Business

WBG President Decries Economic Crisis On Developing Countries

Published

5 years ago

April 20, 2022

Ahead of this year’s Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG), President of the WBG, David Malpass, say he is “deeply concerned” about the impacts of overlapping economic crises on developing countries.
Malpass stated this during a pre-event media briefing, saying he looked forward to discussing solutions with key stakeholders during the Spring Meetings, which began on Monday.
The World Bank chief listed the likelihood of interest hikes and rising prices of essentials such as energy, food and fertilizer as a major challenge facing the global community with hard impacts on the developing countries.
His concern came less than a week after a joint statement by the IMF, WBG, World Trade Organisation (WTO) and the United Nations World Food Programme (WFP) warned of an impending food crisis and called for coordinated assistance for developing vulnerable countries.
Malpass told the media that existing crises plus the war in Ukraine, China’s COVID-related shutdowns “are pushing global growth rates even lower and poverty rates higher.
“We’ve lowered our 2022 growth rate to 3.2 per cent from 4.1 per cent before. People are facing reversals in development for education, health and gender equality. They’re facing reduced commercial activity and trade. Also, the debt crises and currency depreciations have a burden that falls heavily on the poor.”
He observed that his recent visit to Senegal and Morocco exposed him to the challenge of energy and fertilizer price hike in the two countries like elsewhere in the developing world, stressing that “this is an intense problem.
“Food crises are bad for everyone, but they’re devastating for the poorest and most vulnerable. There are two reasons. First, the world’s poorest countries tend to be food-importing countries. Second, food accounts for at least half of total expenditures in household budgets in low-income countries, so it hits them hardest,” the WBG President said.
Stressing the content of last week’s press statement, he charged countries to take immediate actions to encourage the production of food, energy and fertilizer. He reiterated the importance of removing barriers to trade and production of food and other essential commodities.
“Global trade is still facing quotas, high import tariffs, high export tariffs, expensive food price subsidies and even export bans on food products. These should stop. The international community needs to immediately step up emergency assistance for food insecurity and help bolster social safety nets. From the World Bank’s standpoint, we are providing roughly $17 billion per year to strengthen food security – a big part of the global effort,” he disclosed.
Malpass spoke on other responses from WBG to tackle the impacts of war and COVID-19 and urged the developed countries to extend a helping hand to the poor who have been hit hardest by the multiple crises.
He pointed out debt and inflation as “two big problems facing global growth”, at the moment, saying they have thrown countries into severe financial stress. He added that “60 per cent of low-income countries are already in debt distress or at high risk of it”.
He called for the implementation of the Common Framework, including establishing a timeline for forming creditors’ committees, suspension of debt service payments/penalty interest, expanding eligibility and engaging commercial creditors at the beginning of the process. He envisages that the debt crisis would worsen in the year.
On inflation, he advised: “Policies need to be adjusted to enhance supply, not just increasing demand. Markets are forward-looking so it’s vital for governments and private sectors to state that supply will increase and that their policies will foster currency stability to bring down inflation and increase growth rates. This is especially important as global supply chains shift away from dependency.
“Central banks need to use more tools under current policies. The inequality gap has widened materially, with wealth and income concentrating in narrow segments of the global population. Interest rate hikes, if that’s the primary tool, will add to the inequality challenge that the world is facing.
Central banks can use more of their tools, not just interest rates. Capital is being misallocated now. One of the focal points should be using all the central bank tools so that capital is allocated in a way that helps increase supply. That will be an effective way to address inflation”, he said.

Business

Bayelsa To Spend N1.24trn As Diri Presents 2027 Appropriation Bill …Works, Education, Sports, Others Gulp Lion’s Share

Published

14 hours ago

November 6, 2026

The Tide

Bayelsa State Governor, Senator Douye Diri has presented the 2027 Appropriation Bill of the State to State House of Assembly.
Christened the ‘’Budget of Assured Prosperity for Sustainable Growth and Development”, the appropriation bill was based on a projected revenue of N1,242, 688,970,520,22.
The Governor said the 2027 proposals were derived from broad stakeholder engagements involving traditional rulers, technical experts, the organised private sector and citizens across the state, noting that it was a historic budget being the first as the state was beginning its fourth decade and presented at a time sustained investments were visible in all the local government areas.
“Our fiscal priorities remain clear: roads and bridges that connect communities, better health and education services, reliable power and an environment in which businesses and families can thrive”, he said.
Presenting the estimates, governor Diri said N840.791 billion representing approximately 68 per cent was proposed for capital expenditure while recurrent expenditure was put at N401.897 billion representing approximately 32 per cent.
He observed that the proposed budget was approximately 22 per cent larger than that of the 2026 fiscal year, which was N1.016 trillion, just as he listed some strategic projects that would continue to receive priority attention in 2027, saying they were all at advanced stages of completion.
The projects according to the governor, include the Ekeremor–Agge Road Phase I, Nembe–Brass Road Phase I, Akaba–Ayakoro Road with spur to Otuegwe 1, Glory Drive Phase 3, Agbere-Elemebiri Road, the 30,000-seater stadium at Igbogene, and the nine-storey state secretariat complex.
The governor expressed the conviction that with work progressing on the three senatorial roads, all local government headquarters would be connected to the state capital and boost socio-economic activities across the state.
“With work progressing on all senatorial causeways, we are moving closer to an ambition our people have held since the creation of the state: to connect the capital to every local government headquarters and open up access to our coastal communities. This will boost fisheries, marine and blue economy enterprises, and tourism.
“These projects demonstrate that our beautiful terrain should not limit our ambition. With resolve, sound planning and prudent management, Bayelsa is building what many once thought were impossible”, he added.
Giving a breakdown of the sectoral allocations, Works and Infrastructure got the lion’s share of N422.84 billion followed by Education ¦ 126.97 billion and Sports ¦ 68.50 billion.
Also, Health was allotted ¦ 53.32 billion, Security N24 billion, Public Utilities N22.94 billion and Agriculture got N17.74 billion.
Diri charged the Ministry of Budget and Economic Planning to enforce coordination, transparency and accountability and ensure effective implementation of the budget.
According to him, government would continue to improve its model schools, support accreditation of programmes in tertiary institutions, strengthen science and technical education and introduce digital learning tools in schools.
He added that the administration would pursue the upscaling of its 60 megawatts independent power plant to 100 megawatts and prioritise water provision in 2027.
He also remarked that the allocation to the sports sector would enable government accelerate work on the stadium project as the state prepares to host the National Sports Festival.
In his remarks, Deputy Speaker of the House of Assembly, Rt. Hon. Michael Ogbere, commended Governor Diri for the successful implementation of the 2026 budget, and appreciated him for his visionary leadership.
Hon. Ogbere described Diri as a peace maker, bridge builder and a leader who has constructed roads and bridges across 80% of all communities in the state, expressing confidence that the projects outlined were achievable.
The Deputy Speaker assured the governor of the 7th Assembly’s support and speedy passage of the budget while the Majority Leader, Rt. Hon. Monday Bubou, moved a motion for the members to pass a vote of confidence on Governor Diri and the administration, which was unanimously endorsed by the lawmakers.

Ariwera Ibibo-Howells, Yenagoa

Business

NNPC Targets Two Million Bpd Productions In 2027

Published

17 hours ago

November 6, 2026

The Tide

The Nigerian National Petroleum Company Limited (NNPC) has said that ongoing reforms in Nigeria’s oil and gas sector have lifted national crude oil production by 600,000 barrels per day, from about 1.2 million barrels per day to 1.8 million barrels per day.
According to the company, the improvement has strengthened Nigeria’s position as a destination for international energy investment.
Group Chief Executive Officer ( GCEO) of NNPC Limited, Engr. Bashir Bayo Ojulari, made the remarks last week at an Energy Talk titled “Nigeria’s Reform Agenda: Competing for Energy Capital”, moderated by John Defterios, Chairman, MENA, APCO, at the 2026 Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in Abu Dhabi, United Arab Emirates.
Ojulari linked the production growth to the implementation of the Petroleum Industry Act (PIA) 2021, an improved investment climate, better investment decisions, and stronger collaboration between NNPC Limited and its partners.
He said the current output level is a milestone in NNPC Limited’s journey towards its 2 million barrels per day target by 2027.
The Company, he explained, is focused on maintaining infrastructure, protecting base production, increasing output from existing assets, and advancing new projects designed to lift production further.
“The figure of 1.8 million barrels per day is a stage in a journey towards our objective.
We are concentrating on the basics, which are maintaining our infrastructure, protecting base operations and executing the projects that will take production higher,” Ojulari stated.
On the domestic market, the GCEO said the removal of petrol subsidy has been accompanied by an expanded Compressed Natural Gas (CNG) programme.
He noted that over 400 CNG conversion centres have been established, while more than 1,000 trucks are transporting petroleum products

Nkpemenyie Mcdominic, Lagos

Business

SEREC Demands Independent Forensic Audit Of NIMASA CVFF Funds

Published

17 hours ago

November 6, 2026

The Tide

The Sea Empowerment and Research Centre (SEREC) has call for an independent forensic audit of the Nigerian Maritime Administration and Safety Agency (NIMASA), following conflicting claims over the management and currency status of the Cabotage Vessel Financing Fund (CVFF).
The centre said the controversy surrounding the fund had reinforced its earlier concerns about transparency, accountability and the possible erosion of contributions through currency conversion and administrative decisions.
In a reaction titled, “Cocks Crow at Dawn — On the CVFF Audit Crisis,” forwarded by SEREC’s representative, Eugene Nweke, the organisation said the latest revelations had vindicated its earlier calls for a comprehensive examination of NIMASA’s accounts from 2004 to date.
SEREC said former NIMASA Director-General, Temisan Omatseye, had disclosed that dollar-denominated contributions were converted into naira and invested in fixed deposits during his tenure, while the incumbent Director-General, Dr Dayo Mobereola, maintained that the fund remained in dollars with the Central Bank of Nigeria.
The organisation said the conflicting accounts raised questions about the actual value, location and management of the fund, which was to provide financing support established for indigenous shipowners under the Coastal and Inland Shipping (Cabotage) Act.
It argued that shipowners, as contributors to the fund, deserved documentary evidence showing how much had accrued, where the money was domiciled, the interest generated and the amount currently available for disbursement.
SEREC also warned that converting dollar contributions into naira exposed the fund to significant foreign exchange losses, given the depreciation of the local currency over the years.
According to the organisation, if the contributions were converted into naira and retained in that currency, the fund could have suffered a substantial erosion in its real value, undermining its original objective of strengthening indigenous shipping capacity.
It maintained that the CVFF was contributors’ money and should not be treated as government largesse, stressing that shipowners had a legitimate right to demand accountability.
The centre further criticised maritime industry stakeholders, particularly shipowners’ associations, for allegedly prioritising access to the fund over sustained demands for transparency in its management.
SEREC insisted that no disbursement should take place without a comprehensive forensic audit to establish the fund’s financial history and current position.
It said the audit should cover all contributions, currency conversions, investments, accrued interest and administrative transactions relating to the fund from 2004 to date.
The organisation said the findings would provide the necessary clarity on the financial position of the CVFF and help restore confidence among indigenous shipowners seeking access to the facility.

Nkpemenyie Mcdominic, Lagos