Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News

REVEALED: What World Bank said about Nigeria’s economy

Damilare Famuyiwa by Damilare Famuyiwa
December 1, 2018
in Business News, Politics
World Bank, Mineral,World Bank approves $2.2 billion loan as the country’s debt rises to over $80 billion 
Share on FacebookShare on TwitterShare on Linkedin

An international financial institution, World Bank has indicated in its ‘Economic Update’ issued in Abuja, that Nigeria’s Gross Domestic Product (GDP) growth is expected to hover slightly below two per cent in 2018.

This, according to the World Bank, will be largely driven by non-oil industry and services.

The World Bank’s Economic Update partly reads:

RelatedPosts

Climate Change: FG with World Bank to launch scheme to reduce desertification, environmental challenges

NIN: Why Nigeria may miss World Bank’s 148 million National Identification Number enrolment target

“In the second quarter of 2018, the oil sector contracted by 4.0 per cent. The usually resilient agricultural growth slowed significantly to 1.2 per cent, impacted by the security challenges in the northeast and Middle Belt regions.

“The non-oil industry and services, which constitute over half of Nigeria’s economy, picked up to 3.1 per cent and 2.1 per cent, driven by growth in construction, transport and ICT.”

However, the World Bank’s Economic Updates report noted that the Nigerian economy remains dependent on the small oil sector (under 10 per cent of GDP) for the bulk of its fiscal revenues and foreign exchange earnings.

Nairametrics had reported that the Executive Board of International Monetary Fund (IMF), said the country’s economy was still fragile amid the most recent slow exit from recession.

News continues after this ad


Directors of the international institution noted, that important challenges remain, as growth in the non‑oil sector has not picked up, inflation remains high and sticky; unemployment is rising, and poverty is high.

The bank emphasized the need for a growth‑friendly fiscal adjustment, which frontloads non‑oil revenue mobilisation and rationalises current expenditure to reduce the ratio of interest payments to revenue to a more sustainable level and create space for priority social and infrastructure spending.

About World Bank

The World Bank is an international financial institution that provides loans to countries of the world for capital projects. It comprises two institutions: the International Bank for Reconstruction and Development (IBRD), and the International Development Association (IDA).

News continues after this ad


World Bank’s most recent stated goal is the reduction of poverty. As of November 2018, the largest recipients of world bank loans were India ($859 million in 2018) and China ($370 million in 2018) through loans from IBRD.

Related

Tags: World Bank

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

inq
avatrade
Stanbic bank
Mega Millions
UBN
Hot forex
Access Bank
Bankers Committee
First bank






    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Banks, organised private sector seek increased forex allocation to real sector
    • Oil prices slump by 5% on weak China economic data, expected Iran supply
    • Bond issuances on Nigerian Exchange hits N2.5 trillion in H1 2022

    Follow us on social media:

    Recent News

    Banks warn customers against violation of CBN forex directives

    Banks, organised private sector seek increased forex allocation to real sector

    August 15, 2022
    Oil price surge to boost Nigeria’s foreign reserve by almost $3 billion – Fitch

    Oil prices slump by 5% on weak China economic data, expected Iran supply

    August 15, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com