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Tackling Nigeria’s recession challenges head on in spite COVID-19 On A News Analysis by Folasade Akpan of the News Agency of Nigeria (NAN) With the National Bureau of Statistics’ (NBS) report on the contraction of the nation’s Gross Domestic Product (GDP) by 3.6 per cent in the third quarter of the year (Q3 2020), it was official that Nigeria had slipped into recession for the second time in five years. According to the NBS, cumulatively, the economy contracted by -2.48 per cent, representing an improvement of 2.48 per cent over the –6.10 per cent growth rate recorded in the precedin...

World Bank approves $900M in loans to aid PH economic recovery, address poverty enablePagination: false endIndex: Metro Manila (CNN Philippines, December 17) — The World Bank is extending more loans to the Philippines to help it become more resilient to natural disasters and address poverty in affected communities. Announcing details on Thursday, the Washington-based lender said the first loan, worth $600 million (about ₱28.8 billion) shall support reforms aiming to speed up the adoption of digital technologies, encourage greater competition, and trim the costs of doing business in the ...

Published December 17, 2020, 11:01 AM The World Bank has approved two loans to the Philippines to support the country’s recovery efforts from the coronavirus pandemic, improve competitiveness, as well as build resilience against shocks and natural disasters. In a statement, the Washington-based lender, said it approved $900 million worth of loans to the Philippines for the government’s programs in addressing poverty in poor rural communities and improving resiliency against natural disasters. The first is a $600 million Promoting Competitiveness and Enhancing Resilience to Natural Disaste...

Nigeria: World Bank Approves $1.5bn for States' Social Protection, Covid-19 Response 15 December 2020 By Obinna Chima The World Bank Group has approved a $1.5 billion package to help build a resilient recovery post-COVID-19 for state-level intervention in Nigeria. In addition, the multilateral institution discussed a new five-year Country Partnership Framework (CPF) from 2021 to 2024 for Nigeria. The $1.5 billion was part of a $3 billion loan request the federal government had been pushing for. A statement from the bank reiterated that Nigeria was at a critical juncture, adding that with the ...

World Bank Okays $1.5bn COVID-19 Recovery, Stimulus For Nigeria By Our Correspondents Gallery The World Bank Group has approved a $1.5 billion pack­age to help build a resilient recovery post- COVID-19 in Nigeria. This is according to a statement issued by the group on Tuesday in Wash­ington D.C. It added that the group also discussed a new five-year Country Partnership Framework (CPF) from 2021 to 2024. Nigeria President Muhammadu Buhari It said that Nigeria was at a critical juncture and with the sharp fall in oil prices as a result of COVID-19, the economy was projected ...