Latest news with #WBG
Yahoo
13-05-2025
- Business
- Yahoo
Nigeria sees highest growth in 10 years — World Bank report
Nigeria's gross domestic product (GDP) grew by 3.4% in 2024, the World Bank said in a new report published Monday. That's the highest rate of growth since 2014, excluding the 2021-2022 COVID-19 rebound, the bank said. The acceleration in Nigeria's GDP growth was driven mainly by a continued oil and gas sector recovery and strong growth in the tech and finance industries, according to the latest Nigeria Development Update. [NEWS] The latest edition of the #Nigeria Development Update 'Building Momentum for Inclusive Growth', released today, indicates that Nigeria's macroeconomic situation is improving as a result of sustained reforms: — World Bank Nigeria (@WBG_Nigeria) May 12, 2025 The World Bank expects the rate of growth of Nigeria's economy to slightly increase in 2025 to 3.7%. At the same time, the country's agriculture sector showed slow growth, the bank warned, because of insecurity in the Middle Belt and high input costs. The Middle Belt refers to a broad sweep of 14 states across the center of Nigeria. Hundreds of thousands of hectares of farmland have been abandoned there because of ongoing violent clashes, often between farmers and nomadic herdsmen. At a presentation of its report in the capital Abuja, the World Bank praised government reforms in Africa's largest economy. President Bola Tinubu implemented a broad swath of economic reforms after winning the 2023 elections. These include ending costly petrol subsidies, slashing electricity allowances and twice devaluing the naira currency. A recent report by the International Monetary Fund (IMF) on Nigeria also praised the reforms and issued a warning about high levels of poverty. Tinubu recently justified his reforms, stressing that he made what he called "tough decision" so that Nigeria could grow. "We are gradually seeing the light at the end of the tunnel," Tinubu said on Friday. But the reforms have come at a cost for many ordinary Nigerians, who are facing the worst cost-of-living crisis in a nearly 30 years, according to Human Rights Watch. Successive years of rising inflation and surges in food prices have seen poverty soar in the West African nation — although some key staples have become cheaper in the past few months. Nearly half of all Nigerians lived in poverty in 2024, the World Bank update found, making Nigeria home to the world's second-largest poor population after India. The 2024 Global Hunger Index ranks Nigeria 110th out of 127 countries. Nearly a third of its children are stunted because of chronic undernutrition. While inflation is expected to fall over the course of this year, it is still forecast to remain high at an average of 22.1%, the World Bank said. "Labor incomes have not kept up with inflation, depleting the purchasing power of Nigerians. Poverty has deepened and broadened, especially among urban Nigerians," it said. There is a need for the economy to generate more and better jobs at scale and reduce poverty, the bank noted, especially if it wants to reach its goal of achieving a $1 trillion (€900 billion) economy by 2030. Edity by: Alex Berry
Time of India
27-04-2025
- Business
- Time of India
World Bank eyes energy financing options, holds fast on equality issues
The World Bank 's steering committee on Friday endorsed the lender's plans to explore options to expand energy access, including potential financing for nuclear energy, in a move in line with directives to broaden energy financing by US President Donald Trump's administration. But the group's statement also endorsed the development lender's gender and equality strategy, just days after US Treasury Secretary Scott Bessent on Wednesday said the World Bank and the International Monetary Fund had suffered from 'mission creep' straying too far from their core development and economic stability mandates into climate change, gender and inclusion issues. A statement from the World Bank and International Monetary Fund joint Development Committee called on the World Bank Group (WBG) to work towards providing energy access to 300 million Africans by 2030. 'We encourage the WBG to explore further options for increased affordable and reliable energy access, including potential support for nuclear energy,' the Development Committee said. Bessent urged the World Bank to focus on energy affordability rather than seeking to 'meet distortionary climate financing targets.' He welcomed the lender's plan to end a prohibition on the bank's nuclear energy financing and urged it to support gas and other fossil-fuel-based energy production. The Development Committee noted the bank's target to devote 45 per cent of its lending to climate activities by fiscal year 2026, but said that this should respond to 'client requests for mitigation support including access to electricity, effective and resilient transportation solutions, biodiversity, sustainable food production and climate adaptation projects.' Taking a stand The panel's statement fully endorsed the World Bank Group's gender strategy and called for further efforts to promote equality. 'We commend the WBG for its programs that expand economic opportunities for women entrepreneurs, including its work to provide 80 million more women and women-led businesses with capital, and elevate human capital for women and girls,' the statement said. German Development Minister Svenja Schulze told reporters she pressed for inclusion of critical issues such as women's rights and climate during the Development Committee's discussions. 'I insist on mentioning women's rights and empowerment and climate change concerns, even if the US is pressuring the bank to retreat from those goals,' Schulze said, adding that EU members make up 23 per cent of the bank's shareholdings, with the US, the largest single shareholder, at 16 per cent. 'We set a course for the bank over the past two years, and we must stick to it,' Schulze said. Participants noted that the United States did not speak first during the Development Committee meeting as it has traditionally done, and there was little support for its views, except from Russia. One participant, who asked not to be identified, said the US stance toward the World Bank was surprising after decades of strong support, noting that it remained unclear if Washington would make good on its pledge to provide $4 billion for the International Development Association , the bank's fund for the World's poorest countries. Bessent said that a decision whether to proceed with the pledge, made by former President Joe Biden, would depend on US budget deliberations and implementation of reforms to the World Bank.
Egypt Independent
26-04-2025
- Business
- Egypt Independent
Minister: Employment rates, youth skill development among Africa's biggest challenges
Minister of Planning, Economic Development and International Cooperation and Egypt's Governor at the World Bank Group (WBG) Rania al-Mashat said employment rates and the development of youth's skills are among the biggest challenges facing the African continent. The minister called on the World Bank to boost its employment agenda by facilitating development across Africa and encouraging industry and entrepreneurship. Mashat made her remarks on behalf of the Governors of the African Group of Countries at the World Bank during a meeting with World Bank Group (WBG) President Ajay Banga. The meeting is a part of the World Bank Spring Meetings currently held in Washington DC. Mashat said although the WB exerts efforts to afford job opportunities, there is a need for a significantly larger number of jobs to meet current challenges. She stressed that it is important to finance local manufacturing, calling on the WB to support the development of economic, trade and industrial zones and enhance local industries such as textiles, electronics, and chemicals. The minister also highlighted the need to support factories that produce components for renewable energy, including solar panels, wind and hydro turbines, and measurement systems.
Asharq Al-Awsat
26-04-2025
- Business
- Asharq Al-Awsat
Saudi Arabia, IMF, World Bank Stress Int'l Commitment to Syria's Economic Recovery
Saudi Finance Minister Mohammed Al-Jadaan, International Monetary Fund (IMF) Managing Director Kristalina Georgieva, and World Bank Group (WBG) President Ajay Banga stressed on Friday their commitment to Syria's economic recovery. Meeting on the sidelines of the 2025WBG/IMF spring meetings in Washington, they co-hosted a high-level roundtable for Syria, bringing together the Syrian authorities, finance ministers, and key stakeholders from multilateral and regional financial institutions, as well as economic and development partners. 'Building on earlier discussions – including at the Paris Conference on Syria (February 13), the AlUla roundtable on February 16 and Brussels IX conference (March 17) — this event provided a platform for the Syrian authorities to present their ongoing efforts to stabilize and rebuild their country, reduce poverty, and achieve long-term economic development,' they said in a joint statement. 'There was broad recognition of the urgent challenges facing the Syrian economy and a collective commitment to support the authorities' efforts for recovery and development. Priority will be given to efforts to meet the critical needs of the Syrian people, institutional rebuilding, capacity development, policy reforms, and the development of a national economic recovery strategy,' it added. 'The IMF and WBG were called upon to play a key role in providing support in line with their mandates and reflecting shareholders' support, in close coordination with multilateral and bilateral partners,' it continued. 'We welcome the efforts to help Syria reintegrate with the international community and unlock access to resources, to support the authorities' policy efforts, address early recovery and reconstruction needs, and promote private-sector development and job creation,' read the statement. 'We also support the Syrian authorities' efforts to strengthen governance and increase transparency as they build effective institutions that deliver for the people of Syria.' 'We extend our gratitude to all participants for their valuable contributions and commitment to support efforts by the Syrian authorities to rebuild Syria and improve the lives of the Syrian people,' it stressed. The officials will convene again at the annual meetings of the IMF and WBG in October 2025 to monitor the progress achieved and harmonize global efforts in advancing Syria's economic-recovery and prosperity.
Reuters
25-04-2025
- Business
- Reuters
World Bank energy financing expansion endorsed by development committee
WASHINGTON, April 25 (Reuters) - The World Bank's steering committee on Friday endorsed the lender's plans to explore options to expand energy access, including potential financing for nuclear energy, in a move in line with directives to broaden energy financing by U.S. President Donald Trump's administration. A statement from the World Bank and International Monetary Fund joint Development Committee called on the World Bank Group (WBG) to work towards providing energy access to 300 million Africans by 2030. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here. "We encourage the WBG to explore further options for increased affordable and reliable energy access, including potential support for nuclear energy," the Development Committee said.
