Tag "World Bank"

    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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World bank support for ‘fragile states’ doubles to $14bn, says country director

The World Bank has raised over $14 billion to initiate and sustain youth empowerment projects across Nigeria and other economically weak African countries. The bank's funds aims to shape Africa's 2030 Agenda and deliver on the Sustainable Development Goals (SDGs). Rachid Benmessaoud, the bank’s country director in Nigeria made the disclosure at a conference in Abuja on Monday. Themed: “IdeasforAction Africa,” the conference [...]

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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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FG may take over distressed DisCos

The federal government, alongside the World Bank, has come up with an action plan to restructure the 11 electricity distribution companies. The action plan towards restructuring is geared towards the takeover of insolvent DisCos. ThisDay reports that the federal government indicated interest in restructuring the DisCos to help them meet their responsibilities at a workshop organised by the ministry of power, works and [...]

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    Senate approves $350m World Bank loan for Ogun

Senate approves $350m World Bank loan for Ogun

The senate has approved $350 million World Bank loan for Ogun State Development Policy Operation (DPO). The approval followed the presentation of a report on the loan by Shehu Sani, chairman, senate committee on local and foreign debts. During the plenary session on Thursday, Sani said the committee detected that Ogun state DPO loan budget had been approved by World Bank in [...]

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    Awaking the giant

Awaking the giant

BY JUMOKE ODUWOLE The news is out that in the Doing Business 2018 Report, the World Bank Group’s flagship publication launched on October 31, 2017, Nigeria shocked the world by improving an unprecedented 24 ranks in the global ease of doing business index and entered the global elite group of the top ten reforming countries in the world this year. Those [...]

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World Bank: Support for north eastern project ends 2018

The World Bank says the disbursement of 50 million dollars for the livelihood and food support programme under the Fadama III second Additional Financing (AFII) will end in first quarter of 2018. Ibrahim Alkali, project desk officer for Fadama III AFII, told NAN that the bank had disbursed up to 75% of the fund so far and hoped to achieve 100% distribution [...]

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Exchange Rates

March 25, 2019USDGBPEUR
INTERBANK306397354
LAGOS380478402
KANO375477498
PH380478498
ABUJA375476400
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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