Business
World Bank Appoints New President
Published
2 years agoon
By
Editor
The World Bank confirmed on Wednesday that Ajay Banga would be its next president, handing him the reins at a pivotal time as it looks to reshape its role to better address climate change.
“The Board looks forward to working with Mr. Banga on the World Bank Group Evolution process,” the development lender wrote in a statement published shortly after executives voted to approve his leadership for a five-year term.
The bank said it looked forward to working with Banga on its “ambitions and efforts aimed at tackling the toughest development challenges facing developing countries.”
Banga, the US candidate who was the sole nominee for the top job, will begin his new role on June 2, taking over from David Malpass who is stepping down early amid criticism over his stance on climate issues.
President Joe Biden said in a statement that Banga “will help steer the institution as it evolves and expands to address global challenges that directly affect its core mission of poverty reduction — including climate change.”
READ ALSO: Centre Laments World Bank Report On Nigeria, Demands Freeze On Borrowing
More private sector participation
Under an unwritten arrangement, a US citizen has historically held the presidency of the Washington-based development lender, while the International Monetary Fund has been run by a European.
Despite growing public unease over America’s continued grip on the bank’s presidency from developing and emerging economies, the trend continues with Banga, 63, who was born into a Sikh family in India and is a naturalized US citizen.
Banga previously ran the payments company Mastercard for more than a decade between 2010 and 2021. He has also served on the boards of the American Red Cross, Kraft Foods and Dow Inc.
He told reporters that during his candidacy, he wanted to see greater private sector funding to help tackle financing for global problems.
“There is not enough money without the private sector,” he said, adding that an organization like the World Bank should set up a system that could share risk or mobilize private funds to achieve its goals.
READ ALSO: World Bank Pledges $200m To Repair Ukraine Energy Infrastructure
“These are all tools in the toolkit and I’m going to try and figure it out,” he said.
Treasury Secretary Janet Yellen said Wednesday that “ambitious goals” for the bank would not be met overnight, adding that Washington remains committed to “a staged adoption of reforms over the course of the year.”
Banga’s track record of “forging partnerships between the public sector, private sector, and non-profits uniquely equips him to help mobilise private capital and press for the reforms needed,” she said.
Climate concerns
Banga will enter his new role at a difficult time for the world economy, with slowing global growth and high interest rates in many major economies.
Low-income countries are expected to suffer a double shock from higher borrowing costs and a decline in demand for their exports due to the tough economic conditions, IMF chief Kristalina Georgieva said last month, adding that this could fuel poverty and hunger.
Banga will take control of the bank shortly after member countries endorsed measures to allow it a $50 billion lending boost over the next decade — a key objective of outgoing president Malpass.
READ ALSO: FG Gets $800m World Bank Grant For Subsidy Palliatives
The move is part of an ongoing evolution of the development lender amid pushes for it to meet global challenges like climate change.
The bank estimates that developing countries will need $2.4 trillion every year for the next seven years just to address the costs of climate change, conflict and the pandemic.
While plans to reform the bank have been broadly welcomed, there has been concern by some countries that new objectives could relegate the pressing economic development needs of members in developing economies.
“We want to make sure that the development agenda is not diluted in the climate agenda,” Abdoul Salam Bello, a member of the bank’s executive board representing 23 African countries, told AFP last month.
“Climate is important, but we don’t want to have a trade-off where we have an agenda that will be climate versus development,” he said.
AFP
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Business
NNPCL Reduces Fuel Price After Dangote Refinery’s Adjustment
Published
1 week agoon
August 14, 2025By
Editor
The Nigerian National Petroleum Company Limited has reduced its premium motor spirit pump price on Thursday, according to DAILY POST.
It was confirmed that NNPCL retail outlets in the Federal Capital Territory, Abuja, have reduced their pump price to N890 per litre from N945.
This new fuel price has been reflected in NNPCL retail outlets such as mega station Danziyal Plaza, Central Area, Wuse Zone 4, Wuse Zone 6, and other of its filling stations in the nation’s capital.
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The latest downward review of fuel price in NNPCL outlets represents an N55 reduction in fuel pump price.
“It was reduced to N890 per litre this afternoon, down from N945,” an NNPCL fuel attendant told DAILY POST anonymously on Thursday.
This comes a Nigerian filling station, MRS Empire Energy, on Thursday adjusted their fuel pump price to N885 and N946 per litre, down from N910 and N955 per litre.
The latest fuel price reduction trend is unconnected to Dangote Refinery’s ex-depot petrol price adjustment by N30 to N820 per litre from N850 and the price of crude oil in the international market.
Dangote Petroleum Refinery has announced a reduction in the ex-depot (gantry) price of Premium Motor Spirit, PMS, commonly known as petrol, by N30, from N850 to N820 per litre, effective from August 12, 2025.
This was disclosed in a statement by the company’s spokesman, Anthony Chijiena, on Tuesday.
The 650,000-barrel-per-day plant said the move is part of its unwavering commitment to national development, assuring the public of a consistent and uninterrupted supply of petroleum products.
READ ALSO:Dangote Refinery Gets New CEO
“In line with our dedication to operational excellence and sustainable energy solutions, Dangote Petroleum Refinery will commence the phased deployment of 4,000 CNG-powered trucks for fuel distribution across Nigeria, effective August 15, 2025,” said Chijiena.
The announcement comes as the refinery prepares to commence direct fuel distribution nationwide. The development is expected to lead petroleum product marketers to reduce their pump prices in the coming days.
In Abuja, the retail fuel price stood between N885 and N970 per litre as of Tuesday evening.
Business
Indian Refiners Abandon Russia For Nigerian Crude, As Dangote Refinery Relies On US
Published
2 weeks agoon
August 11, 2025By
Editor
India Refineries have abandoned Russian crude for Nigerian crude, while domestic refiner Dangote Refinery relies heavily on West Texas Intermediate crude from the United States of America.
This followed a recent sanction threat by US president Donald Trump on India over continued patronage of Russian crude.
According to Reuters, industry sources said that Indian Oil Corporation recently bought one million barrels of Nigeria’s Agbami crude for September 2025 delivery in a tender awarded to global trader Trafigura.
Also included are one million barrels of Angola Girassol, one million barrels of US Mars, three million barrels of Abu Dhabi Murban, and two million barrels of Nigerian oil, according to Reuters.
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The report noted that the purchase is part of a broader sourcing spree that has seen Indian refiners secure millions of barrels from non-Russian sources post July 2025.
Meanwhile, Indian refiners secured purchases of Nigerian crude grades; the $20bn Dangote Petroleum Refinery in Ibeju-Lekki, Lagos, is relying on around 60 percent on US and other imoorts to feed its processing units.
Data showed that the refinery imported an average of 10 million barrels in July 2025, saying it was increasingly relying on the US for its feedstock despite the naira-for-crude deal with the Federal Government, which kicked off in October last year.
According to Reuters, the Indian Oil Corp and Bharat Petroleum have bought a million barrels of non-Russian crude billed for delivery in September and October after the US pressured India to halt purchases from Russia.
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Indian state refiners had been largely absent from the Nigerian crude market spotlight since 2022; they have in the past concentrated on Russian crude amid the Russian-Ukrainian war. However, the Indian refiners paused Russian purchases in late July 2025 after pressure from US President Donald Trump.
On the part of Dangote Refinery, data from commodities analytics firm Kpler showed that in July, US barrels accounted for about 60 percent of Dangote’s 590,000 barrels per day of crude intake, with Nigerian grades making up the remaining 40 percent.
In July, the Dangote refinery’s crude imports surged to a record 590 kbd—driven largely by US barrels overtaking Nigerian supply for the first time—amid ongoing domestic sourcing challenges, Kpler reports.
“While WTI has held a significant share in Dangote’s import slate since March, this is the first time US crude has overtaken Nigerian supply—a shift driven by several factors,” Kpler stated.
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