Business

World Bank considering Banga as next president

Published

2 years ago

April 1, 2023

Ajay Banga, a United States national, Ajay Banga, is set to become the next president of the World Bank in June when the current head of the group, David Malpass, steps down.

The global bank announced on Friday that Banga is the only nominee for the position of the next president of the lender.

Last month, Malpass announced his intentions to quit his position after over four years of service.

The World Bank said in the statement on Friday that only Banga nomination was received and that he would be considered for the position.

It stated, “The World Bank Group’s board of executive directors today confirmed that, as announced on February 22, the period for submitting nominations for the position of the next President of the World Bank Group closed on Wednesday at 6:00 pm ET,” World Bank said.

“The board received one nomination and would like to announce that Ajay Banga, a US national, will be considered for the position.

“In accordance with established procedures, the board of executive directors will conduct a formal interview with the candidate in Washington DC, and expect to conclude the Presidential selection in due course.”

In February, US President Joe Biden had nominated Banga to lead the World Bank saying that he is “well equipped” to lead the global institution at “this critical moment in history.”

“He has a proven track record managing people and systems, and partnering with global leaders around the world to deliver results,” Biden had said.

Banga, a 63-years-old, was born in India and is a naturalised US citizen. He currently serves as vice-chairman at General Atlantic — an American growth equity firm providing capital and strategic support for global growth companies.

He previously served as Mastercard’s executive chairman after previously serving as the company’s president and chief executive officer (CEO) from July 2010 to December 31, 2020.

He has also served on the boards of the American Red Cross, Kraft Foods and Dow Inc.

Related Topics:Ajay Banga World Bank president

Up Next

State governors meet Tuesday with EFCC, FIRS, CBN on security votes

Don't Miss

FG okays N24.2bn free Internet for 20 airports, varsities, markets

Business

PH refinery: 200 trucks will load petroleum products daily, says Presidency

Published

5 hours ago

November 26, 2024

Trends Admin

Port Harcourt Refinery

PH refinery: 200 trucks will load petroleum products daily, says Presidency

No fewer than 200 trucks are set to load petroleum products at the government-owned Port Harcourt Refinery, the presidency has said.

A presidential spokesperson, Sunday Dare, made this known in a statement through his official X handle on Tuesday.

Newstrends had reported that the Nigerian National Petroleum Company on Tuesday announced that Port Harcourt Refinery has resumed operations and crude oil processing after years of inactivity.

PH refinery: 200 trucks will load petroleum products daily, says Presidency

Business

Breaking: CBN increases interest rate to 27.50%

Published

6 hours ago

November 26, 2024

Trends Admin

Breaking: CBN increases interest rate to 27.50%

The Central Bank of Nigeria (CBN) has raised the lending interest to 27.50 per cent from 27.25 per cent.

This latest increase in the Monetary Policy Rate came after a meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Monday and concluded Tuesday.

The Monetary Policy Rate measures the benchmark interest rate.

The CBN Governor, Yemi Cardoso, announced this in Abuja on Tuesday after the MPC meeting, last for the year, held at the apex bank’s headquarters.

He said the MPC voted unanimously to raise the MPR by 25 basis points from 27.25% to 27.50%; and retain the Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks.

The CBN governor also said the MPC retained the Liquidity Ratio (LR) at 30% and Asymmetric Corridor at +500/-100 basis points around the MPR.

Business

Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS

Published

10 hours ago

November 26, 2024

Trends Admin

Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS

Nigeria’s unemployment rate stood at 4.3 per cent in the second quarter of 2024, the National Bureau of Statistics (NBS) has said in its latest report.

The report released on Monday said the unemployment rate decreased compared to the 5.3 per cent recorded in the Q1 of 2024.

The NBS defined the unemployment rate as the share of the labour force (the combination of unemployed and employed people) who are not employed but actively searching and are available for work.

“The unemployment rate for Q2 2024 was 4.3%, showing an increase of 0.1 percentage point compared to the same period last year,” the report stated.

“The unemployment rate among males was 3.4% and 5.1% among females.

“By place of residence, the unemployment rate was 5.2% in urban areas and 2.8% in rural areas. Youth unemployment rate was 6.5% in Q2 2024, showing a decrease from 8.4% in Q1 2024.”

Report also said the unemployment rate among persons with post-secondary education was 4.8 per cent; 8.5 per cent among those with upper secondary education, 5.8 per cent for those with lower secondary education, and 2.8 per cent among those with primary education in Q2 2024.

Employment rate – 76%

The report showed that the employment-to-population ratio, which measures the number of employed workers against the total working-age population, increased to 76.1 per cent in Q2 2024.

“In Q2 2024, 76.1% of Nigeria’s working-age population was employed, up from 73.1% in Q1 2024,” the report stated.

Self-employment – 85.6%

The report further showed that Nigeria’s labour market saw a notable shift as the proportion of self-employed individuals increased in Q2 2024.

It stated, “The proportion of persons in self-employment in Q2 2024 was 85.6%.”