World Bank raises Nigeria’s economic rating
TUESDAY, 07 MAY 2013 20:07 FROM MATHIAS OKWE, ABUJA BUSINESS SERVICES - BUSINESS NEWS
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FOR reducing the level of endemic poverty in the country, the World Bank has promoted Nigeria from a low income country ranking to a medium  income position with the privilege of borrowing from the Breton Wood’s elite club, the International Bank for Reconstruction and Development (IBRD).     The decision elevating the country’s rating , according to the World bank Country Director for Nigeria , Ms. Marie Francoise Marie-Nelly, was taken at the last month’s Spring  meeting of the World Bank / International monetary Fund (IMF) in Washington.

She said the decision was taken after a review of the Nigeria’s economic indication revealed that there was a reduction in poverty rate per capita  in the country which has now dipped to 62.6 per cent from 64.2 per cent as well as improvement in revenue accretion.

The World Bank boss, who spoke to journalists in Abuja on the post-Spring meetings, said the implication of the promotion was that Nigeria now would have more  access to resources from its creditors as it becomes eligible to borrow not only from the International Development Association (IDA) but also from the  International Bank for Reconstruction And Development (IBRD).

She said: “ This follows the Bank’s resolve to give the country a ‘blend’ status in its 2014-2017 Country Partnership Strategy (CPS) document which would be release later this year. The  blend status, which is for a period of six to seven years applies to countries with  gross national income per capita of about $1,170."

Nigeria,  before now, has been eligible to borrow  only from IDA, which offered a 40-year payment plan with a 10-year grace period at no interest rate charge. Beneficiaries only pay a service charge of about 0.75 per cent.

The  decision also followed the growth in Nigeria’s  revenue as her gross national income per capita had reached about $1,200 in the past two years, prompting the Bank to undertake  an upgrade from its current IDA only status.

She  however explained that  the country would continue to benefit from both resources for seven years although the repayment conditions would now be reviewed.

While on the new status, the country would now adapt to new repayment plans as the IDA condition would change.

She gave further insight into the new plan : “Instead of having 40 year repayment it will be 25 year-repayment; the grace period moves down from 10 years to five years and you have an interest rate of about 1.3 to 1.5 per cent.”

During the six to seven-year period, allocations fom the IDA is expected to be reviewed and phased out gradually while  the IBRD allocation steps in as the only borrowing window.

She said: “So during these period, Nigeria will have more resources until it moves to the IBRD window.”

 http://www.ngrguardiannews.com/index.php?option=com_content&view=article&id=121088:world-bank-raises-nigerias-economic-rating&catid=31:business&Itemid=562

Really?
Ok

GEJ is working, haters are tweeting.

NL haters are staying away from this thread while Mods turn a blind eye to this front page worthy news.

good one

GOOD STEPS IN RIGHT DIRECTION. CHANGING THE NATION FOR THE BETTER IS NOT AUTOMATIC, IT CAN ONLY COME THROUGH STEPS IN THE RIGHT DIRECTION

We hear. But why is these not on Fp

vizboy: We hear. But why is these not on Fp

I tire o! Ask the Mods

I guess they (nairaland mods) are APC supporters

mike404: I guess they (nairaland mods) are APC supporters

The thing is that Nigerians love bad news about their country. If the title were; World bank downgrades Nigeria's Economic rating, by now the thread would have gotten to 20 pages.

Poor rating!

I made first page after 2years thank God....

Madam NOI, Even with this elevation and what it potends as per borrowing, Please still be allergic to borrowing oh!

I hope it will reflect on the street.

[url=our-naija-men..com/] Click Here [/url]

now we have more room to borrow more money for the wrong reasons.

Good one.Naija will get there soon.Haters,go and drink acid.

this is a huge political score for GEJ but how has this affected the common man on the street

NL doom economist will disagree

Job creation is the most important rating for good economy, so i wonder what rating is this

hmm..we thank God o lemme see the haters association of 9ja please..mtcheeew Gej all d way!

All dis figures dat dnt translate 2 d masses...it means d poor are gettin poorer while d rich are getin richer

Poverty rate moved from 64.2 to 62.6 and we are celebrating? Choi!

Good to hear.

darlynlara: hmm..we thank God o lemme see the haters association of 9ja please..mtcheeew Gej all d way!

u
Sharaaaaaaap there or I do it for you. The U.S. has just said corruption is at its highest level ever in Nigeria and you are here spewing gibberish.

Pipsland78: Poverty rate moved from 64.2 to 62.6 and we are celebrating? Choi!

Nobody is celebrating, rather we are happy that the economy is being position in the right direction to attract the attention of World Bank during this period of global economic gloom.

If you are not happy why not hug transformer.

i cnt take anything that comes from world ediots bank but from real nigerian... was it not the same world bank that said 90% of nigerians live under 1 USD ... mtcheww fhuck world bank

So now, we will borrow money and pay with higher interest in a shorter period of time.........

Why don't they kuku just leave us as we were before?

dirifred: GOOD STEPS IN RIGHT DIRECTION. CHANGING THE NATION FOR THE BETTER IS NOT AUTOMATIC, IT CAN ONLY COME THROUGH STEPS IN THE RIGHT DIRECTION

Can we start looking at international news with objectivity. What is good news here? Upgrading our status, so that we can have more borrowing window, then they can share from the national cake by our indebtedness? Madam NOI pleaded for our debt pardon years ago, now they are offering us lifeline to be pulled back into slavery.

Nigerians, please open your eyes and read behind the noise.... please

Sunny_bobo: World Bank raises Nigeria’s economic rating
TUESDAY, 07 MAY 2013 20:07 FROM MATHIAS OKWE, ABUJA BUSINESS SERVICES - BUSINESS NEWS
User Rating: / 0
PoorBest 


FOR reducing the level of endemic poverty in the country, the World Bank has promoted Nigeria from a low income country ranking to a medium  income position with the privilege of borrowing from the Breton Wood’s elite club, the International Bank for Reconstruction and Development (IBRD).     The decision elevating the country’s rating , according to the World bank Country Director for Nigeria , Ms. Marie Francoise Marie-Nelly, was taken at the last month’s Spring  meeting of the World Bank / International monetary Fund (IMF) in Washington.

She said the decision was taken after a review of the Nigeria’s economic indication revealed that there was a reduction in poverty rate per capita  in the country which has now dipped to 62.6 per cent from 64.2 per cent as well as improvement in revenue accretion.

The World Bank boss, who spoke to journalists in Abuja on the post-Spring meetings, said the implication of the promotion was that Nigeria now would have more  access to resources from its creditors as it becomes eligible to borrow not only from the International Development Association (IDA) but also from the  International Bank for Reconstruction And Development (IBRD).

She said: “ This follows the Bank’s resolve to give the country a ‘blend’ status in its 2014-2017 Country Partnership Strategy (CPS) document which would be release later this year. The  blend status, which is for a period of six to seven years applies to countries with  gross national income per capita of about $1,170."

Nigeria,  before now, has been eligible to borrow  only from IDA, which offered a 40-year payment plan with a 10-year grace period at no interest rate charge. Beneficiaries only pay a service charge of about 0.75 per cent.

The  decision also followed the growth in Nigeria’s  revenue as her gross national income per capita had reached about $1,200 in the past two years, prompting the Bank to undertake  an upgrade from its current IDA only status.

She  however explained that  the country would continue to benefit from both resources for seven years although the repayment conditions would now be reviewed.

While on the new status, the country would now adapt to new repayment plans as the IDA condition would change.

She gave further insight into the new plan : “Instead of having 40 year repayment it will be 25 year-repayment; the grace period moves down from 10 years to five years and you have an interest rate of about 1.3 to 1.5 per cent.”

During the six to seven-year period, allocations fom the IDA is expected to be reviewed and phased out gradually while  the IBRD allocation steps in as the only borrowing window.

She said: “So during these period, Nigeria will have more resources until it moves to the IBRD window.”

 http://www.ngrguardiannews.com/index.php?option=com_content&view=article&id=121088:world-bank-raises-nigerias-economic-rating&catid=31:business&Itemid=562

I will never believe World bank and IMF. They are Economic mercenaries that are here to serve the interest of the West. These people trapped us into debt in the early 1970's; they packed SAP that destroyed our economy. They liaised with Okwonjo Iwela to take away our 16billion dollars to refund their Banks when the Mortgage crises hit their banks.

Today, they very people that wasted our savings in the name of debt repayment, is back to lure us into more debt.

GEJ should be at least as creative as Buhari/Idiagbon in running our economy. I remember the counter trading of that era.

@ Reno OMockery, so this is also one of your user names on NL?

i see. sunny_bobo


u too much. u sunny indeed.

Pipsland78: Poverty rate moved from 64.2 to 62.6 and we are celebrating? Choi!

If we keep reducing poverty rate by that margin every year then by the next 10yrs poverty rate in the country will be very low. Although I believe the existing rate is currently below what is stated above.