Business
BRICS Leaders Close To Setting Up Dev Bank
The leaders of five of the world’s top emerging economies moved closer toward establishing a development bank that could one day serve as an alternative to the World Bank.
The leaders of Brazil, Russia, India, China and South Africa — collectively known as the BRICS — “agreed to examine in greater detail a proposal to set up a BRICS-led South-South Development Bank, funded and managed by the BRICS and other developing countries,” said Prime Minister Manmohan Singh of India.
The leaders were meeting in New Delhi on Thursday for their fourth annual summit. Finance ministers from the five countries have been directed to look into the idea of the development bank and report back at the next summit, Singh said.
The leaders also asked the International Monetary Fund to speed up changes in its governance to better represent the developing world as a voting bloc, CNN reports.
“The rapid recovery of the BRICS economies from the financial crisis highlighted their role as growth drivers of the global economy,” Singh said.
Together, the BRICS nations make up more than 40% of the world population and one-fifth of the global economy.
Business
Transport Unions Endorse FG’s 500 CNG Stations Plan
Speaking on the development, the Deputy President of the National Union of Road Transport Workers, Aliyu Ore, said the distribution of the stations across the states would help bring down transport fares.
He said, “It’s a good one. And if everything goes well, it’s automatically going to come down. Because by virtue of this, at least each state will get like 20. While some commercial states will get more than that.
“But at least 20 in every state, and the transportation cost in the area will come down. If everything goes the way it’s supposed to go. One thing, you may get a filling station, and there is no gas. So, if all 500 filling stations are available and function well, I assure you that the price of transportation will come down. I’m very sure, and it’s a good one.”
Also speaking, the Secretary-General of the Road Transport Employers Association of Nigeria, Ibrahim Yusuf, described the initiative as a welcome development, saying it would reduce hardship and inflation.
Yusuf said, “We have a serious problem in the petrol and transport fields because, one, it will question the problem, and it will reduce the hardship and inflation drastically. It’s a welcome idea. You know, it has to start from somewhere. Already, the willingness and the intentions are there.
“And we are assured that, yes, these things are coming. And we believe it will come to reality. And as such, the citizens of Nigeria will enjoy the gesture of the president. By the time it’s shared with the end users, impact will be felt. I know it will reduce poverty; the drastic cost of transportation and inflation will be reduced.
“A bag of rice will be reduced in price. So that is the effect of the cost of transportation that Tinubu has done. That is what you should be expecting. The moment you can get relief from one side, it will go around.”
The operators stressed that the expected impact of the CNG stations would depend on their availability and functionality, particularly ensuring that motorists can access gas whenever they need it.
In August 2026, President Bola Tinubu directed the rollout of another 500 CNG refuelling stations nationwide, bringing the Federal Government’s planned network to 1,000 stations. The directive followed a meeting with state governors on measures to reduce transportation costs.
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