World Bank Approves $750 Million Loan For Nigeria

The World Bank has approved a sum of $750 million to help Nigeria in its efforts to create more jobs. 

A statement released by the World Bank on Thursday commended the Nigerian government in its efforts to eliminate constraints in the business environment through the Presidential Enabling Business Environment Council (PEBEC). 

The world bank further noted that although Nigeria’s ability to attract both domestic and international foreign investment remains low when compared to its peers, the country is capable to drive private investment to high growth

According to the statement which was released on Thursday,  the World Bank nonetheless stated that the fund will help Nigeria to accelerate the implementation of critical actions that will improve the business-enabling environment in the country.

Investors King learnt that though Nigeria moved by 38 places on the global ranking of ease of doing business between 2016 and 2019 from 169 to 131, the previous gains seem to have been wiped out after the adverse effect of covid19 and the current economic challenges. 

Similarly, in June 2022, a publication by the World bank also decried the cumbersome customs procedures in Nigeria, especially at the Nigeria port. 

The report stated that Nigeria’s tariffs are among the highest in the world, especially for capital, intermediate and consumer goods. 

In recent times, there has been a series of complaints about the activities of the Nigerian Customs Service which could be detrimental to goods importation. Manufacturers and importers have an alleged arbitrary approach that the Nigeria Custom is using for duty valuation. 

They argued that it was not helpful for Customs to use the Consumer Price Index (CPI) to compute value and charge duty, given the high cost of local production.

Consumer Price Index is used to measure the overall change in consumer prices based on a representative basket of goods and services over time.