Nigeria’s Forex Reserves To fall, CBN Plans $1.7bn Arrears Payment   Nigeria’s forex exchange reserve will fall in 2022 as the Central Bank of Nigeria (CBN) plans to clear about $1.7bn in FX backlog to foreigners and FX forward contracts, the World Bank has said. The global...

Subsidy Overtakes Nigeria's Health, Education, Welfare Budgets   The World Bank says the cost of fuel subsidy in Nigeria has exceeded the government’s spending on health, education and social protection for Nigerians. It therefore said that removing fuel subsidy would help the government towards its poverty reduction...

Nigeria To Lose N5trn From Petrol Subsidy - World Bank   The World Bank has warned that Nigeria could lose around N5trillion in the year from subsidising petrol. The World Bank, in its Nigeria Development Update (NDU) released yesterday in Abuja, said N5 trillion is urgently needed...

World Bank Predicts More Hardship For Nigerians Over Rising Inflation, Power Cut, Fuel, Food Shortage   The World Bank has predicted more hardship of Nigerians and the citizens of Angola over the rising inflation, increased power outages as well as a shortage in fuel and food. This...

FG to Partner World Bank On Innovation, Skill Acquisition The Nigerian government and World Bank are collaborating to promote innovation in schools and to encourage the youth to participate effectively in skills development programmes. Director, Press and Public Relations, Federal Ministry of Education, Mr Ben. Bem...

Production Challenges in Nigeria’s Oil Sector Will Persist – World Bank The World Bank recent report titled, ‘Stagflation risk rises amid sharp slowdown in growth’, has predicted that production challenges in Nigeria’s oil sector will persist and affect growth. The report released in Washington DC says...