World Bank Sanctions Nigerian Firms and CEO for Corruption
The World Bank Group has imposed a 30-month debarment on two Nigerian firms—Viva Atlantic Limited and Technology House Limited—and their CEO, Mr. Norman Didam, for unethical practices linked to the National Social Safety Nets Project. The project, aimed at aiding vulnerable households in Nigeria, was compromised during a 2018 procurement and contract process. According to […]
World Bank to Decide on $1.65bn Loans for Nigeria in 2025
The World Bank is set to decide on three major loan projects for Nigeria in 2025, totaling $1.65 billion, to tackle critical developmental challenges including support for internally displaced persons, education, and nutrition enhancement. The projects include the Solutions for the Internally Displaced and Host Communities Project ($300m), HOPE for Quality Basic Education for All […]
FG to Implement 15% VAT on Luxury Goods
Finance Minister and Coordinating Minister of the Economy, Mr. Wale Edun, has announced that the federal government will impose a 15 percent Value Added Tax (VAT) on luxury goods, noting that the full removal of fuel subsidies took effect in September 2024. Speaking at the IMF/World Bank Annual Meetings in Washington DC, he explained that […]
World Bank Lowers its Economic Growth Forecast for Sub-Saharan Africa
The World Bank has lowered its economic growth forecast for sub-Saharan Africa this year to 3% from 3.4%, due to the destruction of Sudan’s economy in a civil war. In its latest regional economic outlook report, the bank however said growth is expected to remain comfortably above last year’s 2.4% thanks to higher private consumption […]