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Debt, Inflation Affecting Global Growth – World Bank

Published

4 years ago

April 18, 2022

The two big problems facing global growth are debt and inflation, the World Bank said on Monday.

The President, David Malpass made the remark at Spring Meetings 2022 Media Roundtable.

He said due to high debt and deficit levels, countries are under severe financial stress with sixty per cent of low-income ones in debt distress or at high risk.

On steps to fix the situation, Malpass suggested the establishment of a timeline for forming creditors’ committees and suspension of debt service payments and penalty interest.

Others are expanding eligibility, using a simple rule so that it can be evaluated and enforced and engaging commercial creditors at the beginning of the process.

On inflation, Malpass said policies need to be adjusted to enhance supply, not just increasing demand.

The chief urged governments and private sectors to ensure that supply will increase and that their policies will foster currency stability to bring down inflation and increase growth rates.

The World Bank advised Central Banks to use more tools under current policies.

“The inequality gap has widened materially, with wealth and income concentrating in narrow segments of the global population.

“Interest rate hikes, if that’s the primary tool, will add to the inequality challenge that the world is facing.

“Central banks can use more of their tools, not just interest rates. Capital is being misallocated now.”

The tools include: changing the duration of their portfolio as it would be helpful to shorten it; encouraging supply through their regulatory policies, and providing forward guidance that fosters currency stability.

Related Topics:#World Bank eceonmic growth Inflation

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Business

Naira Continues Gain Against US Dollar As Nigeria’s Foreign Reserves Climb To $45.57bn

Published

2 days ago

January 6, 2026

Editor

The Naira appreciated further against the United States Dollar at the official foreign exchange market, beginning the week on a good note.

Central Bank of Nigeria data showed that the Naira strengthened on Monday to N1,429.31 per dollar, up from N1,430.85 exchanged on Friday, 2 January 2026.

This means that the Naira gained N1.56 against the dollar on Monday when compared to N1,430.85 last week Friday.

At the black market, the Naira dropped by N5 to N1480 per dollar on Monday, down from N1475 traded Friday.

The development comes as the country’s external reserves rose to $45.57 billion as of Friday last week.

Business

NNPCL Reduces Fuel Price Again

Published

3 days ago

January 5, 2026

Editor

The Nigerian National Petroleum Company Limited, NNPCL, has again reduced its premium motor spirit price.

In Abuja, on Monday morning, it was gathered that NNPCL retail outlets have reduced their fuel price to N815 per liter, down from N835.

This means that the NNPCL filling stations cut their price by N20.

The fresh price has been implemented at NNPCL filling stations in Wuse Zone 6 and 4 Abuja, Keffi-Abuja Road, and Kubwa Expressway.

An NNPCL filling station attendant, who preferred anonymity, told DAILY POST that the new price was implemented on Sunday evening.

However, the N815 per liter is N79 higher than the N739 per liter sold at Dangote Refinery’s backed MRS filling stations nationwide.

DAILY POST recalls that NNPCL on December 19, 2025, cut its price of petrol by N80 to N835 amid a price war among players in the country’s oil downstream sector triggered by Dangote Refinery’s gantry price reduction to N699 per liter.

Business

NNPCL Announces Restoration Of Escravos-Lagos Pipeline

Published

1 week ago

December 30, 2025

Editor

The Nigerian National Petroleum Company Limited (NNPCL) has announced the complete restoration of the Escravos-Lagos Pipeline System (ELPS) in Warri, Delta State, following the recent explosion on the asset.

The chief corporate communications officer (CCCO) of the nation’s oil company, Andy Odeh, in a statement, said that the pipeline is fully operational, reiterating the company’s resilience and commitment to energy security.

“NNPC Limited is pleased to announce the successful restoration of the Escravos-Lagos Pipeline System (ELPS) in Warri, Delta State.

“Following the unexpected explosion on December 10, 2025, we immediately activated our emergency response, deployed coordinated containment measures, and worked tirelessly with multidisciplinary teams to ensure the damaged section was repaired, pressure-tested, and safely recommissioned.

“Today, the pipeline is fully operational, reaffirming our resilience and commitment to energy security. This achievement was made possible through the unwavering support of our host communities, the guidance of regulators, the vigilance of security agencies, and the dedication of our partners and staff.

“Together, we turned a challenging moment into a success story, restoring operations in record time while upholding the highest standards of safety and environmental stewardship.

“As we move forward, NNPC Limited remains steadfast in its pledge to protect our environment, safeguard our communities, and maintain the integrity and reliability of our assets. Thank you for your trust as we continue to power progress for Nigeria and beyond,” the statement read.