Nigeria, Others Face $700bn Funding Gap

Nigeria and other developing countries face a financing shortfall of $270-700 billion to pay for their imports and service their debts this year, as the global economy falters and foreign investors withdraw, the World Bank has said. In a report published yesterday ahead of a March 14 meeting of Group of 20 finance ministers, the World Bank also said only one quarter of the most vulnerable countries have the resources to prevent a rise in poverty.