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World Bank predicts decline in global economic growth
Global economic growth is expected to decline in 2025 due to increased trade barriers and policy uncertainty, the World Bank has said.
Growth is projected to weaken to 2.3 per cent, or nearly half a percentage point lower than expected at the start of the year, according to the Global Economic Prospects report.
“The global outlook is predicated on tariff rates close to those of late May prevailing,” it said in a report on Tuesday,
“Accordingly, pauses to previously announced tariff hikes between the United States and its trading partners are assumed to persist.”
Although a global recession is not expected, average global growth is on track to be the slowest of any decade since the 1960s.
Growth forecasts are being slashed in nearly 70 per cent of all economies, with the poorest countries most affected.
In most developing countries, nearly 60 per cent, growth should average 3.8 per cent in 2025 before reaching an average 3.9 per cent in the following two years – more than a percentage lower than the average in the 2010s.
The slowdown will impact efforts by developing countries in areas such as job creation, poverty reduction and closing income gaps with richer economies.
“The world economy today is once more running into turbulence. Without a swift course correction, the harm to living standards could be deep.
The report calls for rebuilding trade relations as “economic cooperation is better than any of the alternatives – for all parties,” said Indermit Gill, Senior Vice President and Chief Economist.
Countries are also urged to improve business climates and to promote employment by ensuring workers are equipped with necessary skills.
In a related development, the World Food Programme (WFP) has reported that for the first time ever, it has no prepositioned food supplies in Haiti for the hurricane season, which lasts from June to November.
WFP also said staffers do not have the financial resources to respond quickly to an emergency weather event in the country.
Other UN agencies have prepositioned water and sanitation kits for 100,000 and health supplies for 20,000 people. However, these are not sufficient, especially in the absence of food, to meet needs during an emergency.
“The current lack of contingency stocks and operational funds leaves Haiti’s most at-risk communities dangerously unprotected at a time of heightened vulnerability,” Deputy Spokesperson Farhan Haq said in a briefing on Tuesday.
Food insecurity and malnutrition are already rampant, with over half the population facing acute hunger. Haiti is one of five countries worldwide which is experiencing famine-like conditions.
Continuing armed violence by gangs in the capital and in other regions has displaced over one million people, compounding the hunger crisis and limiting access to other basic services such as clean water and health care.
UN agencies in the country estimate that they will need $908 million to continue providing life-saving resources in Haiti, but currently, they have only received $78 million in emergency support.
News
NDLEA Intercepts 1.63m Tramadol Pills, Arrests 80-Year-Old Suspect
The National Drug Law Enforcement Agency (NDLEA) has intercepted 1.63 million pills of tramadol concealed in two long trailers heading for Kano as it intensified efforts to dismantle a transnational drug trafficking syndicate operating along the Togo-Benin Republic-Nigeria corridor.
The agency also arrested an 80-year-old suspected drug dealer in Rivers State, a businesswoman linked to cannabis shipments from Canada, a Chadian woman, a couple and other suspects in coordinated operations across Lagos, Edo, Kogi and Rivers states.
The NDLEA’s Director of Media and Advocacy, Femi Babafemi, disclosed this in a statement, yesterday.
According to the statement, the latest intelligence-led operation came barely one week after NDLEA operatives recovered 558,900 pills of tramadol concealed in the false-bottom compartment of a truck that entered Lagos through the Togo-Benin Republic route.
Babafemi said, “Ongoing efforts to dismantle a transnational drug trafficking syndicate smuggling tramadol from Togo, through Benin Republic into Nigeria have yielded another success with the interception of two long trailers used to move One Million Six Hundred and Thirty (1,630,000) pills of tramadol 250mg concealed in fabricated compartments of the trucks across multiple borders into Lagos.”
He added that one of the two trailers was intercepted on July 2 along the Lagos-Ibadan Expressway, where operatives recovered 853,000 pills of tramadol 250mg concealed in a fabricated compartment beneath the cargo floor.
Babafemi said, “One of the two trucks already heading to Kano was tracked and located on 2nd July 2026 along the Lagos-Ibadan Expressway where NDLEA officers recovered 853,000 pills of tramadol 250mg concealed in a fabricated compartment beneath the cargo floor of the trailer and arrested the 22-year-old driver Jabir Kabiru.”
He further disclosed that another trailer was intercepted two days later on the same route.
“Two days later, 4th July, NDLEA operatives acting on processed intelligence successfully tracked and recovered the second trailer from the Lagos-Ibadan Expressway while heading to Kano. A total of 777,000 pills of tramadol 250mg concealed in a fabricated compartment beneath the cargo floor of the truck were evacuated and the 22-year-old driver Muhammed Nuhu arrested,” the statement read.
According to Babafemi, investigations established a link between the three intercepted consignments.
He said, “Investigations revealed that all three trucks and consignments intercepted on 21st June, 2nd July and 4th July belong to the same transnational drug trafficking syndicate operating along the Togo-Benin Republic-Nigeria axis.”
The agency also intercepted 4.70 kilograms of Canadian Loud, a synthetic strain of cannabis, at the import shed of the Murtala Muhammed International Airport, Ikeja, Lagos.
Babafemi said, “Two consignments of Canadian Loud, a synthetic strain of cannabis, with a combined weight of 4.70 kilograms have been intercepted at the import shed of the Murtala Muhammed International Airport (MMIA), Ikeja, Lagos. The cargoes, which arrived the Lagos airport from Canada in cartons with ‘Odugwu’ boldly written on them, came aboard British Airways and Ethiopian Airlines flights on 24th June and 3rd July respectively.”
He said two cargo agents, Ali Rotimi Samson and Orimolade Oluwagbenga, were initially arrested in connection with the shipments, while another suspect, Edeh Onyeamachi Stanislus, was apprehended after arriving at a logistics company to take delivery of the consignments.
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FG Alerts Nigerians Of N50,000 Allowance Registration Scam
The Federal Ministry of Humanitarian Affairs and Poverty Reduction has denied claims that it has commenced registration for a purported ?50,000 National Support Allowance.
The ministry, in a public notice posted on its official X handle, yesterday, described messages, links and websites advertising the alleged programme as fraudulent.
It urged Nigerians to disregard such claims and verify information only through official government channels.
“The Federal Ministry of Humanitarian Affairs and Poverty Reduction has NOT commenced registration for any ?50,000 National Support Allowance,” the ministry said.
It added, “Disregard fraudulent messages, links and websites claiming otherwise. Verify any info only through official govt channels.”
The alert is in response to a circulating scam flyer that falsely claims the program is ongoing under President Bola Tinubu’s directives.
The fake advertisement, which includes text in Hausa and English, directs victims to a suspicious website (kluspz.com) for applications.
The ministry’s warning comes amid heightened concerns over digital fraud targeting vulnerable populations seeking social support.
Similar scams have previously surfaced around programs like N-Power, prompting questions from citizens in replies to the official post.
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Minimum Wage Review: We’re Battle Ready For Major National Struggle -NLC
The Nigeria Labour Congress (NLC) has expressed its preparedness for a major national struggle for a comprehensive review of the national minimum wage.
NLC President, Comrade Joe Ajaero, hinted at this while making his remarks at the commissioning of the Comrade Godwin Abumisi Pensioners Legacy House and Multipurpose Hall in Abuja.
Ajaero said it is no longer acceptable to discuss the welfare of workers without also discussing the welfare of those who have completed their active years of service.
He advised workers and pensioners to get prepared for the ideological and economic battles that lie ahead.
According to the NLC president, “The Nigeria Union of Pensioners (NUP) is one of the proud affiliates of the Nigeria Labour Congress. Therefore, your struggle is our struggle, and your welfare remains a priority for the organised labour movement.
“We are currently in the preparatory stages for a major national struggle for a comprehensive review of the national minimum wage.
“However, let me state unequivocally that it is no longer acceptable to discuss the welfare of workers without also discussing the welfare of those who have completed their active years of service.
“Accordingly, the Nigeria Labour Congress will not only push for a new national minimum wage but will also demand the establishment of a national minimum pension. It is a historical injustice that men and women who devoted their youth, strength and productive years to the service of this nation should be condemned to live below the poverty line after retirement.”
Ajaero noted that the cost of living has risen astronomically as food, healthcare and transportation have become increasingly unaffordable.
“We cannot continue to allow our senior citizens to survive on pensions that have become poverty wages. Every retiree deserves to live with dignity after decades of faithful service to the nation,” he said.
He urged pensioners across the country to remain united and prepared as the process begins, adding: “This Legacy House should not merely be seen as a physical structure; it should become a centre for mobilisation, strategic engagement and solidarity as we prepare for the struggles ahead.”
The NLC president pointed out that the working class has always understood that “those who exploit workers are united in advancing their interests. We too must remain united in defending our collective interests and ensuring that government fulfils its obligations to both serving workers and retirees.”
He urged pensioners across the country to remain united and prepared as the process begins, adding: “This Legacy House should not merely be seen as a physical structure; it should become a centre for mobilisation, strategic engagement and solidarity as we prepare for the struggles ahead.”
The NLC president pointed out that the working class has always understood that “those who exploit workers are united in advancing their interests. We too must remain united in defending our collective interests and ensuring that government fulfils its obligations to both serving workers and retirees.”
He said the completion of the project should serve as a clarion call to all workers and lovers of the masses.
“We must not only build physical structures but also build a strong movement capable of compelling government to honour its commitments,” he said.
Ajaero further stated: “We will continue to demand the immediate payment of all outstanding pension arrears and the implementation of a pension regime that guarantees every retiree a life of dignity and security.
“Together, we shall continue to fight until every Nigerian worker and pensioner receives the justice, respect and welfare they deserve.”
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