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World Bank Raises Nigeria's Economic Rating by Sunnybobo3(m): 7:00am On May 08, 2013 |
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 2 Likes |
Re: World Bank Raises Nigeria's Economic Rating by FunnyPikincom(m): 7:04am On May 08, 2013 |
Really? Ok |
Re: World Bank Raises Nigeria's Economic Rating by Sunnybobo3(m): 7:07am On May 08, 2013 |
GEJ is working, haters are tweeting. 28 Likes |
Re: World Bank Raises Nigeria's Economic Rating by Sunnybobo3(m): 9:15am On May 08, 2013 |
NL haters are staying away from this thread while Mods turn a blind eye to this front page worthy news. 4 Likes |
Re: World Bank Raises Nigeria's Economic Rating by Scarpon(m): 9:24am On May 08, 2013 |
good one 2 Likes |
Re: World Bank Raises Nigeria's Economic Rating by dirifred(m): 9:32am On May 08, 2013 |
GOOD STEPS IN RIGHT DIRECTION. CHANGING THE NATION FOR THE BETTER IS NOT AUTOMATIC, IT CAN ONLY COME THROUGH STEPS IN THE RIGHT DIRECTION 3 Likes |
Re: World Bank Raises Nigeria's Economic Rating by vizboy(m): 10:21am On May 08, 2013 |
We hear. But why is these not on Fp 2 Likes |
Re: World Bank Raises Nigeria's Economic Rating by Sunnybobo3(m): 10:32am On May 08, 2013 |
vizboy: We hear. But why is these not on Fp I tire o! Ask the Mods 1 Like |
Re: World Bank Raises Nigeria's Economic Rating by mike404(m): 10:41am On May 08, 2013 |
I guess they (nairaland mods) are APC supporters 2 Likes |
Re: World Bank Raises Nigeria's Economic Rating by Sunnybobo3(m): 11:10am On May 08, 2013 |
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. 11 Likes |
Re: World Bank Raises Nigeria's Economic Rating by omiobo: 11:24am On May 08, 2013 |
Poor rating! |
Re: World Bank Raises Nigeria's Economic Rating by Nobody: 11:27am On May 08, 2013 |
I made first page after 2years thank God.... 5 Likes |
Re: World Bank Raises Nigeria's Economic Rating by Tintinix: 11:30am On May 08, 2013 |
Madam NOI, Even with this elevation and what it potends as per borrowing, Please still be allergic to borrowing oh! 1 Like |
Re: World Bank Raises Nigeria's Economic Rating by RiKKies001: 11:32am On May 08, 2013 |
I hope it will reflect on the street. [url=our-naija-men..com/] Click Here [/url] 1 Like |
Re: World Bank Raises Nigeria's Economic Rating by aku626(m): 11:34am On May 08, 2013 |
now we have more room to borrow more money for the wrong reasons. 3 Likes |
Re: World Bank Raises Nigeria's Economic Rating by Krasid(m): 11:36am On May 08, 2013 |
Good one.Naija will get there soon.Haters,go and drink acid. 1 Like |
Re: World Bank Raises Nigeria's Economic Rating by oloriooko(m): 11:36am On May 08, 2013 |
this is a huge political score for GEJ but how has this affected the common man on the street 1 Like |
Re: World Bank Raises Nigeria's Economic Rating by gramci: 11:36am On May 08, 2013 |
NL doom economist will disagree |
Re: World Bank Raises Nigeria's Economic Rating by slimming: 11:36am On May 08, 2013 |
Job creation is the most important rating for good economy, so i wonder what rating is this 1 Like |
Re: World Bank Raises Nigeria's Economic Rating by darlynlara(f): 11:37am On May 08, 2013 |
hmm..we thank God o lemme see the haters association of 9ja please..mtcheeew Gej all d way! 2 Likes |
Re: World Bank Raises Nigeria's Economic Rating by kkkp: 11:39am On May 08, 2013 |
All dis figures dat dnt translate 2 d masses...it means d poor are gettin poorer while d rich are getin richer |
Re: World Bank Raises Nigeria's Economic Rating by Nobody: 11:40am On May 08, 2013 |
Poverty rate moved from 64.2 to 62.6 and we are celebrating? Choi! 9 Likes |
Re: World Bank Raises Nigeria's Economic Rating by OkikiOluwa1(m): 11:40am On May 08, 2013 |
Good to hear. |
Re: World Bank Raises Nigeria's Economic Rating by Nobody: 11:42am On May 08, 2013 |
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. 5 Likes |
Re: World Bank Raises Nigeria's Economic Rating by gramci: 11:44am On May 08, 2013 |
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. 9 Likes |
Re: World Bank Raises Nigeria's Economic Rating by RedLight1: 11:46am On May 08, 2013 |
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 3 Likes |
Re: World Bank Raises Nigeria's Economic Rating by ojoawo(m): 11:48am On May 08, 2013 |
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? 2 Likes |
Re: World Bank Raises Nigeria's Economic Rating by globechamp: 11:48am On May 08, 2013 |
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 4 Likes |
Re: World Bank Raises Nigeria's Economic Rating by Godmann(m): 11:50am On May 08, 2013 |
Sunny_bobo: World Bank raises Nigeria’s economic rating 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. 4 Likes |
Re: World Bank Raises Nigeria's Economic Rating by 4llerbuntu(m): 11:51am On May 08, 2013 |
@ Reno OMockery, so this is also one of your user names on NL? i see. sunny_bobo u too much. u sunny indeed. |
Re: World Bank Raises Nigeria's Economic Rating by PHIPEX(m): 11:52am On May 08, 2013 |
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. 7 Likes |
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