14

May

In 2020, Remittance Inflows To Nigeria Was Down By 28%, According To The World Bank

According to the World Bank, the COVID-19 pandemic reduced remittance inflows to Nigeria by 28% in 2020. According to the bank’s Migration and Development Brief 33 Phase 11 titled “COVID-19 Crisis Through a Migration Lens” published on Thursday, remittance flows to Sub-Saharan Africa dropped by 12.5%. According to the survey, the drop in remittance flows to Sub-Saharan Africa is largely due to a decrease in remittance flows to Nigeria. “The drop in remittance flows to Sub-Saharan Africa was almost entirely due to a 28% drop in remittance flows to Nigeria,” says the study. “With the exception of Nigeria, remittances to […]

11

May

Nigeria Needs Immediate Economic Diversification – African Development Bank

Nigeria, Africa’s largest economy, requires urgent economic diversification to step away from a single source of income (oil and minerals) and toward multiple sources of income, according to the African Development Bank. Prof. Oyelaran-Oyeyinka Oyebanji, Senior Special Adviser on Industrialisation at the African Development Bank (AfDB), said this on Monday at the 22nd Founder’s Day Lecture of the Igbinedion University, Edo’s first private university. What the African Development Bank said about diversification “In order to achieve long-term recovery and development, Nigeria requires immediate economic diversification. Nothing illustrates the dangers of over-reliance on a single or limited range of resources more[…]

27

Apr

FG Disagrees With World Bank, That Nigeria Spent $1.5b On Electricity

The government demands that SBT increase collection by N65 billion and 600,000 meters. Ahmad Rufai Zakari, the President’s Special Adviser on Infrastructure, yesterday slammed a World Bank study claiming that the Federal Government spends at least $1.5 billion to address the country’s electricity shortage. According to the presidential aide, the World Bank report, which also reported that 78 percent of power users in Nigeria have less than 12 hours of regular electricity supply, was unfounded. Although the World Bank reported that the Nigerian government is currently subsidizing the power sector with about $1.5 billion, mostly due to tariff shortfalls, Zakari[…]