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Experts warn Nigeria as World Bank predicts global recession
Economic and financial experts have warned that Nigeria could face serious economic consequences if the global economy contracts into a recession, as predicted by the World Bank.
The President of the World Bank Group, David Malpass, told a United States business event on Wednesday that it was difficult to “see how we avoid a recession.”
His comments are the latest warning over the rising risk that the world economy may be set to contract with the protraction of the ongoing Russia-Ukraine war.
“As we look at the global GDP… it’s hard right now to see how we avoid a recession,” Malpass said.
“The idea of energy prices doubling is enough to trigger a recession by itself,” he added.
Last month, the World Bank cut its global economic growth forecast for this year by almost a full percentage point, to 3.2 per cent.
Malpass also said that many European countries were still too dependent on Russia for oil and gas.
That’s even as Western nations push ahead with plans to reduce their dependence on Russian energy.
He also told a virtual event organised by the US Chamber of Commerce that moves by Russia to cut gas supplies could cause a “substantial slowdown” in the region.
He said higher energy prices were already weighing on Germany, which is the biggest economy in Europe and the fourth largest in the world.
Developing countries are also being affected by shortages of fertiliser, food and energy, Mr Malpass said.
Speaking in an interview with our correspondent, the Chief Executive Officer, Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, said a global recession would have a catastrophic effect on Nigeria’s economy.
Yusuf said Nigeria was already dealing with challenging economic problems which would be further compounded by a contraction of the global economy.
He said, “The impact of a global recession will obviously be very adverse. That means that the challenges that we are facing currently will get even worse because already, we are dealing with a lot of issues around inflation. We are dealing with a lot of problems around foreign exchange and macroeconomic issues generally, which are things that are driven by external factors.
“So, if you have a global recession then we may see some effects on some of these things that may make those variables much more difficult. We have so many issues which are internal to us. So when you combine those internal issues with these external variables or factors, you can imagine the impact it will have not just on the economy but on the lives of the citizens, on investments and so many other things. It’s not going to be palatable at all.”
According to him, the war between Russia and Ukraine will continue to have far reaching consequences due to interests from foreign countries that have caused a ripple effect across the global economic space.
On the other hand, a professor of Economics at the Olabisi Onabanjo University, Prof Sheriffdeen Tella said a global recession, particularly one driven by the energy crisis resulting from the Russia-Ukraine war would spotlight Nigeria’s continuous inability to meet its global crude oil supply quota, as pegged by the Organisation of the Petroleum Exporting Countries.
He noted that a global recession, if prolonged over an extended period of time, could have serious consequences on the Nigerian economy.
“Actually, it is supposed to have a positive impact, but it didn’t have because we have no oil to sell. We are not producing to meet demand. What is meant by the global recession is that most of Europe depend on gas and oil from Russia; since it is not forthcoming, the cost of things there has risen. So, consumers are likely going to demand less. When that happens, it also has many effects on developing countries. It is what we call the contingent effect.”
“When you have a global recession. It affects consumption in those countries, and when it does, the demand for our products will also fall. By now we should be swimming in money because of the fact that there is high demand for oil, but because we have not been able to meet our quota, that’s why we are not enjoying anything. When there is a global recession, after some time it will affect us because we are already in a recession. Even though they claim there is improvement in output, what is the significance of that improvement? We are not doing well currently.”
PUNCH
The Enugu State Government has tasked health partners and stakeholders on translating government policies, investments and strategic plans into measurable improvements in health outcomes meant to uplift residents’ health status.
The state Commissioner for Health, Prof. George Ugwu, gave the task on Saturday in Enugu while formally declaring open the 2026 Enugu State Health Sector Joint Annual Review (JAR) Meeting.
Ugwu assured that the state government remained committed in building a stronger, more responsive and resilient health system.
The commissioner called for renewed commitment, accountability and collective action to strengthen healthcare delivery across the state.
He commended Gov. Peter Mbah for his remarkable commitment to transforming the health sector through sustained investments, reforms and initiatives aimed at improving access to quality healthcare for the people.
Ugwu noted that the meeting provided an important platform for partners and stakeholders to take stock of the implementation of the 2026 Annual Operational Plan, assess progress, identify gaps and bottlenecks.
The commissioner said that the meeting would provide opportunities for agreements on practical actions to accelerate health sector performance.
In a remark, the Permanent Secretary, Ministry of Health, Dr. George Nwachi, stressed the importance of the review as a mechanism for strengthening accountability, evidence-based decision-making and effective implementation of health programmes.
Nwachi emphasised the need for stakeholders to critically examine achievements and challenges, close identified implementation gaps and develop realistic priorities that would further improve service delivery across the state.
The technical sessions featured the presentation of the 2025 JAR Resolutions by the Director of Planning, Research and Statistics of the Ministry of Health, Mrs Ann Oguejiofor, providing a basis for assessing progress on previously agreed actions.
The Sector-Wide Approach (SWAp) Desk Officer, Mrs Uju Ewoh, also presented an update on the Maternal and Neonatal Mortality Reduction Innovation and Initiative (MAMII) initiative.
The State Monitoring and Evaluation Officer, Mr Ikechukwu Obodo, presented the validated JAR template to guide the assessment of health sector performance and ensure that the review is anchored on reliable data and measurable indicators.
The outcomes of the two-day critical stakeholders’ meeting would serve as a critical foundation for the development of the 2027 Annual Operational Plan, further advancing Enugu State’s determination to deliver stronger, more efficient and people-centred healthcare services.
…As Nsukka LG boss, Asogwa bags Best Council Chairman Award_
Governor Peter Ndubuisi Mbah’s transformational leadership and developmental strides took centre stage, yet again, as Enugu Media Village honoured him with an Award of Excellence for dedication to transformational leadership and outstanding governance.
This was even as the Chairman of Nsukka Local Government Area, Engr. Jude Asogwa, emerged winner of the 2025/2026 Enugu State Best Performing Local Government Chairman Award, while Isi-Uzo Council Chairman, Barr. Obiora Obeagu came second in the poll.
The awards were presented during the organisation’s 2025/2026 Best Performing Local Government Chairman Poll and Leadership Recognition Ceremony, which took place at the International Conference Centre, Enugu.
Presenting the awards on behalf of the organisation, the Board of Trustees Chairman of Enugu Media Village and former Chairman of Agwu Local Government Area, Hon. Nnanna Nze, commended Governor Mbah for what he described as his remarkable transformation of the state in just three years.
Nze noted that the governor’s developmental strides in critical sectors of the economy had continued to attract commendation from residents and stakeholders.
Earlier in his welcome address, the Founder and Director General of Enugu Media Village, Mr. Kelvin Uche Edeh, described the organisation as a media platform established to promote developmental governance and ensure that information about government projects reaches the grassroots.
He noted that Governor Mbah had demonstrated that governance was a powerful tool for transforming communities and improving lives.
“Governor Peter Mbah has shown us that governance is about changing communities and transforming systems.
“We are committed to supporting developmental governance by ensuring that information reaches the grassroots across all local government areas,” Edeh stated.
Receiving the award, Governor Mbah said the honour belonged to members of his team and the entire people of Enugu State for entrusting their mandate to him.
He, however, said that the people of Enugu State had only seen a tip of the iceberg, as he remained committed to exceeding expectations in delivering more dividends of democracy to the people.
Mbah, who was represented by the state’s Attorney General and Commissioner for Justice, Barr. Osinachi Nnajieze, said the people of Enugu State deserved only the very best, hence his insistence on excellence, innovation and high performance from members of his administration.
Another major highlight of the event was the emergence of Engr. Jude Asogwa, as winner of the 2025/2026 Enugu State Best Performing Local Government Chairman Award.
The poll, which featured all 17 local government areas of the state, recorded Nsukka Local Government Area as the overall winner with 110,447 votes, ahead of Isi Uzo, Uzo Uwani, Igbo Eze North and Enugu South LGAs, in that order.
In his acceptance speech, Engr. Asogwa, who dedicated the award to God, Governor Mbah, his family and the people of Nsukka, said the recognition reflected his Council’s commitment to delivering development to all 52 communities in the LGA.
He further reaffirmed Nsukka’s support for Governor Mbah’s re-election, citing the administration’s investments in the area such as 20 Smart Green Schools, 21 Type-2 Primary Healthcare Centres, dualization of the over 44.1-kilometre Enugu – Opi – Nsukka Road, the 52.2km Nguru – Lejja – Aku – Akpakume Nze – Egede – Affa – Eke road, and N1 billion oxygen plant, among other development projects designed to improve lives and grow Nsukka and Enugu North Zone’s economy.
“Let me just tell us that the secret of our performance is Dr. Peter Ndubuisi Mbah. He is a leader that supports the local government council chairmen. He is a governor who does not tamper with the allocations of the LGAs. That is the secret of the results you are seeing. In addition, he has delivered 267 Smart Schools and 260 Type 2 Primary Healthcare Centres in the 260 wards.
“So, Nsukka is for Governor Peter Mbah. Also, we had earlier decided as a zone that come 2027, we will support and deliver not only the governor but also President Bola Ahmed Tinubu, whose administration has contributed to the growth and development of our people, including the appointment of the first indigenous Vice Chancellor of the University of Nigeria, Nsukka,” he said.
The event also featured the presentation of Awards of Excellence to distinguished public office holders and leaders in recognition of their contributions to governance, leadership and public service.
Among the awardees were Senator Osita Ngwu, representing Enugu West Senatorial District; Senator Ikeje Asogwa, representing Enugu North Senatorial District; Hon. Chimaobi Sam Atu, representing Enugu North and South Federal Constituency; Barr. Osinachi Nnajieze, Attorney General and Commissioner for Justice; and Chie Chukwudi Nnaji.
The Member representing Ilaje/Ese-Odo Federal Constituency in the House of Representatives, Donland Ojogo, narrowly escaped death on Saturday when his two-vehicle convoy was involved in a road accident.
The incident, which occurred along the Ore–Ondo Road, reportedly involved a commercial bus that dangerously overtook the lawmaker’s vehicle and collided with an oncoming vehicle, causing panic and confusion among road users.
Although Hon. Ojogo, who recently secured a return to the National Assembly, did not sustain any serious injuries, some members of his entourage were affected in the crash.
The federal lawmaker was said to be en route to Arogbo in Ese-Odo Local Government Area for a political l engagement when the accident happened.
Reacting to the incident, Ojogo expressed gratitude to God for sparing his life and that of his team, noting that the situation could have been fatal if not for divine intervention.
According to him, “God took perfect control of the situation and prevented what could have turned into a tragic incident.”
He, however, blamed the driver of the commercial bus for the accident, accusing him of reckless driving and impatience on the highway.
Meanwhile, those who sustained injuries in the crash have been rushed to a nearby hospital where they are currently receiving treatment.
Petroleum marketers have slowed fuel purchases from the Dangote Petroleum Refinery amid uncertainty surrounding the company’s decision to sell Premium Motor Spirit (PMS) in U.S. dollars, raising concerns over possible disruptions in fuel supply across Nigeria.
While some marketers claimed that fuel loading had been suspended at the Lekki-based refinery, the company dismissed the reports, insisting that loading operations were continuing as normal.
Industry players, however, said many marketers had deliberately reduced or halted large-scale purchases while awaiting clarification on the refinery’s new pricing structure and the expected landing cost of imported petroleum products.
The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, explained that marketers were reluctant to buy large volumes because of uncertainty over future petrol prices.
According to him, products currently in circulation were purchased at between ₦1,250 and ₦1,300 per litre, while fresh supplies could be priced differently depending on the new crude oil pricing template and imported fuel costs.
“The challenge is that marketers do not know whether petrol prices will rise or fall after making fresh purchases. Consumers still expect fuel to be sold at the prevailing pump price, making it risky for marketers to stock up,” Ukadike said.
He noted that although fuel distribution had not stopped entirely, the volume of products being loaded had reduced significantly. He urged the Federal Government to intervene quickly by resolving the pricing uncertainty to restore confidence in the downstream petroleum sector.
Similarly, the IPMAN Western Zone Chairman, Oyewole Akanni, confirmed that the uncertainty had forced many marketers in the South-West to suspend fresh purchases, resulting in temporary closures of some filling stations.
Speaking to the News Agency of Nigeria (NAN), Akanni said the situation followed the reported suspension of PMS loading at the Dangote Refinery about four days ago, forcing marketers to rely on private depots where prices have risen sharply.
According to him, ex-depot prices at private facilities in Lagos now range from ₦1,200 to ₦1,220 per litre, excluding transportation costs, with some depots reportedly selling at up to ₦1,250 per litre. He added that products were still available from suppliers such as NIPCO and Aiteo at around ₦1,200 per litre.
Akanni disclosed that four truckloads of petrol meant for his filling stations had remained at the refinery since loading was reportedly suspended.
“I was supposed to receive four truckloads of PMS four days ago, but that has not happened because the trucks are still at the Dangote Refinery,” he said.
Despite the situation, Akanni maintained that Nigeria was not experiencing fuel scarcity and advised motorists against panic buying. However, he warned that prolonged uncertainty could eventually lead to an increase in pump prices.
The developments have heightened anxiety in the downstream sector, with marketers closely monitoring pricing decisions before resuming normal fuel purchases.
Specifically, the House seeks details of funds released to the Ministry of Defence over the past six months and an explanation for the perceived lack of corresponding improvements in security nationwide.
The resolution followed the adoption of a motion of urgent public importance brought on the floor of the Green Chamber by the member representing Gummi/Bukkuyum Federal Constituency of Zamfara State, Mr Sulaiman Gumi, during plenary on Tuesday.
Speaking on the substance of the motion, the lawmaker lamented the sorry state of security in Zamfara and other parts of the North-West zone, noting that as a result of the campaign of violence by insurgents, the entire region is now battling the scourge of humanitarian crises made worse by the harsh economic realities of the times.
He said, “The House is aware that between June 1 and 6, 2026, rampaging bandits riding on about 250 motorcycles with three riders each invaded Gummi/Bukkuyum Federal Constituency, and some parts of Sokoto villages bordering Zamfara State, killing 93 people.
“The House is also aware that on the night of June 2, 2026, into the early hours of June 3, 2026, seven students of the Federal Polytechnic, Kaura Namoda, Zamfara State, were abducted by bandits at their off-campus students’ hostel.
“Earlier, two senior lecturers of the same polytechnic were kidnapped and held in captivity for more than two months, despite ransom payments for their release.
“We are aware of the violent attack by bandits on Zurmi Local Government Area of Zamfara State, where four people were killed and several travellers abducted.
“In Talata Marafa Local Government Area, a councillor and a director were abducted while travelling from Jangebe to the local government headquarters over Hajj activities for intending pilgrims from Jangebe. The bandits killed both of them after refusing to collect any ransom.”
The lawmaker also drew his colleagues’ attention to the escalation of bandit attacks in other Northwest states, including Katsina, Kaduna, Kano, Kebbi, and Jigawa.
Gumi recalled that “On May 31, 2026, 17 villagers were killed when bandits in their hundreds and riding on motorcycles invaded Dangulbi community in Tureta Local Government Area of Sokoto State,” stressing that “more than 15 communities in Tureta and Sabon Birni local government areas of Sokoto State have been deserted due to constant bandit attacks.
“In Katsina State, a former Director of Defence Information of the Nigerian Army, Maj Gen Rabe Abubakar Batsari (retd), and his wife were abducted when their vehicle was ambushed along the Marabar Musawa-Kafinsoli road in Matazu Local Government Area on May 30, 2026.”
He continued, “Just yesterday (Monday), 50 elderly men were kidnapped and are still held captive in Zamfara State.
“In Kaduna State, bandit attacks remain a significant security challenge, with recent incidents heavily concentrated in areas like Kachia, Sanga and Birnin-Gwari Local Government Areas, while in Kano State, bandit attacks have primarily impacted rural communities sharing borders with neighbouring Katsina State, with the most severe incidents resulting in fatalities, livestock rustling, and abductions.”
He expressed concern that the continuous, unchallenged movement of bandits between the towns, states and their hideouts severely undermined the credibility of the nation’s security, adding that if the trend was not checked, more lives would be lost, and the socio-economic fortunes of the region would be ruined.
Contributing, Jigawa lawmaker, Abubakar Yalleman, called for a speedy consideration of all legislative proposals for the establishment of state police.
“I urge the National Assembly to expedite action on state police to help checkmate the deteriorating level of security in the country,” he said, a call backed by his Ogun counterpart, Mr Olumide Osoba.
Also speaking, the member representing Ikorodu Federal Constituency of Lagos State, Babajimi Benson, called on the Federal Government to revisit the cashless policy as a way of restricting incidences of cash payment to kidnappers.
“It is important to revisit the cashless policy because it is difficult to pay ransom through bank transfers,” he said.
Similarly, the member representing Shomolu Federal Constituency of Lagos State, Ademorin Kuye, called for strict regulation on the activities of Bureau De Change operators, among other measures.
“It is important for us to gazette the prohibition of ransom payment to kidnappers. The Central Bank of Nigeria should consider monitoring the activities of Bureau De Change operators to address illicit financial flows,” he advised.
Following the adoption of the motion, the House resolved to summon the government officials at a date yet to be announced, while urging the defence minister to deploy adequate security personnel and necessary operational equipment to Zamfara State and the entire Northwest to strengthen the security of the region.
It also urged ministers of agriculture, environment, education, humanitarian affairs and disaster management to explore other non-kinetic options of addressing the security challenges in the country.
The House thereafter mandated the Committee on Defence and other relevant committees to ensure compliance and report back within two weeks for further legislative action.
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