Tag: World Bank

Nigeria’s economy grows by 3.4 %
Nigeria’s economy grows by 3.4 %

The National Bureau of Statistics says Nigeria recorded an annual Gross Domestic Product growth of three point four per cent in 2021, representing the strongest growth in seven years. The GDP growth exceeded the World Bank and International Monetary Fund 2021 projections of two point five per cent and two point seven per cent for the country.…

World Bank projects 2.5 percent economic growth for Nigeria in 2022
World Bank projects 2.5 percent economic growth for Nigeria in 2022

The World Bank has projected a 2.5 percent economic growth for Nigeria in 2022, and two point eight per cent in 2023. The 2022 forecast is higher than the estimated two-point four percent growth in 2021. The World Bank in its latest Global Economic Prospects report, disclosed that higher oil prices and activities in the telecommunications sector…

World Bank projects crude oil benchmark of $74 in 2022
World Bank projects crude oil benchmark of $74 in 2022

The World Bank has projected an average price of crude oil in 2022 at seventy-four dollars per barrel. The World Bank projection went up by four dollars, from the seventy dollars averaged of 2021, which it said is based on the strengthening of oil demands. The report also states that natural gas and coal prices are expected…

World Bank reports 7 million Nigerians forced into poverty due to inflation
World Bank reports 7 million Nigerians forced into poverty due to inflation

The World Bank says about seven million Nigerians may have been pushed into poverty due to current high cost of living. The World Bank made the revelation in its latest report titled: “Nigeria Development Update: Resilience through Reforms.” The international financial institution noted that the high inflation rate is worsening poverty and causing businesses to suffer in…

Covid pandemic makes World’s Billionaires richer
Covid pandemic makes World’s Billionaires richer

On the foreign scene; a new report has revealed that billionaires around the world have made more money during the Covid-19 pandemic. According to the report from Swiss bank UBS, the world’s richest people saw their wealth climb by 27.5% from April to July this year. UBS also said the number of billionaires increased to a new…

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