Barnabas Bantex, deputy governor of Kaduna State, has expressed regrets over the comments he made on the senate's rejection of $350m loan request by the state government.Bantex, who represented Nasir El-Rufai, governor of Kaduna state at the law week of the Nigerian Bar Association (NBA), Barnawa, Kaduna chapter on Monday, had declared that the World Bank would not grant loan to [...]

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    Adeosun asks World Bank, IMF to move against tax-evading multinationals

Adeosun asks World Bank, IMF to move against tax-evading multinationals

Kemi Adeosun, minister of finance, has asked the World Bank and International Monetary Fund (IMF) to label tax evasion by multinational companies as "foreign corrupt practices".Adeosun made this request while speaking at the Platform for Collaboration on Tax (PCT) conference in New York.The PCT is an initiative of the Organisation for Economic Cooperation and Development (OECD), World Bank Group, International [...]

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    DMO: Foreign debt servicing hit $197.29m in Q3

DMO: Foreign debt servicing hit $197.29m in Q3

A total of $197.29m was spent on servicing Nigeria’s foreign debts in the third quarter of 2017 (Q3 2017), according to the Debt Management Office (DMO).Data obtained from the DMO on Wednesday showed that commercial loans or Eurobonds, accounted for the highest foreign debt payment, gulping 53 percent of the country’s external loan commitment.Following closely was multilateral sources which accounted [...]

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    World Bank: We’ll stop financing oil and gas projects after 2019

World Bank: We’ll stop financing oil and gas projects after 2019

The World Bank says it will stop financing upstream oil and gas projects after 2019.The Bretton Wood institution made this known on Tuesday at a climate summit intended to boost global shift to cleaner energy."As a global multilateral development institution, the World Bank Group is continuing to transform its own operations in recognition of a rapidly changing world," the bank [...]

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    Nigeria, US sign agreement on return of $300m ‘looted by Abacha, Alamieyeseigha’

Nigeria, US sign agreement on return of $300m ‘looted by Abacha, Alamieyeseigha’

The federal government has signed an agreement with the United States on the return of over $300 million allegedly looted by Sani Abacha, former head of state and Diepreye Alamieyeseigha, ex-governor of Bayelsa state.Abubakar Malami, attorney-general of the federation, made the disclosure when he spoke at Chatham House, London, in the United Kingdom on Thursday.In his speech, titled 'Nigeria’s anti-corruption [...]

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Exchange Rates

September 10, 2018USDGBPEUR
INTERBANK360.45480.18420.32
LAGOS360485425
KANO361483423
PH362482423
ABUJA362481423
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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