World Bank says inflation dragged another seven million Nigerians into poverty

Inflation maintains moderate curve at 17.93% in May – NBS

World Bank says inflation dragged another seven million Nigerians into poverty     The number of Nigerians living below poverty line increased in 2020 by another seven million people who fell victims of rising cost of living triggered by spiking inflation in the country. The World Bank revealed this in a press statement titled ‘Critical reforms needed to reduce inflation and accelerate the recovery, says new World Bank report’ released by the bank’s Senior External Affairs Officer for Nigeria, Mansir Nasir, on Tuesday. The press statement was released in line…

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Global economy to grow 5.6% in 2021, World Bank forecasts

Global economy to grow 5.6% in 2021

Global economy to grow 5.6% in 2021, World Bank forecasts   Says Nigeria GDP rise by 1.8%   The global economy is expected to grow at 5.6 per cent in 2021, although many emerging market and developing economies continue to struggle with the COVID-19 pandemic and its aftermath. The World Bank said this in its June Global Economic Prospects released on Tuesday in Washington D.C., adding that the expected growth was based largely on strong rebounds from a few major economies. The 5.6 per cent expected growth, the fastest post-recession…

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Nigeria ranks low as 1bn people gained access to electricity in 10 years

Nigeria ranks low as 1bn people gained access to electricity in 10 years

Nigeria ranks low as 1bn people gained access to electricity in 10 years     Despite annual budget allocations to the power sector, the World Bank has listed Nigeria among the three countries with the largest electricity deficits in the world. It said during the last decade, over one billion people, a greater share of the global population gained access to electricity than ever before, but the number of people without electricity in Sub-Saharan Africa increased. The bank disclosed this on Monday in a report, titled ‘Universal access to sustainable…

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20m more Nigerians to join poverty rank by 2022 – World Bank

Sub-Saharan Africa

20m more Nigerians to join poverty rank by 2022 – World Bank   Nigeria needs to implement key reforms in order to get the economy out of the current doldrums and achieve sustainable inclusive growth, the World Bank and the Chairman of the Presidential Economic Advisory Council, Dr Doyin Salami, have said. They said this on Tuesday at the virtual launch of the 2021 Macroeconomic Outlook of the Nigerian Economic Summit Group, a private sector-led think-tank. At the forum, the World Bank said its estimates show that between 15 million…

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World Bank cuts Nigeria’s 2021 growth forecast; explains why

World Bank cuts Nigeria’s 2021 growth forecast

World Bank cuts Nigeria’s 2021 growth forecast; explains why   The World Bank has revised downwards Nigeria’s 2021 growth forecast to 1.1 per cent from the 1.7 per cent it projected for the country in June last year. The bank, which made the forecast in its semiannual Global Economic Prospects report released on Tuesday, said it cut Nigeria’s growth forecast for this year by 0.6 per cent because it expects economic activity in the country to be “dampened by low oil prices, falling public investment due to weak government revenue,…

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JUST IN: World Bank finally approves Nigeria’s $1.5bn loan request

World Bank cuts Nigeria’s 2021 growth forecast

The World Bank has finally approved Nigeria’s $1.5 billion loan request. In a statement on Tuesday, the Bretton Wood institution said the facility is a five-year country partnership framework (CPF) that will last from 2021 to 2024. The bank said the facility was prepared jointly with the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA). “This country partnership framework will guide our engagement for the next five years in supporting the government of Nigeria’s strategic priorities by taking a phased and adaptive approach,” Shubham Chaudhuri, World Bank…

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World Bank: COVID-19 drags 115m more people into extreme poverty

World Bank: COVID-19 to push over 100mn people into extreme poverty in 2020

Eight out of 10 ‘new poor’ will be in middle-income countries _________________________________ Global extreme poverty is expected to rise in 2020 for the first time in over 20 years as the disruption of the COVID-19 pandemic compounds the forces of conflict and climate change. Before the incursion of the pandemic, these factors were already slowing poverty reduction progress, the World Bank has said. The COVID-19 pandemic is estimated to push an additional 88 million to 115 million people into extreme poverty this year, with the total rising to as many…

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World Bank sets 148m NIN target for Nigeria by 2024

World Bank sets 148m NIN target for Nigeria

To be counted as successful in the on-going Digital Identification for Development (ID4D) project being supervised by the World Bank and financed by other global bodies, Nigeria must have issued National Identity Number (NIN) to 148 million of its citizens by June 2024. According to the bank, this performance indicator, among others, would determine the full release to the country of the $430 million earmarked for the project. According to the World Bank document on the project, Nigeria, as of May this year, had issued 36.9 million NIN, representing just…

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COVID-19: World Bank earmarks $12bn to buy vaccine for poor countries

The World Bank has announced plans for a $12 billion coronavirus financing initiative that will help poor and developing countries purchase enough Covid-19 vaccine doses to treat up to 2 billion people as soon as they become available in the coming months. David Malpass, the World Bank president, disclosed this on Tuesday, adding that he was seeking board approval for the funds, in an attempt to ensure that low-income countries were not frozen out by wealthier nations. According to Reuters, Malpass in an exclusive interview disclosed that this financing initiative,…

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World Bank: Pandemic threatens 10-year human capital gains

The COVID-19 pandemic threatens hard-won gains in health and education over the past decade, especially in the poorest countries, a new World Bank Group analysis finds. Investments in human capital—the knowledge, skills, and health that people accumulate over their lives—are key to unlocking a child’s potential and to improving economic growth in every country, it has said. The World Bank Group’s 2020 Human Capital Index includes health and education data for 174 countries – covering 98 per cent of the world’s population – up to March 2020, providing a pre-pandemic…

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