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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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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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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Africa vaccine purchase: World Bank pledges US$12B

covid-19 vaccine on the display in a lab for distribution

…the Bank also listed countries that will benefit in the Africa vaccine purchase The World Bank has expressed readiness to commit US$12 billion as concessional loans to assist African countries to access foreign vaccines. During a virtual meeting on the Africa COVID-19 Vaccine Financing and Deployment Strategy, the World Bank informed that the emergency vaccine financing projects in Africa, including Ghana, Democratic Republic of Congo, Ethiopia, Niger, Mozambique, Tunisia, Eswatini and Cabo Verde. The funds are available now, and for most African countries, the financing would be on grant or…

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World Bank to invest over $5bn in African Drylands

world bank to support oil demand decline

World Bank to invest over $5bn in African Drylands The World Bank plans to invest over $5 billion in African drylands over the next five years to help restore degraded landscapes, improve agriculture productivity, and promote livelihoods across 11 African countries on a swathe of land stretching from Senegal to Djibouti. World Bank Group President David Malpass announced the investment at the One Planet Summit, a high-level meeting co-hosted with France and the United Nations that is focused on addressing climate change and biodiversity loss. “This investment, which comes at…

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World Bank/FT Global Blog/Essay Writing Competition 2021

World Bank/Financial Times Global Blog/Essay Writing Competition 2021

World Bank Global Blog/Essay Writing Competition 2021 If your answers to questions in the next paragraph yes, then take part in the World Bank Group and the Financial Times’ third joint global blog/essay writing competition. Are you 16 to 19 years old? Are you currently enrolled in a high school or secondary school? Has COVID-19 affected your learning or the education of a friend or family member? The pandemic has disrupted our lives everywhere, and is changing the way we live, work and learn. This health crisis is creating another…

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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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World Bank to support Nigeria’s essential sectors

world bank to support oil demand decline

World Bank to support the Nigerian government to strengthen the health and education sectors. The President, World Bank Group, David Malpass, said this during a press briefing at the 2020 annual general meeting on Thursday. Pointedly, the World Bank support for the country in the cause of the pandemic continue to reduce public fiscal constraint He said: “For Nigeria, the vital steps are to strengthen the health system and the education system, and we try to work in those areas. “Also, the governance system and transparency are vital in order…

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World Bank Approves $12bn for COVID-19 Vaccines

covid-19 vaccine on the display in a lab for distribution

The World Bank’s Board of Executive Directors today approved an envelope of $12 billion for developing countries to finance the purchase and distribution of COVID-19 vaccines, tests, and treatments for their citizens. The financing, which aims to support vaccination of up to a billion people, is part of an overall World Bank Group (WBG) package of up to $160 billion through June 2021 to help developing countries fight the COVID-19 pandemic. It adds new financing to the World Bank’s COVID-19 emergency response programs that are already reaching 111 countries. This…

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