World Bank Warns Nigeria on Possible GDP Decline

David Malpass speaking at World Health Organization Media Briefing

A new World Bank report estimates that the collapse of ecosystem services provided by nature including wild pollination, food from marine fisheries and timber from forests could result in Nigeria’s GDP declining by $139bn in 2030. The report highlighted that Sub-Saharan Africa and South Asia would suffer the most relative contraction of real GDP due to a collapse of ecosystem services by 2030, 9.7 per cent annually and 6.5 per cent respectively. The report reads, “In absolute terms, the greatest losses of GDP are expected in middle-income countries. “The worst…

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Nigeria, 22 Others Endorse COP26 Forest, Commodity Trade

Deserted image of southern Nigeria COP26 FOREST

The COP26 Forest, Agriculture and Commodity Trade (FACT) Dialogue has taken a significant step in bringing together over 20 countries to commit to protecting the world’s forests and natural habitats from destruction. Twenty-three countries, including Nigeria, endorsed a joint statement committing them to work together to protect the world’s precious forests while also promoting sustainable trade and supply chains of agricultural commodities. Launched in February, the FACT Dialogue brings key countries, which buy and produce products such as beef, soy and palm oil together to agree how these can be…

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Buhari approves reversed National Climate Change Policy

Buhari attends ecowas virtual meeting national climate change policy

President Mohammadu Buhari during the Federal Executive Council (FEC) meeting on Wednesday has approved the Revised National Climate Change Policy (NCCP) and the National Climate Change Programmes for Nigeria. This was disclosed in a press statement by the Federal Ministry of Environment signed by the ministry’s Director Press, Mr Saghir el Mohammed. Speaking on the development, the Minister of the Federal Ministry of Environment, Dr Mohammad Mahmood explained that the new Policy document captures updates of emerging issues in the sectors not reflected in the previous policy. These, according to…

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Recovery roadmap: WHO, partners urge gov’t to finance new $50bn

WHO DG on covid-19 recovery roadmap

The World Health Organization (WHO) has joined other partners in calling upon governments to finance a new $50 billion recovery roadmap to funding the equitable distribution of vaccines and other crucial health tools. The WHO Director-General Tedros Adhanom announced the plan, which is also supported by the International Monetary Fund, the World Trade Organization and the World Bank Group. “This would help us dramatically scale up the production of diagnostics, treatments, oxygen, medical equipment and vaccines for equitable distribution,” said Tedros. “Furthermore, this new roadmap reflects the need to enhance…

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Remarks by David Malpass on COVID-19, Vaccine Equity

David Malpass speaking at World Health Organization Media Briefing

Remarks by World Bank Group President David Malpass at the World Health Organization Media Briefing on COVID-19 and Vaccine Equity: I join my colleagues in expressing the urgency to quickly make approved vaccines available to everyone.   My immediate priority is for countries that have sufficient supply to quickly release doses to countries that have vaccination deployment programs.  The World Bank has $12 billion in vaccine financing available now, and more if needed, to help countries buy and distribute COVID-19 vaccines and encourage vaccinations.  By the end of June, we…

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‘Remittance inflow to Nigeria declined by 28% in 2020’

world bank to support oil demand decline

The World Bank has said that remittance inflow to Nigeria declined by 28 per cent in 2020 due to the COVID-19 pandemic. The bank added that remittance flows fell for Sub-Saharan Africa by 12.5 per cent, according to its Migration and Development Brief 33 Phase 11 entitled: “COVID-19 Crisis Through a Migration Lens’’ published on Thursday. The report said the decline in remittance inflow to Nigeria was largely responsible for the fall in remittance flows to sub-Saharan Africa. “The decline in flows to sub-Saharan Africa was almost entirely due to…

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Plastic waste: Dow partners on feasibility study

Nigerian woman collecting plastic waste

Dow and Empower, a Norwegian circular platform company that uses blockchain technology to track plastic waste, have announced a new study as part of an ongoing partnership that will examine the feasibility of advancing fully circular value chains in Nigeria. The study, which will be partly funded by the Norwegian Agency for DevelopmentCooperation (NORAD), will focus on the implementation of a scalable digital waste collection and recycling business model in Lagos, Nigeria. The findings will inform the long-term ambition of the partnership, which is to digitize local collection points, recyclers…

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Nigeria government receives $500m funding from World Bank

Shubham Chaudhuri, the Nigeria World bank Country director explaining key goals of the bank

The World Bank approved $500m to support the government of Nigeria in improving its electricity distribution sector. The Bank made the announcement Friday in a press release signed by Mr Mansir Nasir in its Abuja Office. The project will help boost electricity access by improving the performance of the Electricity Distribution Companies (DISCOs) through a large-scale metering program desired by Nigerians for a long time. In addition, financial support would be provided to private distribution companies only on achievement of results in terms of access connections, improved financial management and…

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Nigeria Central Bank directs banks to close Crypto related accounts

Nigeria Central Bank directs banks to close Crypto-related accounts

The bank bans all Crypto-related accounts The Central Bank of Nigeria has notified Deposit Money Banks, Non-Financial Institutions, other financial institutions against doing business in Crypto and other digital assets. In a circular dated 5th February 2021 and distributed to regulated financial firms, the apex bank of Africa’s largest economy warned and reminded local financial institutions against having any transactions in crypto or facilitating payments for crypto exchanges. In addition, the apex bank instructed the financial institutions to immediately close the accounts of such persons or entities transacting in or…

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