Business

World Bank Lists Challenges For Incoming FG, Drops Growth Rate Forecast

Published

3 years ago

April 13, 2023

The World Bank Group, WBG, has given a long list of challenges that need to be addressed in the immediate term by the new leadership of the Federal Government.

The WBG President, David Malpass, in a press briefing at the on-going Spring Meetings of the Bretton Woods institutions in Washington D.C., United States of America today, also hinted that economic growth would be subdued during the year with a forecast growth rate of 2.8 percent, a further drop from its earlier forecast of 2.9 percent and also a significant drop from its estimates for 2022 at 3.3 percent.

Malpass stated: “For Nigeria, the growth was 3.3 per cent in 2022 and 2.8 per cent for 2023 is within our forecast, and our high priority in the World Bank is shared prosperity in a sustainable way. And so, as we think about Nigeria, there are many changes that are needed in order to make that happen.

“Nigeria has a big chunk of its GDP coming from the oil sector and it means that a lot of people in Nigeria are facing poverty due to the global difficulties in the sector as well as Nigeria’s peculiar challenges, and that needs to be a direct focus.

“And they (Nigeria)also face insecurity across the northern regions that are very challenging. And so, the World Bank is working hard within Nigeria but also working to try to have an economic system that can be more productive.

“Nigeria has trade protection that blocks market development; They have a dual exchange rate that is very expensive for the people of Nigeria; They have high inflation and not enough diversification of the economy to really make sufficient progress”.

Speaking on the broader perspective of African economies also affecting Nigeria, Malpass said, “I wanted to give you the context for Nigeria, Egypt, and for other countries where we wish that the true success of the World Bank would be if there can be countries where the people are doing well into the future. And that I think is going to take a substantial change in the world.

“My hope would be that we can break through on the debt overhang that’s weighing on countries and also break through the structural blockages in so many of the big developing countries where rather than converging and having their growth go up faster than the advanced economies which would be their goal there is a slow down over the decade.

“Showing up like China, developing countries can grow at a 10 percent rate and catch up with advanced economies in a period of years and decades. India is showing that now with 6 percent growth but with the aspiration of 8 per cent per year growth based on policies that will generate faster growth, more electricity, access to clean water, and more investment in agriculture, the things that are needed by the countries.”
VANGUARD

Business

Naira Records Second Consecutive Depreciation Against US Dollar

Published

5 days ago

November 12, 2025

Editor

The Naira recorded its second consecutive depreciation against the United States dollar at the foreign exchange market on Tuesday to continue the bearish trend this week.

The Central Bank of Nigeria’s data showed that the Naira further weakened on Tuesday to N1,438.71 against the dollar, down from N1,437.2933 exchanged on Monday.

This means that the Naira again dropped by N1.42 against the dollar on Tuesday on a day-to-day basis.

At the black market, the Naira remained flat at N1465 per dollar on Tuesday, the same rate traded on Monday.

This is the second consecutive decline of Nigerian currency at the official market since the commencement of this week.

Meanwhile, the country’s external reserves had continued to rise, standing at $43.37 billion as of Monday, 10th November 2025, up from $43.35 billion on November 7.

Business

Tinubu Approves 15% Import Duty On Petrol, Diesel

Published

3 weeks ago

October 30, 2025

Editor

President Bola Tinubu has approved a 15 percent ad-valorem import duty on diesel and premium motor spirit (PMS), also known as petrol.

This was announced in a letter dated October 21, 2025, where the private secretary to the president, Damilotun Aderemi, conveyed Tinubu’s approval to the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

Tinubu gave his approval, following a request by the FIRS to apply the 15 percent duty on the cost, insurance and freight (CIF) to align import costs to domestic realities.

With the approval, the implementation of the import duty will increase a litre of petrol by an estimated N99.72 kobo.

The latest development has led to the Nigerian National Petroleum Company Limited (NNPCL) announcing that it has begun a detailed review of the country’s three petroleum refineries, with a view to bringing them back online.

NNPCL Group Chief Executive Officer (GCEO), Bayo Ojulari, made the announcement in a post on his official X handle on Wednesday night.

According to Ojulari, one of the options being explored by the NNPCL is to search for technical equity partners to ‘high-grade or repurpose’ the facilities.

Tagged: “Update on Our Refineries”, Ojulari said: “The NNPCL continues to remain optimistic that the refineries will operate efficiently, despite current setbacks.”

It can be recalled that despite spending about $3 billion on revamping the refineries, only the 60,000 barrels per day portion of the facility worked skeletally for just a few months before packing up.

The Warri refinery has remained ineffective weeks after it was gleefully announced to have returned to production, while the one situated in Kaduna State never took off at all.

Business

NNPCL Raises Fuel Price

Published

1 month ago

October 13, 2025

Editor

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol from ₦865 to ₦992 per litre, marking a fresh hike that has sparked widespread concern among motorists and consumers .

As of the time of filing this report, the company has not released any official statement explaining the reason for the sudden adjustment.

During visits to several NNPC retail outlets, The Nation observed fuel attendants recalibrating their pumps to reflect the new price.

At NNPC filling station on Ogunusi road, Ojodu Berger, petrol attendants at the station said they were instructed to change the price to reflect the new rate N992 per litre.

However, checks at Ibafo along the Lagos /Ibadan expressway showed that NNPC outlets still displayed the old price of N875 per litre, although they were not selling to commuters.

Most of the NNPC stations were not dispensing fuel.