Headlines
UN Issues Stagflation and Economic Slowdown Warnings

Barely one month after the Manufacturers Association of Nigeria (MAN) lamented that the escalating price of diesel is crippling the production capacity of its members, a United Nations’ (UN) report has given an indication that the Nigerian economy might be assailed with more energy turbulence.
The UN’s report, which was released on Wednesday, August 3, warned that rising fossil energy costs might be priced beyond the reach of many developing countries, adding that the global economy would be faced with growing fears of a looming economic slowdown that might lead to a return to stagflation at the end of 2022 or in 2023.
The report, which was captioned “Global Impact of War in Ukraine: Energy crisis – UN Global Response Group on Food, Energy and Finance, August 2022,” also stated that the, “world is in the grip of a major energy crisis with countries worldwide affected by extremely high and volatile prices, particularly of fossil fuels as rising energy prices may price out many developing countries, with a high level of impact on the most vulnerable citizens, from energy markets.”
It said the global cost-of-living crisis had been threatening to push more people into food insecurity and extreme poverty by the end of 2022 as prices of goods and services kept rising across the world and affecting the most vulnerable people due to the ripple effects of the war in Ukraine in all its dimensions.
The report, which was written by the United Nations Conference on Trade and Development (UNCTD), stated that, “there are growing fears of a looming economic slowdown that, coupled with high inflation, might imply a return to stagflation at the end of 2022 or in 2023.
“Consumer price indices keep climbing, consumer sentiment is deteriorating and leading industrial indicators in many countries suggest a slowdown in production.
“However, the signals are not altogether clear: unemployment is still falling in some major markets; and UNCTAD model data on gross domestic product show signals of a slowdown but this has yet to gather pace.
“Stagflation would ultimately accelerate the cost of-living crisis by reducing household income, straining countries’ fiscal spaces and increasing financial market pressures.”
The report stated that debt repayment and financial conditions in developing countries would be worsened despite the fall in commodity prices due to a strengthening United States dollar.
It said: “Since the beginning of 2022, the currencies of developing economies have depreciated by 5.1 per cent against the dollar; with a depreciation of 2.1 per cent in June. In the same period, the yield of sovereign bonds from these economies increased by 162 basis points; with an increase of 64 basis points in June.
“As a result, developing country debts and import bills are coming under further pressure. By June 2022, the trade deficit of low income countries was about 2.5 billion higher than it might have been if the prices of key commodities had stayed at pre-war levels.
“In addition, in the 62 most vulnerable countries, food import bills have increased by $24.6 billion since the start of the war.”
The UN further warned that in the short term, developing economies would struggle to obtain the energy supply they need while vulnerable populations would inevitably be pushed further back with regard to access to energy and clean cooking solutions, thereby losing hard won gains in achieving Sustainable Development Goal 7.
It said: “A potential ‘scramble for fuel,’ in which only those countries paying the highest price can gain access, would be devastating for a multilateral system based on trust and proportionality. Sky-high prices and growing social discontent are putting many governments under pressure.”
The report advised that in this context the best policies for governments would be those that mixed urgency and strategy. “Without such policies,” said the report, “there is a risk that some countries, especially those without adequate funding, might, under pressure, set a course for high-emission, expensive energy in future.”
The report also recommended that world governments should double down on the use of renewable energy sources to achieve the net zero goal, tackle energy poverty and boost and diversify the global energy mix.
It said: “Governments must identify and address bottlenecks in renewable energy supply to foster clean energy and economic growth and leverage opportunities for a just transition,” adding that “renewable energy scale-up depends on a stable policy environment, providing long-term revenue certainty and the transparent granting of permits.”
It further recommended that “governments must combat energy waste by prioritising reducing natural gas flaring and methane leaks along the energy supply chain.”
Headlines
Noble Ladies Champion Women’s Financial Independence at Grand Inauguration in Abuja

Women from diverse backgrounds across Nigeria and beyond gathered at the Art and Culture Auditorium, Abuja, for the inauguration and convention of the Noble Ladies Association. The event, led by the association’s Founder and “visionary and polished Queen Mother,” Mrs. Margaret Chigozie Mkpuma, was a colourful display of feminine elegance, empowerment, and ambition.
The highly anticipated gathering, attended by over 700 members and counting, reflected the association’s mission to help women realise their potential while shifting mindsets away from dependency and over-glamorization of the ‘white collar job.’ According to the group, progress can be better achieved through innovation and creativity. “When a woman is able to earn and blossom on her own she has no reason to look at herself as a second fiddle,” the association stated.
One of the association’s standout initiatives is its women-only investment platform, which currently offers a minimum entry of ₦100,000 with a return of ₦130,000 over 30 days—an interest rate of 30 percent. Some members invest as much as ₦1 million, enjoying the same return rate. Mrs. Mkpuma explained that the scheme focuses on women because “women bear the greater brunt of poverty” and the platform seeks “to offer equity in the absence of economic equality.”
Education is also central to the Noble Ladies’ mission, regardless of age. Their mantra, “start again from where you stopped,” encourages women to return to school or upgrade their skills at any stage in life. The association believes that financial stability is vital in protecting women from cultural practices that dispossess widows of their late husbands’ assets, while also enabling them to raise morally and socially grounded families.
Founded on the vision of enhancing women’s skills and achieving financial stability, the association rests on a value system that discourages pity and promotes purpose. “You have a purpose and you build on that purpose to achieve great potentials and emancipation,” Mrs. Mkpuma said.
A criminologist by training and entrepreneur by practice, she cautions against idleness while waiting for formal employment. “There are billions in the informal and non-formal sectors waiting to be made,” she said, rejecting the “new normal of begging” and urging people to “be more introspective to find their purpose in life and hold on to it.”
Mrs. Mkpuma’s management style keeps members actively engaged, focusing on vocational skills and training to prepare them for competitive markets. She is exploring “innovative integration of uncommon technologies” and is already in talks with international franchises to invest in Nigeria, with Noble Ladies as first beneficiaries.
The association’s core values include mutual respect, innovation, forward-thinking, equal opportunity, and financial emancipation. With plans underway to establish a secretariat in the heart of Abuja, the group aims to expand its impact.
The event drew high-profile guests, including former Inspector General of Police, Mike Okiro, and a host of VIPs, marking a significant milestone in the association’s drive for women’s empowerment.
Headlines
NEPZA, FCT agree to create world-class FTZ environment

The Nigeria Export Processing Zones Authority (NEPZA) has stepped in to resolve the dispute between the Federal Capital Territory Administration and the Abuja Technology Village (ATV), a licensed Free Trade Zone, over the potential revocation of the zone’s land title.
Dr. Olufemi Ogunyemi, the Managing Director of NEPZA, urged ATV operators and investors to withdraw the lawsuit filed against the FCT administration immediately to facilitate a roundtable negotiation.
Dr. Ogunyemi delivered the charge during a courtesy visit to the Minister of the Federal Capital Territory, Barrister Nyesom Wike, on Thursday in Abuja.
You will recall that the ATV operators responded to the revocation notice issued by the FCT administration with a lawsuit.
Dr. Ogunyemi stated that the continued support for the growth of the Free Trade Zones Scheme would benefit the nation’s economy and the FCT’s development, emphasizing that the FCT administration recognized the scheme’s potential to accelerate industrialisation.
Dr. Ogunyemi, also the Chief Executive Officer of NEPZA, expressed his delight at the steps taken by the FCT minister to expand the economic frontier of the FCT through the proposed Abuja City Walk (ACW) project.
Dr. Ogunyemi further explained that the Authority was preparing to assess all the 63 licensed Free Trade Zones across the country with the view to vetting their functionality and contributions to the nation’s Foreign Direct Investment and export drives.
“I have come to discuss with His Excellency, the Minister of the Federal Capital Territory on the importance of supporting the ATV to succeed while also promoting the development of the Abuja City Walk project. We must work together to achieve this for the good of our nation,” he said.
On his part, the FCT Minister reiterated his unflinching determination to work towards President Bola Ahmed Tinubu’s Renewed Hope Agenda by bringing FDI to the FCT.
“We must fulfil Mr. President’s promises regarding industrialization, trade, and investment. In this context, the FCT will collaborate with NEPZA to review the future of ATV, a zone that was sponsored and supported by the FCT administration,” Wike said.
Barrister Wike also said that efforts were underway to fast-track the industrialisation process of the territory with the construction of the Abuja City Walk.
The minister further said the Abuja City Walk project was planned to cover over 200 hectares in the Abuja Technology Village corridor along Airport Road.
According to him, the business ecosystem aimed to create a lively, mixed-use urban center with residential, commercial, retail, hospitality, medical, and institutional facilities.
He added that the ACW would turn out to be a high-definition and world-class project that would give this administration’s Renewed Hope Agenda true meaning in the North-Central Region of the country.
Barrister Wike also indicated his continued pursuit of land and property owners who failed to fulfil their obligations to the FCT in his determination to develop the territory.
Headlines
Benue IDPs block highway, demand return to ancestral homes

Vehicular movement along the Yelwata axis of the Benue–Nasarawa highway was brought to a standstill on Wednesday as Internally Displaced Persons, IDPs, staged a protest, demanding immediate return to their ancestral homes.
The protesters, believed to be victims of persistent attacks by suspected herdsmen, blocked both lanes of the busy highway for several hours, chanting “We want to go back home”.
The protest caused disruption, leaving hundreds of motorists and passengers stranded.
Eyewitnesses said the displaced persons, many of whom have spent years in overcrowded IDP camps, are expressing deep frustration over the government’s delay in restoring security to their communities.
“We have suffered enough. We want to return to our homes and farms,” one of the protesters told reporters at the scene.
Security personnel were reportedly deployed to monitor the situation and prevent any escalation, though tensions remained high as of press time.
Efforts to reach the Benue State Emergency Management Agency, SEMA, and other relevant authorities for comment were unsuccessful.
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