Business

World Bank Appoints New President

Published

3 years ago

May 3, 2023

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.”

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.

“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.

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

Business

Why We Sited Our Multi-Billion Naira Automobile Firm Branch in Benin – Skyewise Group CEO

Published

1 day ago

May 4, 2026

Editor

Dr. Elvis Abuyere, Chief Executive Officer and Managing Director of Skyewise Group, an automobile firm, has explained the reason for establishing a branch of the company in Benin City, the Edo State capital, describing the ancient city as “a growing economy full of enormous potential for vibrant youth.”

He added that the company considers Edo State one of the most interesting states, noting that the decision aligns with its long-term vision.

Abuyere, who spoke in Benin on Monday while taking journalists on a tour of the new automobile facility, said:
“We started very small — from Abuja to Lagos and now Benin. It is a joy and privilege for us to have completed this amazing regional office with Skyewise Group.”

According to him, beyond the automobile business, Skyewise Group is in Benin to invest in real estate, logistics, youth empowerment, and credit management. “Aand also to lend our support to what the Edo State Government is doing, knowing the fact that there is an agenda,” he added.

The young CEO urged youths in Nigeria, particularly those in Edo State, to embrace entrepreneurship, stressing that “we believe it is the future of Africa,” especially Nigeria.

He said Nigeria stands as the giant of Africa and that its youth must take bold steps in the entrepreneurship landscape.

According to Abuyere, to ensure Edo youths actualise their entrepreneurial potential, the company has prepared soft loans to help them start businesses, adding that Skyewise Group is not limited to automobile operations.

He said: “More importantly to us is youth empowerment. We want our youth to be empowered, and this is where the Skyewise Foundation comes in.

“We believe the future of Africa is entrepreneurship, and that future lies in the hands of the young people of Nigeria. We want to empower them to stand the test of time, build something meaningful, and reduce unemployment and insecurity in our land.

“I believe we need to begin taking bold steps by refining the mindset of our young people. We need to give them a sense of belonging and direction.

“We have been addressing the liquidity gap in society by providing microloans to support businesses in our environment and in Benin City.”

When asked why he chose Benin City for the multi-billion naira automobile firm, Abuyere noted: “I think this is the first automobile showroom in Edo State where you can see a car lifted from the ground floor to the first floor and beyond.”

Business

JUST IN: Nigerian Filling Stations Reduce Fuel Price After Hike

Published

3 days ago

May 2, 2026

Editor

Nigerian filling stations reduced their Premium Motor Spirit price on Saturday, barely 24 hours after the hike.

Checks by DAILY POST showed that Ranoil, Empire Energy, and other filling stations in Abuja adjusted their petrol pumps to N1,365 and N1,375 per litre respectively, down from N1,440 per litre on Friday.

This means that petroleum marketers dropped their fuel price by N65 and N75 per litre. DAILY POST reports that the move was to attract patronage from customers.

Recall that three days ago, Nigerian filling stations had raised their petrol pump price to between N1,365 and N1,440 nationwide after Dangote Refinery and depot owners increased ex-depot prices to around N1,275 and N1,290 per litre.

According to DAILY POST, while the Nigerian National Petroleum Company Limited and MRS Bovas filling stations raised their petrol price to around N1,365 per litre, others adjusted theirs above N1,440 per litre.

However, with the latest fuel price reduction by Ranoil and Empire Energy, the majority of filling station outlets now dispense petrol between N1,365 and N1,375 per litre.

This development comes as the ripple effect of crude oil prices continues to impact Nigeria’s domestic fuel price.

Brent and West Texas Intermediate crude rose to $114 and $105 per barrel before dropping to $108 and $101 after the filing of this report.

Business

Dangote Refinery Hikes Petrol Price

Published

6 days ago

April 29, 2026

Editor

Dangote Refinery has increased the ex-depot price of petrol by N75.

The refinery announced the increase on Wednesday, hiking the the price from N1,200 to N1,275 per litre.
In the same way, coastal prices have gone up to N1,215 per litre.

This adjustment amid Brent crude trading at $114.80 per barrel marks a 3.15% increase.

DAILY POST reports that Brent crude has increased to $115 per barrel, while West Texas Intermediate rose to $103 per barrel on Wednesday.