Tag "World Bank"

    EXCLUSIVE: Accugas moves against Nigeria, issues notice of default over Calabar GenCo

EXCLUSIVE: Accugas moves against Nigeria, issues notice of default over Calabar GenCo

President Muhammadu Buhari's bid to raise foreign loans for infrastructural projects is already in jeopardy as the gas supply agreement (GSA) between the Calabar Generation Company Limited and and Accugas Ltd has gone awry over about $66 million unpaid invoices, TheCable can report.Accugas has now issued a notice of non-payment in respect of gas supply to Calabar GenCo, owned by Niger [...]

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    El-Rufai: How I got $350m World Bank loan — with pictures of rundown schools

El-Rufai: How I got $350m World Bank loan — with pictures of rundown schools

Nasir el-Rufai, governor of Kaduna, has explained how he secured a $350 million loan from the World Bank to fix education in his state -- with pictures of rundown schools.El-Rufai was speaking on Monday at a send forth for Rachid Ben Massaoud, outgoing country director of the World Bank.The event was organised by the Nigeria Governors’ Forum at the Transcorp [...]

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    IMF/World Bank forum attendees asked to monitor symptoms as participant contracts chickenpox

IMF/World Bank forum attendees asked to monitor symptoms as participant contracts chickenpox

A participant at the International Monetary Fund/World Bank annual meetings held in Washington DC, US, has been diagnosed of chickenpox.In a statement on Friday, Jianhai Lin, IMF secretary, said the development was confirmed in a letter from the Washington DC department of health.However, the participant's name was not mentioned.Nigerian officials, led by Zainab Ahmed, minister of finance, were among the [...]

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    Nigeria jumps 15 places on World Bank’s Ease of Doing Business ranking

Nigeria jumps 15 places on World Bank’s Ease of Doing Business ranking

Nigeria is now ranked 131 globally on the World Bank's Ease of Doing Business ranking, moving up by 15 places from its 2019 spot.The Bretton Wood institution released the report in the early hours of Thursday.A comparison of business regulation in 190 countries across the world formed the basis of the ranking."Nigeria conducted reforms impacting six indicators, including making the [...]

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    Nigeria planning to get first tranche of $3bn World Bank loan in April

Nigeria planning to get first tranche of $3bn World Bank loan in April

Talks of a loan for the expansion of the transmission and distribution facilities of the power sector between the Nigerian government and the World Bank have reached final stages as both parties have settled on a loan size of $3 billion.Zainab Ahmed, the minister of finance, made this known on Sunday while addressing journalists, TheCable inclusive, on the activities of [...]

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    Zainab Ahmed: Why we are seeking $3bn power loan from World Bank

Zainab Ahmed: Why we are seeking $3bn power loan from World Bank

Zainab Ahmed, the minister of finance, says the $3 billion power loan being sought from the World Bank will be used to develop the electricity transmission and distribution network.Speaking to journalists on the sidelines of the ongoing annual meetings of the International Monetary Fund and World Bank Group, Ahmed said the federal government would negotiate so that the loan could [...]

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    Follow TheCable for updates of Nigeria’s activities at IMF/World Bank annual meetings

Follow TheCable for updates of Nigeria’s activities at IMF/World Bank annual meetings

It has been a year since Nigeria was named the poverty capital of the world, six months since Nigeria's excess crude account was named the second-worst globally and three weeks after its top 20 Ease of Doing Business reformers ranking.At its 2019 annual meetings that begin on Tuesday, October 14, the International Monetary Fund (IMF) and World Bank Group, Nigeria's [...]

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    Buhari: World Bank, IMF reeling out inaccurate statistics about Nigeria

Buhari: World Bank, IMF reeling out inaccurate statistics about Nigeria

President Muhammadu Buhari says some of the statistics about Nigeria published by the World Bank, the International Monetary Fund (IMF) and other foreign bodies are not accurate. The president made this statement shortly after meeting with the presidential economic advisory council (EAC) on Wednesday.Urging the council on the need to prioritise primary data, Buhari said statistics from the foreign bodies are [...]

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    Nigeria approaches World Bank for $2.5bn loan

Nigeria approaches World Bank for $2.5bn loan

Hafez Ghanem, World Bank's vice-president for Africa, says the lender is in talks with the Nigerian government for a $2.5 billion concessionary loan.Ghanem made this known in an interview on Wednesday in Abuja.The Bretton Wood institution official said Nigeria received $2.4 billion from the bank in 2018."We’re talking about a new set of programmes of about the same amount, it [...]

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    World Bank: Nigeria’s economy living on borrowed time… food importation irresponsible

World Bank: Nigeria’s economy living on borrowed time… food importation irresponsible

Adetunji Oredipe, a senior agriculture economist with the World Bank, says Nigeria's position as one of the largest food importers in the world has put the economy in a dangerous position.Speaking on Thursday at the Agriculture Summit Africa sponsored by Sterling Bank, Oredipe said Nigeria is living on borrowed time.According to the economist, Nigeria would have been earning at least [...]

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    Arunma Oteh publicly declines man’s ‘sugar mummy’ request

Arunma Oteh publicly declines man’s ‘sugar mummy’ request

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    World Bank appoints Nigeria’s ex-minister, Muhammad Pate, as global director for health

World Bank appoints Nigeria’s ex-minister, Muhammad Pate, as global director for health

The World Bank has appointed Muhammad Ali Pate, minister of state for health under former president Goodluck Jonathan, as global director for health, nutrition, and population.Pate was also appointed as director of Global Financing Facility (GFF) of the World Bank Group, which seeks to raise "trillions of dollars" to ensure the sustainable development goals (SDGs) are achieved before 2030.Congratulating the [...]

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    DBN sets N100bn loan disbursement target for year-end

DBN sets N100bn loan disbursement target for year-end

Tony Okpanachi, the managing director of Development Bank of Nigeria (pictured), says the bank is hoping to have disbursed loans worth N100 billion by the end of 2019.Speaking at a presentation at the just-concluded spring meetings of the International Monetary Fund and the World Bank Group, the director said the bank has disbursed N31 billion so far."The last two years [...]

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    We will implement subsidy removal gradually, says Zainab Ahmed

We will implement subsidy removal gradually, says Zainab Ahmed

Zainab Ahmed, the minister of finance, says the federal government will implement fuel subsidy removal gradually.Addressing the press on the sidelines of the ongoing spring meetings of the International Monetary Fund and World Bank Group, Ahmed said fuel subsidy cannot be removed at once.In her address on Thursday, Christine Lagarde had advised Nigeria and other countries to remove fuel subsidy [...]

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    26,000 jobs, first leather policy… trade ministry lists successes of World Bank project

26,000 jobs, first leather policy… trade ministry lists successes of World Bank project

The federal ministry of industry, trade and investment says the $160 million World Bank growth and employment (GEM) project has led to the creation of over 26,000 jobs in its intervention sectors.Reacting to allegations of irregularities in the project, Bisi Daniels, communications adviser to the minister, said the programme has been a success.There had been allegations of fraud levelled against [...]

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    Jim Kim joins Bayo Ogunlesi’s GIP as vice chairman — after resignation from World Bank

Jim Kim joins Bayo Ogunlesi’s GIP as vice chairman — after resignation from World Bank

Jim Yong Kim, outgoing president of the World Bank, will join Global Infrastructure Partners (GIP), a New York-based private investment fund, as a partner and vice chairman, Reuters reports.GIP, which is led by Nigeria's Bayo Ogunlesi as managing partner, manages over $48 billion in assets for various investors across the world.The new appointment was announced just a day after Kim [...]

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December 05, 2019USDGBPEUR
INTERBANK306397354
LAGOS355444389
KANO354445370
PH355447412
ABUJA356454413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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