Business

Protect the poor from galloping inflation, World Bank advises Nigerian govt, others

Published

4 years ago

October 4, 2022

… lowers Nigeria’s economic growth forecast

The World Bank has called on the Federal Government of Nigeria and other governments in the Sub-Saharan African region to urgently implement measures to restore macro-economic stability and protect the poor from the high inflation and current slow economic growth.

The World Bank has also lowered its economic growth forecast for Nigeria in 2023 to 3.2 per cent from 3.3 per cent due to the slowdown in global growth, the war in Ukraine and declining demand from China for commodities produced in Africa.

It projected that the Sub-Saharan African region would record a lower economic growth of 3.3 per cent in 2022 as against the 4.1 per cent recorded in 2021.

The forecasts were contained in the October edition of the World Bank’s Africa’s Pulse, a biannual analysis of the near-term regional macroeconomic outlook, and economic growth in Sub-Saharan Africa (SSA).

Highlighting the growth factors for Nigeria’s economy, the World Bank said, “The Nigerian economy is projected to slow in 2023, down to 3.2 per cent (from 3.3 per cent) and persist at this level the following year. Growth will be supported mainly by the rebound in private consumption prompted mostly by accommodative monetary policy as inflationary pressures subside.

“Private consumption expenditure is forecast to decrease this year and grow next year. This performance will likely continue in 2024. On the production side, growth in 2023 will be supported by industry (with the growth of 5.1 per cent) with the mega-refinery project.”

On its growth forecast for the Sub-Saharan African region, the World Bank said: “Economic growth in Sub-Saharan Africa (SSA) is set to decelerate from 4.1% in 2021 to 3.3% in 2022, a downward revision of 0.3 percentage points since April’s Pulse forecast, mainly as a result of a slowdown in global growth, including flagging demand from China for commodities produced in Africa.

On the factors undermining economic growth in SSA, the World Bank said, “The war in Ukraine is exacerbating already high inflation and weighing on economic activity by depressing both business investments and household consumption. As of July 2022, 29 of 33 countries in SSA with available information had inflation rates over 5% while 17 countries had double-digit inflation.

“Elevated food prices are causing hardships with severe consequences in one of the world’s most food-insecure regions. Hunger has sharply increased in SSA in recent years driven by economic shocks, violence and conflict, and extreme weather. More than one in five people in Africa suffer from hunger and an estimated 140 million people faced acute food insecurity in 2022, up from 120 million people in 2021, according to the Global Report on Food Crises 2022 Mid-Year Update.

“The interconnected crises come at a time when the fiscal space required to mount effective government responses is all but gone. In many countries, public savings have been depleted by earlier programs to counter the economic fallout of the COVID-19 pandemic, though resource-rich countries in some cases have benefited from high commodity prices and managed to improve their balance sheet.”

“Debt is projected to stay elevated at 58.6% of GDP in 2022 in SSA. African governments spent 16.5% of their revenues servicing external debt in 2021, up from less than 5% in 2010. Eight out of 38 IDA-eligible countries in the region are in debt distress, and 14 are at high risk of joining them. At the same time, high commercial borrowing costs make it difficult for countries to borrow on national and international markets while tightening global financial conditions are weakening currencies and increasing African countries’ external borrowing costs.”

Stressing the need for governments to improve the efficiency of existing resources and to optimize taxes in response to the above challenges, the World Bank added that, “In the agriculture and food sector, for example, governments have the opportunity to protect human capital and climate-proof food production by re-orienting their public spending away from poorly targeted subsidies toward nutrition-sensitive social protection programmes, irrigation works, and research and development are known to have high returns.”

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Jetour Targets Abuja Market with X70 PHEV as Nationwide Expansion Gathers Pace

Published

22 minutes ago

September 15, 2026

Trends Admin

Jetour Targets Abuja Market with X70 PHEV as Nationwide Expansion Gathers Pace

Jetour Nigeria is taking its hybrid SUV offensive to Abuja, with the X70 Plug-in Hybrid Electric Vehicle (PHEV) set to headline the three-day Jetour Experience from September 22 to 24 as the automaker accelerates its drive to expand its footprint and capture a larger share of Nigeria’s fast-evolving mobility market.

The Abuja showcase, coming on the heels of a strong Lagos edition that generated significant consumer interest, test drives and sales enquiries, is designed to bring Jetour’s latest technologies closer to customers in the Federal Capital Territory and neighbouring states.

The event at Maha Event Centre, Area 8, will give prospective buyers and auto enthusiasts the opportunity to test-drive the X70 PHEV and other Jetour models while interacting with product specialists and experiencing their technology, safety features, performance and comfort firsthand.

According to the company, expanding the showcase to the Federal Capital Territory was a direct response to rising demand from residents in Abuja and neighbouring states.

Jetour Targets Abuja Market with X70 PHEV as Nationwide Expansion Gathers Pace

Business

Sanwo-Olu Joins Dangote as Historic N2.15tn Refinery IPO Opens on Nigerian Exchange

Published

9 hours ago

September 15, 2026

Trends Admin

L-R: President, Aliko Dangote Group, Alhaji Aliko Dangote; Managing Director/CEO, Nigerian Exchange Group, NGX, Mr Temi Popoola; Governor of Lagos State, Mr. Babajide Sanwo-Olu and Executive Director, Commercial Operations, Dangote Group, Fatima Dangote, during the opening of Dangote Petroleum Refinery Initial Public Offer (IPO) at the NGX building, Marina, Lagos, on Monday, September 14, 2026.

Sanwo-Olu Joins Dangote as Historic N2.15tn Refinery IPO Opens on Nigerian Exchange

Lagos State Governor, Babajide Sanwo-Olu, on Monday joined business leaders, investors and capital-market stakeholders as the Initial Public Offering of the Dangote Petroleum Refinery and Petrochemicals formally opened on the Nigerian Exchange, NGX, in Lagos.

The landmark transaction, which could raise about N2.15 trillion, marks one of the biggest capital-market transactions in Nigeria’s history and gives Nigerians and other investors an opportunity to acquire a stake in Africa’s largest oil refinery.

Sanwo-Olu attended the opening ceremony at the NGX Group building in Marina, Lagos, where Dangote Industries President and Chief Executive Officer, Aliko Dangote, sounded the gong to formally commence the public offer.

The IPO comprises 4.1 billion ordinary shares priced at N525 each, with investors allowed to subscribe for a minimum of 10 shares, valued at N5,250. The offer will remain open until October 13, 2026.

The development represents a major milestone for Nigeria’s capital market, as the Dangote Refinery becomes the first refinery to be offered for public subscription on the Nigerian stock market in the 66-year history of the NGX.

The ceremony attracted an array of prominent figures from government, business and the financial sector, including NGX Group Chairman Umaru Kwairanga, NGX Group Managing Director and Chief Executive Officer Temi Popoola, Zenith Bank founder Jim Ovia, Coronation Group Chairman Aigboje Aig-Imoukhuede and Ooni of Ife, Oba Adeyeye Ogunwusi.

Also present were senior executives of Dangote Industries and representatives of the capital-market community.

Dangote described the offer as a “people’s IPO”, stressing that its primary objective was to broaden ownership of the refinery and allow ordinary Nigerians and investors across the world to participate in the wealth created by the massive industrial project.

According to him, the public offer was not primarily about raising funds for the Dangote Group, which he said already had substantial capital available for its expansion plans, but about democratising wealth creation.

The refinery is currently designed to process 700,000 barrels of crude oil per day, while Dangote Industries plans to expand its capacity to 1.4 million barrels per day over the coming years. Proceeds from the IPO are expected to support the refinery’s expansion and strengthen its capacity for future growth.

The public offer follows a $2.5 billion private placement earlier in the year, which attracted strong institutional interest. Reuters reported that the refinery is valued at about $47.6 billion, making the IPO one of the most significant equity offerings ever undertaken in Africa.

The refinery has increasingly become a strategic component of Nigeria’s energy security drive, reducing the country’s dependence on imported refined petroleum products while positioning Nigeria as a potential major exporter of refined products.

The opening of the IPO also comes at a time when the Dangote refinery has reported a sharp improvement in its financial performance. Reuters reported that the company recorded a $1.82 billion net profit in the first half of 2026, alongside revenue of more than $13 billion.

Dangote has also sought to make the offer accessible to ordinary Nigerians, with subscriptions available through digital investment platforms and other authorised channels. The minimum subscription of 10 shares means an investor can enter the offer with N5,250.

The NGX has described the transaction as an important development for the Nigerian capital market, particularly in broadening retail participation and deepening the investment culture.

For Lagos, where the refinery is located and where the historic IPO was formally launched, the development further reinforces the state’s position as Nigeria’s dominant commercial and financial centre.

With the offer running until October 13, investors will now determine whether the historic transaction achieves its N2.15 trillion target and establishes a new benchmark for public participation in Nigeria’s industrial sector.

Auto

X90 Plus Leads Jetour’s Abuja Drive for Bigger SUV Market Share

Published

2 days ago

September 13, 2026

Trends Admin

X90 Plus Leads Jetour’s Abuja Drive for Bigger SUV Market Share

Jetour Nigeria is taking its premium SUV battle to Abuja, with the seven-seater X90 Plus set to headline the Jetour Experience Abuja from September 22 to 24, as the automaker moves to capture a larger share of Nigeria’s fast-growing high-end family SUV market.

The three-day motoring showcase will give prospective buyers, families and auto enthusiasts in the Federal Capital Territory and neighbouring states an opportunity to experience the X90 Plus and other models in the Jetour range through test drives and hands-on demonstrations.

The Abuja showcase follows the success of the brand’s earlier Jetour Experience in Lagos, where strong customer interest, inquiries and sales momentum reportedly encouraged the company to take the initiative to the Federal Capital Territory.

Jetour Nigeria said growing demand from customers in Abuja and neighbouring states was a major factor behind the decision to expand the experience to the northern market.

Positioned as a full-sized family SUV, the X90 Plus is designed for executives and families seeking a combination of space, technology, performance and comfort without the price tag associated with some luxury SUVs.

The model is offered with 1.6-litre and 2.0-litre turbocharged engines paired with a seven-speed dual-clutch transmission. The powertrain produces up to 254 horsepower and 390Nm of torque.

Inside the cabin, the X90 Plus features a 12.3-inch LCD touchscreen infotainment system, panoramic sunroof, Sony premium audio system and wireless charging.

Its safety and driver-assistance features include a 360-degree panoramic camera, Forward Collision Warning, Lane Departure Warning and electronic stability systems.

Jetour’s growing profile in Nigeria has also earned the brand recognition from the Nigeria Auto Journalists Association (NAJA), which named it Fastest Growing Auto Brand, while it was also recognised as Auto Brand of the Year at the Nigeria Transport Lecture.

To support its expanding customer base, Jetour Nigeria, the sole authorised distributor, operates through seven accredited dealer partners across the country: Elizade Nigeria Limited, Mandilas Autos, R.T. Briscoe Motors, Germaine Auto Centre, Kojo Motors, Tab Autos Limited and New Era Auto Vehicle Services Limited.

The Abuja Experience is expected to provide Jetour with another platform to engage potential customers and reinforce its position in Nigeria’s increasingly competitive SUV market.