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WORLD BANK
The World Bank has said that the recent increase in Nigeria’s minimum wage will only benefit a limited segment of the population, impacting just 4.1% of working-age Nigerians.
The World Bank has explained why it will continue to approve loans for the Nigerian government.
The World Bank has stated that the recent increase in the federal government’s revenue in the first half of the year is largely due to the removal of implicit FX subsidy.
The World Bank has stated that the number of people living in poverty in the Sub-Saharan Africa region nearly doubled between 1990 and now.
The Nigerian naira has been ranked among the worst-performing currencies in Sub-Saharan Africa for 2024.
The World Bank has projected that 622 million people, representing 7.3% of global population will live in extreme poverty by 2030 as efforts to eradicate poverty stall.
The World Bank has said Nigeria was losing around N10 trillion in foregone revenue to fuel subsidy and multiple exchanges as of 2022 before the implementation of President Tinubu’s reforms.
The World Bank has stated that Nigeria's fiscal and monetary policy reforms executed between 2003 and 2007 are exactly what is needed today to create and sustain economic growth.
The World Bank has lauded the reforms led by the Central Bank Governor, Yemi Cardoso, noting that his monetary policies are steering the country in the right direction.
The World Bank said on Monday it had lowered its economic growth forecast for sub-Saharan Africa this year to 3% from 3.4% mainly due to the destruction of Sudan’s economy in a civil war.
Nigeria is projected to experience a further rise in inflation rates in September 2024, largely driven by a significant hike in gasoline prices.
The world’s 26 poorest countries are grappling with their highest debt levels in nearly two decades, leaving them increasingly vulnerable to economic shocks and natural disasters, according to a new World Bank report published on Sunday.