Business
Inflation: Adjust Policies to Boost Supply, World Bank Tells Nigeria, Others
The President of the World Bank Group, David Malpass has lamented the impact of rising food and energy costs across the world, urging Nigeria and other developing countries to adjust policies to boost supply.
Higher food prices pushed inflation in Nigeria to 15.92 per cent in March, the highest in five months
In an address he presented at the ongoing 2022 IMF/World Bank Spring Meetings which opened in Washington DC, United States of America yesterday, Malpass said he was deeply concerned about developing countries, adding that they were facing sudden price increases for energy, fertiliser, and food, and the likelihood of interest rate increases.
These, plus the war in Ukraine and China’s COVID-related shutdowns, are pushing global growth rates even lower and poverty rates higher, he stated.
Malpass observed that inflation was causing immense strain globally, especially among poor nations.
He said: “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.
“I joined Kristalina (Georgieva, IMF Managing Director), Ngozi (Okonjo-Iweala, WTO Director-General), and David Beasley (UN World Food Program Executive Director) in a joint statement last week on food insecurity.
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“We wanted to highlight the issue and help coordination. Countries must be taking action now to encourage the production of food, energy, and fertilizer. The production chain needs all three. It’s vital for countries, both advanced and developing, to reduce their trade barriers.
“I want to turn now to the inflation problem, which is causing immense strain. 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.”
He called on central banks to use more tools under current policies, adding that the inequality gap had widened materially, with wealth and income concentrating in narrow segments of the global population.
According to him, “interest rate hikes, if that’s the primary tool, will add to the inequality challenge that the world is facing.”
Malpass recalled that the World Bank had lowered the 2022 growth rate to 3.2 per cent from 4.1 percent before, adding that people were facing reversals in development for education, health, and gender equality, as well as reduced commercial activity and trade.
“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 said.
Business
More heads to roll in NNPCL, subsidiaries as Ojulari assumes office
More heads to roll in NNPCL, subsidiaries as Ojulari assumes office
There are indications that more heads will roll in the Nigerian National Petroleum Company Limited, NNPCL and its subsidiaries as Engineer Bayo Ojulari yesterday assumed office as the new Group Chief Executive Officer.
This was even as the management and staff of NNPC Ltd welcomed the appointment of a new GCEO Officer and Board of Directors for the company by President Bola Ahmed Tinubu.
However, checks Vanguard showed that the reorganisation would start from the corporate headquarters to the subsidiaries, including Upstream, Gas and Power, new Energy, Downstream and Non-Energy businesses.
The checks indicated that the reorganisation would be targeted at ensuring that round pegs are placed into round holes based on the commitment of the new leadership to achieve national goals and objectives in the oil and gas industry.
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It was confirmed that the businesses to be impacted include the NNPC E&P Limited (NEPL), NNPC Upstream Investment Management Services (NUIMS), NNPC Energy Services Limited (EnServ), NNPC Engineering and Technical Company (NETCO), NNPC New Energy Limited (NNEL), NNPC Gas Infrastructure Company (NGIC), NNPC Gas Marketing Limited (NGML), and NNPC Gas & Power Investment Services (NGPIS).
They also include NNPC Trading Limited (NTL) NNPC Retail Limited (NRL), NNPC Shipping Limited (NSL), NNPC RefChem Limited (NRCL), NNPC Downstream Investment Services (NDIS), Nigerian Pipelines and Storage Company Limited (NPSC), National Energy Reserve Management Company (NERMC), NNPC Non-Energy Investment Services (NNIS), NNPC Foundation Limited/Gte, NNPC Academy, NNPC Properties Limited (NPL), and Health Maintenance Organization (HMO) and Research Technology and Innovation (RTI).
More heads to roll in NNPCL, subsidiaries as Ojulari assumes office
Business
NNPCL hikes petrol pump price to N950/litre
NNPCL hikes petrol pump price to N950/litre
The Nigerian National Petroleum Company Limited (NNPCL) has raised petrol prices to N925 per litre in Lagos and N950 per litre in Abuja, effective April 2, 2025.
This represents an N65 increase from the previous price of N860 per litre in Lagos and an N70 increase from the previous price of N880 in the North.
Last week, MRS and other independent marketers increased the price of petrol, raising its pump price to ₦930 per litre in Lagos and ₦960 for residents living in the northern part of the country.
Industry experts stated that the new increase is a direct fallout of the recent suspension of sales of petroleum products in naira by the Dangote refinery.
The adjustment reflects changes in Nigeria’s deregulated fuel market, including competition, supply costs, and global oil price trends.
It also coincides with the appointment of new leadership at the national oil firm, NNPCL, by President Bola Tinubu on Wednesday. The board was also restructured.
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The NNPCL retail stations in Fadeyi, Ago Palace Way, and Ogba, as well as the NNPC station on College Road, have adjusted their prices to N925.
In Ikeja, outlets on Acme Road and the Lagos-Abeokuta Motorway have also raised their pump prices to the new rate.
However, due to logistical delays, not all NNPC stations in Lagos may have updated their prices simultaneously.
In the Federal Capital Territory, the national oil firm station located along the Kubwa motorway upped its price to N950 from N880 per litre. Other stations along Wuse effected the same increase.
This adjustment follows months of price competition. In March 2025, NNPC dropped their pricing to N860 per litre, matching Dangote Refinery’s lower rates.
However, due to rising global oil prices, exchange rate fluctuations, and changes in crude oil sourcing costs, NNPC has now revised prices upward.
Earlier in 2025, NNPC had supplied petrol at N925 per litre in December 2024 before various price adjustments.
The present rate in Lagos remains cheaper than in certain other places, including Abuja, where rates recently stood at ₦880 per litre.
NNPCL hikes petrol pump price to N950/litre
Auto
Toyota corporation taps on Winpart by CFAO to distribute CWorks batteries in Nigeria
Toyota corporation taps on Winpart by CFAO to distribute CWorks batteries in Nigeria
Leading distributor and importer of high-quality automotive spare parts and lubricants in Nigeria, Winpart by CFAO, has commenced the distribution of Cworks batteries in Nigeria.
Cworks is a premium automotive battery brand from Toyota Tsusho Corporation.
The battery introduction, the company says, marks a new era of reliability, durability, and high performance for Nigerian motorists and businesses.
The firm in a statement obtained by Newstrends says as an official distributor and importer of top-quality automotive spare parts, Winpart by CFAO has continued to bring globally trusted brands to Nigeria, ensuring that vehicle owners and businesses have access to world-class solutions.
Developed under the renowned Toyota Tsusho Corporation, Cworks batteries are engineered to deliver superior power, a longer lifespan, and consistent performance in all driving conditions.
Winpart by CFAO says CWorks is a product of “renowned Toyota Tsusho excellence, designed to meet global automotive standards; long-lasting performance, built for durability and resilience on Nigerian roads and weather conditions.”
The company disclosing that the batteries are now available through Winpart by CFAO outlets added that the product would facilitate “reliable power supply, ensuring smooth engine starts and sustained power for all vehicle types”.
General Manager of Winpart by CFAO, Mohamed TALEB, said, “We are excited to introduce Cworks batteries to Nigerian motorists. As a brand from Toyota Tsusho Corporation, Cworks battery reflects the same commitment to quality and performance that Toyota is known for worldwide.
“With Winpart by CFAO, Nigerians can now enjoy a battery that delivers reliability, longevity, and value.”
According to the firm, through Winpart by CFAO, Cworks batteries will be available across Nigeria via authorized dealers and service centres, ensuring easy access to high-quality battery solutions.
The company added that more information on CWORKS Batteries, can be obtained from its website- www.winpart.com.ng.
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