World Bank raises Nigeria’s economic rating
World Bank raises Nigeria’s economic rating 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 implicat...