Jim Yong Kim, president of the World Bank has called on world leaders to put an end to fossil fuel subsidies. The president who spoke at the at the opening press conference of the 2015 World Bank/IMF annual meetings in Lima, Peru, said to earnestly combat climate change, fuel subsidies must go. “Climate change affects every nation and every person, but it [...]
Tag "World Bank"
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The world economic growth for the year 2015 is set to disappoint, as it slows at 3.1 percent for the year 2015, the World Bank has revealed. According to the bank’s global monitoring report for 2015/2016, “world economic growth in 2015 is set to disappoint, down to 3.1 percent, from 3.4 percent in 2014, on the basis of slower growth in [...]
The growth in gross domestic product (GDP) in Nigeria and the rest of sub-Sahara Africa is set to drop to a six-year low in 2015, World Bank projections have revealed. The projections have revealed that the region is maintaining growth, albeit at a slower pace, due to a more challenging economic environment. Growth will slow in 2015 to 3.7% from 4.6% in 2014, [...]
The World Bank Group (WBG) has ranked Nigeria as one of the hardest countries to do business in 2015, falling 23 places down the rankings when compared with the 2014 report. In a report by the bank, Nigeria ranked 170 of 189 countries on the ease-of-doing business index. It ranked 147 in 2014. While Eritea was at the bottom of the table as [...]
Legal practitioner and human rights activist, Femi Falana, has opposed the decision of President Muhammadu Buhari to solicit assistance from G7 in solving the Boko Haram challenge or any other. The lawyer said the assistance that Nigeria sought from the International Monetary Fund (IMF) and World Bank nearly three decades remains a contributory factor to the high level of poverty recorded [...]
Ebola Virus Disease (EVD) has cost Africa’s economy less than expected, a World Bank chief has said. Francisco Ferreira, World Bank's chief economist for Africa, stated on Wednesday that the Ebola epidemic, which broke out in March 2014, has cost the region about $3-$4 billion, as against the $32 billion estimated by the financial institution. Speaking at a lecture in Johannesburg, Ferreira [...]
The board of executive directors of the World Bank has approved a N80bn ($500m) International Bank for Reconstruction and Development (IBRD) credit to increase access to finance for medium and small scale enterprises (MSME) in agriculture, trade, light-manufacturing, and services in Nigeria. These will stimulate economic growth and create jobs, it said. The development finance project will provide stable funding to support [...]
Fear of the Ebola virus could cause "catastrophic" results on West Africa economic activities, prompting it lose billions of dollars by the year 2015; the World Bank has said. "If the virus continues to surge in the three worst-affected countries -- Guinea, Liberia, and Sierra Leone -- its economic impact could grow eight-fold, dealing a potentially catastrophic blow to the already [...]
The World Bank says it has earmarked the sum of N32bn ($200m) to support West Africa's fight against the spread of Ebola. The support is a response to calls from the three West-African countries hardest-hit by Ebola and the World Health Organisation (WHO) for immediate assistance to contain the outbreak. President of the bank, Dr. Jim Yong Kim, said in a statement that the fund [...]
Poverty rate in Nigeria has dropped from 35.2% of population in 2010/2011 to 33.1% in 2012/2013, according to the World Bank. The bank's acting country manager and lead economist, Mr John Litwack, stated this during a media launch of the Nigeria Economic Report in Abuja. Litwack said this represents a dramatic drop from an estimated poverty rate of 62.2 per cent recorded between [...]
Nine hundred schools and 176 teachers have been killed since the onslaught of Boko Haram in Borno State in 2011, Governor Kashim Shettima has said. The governor disclosed this at the inaugural meeting of the steering committee on safe schools initiative with the coordinating minister for the economy and minister of finance, Dr Ngozi Okonjo-Iweala, secretary to the state government of Adamawa, Prof [...]
The African Development Bank’s (AfDB) first capacity building event on Value for Money, Sustainability and Accountability in Social Sectors begins in Lagos on Thursday. The 2―day event seeks to enhance awareness, knowledge, and skills for improving value for money, sustainability and accountability in social sectors for parliamentarians who play a pivotal role in resource allocation, ensuring delivery on results and enhancing [...]
President Goodluck Jonathan has faulted the World Bank report which placed Nigeria among the five poorest countries in the world, saying "the nation is not poor". "If you talk about ownership of private jets, Nigeria will be among the first 10 countries, yet they are saying that Nigeria is among the five poorest countries," he said. Addressing workers at the May Day [...]
The Statistician General of the Federation, Yemi Kale, on Wednesday said the World Bank used the 2010 National Bureau of Statistics (NBS) data to rate Nigeria among the extreme poor nations. He also said the next international poverty rating would be done next year. Kale, who made the disclosure while fielding questions at the Securities and Exchange Commission (SEC) Lecture Series in [...]
The World Bank has announced its decision to budget $8billion (about N1.3 trillion) to support job creation, social service delivery and governance projects in Nigeria. According to the bank's country Director in Nigeria, Ms Marie Marie-Nelly revealed that the bank would grant the support through a Country Partnership Strategy (CPS), for increasing its development assistance to the country. She said that $2billion (about N322 [...]
The Delta State government has engaged 1,345 youths under its State Employment and Expenditure for Result Project (SEEFOR). The beneficiaries were engaged in the cleaning of drainages, maintenance and rehabilitation of roads. During an orientation exercise, Chief Kenneth Okpara, the commissioner for finance, explained that the youth were the second batch of the SEEFOR. “This project is being sponsored in partnership with the [...]
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