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World Bank Declares Imported Petrol Cheaper than Dangote’s

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World Bank deploys $114.9 to finance global crises in 2022

The World Bank has alleged that the disparity in costs of imported Premium Motor Spirit (PMS), otherwise called petrol, the one supplied by the Dangote Petroleum Refinery, has potential to deepen inflationary pressures in Nigeria’s economy.

In its latest Nigeria Development Update, the World Bank revealed that imported petrol costs about 12 percent less than locally refined fuel from Dangote, exposing distortions in the country’s downstream pricing framework amid elevated global crude oil prices.

The report noted that the disparity comes despite Dangote refinery emerging as the dominant supplier of petrol in Nigeria following the halt in issuance of import licences earlier in 2026. It said the pricing gap underscores broader inefficiencies in the domestic fuel market at a time of heightened global oil volatility.

According to the bank, rising crude oil prices, driven largely by geopolitical tensions in the Middle East, are compounding pressures within Nigeria’s energy market and could further widen inflationary risks if sustained.

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It warned that an increase in global oil prices to about $80 per barrel could directly add roughly 3.1 percentage points to Nigeria’s headline inflation, assuming full pass-through to domestic fuel prices.

The World Bank explained that energy-related components, particularly transport, which accounts for about 10.1 per cent of Nigeria’s Consumer Price Index (CPI), serve as a key transmission channel for fuel price shocks across the broader economy.

Beyond fuel, the report highlighted the risk of rising food prices, linked to higher global costs of food and fertilisers stemming from the same geopolitical disruptions affecting oil markets.

Speaking during the report presentation in Abuja, World Bank Country Director for Nigeria, Mathew Verghis, acknowledged improvements in Nigeria’s macroeconomic outlook through 2025 and early 2026, driven by ongoing reforms. However, he cautioned that external shocks continue to pose serious risks to price stability.

He noted that higher global energy and shipping costs are already feeding into domestic prices, particularly within the fuel and transport sectors.

Verghis added that while rising oil prices may boost government revenues due to Nigeria’s status as a net oil exporter, the overall fiscal gains remain limited, stressing that curbing inflation is critical to protecting household incomes and purchasing power.

Also speaking, World Bank Lead Economist for Nigeria, Fiseha Haile, said petrol price increases have already transmitted across transport and logistics chains, amplifying cost pressures across sectors.

While acknowledging improvements in Nigeria’s external position, including stronger reserves and exchange rate unification, he warned that vulnerabilities persist due to volatile global financing conditions and weaker capital inflows.

Despite the easing in oil prices, the World Bank maintained that Nigeria’s economy remains vulnerable to external shocks, warning that persistent global uncertainties could sustain pressure on inflation and household welfare in the months ahead.

Meanwhile, global oil prices recorded a sharp decline following a ceasefire agreement between the United States and Iran, easing immediate supply concerns.

U.S. benchmark West Texas Intermediate crude for May delivery dropped over 17.3 per cent to $93.69 per barrel, while Brent crude for June fell 15.3 per cent to $93.03 per barrel, marking their steepest one-day declines since early 2020.

The price drop followed an announcement by Donald Trump that both countries had agreed to a temporary ceasefire, allowing the Strait of Hormuz to reopen for two weeks while hostilities are suspended.

NEWS

India Blocks WhatsApp Username Rollout Over Rising Scam Fears

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Asset ownership key to Nigerian Content Development -Wabote

The Indian government has directed Meta to delay the rollout of WhatsApp’s upcoming username feature, citing concerns that it could expose millions of users to fraud, phishing, and impersonation scams.

The move follows WhatsApp’s recent announcement that users worldwide would soon be able to connect using unique usernames instead of sharing their phone numbers, a feature designed to improve privacy.

ALSO READ: WhatsApp to Introduce Usernames, Ending the Need to Share Phone Numbers

However, Indian authorities fear the change could be exploited by cybercriminals, particularly as the country continues to witness a sharp rise in online fraud.

According to reports, India’s Ministry of Electronics and Information Technology has asked Meta to suspend the launch of the feature until consultations with the government are completed.

Officials warned that fraudsters could register deceptive usernames and pose as trusted individuals or organisations, making it more difficult for users—especially those with limited digital literacy—to identify scams.

The ministry also expressed concerns that the feature could fuel phishing attacks, impersonation, and the growing trend of so-called “digital arrest” scams that have affected thousands of victims across the country.

Responding to the concerns, Meta said the username feature has not yet been launched in India. The company noted that usernames for public figures and verified accounts have already been reserved to prevent impersonation.

Meta also stressed that users will still need a phone number to create and use a WhatsApp account, adding that the platform has built multiple layers of protection into the new feature to help detect and prevent scams.

India is WhatsApp’s largest market, with more than 500 million users. Government figures show that cyber fraud losses in the country reached nearly $3 billion in 2025, almost 40 times higher than the amount recorded in 2021, underscoring the growing challenge of online crime.

The WhatsApp username feature is already available on WeChat, the messaging platform owned by Chinese technology company Tencent.

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Miracle in Venezuela: Toddler Rescued Alive Six Days After Deadly Earthquakes

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Morocco Earthquake Victims Passes 2,000

A three-year-old child has been rescued alive from beneath the rubble in Venezuela, six days after two powerful earthquakes devastated parts of the South American nation, offering a glimmer of hope amid a worsening humanitarian crisis.

The remarkable rescue took place in La Guaira, one of the areas hardest hit by the twin earthquakes measuring 7.2 and 7.5 magnitudes, which struck less than a minute apart on June 24.

SEE ALSO: Over 800 Dead As Earthquake Devastates Eastern Afghanistan

Rescue workers have continued round-the-clock search operations despite the challenges posed by repeated aftershocks.

The United Nations described the rescue as a powerful reminder that every life matters as emergency teams continue combing collapsed buildings for survivors.

According to Venezuelan authorities, the earthquakes have claimed nearly 2,000 lives, while more than 6,400 people have been rescued since the disaster struck.

Tens of thousands of survivors remain without adequate shelter, with humanitarian agencies warning that urgent needs continue to grow.

The UN refugee agency said the scale of the disaster has left thousands of families in desperate need of emergency assistance, while the UN Office for the Coordination of Humanitarian Affairs (OCHA) confirmed that national and international rescue teams remain active in the affected communities.

UN Disaster Assessment and Coordination (UNDAC) teams are also assessing the extent of the destruction and identifying communities most in need of humanitarian support.

Officials said about 1,000 buildings, including hospitals, have either been damaged or completely destroyed.

More than 400 schools and water systems have also been severely affected, worsening living conditions for residents.

To support relief efforts, the United Nations Children’s Fund (UNICEF) has delivered an initial 47-tonne shipment of humanitarian supplies, including emergency medical kits, water purification materials, safe birth supplies, wheelchairs, child-friendly tents and educational materials. The shipment follows an earlier consignment that arrived from Panama.

UNICEF said the combined aid will support more than 100,000 children and their families over the next three months.

Speaking from La Guaira, UNICEF representative Gabriel Vockel said the organisation is working around the clock to reach as many children and families as possible, while appealing for more donations to expand its life-saving operations.

UNICEF Regional Director for Latin America and the Caribbean, Roberto Benes, said many affected families are sleeping outdoors for fear of continued aftershocks and remain in urgent need of clean water, healthcare and safe shelter.

The agency estimates that about 680,000 children across six affected states require humanitarian assistance following what has been described as Venezuela’s most significant earthquake disaster in more than a century.

Authorities also reported that more than 600 aftershocks have been recorded since the initial earthquakes, increasing concerns over further damage and risks to survivors.

UNICEF is seeking $52 million to respond to the earthquake emergency as part of its broader 2026 Humanitarian Action for Children appeal for Venezuela, which remains significantly underfunded.

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NEWS

Nigeria’s Inflation Bows to Oil Pressure by 15.93% – Report

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Nigeria’s inflation falls further to 15.99% in October

The battle against inflation by the Nigerian government was hit by a wave of global energy disruptions which reversed headline inflation that was on an upward trajectory, and it bowed by 15.93 per cent in May 2026.

This revelation is according to the newly released Meristem 2026 Half-Year Outlook, tagged “Stability Meets Uncertainty, Reprising Risks, Sustaining Growth,” which was officially released by Meristem on Wednesday.

The sudden reversal has been heavily tied to “Operation Epic Fury,” a 38-day joint United States-Israeli military campaign against Iran that commenced on 28 February 2026. The military action led to the effective closure of the critical Strait of Hormuz, triggering a massive global energy shock that drove Brent crude prices above $110 per barrel at its peak.

“The global oil shock trickled down into higher domestic fuel and transportation costs,” market analysts noted in the report, highlighting the swift transmission of international energy volatility into the local Nigerian economy.

ALSO READ: DPRP, Congo National Oil Consider Strategic Partnership

The inflationary pressure comes despite a strong macroeconomic showing elsewhere in the country. Nigeria’s Gross Domestic Product (GDP) expanded 3.89 percent year-on-year in the first quarter of 2026, marking its fastest Q1 growth pace in a decade.

This expansion was predominantly driven by vibrant non-oil sectors, including telecommunications and financial services. Furthermore, a surging trade surplus and robust portfolio inflows propelled Nigeria’s foreign reserves across the $50bn milestone in June, for the first time since 2009.

However, the domestic oil sector has struggled to capitalise fully on the high global prices. Maintenance activities at major facilities, such as the Bonga field, kept first-half crude production at a crawl. While output gradually recovered to 1.70 million barrels per day in May, it remained safely below the Federal Government’s budgetary benchmark of 1.84mbpd.

The resurgence of inflation in Nigeria mirrors a broader global trend, as central banks worldwide have been forced to pivot. The era of monetary easing has faced abrupt interruptions, with the European Central Bank and the Bank of Japan delivering surprise 25-basis-point rate hikes to combat energy-driven price hikes.

With central banks shifting to a “higher for longer” interest rate stance to contain these reignited inflation fears, the report notes that Nigerian policymakers face the delicate task of balancing robust domestic growth against compounding, energy-induced living costs in the second half of the year.

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