Index to Nigerian Newspapers

The World Bank has named soaring interest rates, rising inflation, and the effects of COVID-19 economic shutdowns as factors in the decline of privately owned firms. Nigeria and other developing economies were highlighted by the bank as being particularly hard hit by the difficult economic conditions. The multinational agency claims that the private sector is contracting under significant pressure. Government expenditure and monetary policy, according to the head of the World Bank, are in unknown territory as macroeconomic imbalances continue to rise to previously unheard-of proportions. He continued by saying that the central bank's balance sheet had absorbed previously unheard-of quantities of bank reserves financed by long-term assets. He pointed out that major central banks are taking out sizable bank reserve loans to keep their bond and mortgage portfolios in tact.