Nigeria continues its recovery from the 2016 recession, sustaining an estimated 2 percent growthrate in 2019. The collapse of global oil prices during 2014–16, combined with lower domestic oil production, led to a sudden slowdown in economic activity.
... Exibir mais + Nigeria’s annual real GDP growth rate, which averaged 7 percent from 2000 to 2014, fell to 2.7 percent in 2015 and to -1.6 percent in 2016. Growth rebounded to 0.8 percent in 2017, 1.9 percent in 2018, and then plateaued at 2 percent in the first half of 2019, where it is expected to remain for the rest of the year. Services, particularly telecoms, remained the main driver of growth in 2019, although trade started contracting amidst increasing use of policy measures aimed at import substitution. Agricultural growth picked up slightly but remains affected by insurgency in the Northeast region and ongoing farmer-herder conflicts. Industrial performance was mixed: growth in the oil sector remained stable, but manufacturing production slowed in a context of weaker power sector supply. Overall, the slow pace of recovery in 2019 is attributable to weak consumer demand and lower public and private investment. The annual headline inflation rate fell from a peak of 15.7 percent in 2016 to a projected 11.6 percent in 2019 but remains high and above the central bank’s target of 6–9 percent. The focus section of this report analyzes the evolution of productivity in Nigeria and identifies policies and institutions that can leverage productivity growth to accelerate Nigeria’s economic expansion and create new job opportunities. The analysis highlights four key priorities. First, ensuring policy transparency and predictability will be critical to reduce investment risk and promote growth outside the extractive industry. Second, investing in infrastructure, strengthening land tenure security, improving educational outcomes, and liberalizing the trade regime and enhancing trade and transport facilitation would help develop value chains and facilitate the efficient reallocation of factors of production, making Nigeria more cost-competitive. Third, reducing regulatory discretion would help attract foreign and domestic investment to the nonoil sector, encourage competition, and promote formalization.And fourth, improving access to finance could enable new firms to compete with incumbents and allow more productive firms to scale up their operations. Actions in these areas would lay the groundwork for Nigeria’s transition to a new economic model that more effectively utilizes its large, young population and abundant natural resources to support sustainable growth and poverty reduction.
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Cambodia's openness to trade and financial flows has fueled one of the fastest credit growth episodes in Asia.A remarkable expansion in formal microfinance lenders contributed to increased access to credit.
... Exibir mais + Since the promulgation of the National Strategy for Microfinance in 2007, Cambodia’s microfinance sector has expanded rapidly, with both assets and credit growing at annualized rates of over 40 percent. While access to credit has helped ease financial constraints for households, one key concern is how the cost of credit and increased exposure to risk might affect household welfare. At the household level, low financial literacy could result in poor borrowing decisions and heighten risks. There are concerns that households may be over-borrowing and increasing their exposure to risks, as there are signs that the market is already highly saturated, given estimated absorption capacity at this level of development. This policy note assesses the impact of access to credit on household welfare in Cambodia and providesevidence on the drivers of the cost of credit in the microfinances sector. To fill the existing knowledge gaps, this policy note uses the latest available data from official sources to provide evidence on (i) the impact of microcredit on household welfare, (ii) profitability and cost of credit in the microfinance sector, and (iii) the effects of the interest rate cap in the sector. This note ultimately presents a series of policy options aimed at facilitating affordability and reducing the cost of credit, while maintaining sector profitability and minimizing risks (both for households and the financial system). The policy options have been developed in consultation with sector stakeholders.
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The development objective of Development Finance Project for Nigeria is to increase the availability and access to finance for micro, small, and medium enterprises through eligible financial intermediaries with the support of a new wholesale development finance institution.
... Exibir mais + This restructuring will require amendments to the following project documents: i) amendment to loan agreement; and ii) amendment to disbursement letter.
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The development objective of the Housing Finance Development Program Project for Nigeria is to increase access to housing finance by deepening primary and secondary mortgage markets in the Federal Republic of Nigeria.
... Exibir mais + The restructuring will: (i) express the targets of the disbursement linked indicators (DLIs) in Naira, using the historical exchange rate (at the time of project approval) ensuring objective adjustment of targets to reflect the market conditions resulting from exogenous factors beyond the control of the project; (ii) adjust the amount of the DLIs for tranches III, IV, and V; (iii) the original credit was committed in special drawing rights (SDR), the restructuring will make this correction as well, by transforming the maximum amount allocated to SDR; and (iv) amendment to the disbursement letter for category 1 expenditures.
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The report analyzes the status of the Nigerian Microfinance Banks (MFBs) sector and aims to identify and address the challenges of its effective regulation and supervision.
... Exibir mais + Ensuring the financial soundness of the MFB sector is regarded as a prerequisite for its further development. This report was prepared at the request of Other Financial Institutions Supervision Department (OFISD) of the Central Bank of Nigeria (CBN) to inform OFISD's efforts to develop a strategy for regulation of the MFB sector with emphasis on its consolidation. The report does not attempt to address in depth other systemic issues related to microfinance market development, such as funding constraints or gaps in financial infrastructure. While important these factors are secondary to the report’s central focus on reforming and recalibrating the regulatory framework and ensuring effective supervision, which is regarded as necessary precursors to the growth of the sector. Only once these regulatory and supervisory reforms are implemented will the MFB sector be better positioned to start to make a more significant and sustainable contribution to financial inclusion. The findings of the report are complemented with fifteen case-studies based on a representative sample of different MFB business models and origins, drawing lessons regarding the challenges faced by the sector about factors such as their business model, governance, funding, and client base. The Microfinance Policy, Regulatory and Supervisory Framework for Nigeria of 2005 established MFBs as a means of formalizing microfinance institutions (MFIs) in order to promote financial discipline and sustainability, while also providing access to financial services to the unbanked population. The framework was designed to attract new capital as well as to regularize Community Banks (CBs), which had been established since the early 1990s, mainly as conduits for directed lending. Licensed by the CBN, MFBs are allowed to solicit deposits, which are guaranteed by the Nigeria Deposit Insurance Corporation (NDIC).
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Documento de Trabalho 134708 DEC 01, 2017
Popovic,Andrej; Steel,William F.; Fuchs,Michael J.; Mark George,OlugbolahanDisclosed
The development objective of the Development Finance Project for Nigeria is to increase the availability and access to finance for micro, small, and medium enterprises (MSMEs) through eligible financial intermediaries with the support of a new wholesale development finance institution.
... Exibir mais + Some of the negative impacts and mitigation measures include: (i) activities involving the risk of work performed by children;(ii) activities involving land acquisition and or restrictions on land use resulting in involuntary resettlement or economic displacement; (iii) industrial-scale activities in or near critical habitats; (iv) industrial-scale activities involving production,harvesting, or trade in wood or other forestry products from plantation and natural forests or wild fish and other aquatic species; (v) industrial-scale production trade, storage, or transport of significant volumes of hazardous chemicals or commercial scale usage of hazardous chemicals; (vi) production or activities that have adverse impacts, including relocation, on the lands, natural resources, or critical cultural heritage that are used as livelihoods by vulnerable and or historically underserved traditional local communities; and (vii) activities involving significant adverse impacts on critical cultural heritage.
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The objective of the Diagnostic Review of Financial Consumer Protection in Nigeria is to assess the legal, regulatory, and institutional framework, industry practices and related new initiatives for Financial Consumer Protection (FCP) applicable to the banking, non-bank financial institution (NBFI) and payment sectors and develop prioritized and tailored recommendations aimed at supporting the Central Bank of Nigeria (CBN) in enhancing the FCP framework and its implementation.
... Exibir mais + The assessment is conducted based on the revised and enhanced World Bank Good Practices for Financial Consumer Protection and covers five topics in each of the above-mentioned sectors: i) legal, regulatory, and supervisory framework; ii) disclosure and sales practices; iii) fair treatment and business conduct; iv) data privacy; and v) dispute resolution mechanisms.
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Documento de Trabalho 125964 JUN 01, 2017
Popovic,Andrej; De Souza Neves Lopes,Ligia; Traversa,Marco; Grady,Rosamund Clare; Melville,Douglas WilliamDisclosed
The objective of the Diagnostic Review of Financial Consumer Protection in Ethiopia is to assess the legal, regulatory, and institutional framework for financial consumer protection (FCP) and develop prioritized and tailored recommendations aimed at supporting the National Bank of Ethiopia (NBE) in developing and operationalizing improvements to that framework.
... Exibir mais + The assessment is conducted under the Ethiopia Financial Inclusion Support Framework (FISF) Program, and based on the revised and enhanced 2017 Edition of the World Bank Good Practices for Financial Consumer Protection with focus on retail products and services in four sectors: i) banks and non-bank financial institutions (NBFIs); ii) payments; and iii) insurance. Further, the review covers five topics in each of the above-mentioned sectors: i) legal, regulatory, and supervisory framework; ii) disclosure and sales practices; iii) fair treatment and business conduct; iv) data privacy; and v) dispute resolution mechanisms. The report reflects the existing legal, regulatory, and institutional framework in Ethiopia, with references to planned reforms that were presented to or discussed with the World Bank team. It also features industry practices identified through interviews with financial services providers, financial regulators, and consumer and industry associations.
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