World Bank explains why fuel subsidy in Nigeria should be removed

The World Bank stated that Nigeria’s failure to remove fuel subsidies will lead to opportunity costs in the areas of health, education and infrastructure. This was disclosed by Marco Hernandez, Lead Economist for Nigeria, World Bank in an interview with Arie TV…

World Bank invests $11bn in 30 Nigerian projects

The Country Director, World Bank Group, Mr Rachid Benmessaoud, says the bank’s net commitment to Nigeria over the years is about $11bn. He said this on Thursday in Abuja at the maiden edition of the Nigeria Portfolio Performance Award. Organised…

World Bank: 1.7b adults lack access to financial services

Some 1.7 billion adults worldwide still don’t have access to a bank account, according to data released by the World Bank. The situation is slowly improving, however, with 1.2 billion people getting access to proper banking since 2011, including over half…

World Bank becomes Nigeria’s single largest creditor as loan increases

The loan portfolio of The World Bank under the President Muhammadu Buhari-led administration has increased by 29.98 percent, a Debt Management Office (DMO) statistics showed. According to the DMO statistic, World Bank’s credit facility to Nigeria peaked at $8.67 billion in 2018, increasing from $6.67 billion in 2016. This makes the World Bank Nigeria’s single…

World Bank lowers India’s growth forecast

India’s GDP may slow from 8.6 per cent in 2015 to 7.0 per cent in 2017 because of disruptions by demonetisation and the GST, the World Bank has forecast and warned that subdued private investment due to internal bottlenecks could put downside pressures on the country’s potential…