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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‘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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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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WTO DG: Okonjo-Iweala remains only candidate as Myung-hee withdraws

Okonjo-Iweala fate of being the DG of WTO is known today

South Korean Trade Minister Yoo Myung-hee withdrew her bid to lead the World Trade Organization, leaving former Nigerian Finance Minister Ngozi Okonjo-Iweala as the only remaining candidate for the job and setting up a key decision by WTO members to approve her appointment. Yoo decided after discussions with the U.S. and other major nations, and took various issues into account including the need to revitalize the multilateral organization, according to a statement from Korea’s trade ministry on Friday. “There was no consensus,” Yoo said. “So we needed enough time for…

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‘High data cost hurts internet access’

FiamWiFi, Akin Marinho, yesterday said the high cost of data

The founder and Chief Executive Officer, FiamWiFi,  Akin Marinho, yesterday said the high cost of data is inimical to the development of the information communication technology (ICT) sector. Speaking on the firm’s partnership with Ikoyi Obalende Local Council Development Area (LCDA) on community WiFi provision, he said millions of Nigerians have been shut out of cyberspace by high data prices in the country. He said: “With millions of Nigerians priced out of the data market by incumbent operators, we are pleased to partner the Ikoyi Obalende LCDA to provide a…

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NNPC Restates Commitment to OPEC+ Agreement

mele kyari on, opec+ downstream deregulation litres of petrol

NNPC Restates Commitment to OPEC+ Agreement The Nigerian National Petroleum Corporation (NNPC) has reiterated its commitment to abide by the output cut agreement of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, aimed at stabilizing the global oil market. The Group Managing Director of NNPC, Mallam Mele Kyari, stated this Wednesday while speaking at the ongoing virtual Gulf Intelligence “Global” UAE Energy Forum 2021. Mallam Kyari noted that despite the negative effects of the production cut on government revenue, it was the best step towards redeeming the…

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Tony Elumelu Foundation, TEF 2021 Application Opens

Tony Elumelu Foundation 2021 APPLICATION

Tony Elumelu Foundation, TEF 2021 Application Opens The Tony Elumelu Foundation (TEF), Africa’s leading philanthropy dedicated to empowering African entrepreneurs, opens applications on its TEFConnect digital platform (www.tefconnect.com) today, January 1, 2021. This year’s intervention prioritises the economic recovery of small and medium scale enterprises (SMEs) and young African entrepreneurs, following the Covid-19 disruption to economic activities. To address the unique challenges arising from the pandemic, lift millions out of poverty and create sustainable employment across the continent, the Foundation’s Entrepreneurship Programme will empower 1,000 young African entrepreneurs, selected from…

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Scarcity: NNPC has 2bn litres of petrol in stock – Kyari

mele kyari on, opec+ downstream deregulation litres of petrol

The Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, has assured motorists of ample availability of Premium Motor Spirit (PMS) revealing that the Corporation has not less than two billion litres of petrol in its strategic depots across the country. In a press release by the corporation’s Group General Manager, Group Public Affairs Division, Dr Kennie Obateru, the GMD attributed the emergence of queues in some petrol stations across the country to the disruption of the free flow of vehicular movement occasioned by curfews and…

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Oil demand decline to persist – World Bank

world bank to support oil demand decline

Measuring sectoral impacts of COVID-19 pandemic continue to suggest that oil demand decline will persist through 2021. While metal and agricultural commodities recouped their losses from the COVID-19 pandemic and expected to make modest gains in 2021, energy prices, despite some recovery still stabilize below pre-pandemic levels next year, the World Bank said Thursday. Oil prices Oil prices fell dramatically in the early stages of COVID-19. And they have only partially regained pre-pandemic price levels. The World Bank’s semi-annual Commodity Markets Outlook report revealed this. The prediction for oil prices…

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