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Posts Tagged "World Bank"

HomePosts Tagged "World Bank"

By Obinna Chima The World Bank has predicted that oil prices would rise to $56 a barrel in 2018 from $53 this year, as a result of steadily growing demand, agreed production cuts among oil exporters and stabilising United States shale oil production. In addition, the Bank predicted that the surge in metals prices was […]

Obinna Chima The World Bank has predicted that Nigeria will record foreign remittances inflow of $22 billion in 2017, higher than the $19 billion recorded by the country in 2016. However, India retained its top spot, with remittances expected to total $65 billion this year, followed by China ($63 billion), the Philippines ($33 billion) and […]

The World Bank has expressed concerns about Nigeria’s rising debt servicing costs in relations to the government’s dwindling revenue. It stated this in its newly released Global Economic Prospects report, where it also observed that the country’s economic recovery was being limited by foreign exchange controls. Noting that debt servicing costs had risen but remained […]

Nigeria is seeking $5.2 billion from the World Bank to expand electricity generation and help the economy recover from its first contraction in 25 years. The bank’s private-sector lending arm, the International Finance Corporation, may invest about $1.3 billion in power projects and electricity distribution companies. Its political risk insurer, the Multilateral Investment Guarantee Agency, […]

The World Bank has blamed Nigeria’s enduring foreign exchange instability on the fixed exchange regime in the official forex market. In a publication on African economies titled: ‘Africa’s Pulse,’ the World Bank singled out Nigeria and Angola as two countries that had yet to experience stability in the forex market despite rebound in the prices […]

The World Bank, Wednesday, said Nigeria needs to reform its finance to avoid any future foreign exchange crisis. According to the World Bank Chief Economist for Africa, Albert Zeufack, exchange rate adjustments could lead to higher inflation. Reuters news agency quoted Mr. Zeufack as saying that making fiscal adjustments in the country’s second year of […]

By Paul Carsten ABUJA, March 24 (Reuters) – The World Bank said on Friday it has approved a $200 million loan to Nigeria to support the government’s effort to boost small and mid-scale farmers. The loan from the International Development Association, the bank’s low-interest arm, has a maturity of 25 years with a grace period […]

Obinna Chima Following a meeting with G20 finance ministers and central bank governors, the World Bank Group President Jim Yong Kim has announced that the Bank would be investing $57 billion in financing for Sub-Saharan African countries over the next three years. According to a statement, the bulk of the financing – $45 billion – […]

By Ulf Laessing and Oludare Mayowa LAGOS Feb 21 (Reuters) – Nigeria wants to borrow at least $1 billion from the World Bank and to sign within months for a $1.3 billion loan from China to fund railway projects, Finance Minister Kemi Adeosun said on Tuesday. Africa’s biggest economy needs to plug a gap in […]

* Nigeria wants at least $1 bln from World Bank -sources * Seeks to drag itself out of first recession in 25 yrs * Plans to present economic plans this month -sources By Paul Carsten, Ulf Laessing and Chijioke Ohuocha ABUJA/LAGOS, Feb 9 (Reuters) – Nigeria wants to borrow at least $1 billion from the […]