Economy
World Bank Projects 2.5% Growth for Nigeria in 2022
By Adedapo Adesanya
The World Bank has projected that Nigeria’s economy will grow by 2.5 per cent in 2022.
The World Bank gave the forecast in its latest Global Economic Prospects report on Wednesday, adding that Africa’s largest economy will further add 0.3 points to a 2.8 per cent growth forecast in 2023.
In the publication, the Bretton Wood institution noted that “In Nigeria, growth is projected to strengthen somewhat to 2.5 per cent in 2022 and 2.8 per cent in 2023.”
The Washington-based institution further said that, “The oil sector should benefit from higher oil prices, a gradual easing of the Organisation of the Petroleum Exporting Countries (OPEC) production cuts, and domestic regulatory reforms.”
“Activity in service sectors is expected to firm as well, particularly in telecommunications and financial services.
“However, the reversal of pandemic-induced income and employment losses is expected to be slow; this, along with high food prices, restrains a faster recovery in domestic demand,” it added.
According to the global lender, activity in the non-oil economy will remain curbed by high levels of violence and social unrest, as well as the threat of fresh COVID-19 flare-ups with remaining mobility restrictions being lifted guardedly because of low vaccination rates.
It stated that just about two per cent of the nation’s population had been fully vaccinated by the end of 2021.
The financial institution lamented that the pandemic has reversed at least a decade of gains in per capita income in Nigeria and some countries.
It explained that after barely increasing last year, per capita incomes were projected to recover only at a subdued pace, rising 1.1 per cent a year in 2022 – 23, leaving them almost two per cent below 2019 levels.
The World Bank stated that in some countries, the services and manufacturing sectors again reeled from the adverse impact of the pandemic, while high unemployment and elevated inflation dented consumer confidence.
While focusing on Nigeria’s north-east region and some Sub-Saharan African (SSA) countries such as Burkina Faso, Chad, Mali, Mauritania, and Niger, it said rising social unrest, insecurity, and civil conflicts have further restrained investment and consumer spending.
“Incoming indicators for major SSA economies point to a renewed improvement in economic activity towards the end of 2021,” the report revealed. “Mobility indicators continued to recover as many economies eased social-distancing restrictions following a decline in new COVID-19 cases from the peak reached in mid-2021.
“However, the Omicron variant detected in late November is now contributing to COVID-19 flare-ups across the region, particularly in Eastern and Southern Africa. More than 70 per cent of SSA countries reported at least a 50 per cent increase in new COVID-19 cases during the last two weeks of 2021,” it stated.
In Sub Saharan African, growth is projected to firm to 3.6 per cent in 2022 and 3.8 per cent in 2023.
The near-term recovery is expected to persist supported by elevated commodity prices as activity continues to rebound in the region’s main trading partners (China, the euro area, and the United States), albeit at a slower pace than last year.
The outlook is also predicated on a gradual recovery in tourism, with vaccinations in some tourism-reliant economies already proceeding at a much faster pace than in the rest of the region.
Projected growth in the region in 2022-23 is, however, still nearly a full percentage point below its 2000-19 average, partly reflecting the lingering adverse effects of COVID-19, while the pace of vaccinations is also expected to remain slow in many of the region’s countries.
The lender added that the speed of recovery is to be constrained by elevated policy uncertainty in many countries, a high incidence of social unrest and conflict, rising poverty and food insecurity, and delays to investments in infrastructure and mining, as well as slow implementation of structural reforms.
By Adedapo Adesanya
Vert, a global cross-border payments platform, has announced a new solution under Verto Business Accounts that enables US-registered businesses to move money seamlessly between the United States and Africa.
With the ability to open a US Dollar account in their business name and have access to trusted emerging market payment rails, companies can now receive, hold, and transfer funds faster, more cost-effectively, and with greater control.
US-registered businesses with operations in Africa often encounter significant banking limitations, with US banks frequently delaying or blocking transactions to or from African markets, imposing high or hidden FX costs, and offering limited access to Emerging Market payment corridors. Businesses without a US bank account registered in their own name must rely on fragmented tools or intermediaries to move funds to Africa, creating operational inefficiencies and slowing growth.
Verto’s new solution directly addresses these challenges by giving US-domiciled businesses access to named USD accounts and a robust cross-border payment infrastructure, enabling them to move funds and settle transactions in local currencies with speed and efficiency.
Built for venture-backed startups, import-export SMEs, and investors funding emerging market innovation, this solution will enable clients to receive funds directly into a named USD business account from US based customers or investors, convert and settle between USD and local currencies such as NGN and KES quickly and at lower cost, as well as hold, receive, and pay in 48 currencies from a single dashboard.
The solution will also allow users to pay contractors, suppliers, and offshore teams instantly via local payment rails. It also equips teams with virtual cards to spend in 11 currencies without fees and leverage specialised onboarding and monitoring that navigates both US and African regulatory requirements
By combining US and African compliance expertise, Verto’s Business Accounts empowers companies to maintain a US domestic presence for investors, customers, and suppliers while using deep-liquidity rails to pay global contractors and settle trades in local currencies efficiently, ensuring uninterrupted trade, payroll, and investment flows, without the risk of blocked or delayed transactions.
“We believe founders building across borders should not be constrained by the limitations of traditional banking,” said Ola Oyetayo, CEO of Verto. “Providing named accounts in the US empowers businesses with the funds they need to operate globally, connecting the US and Africa more efficiently without friction.”
With over 8 years of experience and $25 billion in annual global cross-border transaction volume, Verto continues to provide the infrastructure, expertise, and trusted payment rails businesses need to operate confidently across borders and scale globally.
By Adedapo Adesanya
The Presidential Enabling Business Environment Council (PEBEC) has directed Ministries, Departments, and Agencies (MDAs) to suspend the introduction of new policies and regulatory changes to prevent disruptions to businesses.
The directive was issued in a statement by PEBEC director-general, Mrs Zahrah Mustapha-Audu, on Monday in Abuja, noting that the move is part of the Federal Government’s broader effort to improve regulatory quality, ensure policy consistency, and strengthen Nigeria’s ease of doing business environment.
The council emphasised that the suspension will remain in place until all MDAs fully comply with the Regulatory Impact Analysis (RIA) Framework, which governs evidence-based policymaking across government institutions.
The council said the directive is aimed at ensuring that all government policies are backed by verifiable data and do not negatively impact businesses or investors.
“It is imperative to emphasise that no new reform or policy will be permitted to proceed without being grounded in clear, verifiable evidence,” said Mrs Mustapha-Audu.
“The framework provides the structured mechanism through which such evidence-based decisions can be rigorously developed, assessed, and validated.
“This directive is necessary to prevent policy shocks that may adversely affect businesses, investors, and citizens, as well as to eliminate policy inconsistencies and frequent reversals.”
She added that the government remains committed to working collaboratively with regulators and does not intend to embarrass any institution.
The Regulatory Impact Analysis (RIA) Framework, introduced in January 2025, is designed to improve transparency and ensure that policies undergo proper evaluation before implementation.
All MDAs are required to align new policies and amendments with the RIA framework before approval and rollout.
The framework has been circulated by the Office of the Secretary to the Government of the Federation (SGF) and is available on the PEBEC website.
MDAs are encouraged to seek technical support from the PEBEC Secretariat to ensure proper implementation.
Exceptions to the directive will only be granted in cases of urgent national interest, subject to appropriate approvals.
PEBEC noted that the framework will help institutionalise evidence-based policymaking, enhance transparency, and improve stakeholder confidence in government decisions.
By Aduragbemi Omiyale
Subscription for the Federal Government of Nigeria (FGN) savings bonds for April 2026 has opened, a circular from the Debt Management Office (DMO) on Tuesday, April 7, 2026, confirmed.
The debt office is selling the retail debt instrument for this month in two tenors of two years and three years.
Offer for the savings bonds opened today and will close on Friday, April 10, 2026, a part of the disclosure stated.
The 2-year FGN savings bond due April 15, 2028, is being sold at a coupon rate of 13.082 per cent per annum, while the 3-year FGN savings bond due April 15, 2029, is being sold at a coupon rate of 14.082 per cent per annum.
The interests are paid every quarter, and the bullet repayment to subscribers on the maturity date.
The bonds are sold at N1,000 per unit, subject to a minimum subscription of N5,000 and in multiples of N1,000 thereafter, subject to a maximum subscription of N50 million.
Interested investors are required to reach out to the stockbroking firms appointed as distribution agents by the DMO via the agency’s website.
An FGN savings bond qualifies as securities in which trustees can invest under the Trustee Investment Act. It also qualifies as government securities within the meaning of the Company Income Tax Act (CITA) and the Personal Income Tax Act (PITA) for tax exemption for pension funds, amongst other investors, meaning it is tax-free.
It can be used as a liquid asset for liquidity ratio calculation for banks, and is listed on the Nigerian Exchange (NGX) Limited to allow for easy exit (liquidation) before maturity by selling at the secondary market.
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