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After contracting by 2 percent last year, economic growth in Sub-Saharan Africa (SSA) is expected to rise between 2.3 percent and 3.4 percent in 2021, the World Bank says. According to the bank, the prospects for recovery in SSA economies are strengthening amid actions to contain new waves of COVID-19 […]
Nigeria’s unemployment rate hit a new record high at 33.3 per cent in fourth quarter (Q4) 2020 from 27.1 recorded in second quarter (Q2) 2020. A total of 23.18 million persons in Nigeria either did nothing or worked for less than 20 hours a week, making them unemployed during the […]
Muhammad Dingyadi, minister of police affairs, says the federal government will install closed circuit television (CCTV) cameras on major highways across the country to curb the rising cases of kidnapping. Speaking on Sunrise Daily, a Channels Television programme, on Tuesday, Muhammad said President Muhammadu Buhari has resuscitated the abandoned CCTV […]
The World Bank has approved $500 million to support Nigeria in improving operations of electricity distribution companies (DisCos). According to the bank in a recent statement, the support is under its distribution sector recovery program (DISREP). It said the project will assist in boosting electricity access by improving performance DisCos […]
The National Bureau of Statistics says as part of efforts to rebase the country’s gross domestic product (GDP), it has begun the national business sample survey (NBSS). NBS head of public affairs and international relations, Ichedi Sunday Joel, says the agency will rebase the GDP from the 2010 base year […]
The annual meeting of the World Economic Forum, which has already been postponed and moved from Switzerland to Singapore, will be pushed back again due to pandemic-related challenges, the organisers said on Wednesday. The annual gathering of the world’s political, economic and business elite is traditionally held each January in […]
The number of poor people in Nigeria will increase by 20 million by 2022, the World Bank has projected. World Bank senior economist, Gloria Joseph-Raji, disclosed this on Tuesday while speaking on at the launch of a 2021 macroeconomic outlook report by the Nigeria Economic Summit Group (NESG). Quoting the […]
The federal government under the World Bank supported states fiscal transparency, accountability and sustainability (SFTAS) Programme-for-Results has disbursed N123.34 billion performance-based grant to eligible states. The minister of finance, budget and national planning, Zainab Ahmed, said Sokoto state received the highest amount of N6.612 billion while Kano state got the […]
A total of N3.10 trillion was spent by the Federal Government on debt servicing for the 11 months (January- November) 2020. This is out of its N3.48 trillion retained revenue for the same period. It puts Nigeria’s debt-to-revenue ratio — A key measure of debt sustainability, at 89 per cent […]
