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
NNPC Foundation Trains Over 3,000 Southwest Farmers in Climate-Smart Agriculture

In a bid to promote food security and sustainable agricultural practices, the NNPC Foundation has successfully trained more than 3,000 farmers in the South-West geopolitical zone on climate-smart and modern farming techniques.
The training, which concluded on Friday in Ikorodu, Lagos, marked the end of the Southwest phase of the foundation’s pilot programme aimed at empowering local farmers and boosting agro-productivity.
Speaking at the closing ceremony, Managing Director of the NNPC Foundation, Mrs. Emmanuella Arukwe, described the initiative as a milestone in the lives of thousands of farmers.
“Today marks the formal conclusion of the first phase of a national journey that speaks to resilience, food security, and economic empowerment,” Arukwe said.
“What began as a bold decision to support small holder farmers has translated into tangible action across three geopolitical zones (South-East, South-South, and South-West) in Southern Nigeria.”
She disclosed that a total of 3,860 vulnerable farmers across 10 locations in the three regions were trained in sustainable farming practices that improve productivity and market access.
“This achievement is not just a number, but a milestone in the lives of real people and real communities. We were able to strengthen farmers’ capacity to adapt to climate change,” she added.
“Through the training, we were able to improve access to markets, promote inclusive agriculture and especially gender representation. We also trained them on enhancing food production through sustainable techniques.”
Arukwe noted that the programme would now move to the North-West, North-Central, and North-East zones as part of its next phase, saying the foundation is committed to supporting livelihoods nationwide.
“This is only Phase One. We will now turn our focus to the North-West, North-Central, and North-East zones. What we have achieved in the South will inform and strengthen our next steps,” she said.
“The NNPC Foundation will continue this mission, to support livelihoods, build resilience, and empower the hands that feed our families and beyond.
We have decided that most times you get a lot of requests from people asking us to give them palliatives and all kinds of things to help them.
But we think it is much better to teach people to fish than just give them fish so they can continue,” Arukwe explained.
Chairman of Ikorodu Local Government, Mr. Wasiu Adesina, while commending the initiative, urged the beneficiaries to apply the knowledge gained to boost productivity and profitability.
“As we all know, agriculture is the bedrock of any nation. Without agriculture, there will not be a nation, because there will be no food to eat,” Adesina stated.
“It is the farmers that produce our food, and it is important that we train our farmers with new techniques in agriculture, and that is exactly what the NNPC Foundation is doing.
“To the farmers, you have to take advantage of this training and face the farming squarely. In some great countries like the United States and the United Kingdom, farmers are the most richest people in those countries.
“This is because they make a lot of money from farming. We need to inculcate that habit in Nigeria and develop ideas in farming. Even after my tenure, I am going back to farming, so, maybe I will ask the NNPC Foundation to train me so that I also join you to be a farmer.”
He appealed to the foundation to provide further empowerment for the trained farmers to help them kickstart their agricultural ventures.
“If the farmers have land for farming, I believe the foundation will provide financial aid to keep their farms running,” Adesina added.
Also speaking at the event, the Lagos State Commissioner for Agriculture and Food Systems, Ms. Abisola Olusanya, represented by the Director of Fisheries, Mrs. Osunkoya Daisi, lauded the Foundation’s efforts in bolstering the state’s food security.
“On behalf of the Lagos State Government, we would like to express our sincere appreciation to NNPC Foundation for training our farmers and for training all the farmers all over the country,” she said.
“Definitely, the training will help improve food production. We can see the impact of climate change effects in agriculture. I am sure farmers have been equipped with climate-smart agriculture techniques to improve production.”
The NNPC Foundation Ltd/Gte is the Corporate Social Responsibility (CSR) arm of the Nigerian National Petroleum Company (NNPC) Limited. It was incorporated in February 2023 to manage the company’s CSR initiatives and enhance Nigeria’s socio-economic development.
Education
NUC grants ESUT full accreditation for Law, 7 other programmes

The National Universities Commission, (NUC), has given full accreditation to the Enugu State University of Science and Technology (ESUT), for her Law programme.
According to the Public Relations Officer of ESUT, Mr Ikechukwu Ani, this is contained in a letter addressed to the institution’s Vice Chancellor, Prof. Aloysius Okolie, on Wednesday in Enugu by the NUC.
Ani said that in the letter, the Executive Secretary of NUC, Prof. Abdullahi Ribadu said the report was contained in the result of the October/November 2024 accreditation of academic programmes in Nigerian universities.
Ani disclosed that other programmes in the institution accredited by the NUC include Master of Science in Business Management; Education Computer Science; Education Physics and Agricultural Engineering.
Other accredited programmes he said were Quantity Surveying; Urban and Regional Planning; and Applied Microbiology.
He said that the letter quoted Section 10 (1) of the Education National Minimum Standard and Establishment of Institutions, Act CAP E3, Laws of the Federation of Nigeria 2004 as empowering the NUC to lay down minimum academic standards for all academic programmes taught in Nigerian universities.
He said the session also empowers the NUC to accredit such programmes.
Crime
Court remands 2 over alleged attempted murder

An Ikeja Magistrates’ Court, Lagos, on Wednesday, remanded two persons, Olaitan Fasasi and Kehinde Tobiloba in a correctional facility over alleged attempted murder.
Fasasi, 40, and Tobiloba, 26, whose addresses were not provided, are being charged with conspiracy, attempted murder and membership of a secret society.
The Magistrate, Mr L.A Owolabi, did not take the plea of the defendants for want of jurisdiction.
Owolabi directed the police to forward the case file to the Director of Public Prosecution for legal advice.
He thereafter adjourned the case until May 31 for mention.
The Prosecutor, Josephine Ikhayere, told the court that the defendants committed the offences at about 5.02p.m on Feb. 15, at Mushin, Lagos.
She said that Fasasi, Tobiloba and others now at large, attempted to commit murder by shooting at a resident, Alfred Ademola.
“They armed themselves with a locally made gun. They belong to Eiye Confraternity, a group proscribed by law,”, she said.
Ikhayere said that the offences contravened Sections 230(1) and 411 of the Criminal Law of Lagos State, 2012.
He said that the actions of the defendants also contravened Section 2(3)(a)(b)(c)(d) of the unlawful societies and Cultism Law of Lagos State Law.
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