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Tag: World Bank

Remittances to Sub-Saharan Africa drop by $6b, says World Bank

Remittances to Sub-Saharan Africa drop by $6b, says World Bank

Economy
‘Poor performance caused by 27.7% decline in flows to Nigeria’ Remittances to Sub-Saharan Africa fell by 12.5 per cent last year on account of 27.7 per cent decline in inflows to Nigeria, the World Bank has said. The total remittances in 2020 stood at $42 billion compared with $48 billion inflows received by the region in 2019. Nigeria had reported $17.2 billion remittances in 2020 as against $23.55 billion recorded in the previous year.   According to the document the World Bank released yesterday, remittances to Sub-Saharan African countries, but Nigeria remained strong with 2.3 per cent improvement.    But the overall performance was pulled into the negative region by Nigeria, which accounts for 40 per cent of the total amount remitted to the region. It noted an improvemen...
FG, World Bank at loggerhead as Nigeria spends $1.5b on electricity subsidy

FG, World Bank at loggerhead as Nigeria spends $1.5b on electricity subsidy

World
Govt insists SBT improves collection by N65b, 600,000 meters The Special Adviser to the President on Infrastructure, Ahmad Rufai Zakari, yesterday, faulted a report by the World Bank saying the Federal Government spends, at least, $1.5 billion to meet the shortfall in the country’s electricity sector.  The presidential aide said the survey conducted by the World Bank, which also claimed that 78 per cent of power consumers in Nigeria get less than 12 hours of daily supply of electricity was baseless.  While the World Bank had revealed that the Nigeria government is currently subsidising the power sector with about $1.5 billion, especially due to tariff shortfall, Zakari told The Guardian that the recently-introduced Service-Based Tariff (SBF), which increased electricity bills for end-u...
Businesses lose $29 billion yearly to poor electricity, says World Bank

Businesses lose $29 billion yearly to poor electricity, says World Bank

Business
•Country controls 10% of individuals without access to powerThe World Bank has stated that businesses in Nigeria suffer an annual loss of $29 billion as a result of an “unreliable” power supply, saying the situation has resulted in the refusal of consumers to pay their bills. Top officials of the bank said this at ‘World Bank Dialogue on Fostering Knowledge-Sharing and Dialogue on Power Sector Issues in Nigeria’. Presenting the bank’s Power Sector Recovery Programme (PSRP) fact sheet, World Bank’s practice manager, West and Central Africa Energy, Ashish Khanna, said the majority of Nigerians are reluctant to pay for electricity because the bills are not “transparent and clear. “Businesses in Nigeria lose about $29 billion annually because of unreliable electricity. Nigerian u...
World Bank Provides $375 Million to Boost Efforts Towards Realizing the Full Potential of Pastoralism in the Sahel

World Bank Provides $375 Million to Boost Efforts Towards Realizing the Full Potential of Pastoralism in the Sahel

Corporate Stories
Efforts to improve the productivity and resilience of pastoral production systems in the Sahel get a strong boost with a $375 million new IDA financing, approved by the Board of World Bank’s Executive Directors today, to support the implementation of the second Regional Sahel Pastoralism Support Project, known by its French acronym PRAPS-2 (Projet regional d’appui au pastoralisme au Sahel-Phase 2). Pastoralism is a key driver of growth that provides livelihoods for more than 20 million people in the Sahel. The new project will support this important activity to improve the resilience of pastoralists and agro-pastoralists in selected areas of the Sahel region, including in Burkina Faso, Chad, Mali, Mauritania, Niger and Senegal.  Building on the successes of its predecessor...
Naira falls across forex markets as CBN moves against IMTOs

Naira falls across forex markets as CBN moves against IMTOs

Finance
On January 22, 2021, the exchange rate between the naira and the dollar depreciated closing at N394.17/$1 at the NAFEX (I&E Window) where forex is traded officially. Forex turnover, however, dropped by about 42.2% as pressure on the foreign exchange market continue On January 22, 2021, the exchange rate between the naira and the dollar depreciated closing at N394.17/$1 at the NAFEX (I&E Window) where forex is traded officially. Forex turnover, however, dropped by about 42.2% as pressure on the foreign exchange market continues. The Central Bank of Nigeria (CBN) in a new circular, read the riot act to the International Money Transfer Operators (IMTOs) as they have threatened to sanction some of them who still facilitate diaspora remittances in naira, co...
Nigeria’s economy to grow by 1.1% this year, says World Bank

Nigeria’s economy to grow by 1.1% this year, says World Bank

Business
•Act fast to prevent debt crises, developing countries warned The economy could recover from last year’s COVID-19 losses in the next 12 months if vaccination spread across the globe this year as expected, projections by the World Bank have suggested. The Bank projected, in its January 2021 Global Economic Prospects released yesterday, that Nigeria’s economy will grow by 1.1 per cent this year just as the global growth is expected to expand by 4 per cent. The growth forecast is just 30 basis points lower than -4.3 per cent gross domestic product (GDP) lost to COVID-19 last year. The bank, however, said the recovery could be subdued unless policymakers move decisively to tame the pandemic and implement investment-enhancing reforms. According to the Bretton Woods institution, the...
World Bank approves fresh $114.28m for sub-national fight against COVID-19

World Bank approves fresh $114.28m for sub-national fight against COVID-19

Finance
The World Bank Board of Directors has approved a $114.28 million funding to help Nigeria prevent, detect, and respond to the threat posed by the COVID-19 pandemic, with a specific focus on state-level responses. The facilities are a $100 million credit from the International Development Association (IDA), and another $14.28 million grant from the Pandemic Emergency Financing Facility (PEFF). Through the COVID-19 Preparedness and Response Project (CoPREP), the Federal Government would provide grants to the 36 states, and the Federal Capital Territory (FCT), as immediate support to break the chain of COVID-19 local transmission, and limit the spread through containment and mitigation strategies. According to a statement released at the weekend by the World Bank, made available t...
Nigeria flared 7.83bcm of gas in 2019, amid poor electricity generation

Nigeria flared 7.83bcm of gas in 2019, amid poor electricity generation

Energy
The World Bank has said that estimates from satellite data show global gas flaring rose to levels not seen in more than a decade, to 150 billion cubic meters (bcm), equivalent to the total yearly gas consumption of sub-Saharan Africa. The three per cent rise, from 145bcm in 2018 to 150bcm in 2019, was mainly due to increases in three countries: the U.S., up by 23 per cent; Venezuela, up by 16 per cent; and Russia up by nine per cent. With 7.83bcm last year, up from 7.44bcm in 2018, the World Bank ranked Nigeria as having the seventh-largest volume under the Global Gas Flaring Tracker Report (GCFR), despite having a low level of energy access. Nigeria’s power sector has continued to suffer setbacks in the last seven months with the loss of about N377.6 billion due t...
World Bank to Decide Nigeria’s $1.5bn Loan July, Says Country Rep

World Bank to Decide Nigeria’s $1.5bn Loan July, Says Country Rep

Economy
The World Bank expects to make a decision in late July on a $1.5 billion loan to support Nigeria as it fights the novel Coronavirus, Reuters quoted the Bank’s country director to have said in an interview yesterday. The World Bank is working on packages that could provide more than $3 billion to Africa’s largest economy, which is facing what the lender says may be its greatest fiscal crisis in 40 years, set off by the Coronavirus pandemic and resulting oil price crash. “We were hoping to present to our board by late July or latest early August, because the government will need the finance,” Shubham Chaudhuri, its Nigeria country director, told Reuters. “The immediate challenge is a fiscal one: How does the government marshal the fiscal resources to keep basic government functions ...
Nigeria’s debt stock may hit N30tr with new loans

Nigeria’s debt stock may hit N30tr with new loans

Finance
If Nigeria succeeds in borrowing the proposed $6.9bn from international lenders including the World Bank, the African Development Bank and the Islamic Development bank to help counteract the impact of coronavirus on the economy, the country’s debt stock may hit N30 trillion before the end of 2020. Finance Minister Zainab Ahmed had on Monday, said the government will ask for $3.4bn from the IMF, $2.5bn from the World Bank and another $1bn from the African Development Bank (AfDB), an amount totalling N2.48 trillion (N360/$1). According to the National Bureau of Statistics (NBS) the nation’s total public debts, consisting of external and domestic debts, stands at N27.4 trillion as at 31st December 2019. Rating agencies, Fitch, Moody’s and S&P Global had earlier downgraded Ni...