Business

World Bank Cuts Global Growth Forecast To 2.3% For 2025

Published

1 year ago

June 10, 2025

World Bank Cuts Global Growth Forecast To 2.3% For 2025

If current projections hold, average global growth in the first seven years of the 2020s would be the slowest of any decade since the 1960s.

Global economic growth is projected to slow to 2.3 per cent in 2025 due to mounting trade tensions and persistent policy uncertainty, according to the World Bank’s latest Global Economic Prospects report.

A statement from the bank’s Online Media Briefing Centre on Tuesday noted that the new forecast was nearly half a percentage point lower than the rate projected at the beginning of the year.

The report indicated that the slowdown would mark the weakest non-recessionary global growth since 2008.

“The turmoil has resulted in growth forecasts being cut in nearly 70 per cent of all economies, across all regions and income groups,” the report states.

In spite of the gloomy outlook, a global recession is not anticipated. However, if current projections hold, average global growth in the first seven years of the 2020s would be the slowest of any decade since the 1960s.

Indermit Gill, the World Bank Group’s Chief Economist and Senior Vice-President for Development Economics, warned of deepening stagnation in the developing world.

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“Outside of Asia, the developing world is becoming a development-free zone. It has been advertising itself for more than a decade,” he said.

Mr Gill noted that growth in developing economies had declined steadily, from 6 per cent annually in the 2000s, to 5 per cent in the 2010s, and to under 4 per cent in the 2020s.

This trend mirrored the slowdown in global trade, which fell from an average of 5 per cent in the 2000s to under 3 per cent today. Investment growth had also weakened, while debt had surged to record levels.

The report projected that growth would slow in nearly 60 per cent of developing economies in 2025, averaging 3.8 per cent before a modest rise to 3.9 per cent in 2026 and 2027.

The report added that more than a full percentage point below the average of the 2010s.

“Growth in low-income countries is expected to reach 5.3 per cent in 2025, a 0.4 percentage point downgrade from earlier forecasts.

“Tariff hikes and tight labour markets are expected to keep global inflation elevated, with a projected average of 2.9 per cent in 2025, still above pre-pandemic levels.”

The World Bank warned that slowing growth would hinder efforts by developing economies to create jobs, reduce poverty, and close the income gap with advanced economies.

“Per capita income growth in these economies is forecast at 2.9 per cent in 2025, 1.1 percentage points below the 2000–2019 average.

“Assuming developing countries (excluding China) maintain a GDP growth rate of 4 per cent the forecast for 2027, it would take them about two decades to return to their pre-pandemic growth trajectory.”

Still, the report noted that global growth could rebound more quickly if major economies reduced trade tensions.

It said that resolving current disputes and halving tariffs could boost global growth by 0.2 percentage points over 2025 and 2026.

In response to rising protectionism, the World Bank urged developing economies to diversify trade, pursue strategic partnerships, and engage in regional agreements.

Given constrained public resources and growing development needs, policymakers are encouraged to mobilise domestic revenue, prioritise spending for the most vulnerable, and enhance fiscal management.

To drive sustainable growth, the report emphasised the need to improve business environments, expand productive employment, and align workforce skills with market demands.

Finally, it highlighted the importance of global cooperation in supporting the most vulnerable economies through multilateral initiatives, concessional financing, and targeted relief for countries affected by conflict.

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Business

No More N1,300/Litre: Relief As Petrol Prices Drop, Marketers Announce New Rates

Published

12 hours ago

July 27, 2026

The Daily Voice

Petrol depot prices have dropped again across Nigeria’s key distribution hubs, with loading rates falling at several depots in Lagos, Port Harcourt and Warri amid sustained competition and improved product supply.

The fresh cuts, ranging from N5 to N25 per litre on Monday, July 27, were recorded at multiple depots nationwide

In Lagos, all six monitored depots lowered their ex-depot rates. Bulk Strategic trimmed its price from N1,260 to N1,250 per litre, while Liquid Bulk moved from N1,270 to N1,256, data from Petroleumprice.ng shows.

Masters dropped from N1,275 to N1,260, and Matrix reduced its rate from N1,270 to N1,255. Sigmund recorded the largest single cut in Lagos, shaving N20 off its price to settle at N1,250 per litre. T.S.L also lowered its loading price from N1,265 to N1,250.

Port Harcourt depots followed suit. Hong Petroleum reduced its ex-depot price from N1,255 to N1,246 per litre, while Mainland moved from N1,255 to N1,250. Northwest did not publish a current loading price.

In Warri, Optima posted the biggest single reduction across all three cities, cutting its price by N25 from N1,270 to N1,245 per litre. Matrix in Warri also reduced its rate by N24 to N1,246, and Rain Oil trimmed its loading price by N5 to N1,268 per litre.

Below is a snapshot of current ex-depot prices: Snapshot of petrol depot prices on Monday at depots

LAGOS

Bulk Strategic – N1,250/litre

Liquid Bulk – N1,256/litre

Masters – N1,260/litre

Matrix – N1,255/litre

Sigmund – N1,250/litre

T.S.L – N1,250/litre

PORT HARCOURT

Hong Petroleum – N1,246/litre

Mainland – N1,250/litre

WARRI

Optima – N1,245/litre

Matrix – N1,246/litre

Rain Oil – N1,268/litre

Business

Top 10 Richest Yoruba Billionaires: South West Wealthiest Entrepreneurs, Key Factors Behind Their Wealth

Published

2 days ago

July 26, 2026

The Daily Voice

The Yoruba ethnic group, predominantly located in Nigeria’s southwestern region, has long been home to some of the wealthiest and most influential entrepreneurs in Africa.

Over the years, these Yoruba billionaires have made significant impacts across various sectors, including oil and gas, banking, telecommunications, real estate, and entertainment. Their business acumen and achievements have not only helped shape Nigeria’s economy but have also garnered international recognition.

Here’s a look at the top 10 richest Yoruba billionaires and the key factors behind their wealth:

10. Sulaiman Adebola Adegunwa
Sulaiman Adegunwa is a billionaire philanthropist and businessman from Ogun State. He is the founder of Rite Foods Limited, a company best known for producing popular food and beverage brands in Nigeria. His investments also extend to education, as he founded the Sulaimon College of Education in Ogun State.

9. Fola Adeola
Fola Adeola is best known as the founder of Guaranty Trust Bank (GTBank), one of Nigeria’s largest and most respected financial institutions. He is also involved in several other ventures, including heading MainOne, a telecom company, and running the FATE Foundation, which supports entrepreneurship in Nigeria. His net worth is around $550 million.

8. Dele Fajemirokun
Dele Fajemirokun is one of the most respected Yoruba business figures, with investments spanning insurance, oil, and telecommunications. He is the chairman of AIICO Insurance and a key investor in Food Concepts, the parent company of Chicken Republic. His business acumen has earned him a net worth of $500 million.

7. Samuel Adedoyin
Samuel Adedoyin is a self-made billionaire who overcame humble beginnings to become one of the wealthiest Yoruba men in Nigeria. He is the founder of the Doyin Group, a conglomerate involved in manufacturing, agriculture, and real estate. Adedoyin’s journey from small business ventures to becoming a billionaire is truly inspirational, and his net worth is estimated at $540 million.

6. Oba Otudeko
Oba Otudeko, a respected business magnate and philanthropist, is the founder of Honeywell Group, a diversified industrial conglomerate with interests in food processing, oil and gas, and real estate. He also played a pivotal role in the Nigerian banking industry, previously serving as the chairman of First Bank of Nigeria. Otudeko’s net worth is around $550 million.

5. Tunde Folawiyo
As the managing director of Yinka Folawiyo Group, a conglomerate with interests in energy, agriculture, and real estate, Tunde Folawiyo carries on the legacy of his family’s business empire. His ventures in shipping and energy are particularly notable, and he also serves on the board of MTN Nigeria. His estimated net worth is around $650 million.

4. Deji Adeleke
Dr. Deji Adeleke is a prominent businessman and philanthropist, best known as the father of the famous Nigerian musician Davido. He is the founder of Pacific Holdings Limited, a company with interests in oil and gas, real estate, and logistics. Adeleke is also an investor in education, having established Adeleke University in Osun State. His net worth is estimated at over $700 million.

3. Jimoh Ibrahim
Jimoh Ibrahim is another leading Yoruba entrepreneur who has built his fortune through diversified business ventures. He is the CEO of Global Fleet Group, a conglomerate with interests in oil and gas, insurance, real estate, aviation, and publishing. A lawyer by training, Jimoh Ibrahim’s net worth stands at around $1.1 billion, largely due to his ability to navigate various industries successfully.

2. Femi Otedola
Femi Otedola is one of Nigeria’s most recognized billionaires, primarily due to his involvement in the oil and gas industry. He is the former chairman of Forte Oil, a major petroleum marketing company in Nigeria, and his business ventures have expanded into power generation, finance, and real estate. Otedola’s investments in key sectors like shipping and energy make him a major player in Nigeria’s economy. As of 2024, his net worth is estimated at $1.8 billion.

1. Mike Adenuga
While Mike Adenuga is a Yoruba billionaire, his reach extends beyond Nigeria to the rest of Africa. He is the founder of Globacom, one of Nigeria’s largest telecommunications companies, and he also has interests in oil exploration through his company Conoil. Adenuga’s strategic positioning in telecoms and oil has made him the second-richest man in Nigeria, with a net worth of over $6 billion.

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Business

FG Unveils Portal, Targets 26,961 Nigerians for New Positions

Published

2 days ago

July 26, 2026

The Daily Voice

The Federal Government has launched the online registration portal for Phase III of the Renewed Hope Employment Initiative (RHEI), with plans to train 26,961 unemployed Nigerians in 70 high-demand skills as part of efforts to tackle unemployment and boost entrepreneurship nationwide.

The programme, which will run across the 36 states and the Federal Capital Territory (FCT), is expected to commence in August 2026 after the registration process is completed.

Speaking during the launch, the Minister of Labour and Employment, Dr Mohammed Dingyadi, said the initiative is designed to equip unemployed Nigerians with practical, market-driven skills that can lead to employment or self-reliance.

He explained that the government would adopt a ward-to-ward selection process to ensure that beneficiaries are drawn from communities across the country, promoting fairness and wider participation.

According to the minister, the programme aligns with the Federal Government’s broader agenda to reduce unemployment by expanding access to vocational training and enterprise development.

As part of the initiative, the government also announced plans to resettle 3,405 outstanding graduate trainees with starter packs and work tools after completing their training.

The support package is intended to help beneficiaries establish businesses or begin careers in their chosen trades, strengthening the government’s push for sustainable job creation.

Dingyadi acknowledged complaints from beneficiaries of the earlier phases regarding unpaid stipends and delayed resettlement support.

He attributed the setbacks to funding constraints and assured participants that the ministry was working with relevant authorities to secure the release of funds needed to settle all outstanding obligations.

“I wish to assure all affected beneficiaries that this Ministry is fully aware of the matter and is working with the relevant authorities to ensure the release of the necessary funds so that all outstanding obligations can be met without further delay,” he said.

Director-General of the National Directorate of Employment (NDE), Silas Agara, said the upgraded registration portal includes new security and verification features to improve transparency and efficiency.

Applicants will be required to verify their identities using their National Identification Number (NIN), while the system will automatically prevent multiple registrations and assign applicants to training centres closest to their locations.

Agara added that persons living with disabilities would be identified during registration and matched with skills programmes suited to their needs.