Nigeria’s Growth Rate Has Been Revised By The World Bank to 2.7 Percent In 2021 And 2.8 Percent In 2022

The World Bank has upped Nigeria’s economic growth predictions for 2021 and 2022 to 2.7% and 2.8%, respectively. The Bank made the announcement in the most recent edition of its Nigeria Development Update on Tuesday. The World Bank anticipated 1.8 percent growth in 2021 and 2.1 percent growth in 2022 in the June 2021 edition of the NDU. The World Bank, on the other hand, expects an upbeat assessment of the Nigerian economy in the next edition. According to the new data, the Nigerian economy is recovering faster than projected. “The Nigerian economy has recovered at a faster-than-expected pace in […]



AfDB President – Nigeria must Address Its Debt Problems

Dr. Akinwumi Adesina, President of the African Development Bank, has encouraged the country to take quick action to address debt difficulties, noting that debt servicing costs and inadequate foreign exchange policies are substantial impediments to the country’s economic progress. Adesina made the remarks on Monday during the Mid-Term Ministerial Performance Review Retreat, which was held both virtually and physically at the Presidential Villa. He emphasized the importance of repairing the country’s economic framework. “Nigeria must address its debt challenges decisively,” he stated. The issue is not the debt-to-GDP ratio, as Nigeria’s debt-to-GDP ratio of 35% is still considered reasonable. “The[…]



N4.89 Trillion Budget Deficit To Be Funded By The World Bank, AfDB And Others – DMO

The Federal government is expected to borrow N4.89 trillion from multilateral institutions such as the African Development Bank Group, the World Bank, the International Fund for Agricultural Development, the Arab Bank for Economic Development in Africa, Eurobond, and the Islamic Development Bank to finance the budget deficit for 2022. This is according to the Debt Management Office’s report on Nigeria’s Debt Management Strategy for 2020-2023. According to the report, the Federal Government planned to borrow money for the 2022 budget from domestic sources, using securities such as Nigerian Treasury Bonds, Saving Bonds, Federal Government Bonds, Infrastructure Bonds, and Treasury Bonds.[…]