More Nigerians to Sink into Poverty by 2027 – World Bank
Sunday 27th April 2025
I hope you are having an amazing Sunday! Welcome back to the ONLY newsletter that gives readers a weekly recap of the major events in the Nigerian Business World.
On Thursday, the World Bank said that poverty in Nigeria will increase by 3.6% over the next five years through 2027.
The bank disclosed the information in its Africa Pulse report, presented at the current World Bank and International Monetary Fund (IMF) Spring Meetings in Washington, DC, USA.
According to the report, despite fiscal pressures, non-resource-rich countries are expected to continue reducing poverty more quickly than resource-rich countries. It also stated that non-resource-rich countries will see higher growth overall because of higher prices for agricultural commodities.
UBA Seeks Early Recapitalisation as 2024 Profit Hits N767 billion
The Central Bank of Nigeria's (CBN) new capital requirement of N500 billion will be met by the United Bank for Africa (UBA) by the third quarter of 2025, well ahead of the central bank's March 2026 deadline.
It follows UBA's announcement of a N767 billion profit after tax (PAT) in 2024, driven by strong revenue growth and wise investments.
Tony Elumelu, the chairperson of the UBA Group, gave the assurance during the bank's 65th Annual General Meeting (AGM), which took place in Abuja.
Elumelu made the following comments;
“We are committed to meeting the CBN’s N500 billion minimum capital requirement ahead of schedule. We expect to complete the final phase of our recapitalisation process in the third quarter of 2025, well before the March 2026 deadline.”
Nigeria Falls to Fourth Position on the 10 African Countries by GDP 2024 list
According to the gross domestic product (GDP), which is a gauge of the total monetary value of all completed goods and services produced in a nation during a specific period, Nigeria has fallen to the fourth rank on the list of the best African nations.
Afreximbank Research, the research and data unit of Cairo-based African Export-Import Bank, highlighted on X (formerly Twitter) on Friday the International Monetary Fund (IMF)’s ranking of Africa’s top countries by GDP for 2024.
Nigeria, the largest country on the continent until 2023, dropped to fourth place after two severe currency devaluations reduced its GDP by more than half and caused the naira to lose about 70% of its value against the US dollar.
The National Bureau of Statistics is working on rebased GDP data of the nation, which should include new and promising industries like mining, ICT, e-commerce, the marine economy, and the arts, culture, and tourism.
Okonjo-Iweala Calls for Trade Integration Among African Countries Amid Tariff Tensions
Ngozi Okonjo-Iweala, the World Trade Organisation's (WTO) director-general, urged deliberate efforts on Friday, 25th April 2025, to increase trade integration among African nations.
The new tariff wars between the US and other economies, particularly China, are causing uncertainty globally.
Speaking to reporters on the sidelines of Friday's World Bank/IMF meetings in Washington, Mrs. Okonjo-Iweala offered the counsel.
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