Tag: world bank

Nigeria’s Economy: Assessing the Impact of Policy Easing

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SAMI TUNJI examines how the modest rate cut is symbolic and that sustained growth will depend on consistent reforms, stronger fiscal alignment, and sustained expansion of the non-oil sector. For much of its history, Nigeria’s economy has relied heavily on external conditions; oil booms often provided fiscal buffers, while global downturns exposed deep vulnerabilities. The lesson has remained consistent: while external winds can help, domestic policies ultimately determine whether the country thrives or falters. Nigeria’s economy is approaching a new phase as the Central Bank cuts interest rates for the…

World Bank Dismisses Nigeria’s Single-Digit Inflation Goal as Unrealistic

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The Federal Government’s goal of short-term, single-digit inflation is unrealistic, according to the World Bank, which also cautions that Nigeria is still one of the few African nations experiencing high consumer price inflation. Nigeria, along with Angola, Ethiopia, Ghana, Malawi, Sudan, Zambia, São Tomé and Príncipe, and Zimbabwe, is expected to maintain double-digit inflation rates through 2025, according to the Bank’s most recent Africa’s Pulse report, which was made public on Tuesday. According to the report, Nigeria is still an anomaly because of enduring structural issues like currency depreciation, high…

CBN’s $10.50m funding not loan but grant – World Bank

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The World Bank has clarified that the planned $10.50m financing to the Central Bank of Nigeria is a grant, not a loan. According to a source at the World Bank who spoke to our correspondent under the condition of anonymity on Friday, the amount is being provided under the Finance for Development Multi-Donor Trust Fund as part of a partnership between the World Bank and the CBN. It was earlier reported that Nigeria had approached the World Bank for a $10.50m loan to enhance the CBN’s technical capacity and modernise the…

W’Bank lends Nigeria $1.08bn for education, nutrition, economic boost

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The World Bank has approved three financing operations totalling $1.08bn to support education, nutrition, and economic resilience in Nigeria. According to a statement on the bank’s website on Wednesday, the concessional loans are aimed at improving the quality of education, building household and community resilience, and enhancing nutrition for underserved groups. The statement read, “The World Bank has approved three operations in Nigeria, totalling $1.08bn in concessional financing, to enhance education quality, build household and community resilience, and improve nutrition for underserved groups.” The approved operations include $500m in additional…

World Bank: Engaging in women and girls will boost their lives and reshape the global financial system

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World Bank: Engaging in women and girls will boost their lives and reshape the global financial system Girls who gain knowledge and are motivated see the value in themselves, drive profitable economies, and improve society and all of humankind.  According to the World Bank, empowering women and girls is essential to transforming economies and enhancing the quality of life for everyone. In honor of the celebration of International Women’s Day (IWD) in 2024, the bank made this announcement in its regional publication on “Girl Power for Africa: Accelerating Equality in…