W/Bank Announces $93bn Package For Nigeria, 73 Others   The World Bank announced on Wednesday a $93bn replenishment package of the International Development Association to help 74 low-income countries respond to the COVID-19 crisis and build a greener, more resilient, and inclusive future. The Bretton Woods institution...

COVID-19 To Cut N17trn From Global GDP - W/Bank   This generation of students now risks losing $17 trillion in lifetime earnings in present value, or about 14 per cent of today’s global Gross Domestic Product (GDP), as a result of COVID-19 pandemic-related school closures, a...

Conflict, Displacement Hindering Food Production In Nigeria, Nine Others – W/Bank     The World Bank says conflict, forced displacement, and low agricultural productivity hindered Nigeria and some African countries from becoming self-sufficient in food production. Washington D-based lender said this in a new report published on Wednesday,...

Nigeria’s Exchange Rate Strategy Discourages Investors, Increases Inflation – W/Bank   The World Bank says the Nigerian government’s exchange rate management policies are discouraging investments and fuelling inflation in the country The bank disclosed this in the November edition of its Nigeria Development Update. While highlighting the role...

Dollar Shortage, Subsidy, Deficit Financing Threatening Nigeria’s Growth – W/Bank   The World Bank has said that economic growth in Nigeria is being threatened by certain macroeconomic challenges, including dollar shortage, petrol subsidy and the fiscal deficit financing by the Central Bank of Nigeria. The bank disclosed...

Nigerians In Diaspora Spent $2.94bn To Send $34.8bn – Report   Nigerians in Diaspora spent $2.94bn to send $34.8bn to Nigerian between 2020 and 2021, World Bank reports have revealed. The reports showed that cost of sending remittance costs into Nigeria hit at least N1.22tn ($2.94bn) in...