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Rate Hikes May Trigger Recession, World Bank Warns FG

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The World Bank Group has warned Nigeria as well as other developing economies that simultaneous rate hikes in response to increasing inflationary pressure may trigger a global recession and a string of financial crises.

In its new study titled “Risk of Global Recession in 2023 Rises Amid Simultaneous Rate Hikes,” the Washington-based bank said the currently expected trajectory of interest-rate increases and other policy actions might not be sufficient to bring global inflation back down to levels seen before the pandemic.

Central banks around the world have been raising interest rates this year with a degree of synchronicity not seen over the past five decades, a trend that is likely to continue well into next year, according to the report.

Investors expect central banks to raise global monetary policy rates to almost 4 percent through 2023, an increase of more than two percentage points over their 2021 average.

According to the report, unless supply disruptions and labor-market pressures subsided, those interest-rate increases could leave the global core inflation rate (excluding energy) at about 5 percent in 2023, nearly double the five-year average before the pandemic, the study found.

To cut global inflation to a rate consistent with their targets, central banks might need to raise interest rates by an additional two percentage points, according to the report’s model. If this were accompanied by financial-market stress, global GDP growth would slow to 0.5 percent in 2023, a 0.4 percent contraction in per–capita terms that would meet the technical definition of a global recession.

“Global growth is slowing sharply, with further slowing likely as more countries fall into recession. My deep concern is that these trends will persist, with long-lasting consequences that are devastating for people in emerging markets and developing economies,” said World Bank Group President, David Malpass.

“To achieve low inflation rates, currency stability, and faster growth, policymakers could shift their focus from reducing consumption to boosting production. Policies should seek to generate additional investment and improve productivity and capital allocation, which are critical for growth and poverty reduction.”

The study highlighted the unusually fraught circumstances under which central banks were fighting inflation today. Several historical indicators of global recessions were already flashing warnings, the report noted.

It noted that the global economy was now in its steepest slowdown following a post-recession recovery since 1970.

In its recommendation, the World Bank said central banks should persist in their efforts to control inflation, and it could be done without touching off a global recession, the study found. But it would require concerted action by a variety of policymakers, the World Bank said.

BIG STORY

Lagos State Flags Off – NCAOOSCE Advocacy Campaign To Tackle Out-Of-School Children Crisis

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The Lagos State Advocacy Team of the National Commission for Almajiri and Out-of-School Children’s Education (NCAOOSCE) today officially flagged on its state-wide advocacy campaign aimed at revitalizing efforts to reduce the number of out-of-school children in Nigeria.

The flag-on ceremony, themed “Revitalization of the Out-of-School Children’s Initiative,” was held at the Palace of His Royal Majesty, Oba Saheed Ademola Elegushi, Kusenla III, the Elegushi of Ikate Kingdom, who served as Royal Host and Special Guest of Honour. In his address, the Chairman of the Lagos State Advocacy Team emphasized that the campaign is not just a government programme, but a national movement to restore dignity, opportunity, and inclusion for every Nigerian child currently excluded from formal education. The Commission commended His Royal Majesty for his continued contributions to education in Lagos State, including scholarship schemes, infrastructure support, menstrual hygiene initiatives, and the establishment of the Centre for Lagos Studies at Lagos State University. The campaign aligns with the Renewed Hope Agenda of President Bola Ahmed Tinubu, GCFR, and supports the six strategic education priorities of the Federal Ministry of Education under Dr. Maruf Tunji Alausa, CON. Lagos is one of eight pioneering states championing this renewed national effort. The Lagos State campaign will cover all 245 wards across the state’s three senatorial districts, engaging traditional leaders, religious institutions, market groups, youth associations, and civil society organizations. A total of 1,225 local volunteers will be selected to champion the Commission’s flagship National Adopt an Out-of-School Child (N-OOSC) program at the grassroots level.

Key focus areas of the advocacy include: Ending street begging and child exploitation; Ensuring child identity through birth registration; Promoting safe, inclusive, and dignified learning spaces; Eradicating abuse disguised as discipline; Empowering communities to own the educational future of their children. “This campaign is not against religion or tradition,” the Advocacy Team reiterated. “It is about integration, dignity, and giving every child a fair chance.” The event concluded with a call to action for all stakeholders—government, traditional institutions, faith leaders, educators, and the public—to unite in ensuring that no child is left behind.

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BREAKING: Federal Government Declares Tuesday Public Holiday To Honour Buhari

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The Federal Government has declared Tuesday, July 15, 2025, as a public holiday in honour of the late former President Muhammadu Buhari, who passed away on Sunday.

The Minister of Interior, Olubunmi Tunji-Ojo, announced the public holiday on Monday on behalf of the Federal Government, after receiving approval from President Bola Ahmed Tinubu.

 

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FirstBank, NLNG, Shell Back QEDNG Creative Powerhouse Summit

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Nigeria’s leading commercial bank, First Bank of Nigeria, has joined forces with Mighty Media Plus Network Limited for the maiden edition of the QEDNG Creative Powerhouse Summit.

Also supporting the event are Nigeria LNG (NLNG) and Shell Nigeria, two major players in the country’s energy and development sectors.

Chief Executive Officer of Mighty Media Plus Network Limited, Olumide Iyanda, announced the partnerships in a statement on Monday.

Mr Iyanda described FirstBank’s involvement as a strong statement of the bank’s belief in the power of Nigeria’s creative sector.

“FirstBank’s support is a reaffirmation of its long-standing commitment to promoting the creative economy,” he said. “Through First@arts, the bank has become a reliable partner to talents, institutions, and organisations working to grow Nigeria’s cultural assets.”

First@arts is FirstBank’s platform for supporting the arts. It provides financing, advisory services, and exposure for creatives across the value chain. The bank has backed major cultural events and partnered with institutions such as British Council, Duke of Shomolu Productions, Live Theatre Lagos, Freedom Park and Terra Kulture.

Among the projects FirstBank has supported are The Headies Awards, Lagos International Theatre Festival, The Oxymoron of Kenny Blaq, Kurunmi, Eni Ogun, and Oke Langbodo.

Iyanda also praised NLNG for its role in promoting excellence in literature and science through The Nigeria Prize for Literature, The Nigeria Prize for Science, and The Nigeria Prize for Literary Criticism.

“NLNG has shown leadership by rewarding creativity and innovation in ways that impact both the literary and scientific communities,” he said.

The prizes, worth up to USD100,000, are among the most prestigious on the continent. They celebrate Nigerian authors, critics, and scientists whose work makes a real difference.

Shell’s support for the summit reflects its ongoing commitment to education and social development. The company focuses on sustainable, community-driven educational projects, ranging from scholarships to infrastructure development and ICT donations.

“Shell’s belief in education as a foundation for long-term progress aligns with our vision for the summit,” Iyanda added.

He further noted that more sponsors will be unveiled in the coming weeks.

The QEDNG Creative Powerhouse Summit, themed “Financing as Catalyst for a Thriving Creative Economy,” will take place on Tuesday, August 12, 2025, at 10:00 a.m. The venue is the prestigious Radisson Blu Hotel, Isaac John Street, Ikeja GRA, Lagos.

The summit will bring together creatives, investors, policymakers, and business leaders to explore solutions to the funding challenges facing Nigeria’s creative industries.

Gbenga Bada
For QEDng creative powerhouse summit committee
08028599392

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