Nigeria enters worst recession in decades

Nigeria has entered recession again, the worst economic decline in almost four decades. In June, the World Bank warned that the collapse in oil prices and the COVID-19 pandemic could dip the Nigerian economy into the worst situation since the 1980s. The Gross Domestic Product (GDP) of Africa’s most populous country has now contracted by -2.48%. The... Continue Reading →

WTO Panel Recommends Nigeria’s Candidate for Top Post

Nigeria’s former finance minister Ngozi Okonjo-Iweala received a key endorsement Wednesday from the World Trade Organization’s selection committee, moving her a step closer to becoming the WTO’s first female director-general, people familiar with the matter said. The panel of three senior WTO ambassadors told Okonjo-Iweala that she had a wide margin of support and is... Continue Reading →

Protests mark a generational shift in Nigerian politics

Long-running demonstrations against police brutality this week shut down Nigeria's largest city, Lagos, and produced multiple violent incidents across the country's southwest. The descent into violence has sapped momentum from the protest movement known as #EndSARS—a reference to the Special Anti-Robbery Squad (SARS), a police unit implicated in extrajudicial killings of Nigerian youth. Nonetheless, the... Continue Reading →

Anger As Buhari Makes Fresh Request For $29.96bn Loan

President Muhammadu Buhari on Thursday re-sent the $29.96bn 2016-2018 external borrowing plan to the Senate for its consideration and approval Premium News24, The Pledge, and Punch NG reports. Buhari made the request a day after the International Monetary Fund warned Nigeria against rising debts. The Debt Management Office has said out of Nigeria’s total debt... Continue Reading →

World Bank Gives Nigeria $3BN Loan For Electricity Project

The World Bank has agreed to give Nigeria a $3 billion loan for the expansion of the transmission and distribution facilities of the power sector, Minister of Finance, Zainab Ahmed, has revealed The Cable News NG reports. According to her, the loan would be disbursed in four tranches of $750m each beginning from next year... Continue Reading →

World Bank Blacklists Six Chinese Firms In Nigeria Over Alleged Fraud And Corruption

The World Bank has blacklisted six Chinese companies currently operating in Nigeria over alleged fraud and corruption . The companies, according to an announcement published on the World Bank ’ s website , are CCECC Nigeria Railway Company Limited, CRCC Petroleum and Gas Company Limited and CCECC Nigeria Company Limited. Others are China Railway Construction... Continue Reading →

EXCLUSIVE: World Bank, African Development Bank blacklist 15 Nigerian companies, 9 individuals

The African Development Bank and the World Bank have blacklisted 15 Nigerian firms doing businesses with them. Also put on the blacklist are nine Nigerian nationals indicted for various forms of procurement malpractices. The African Development Bank had early Tuesday announced the debarment of Lutoyilex Construct Limited, a construction company registered in Nigeria. The  company’s... Continue Reading →

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