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Trade Tensions: World Bank Slashes Global Growth Forecast to 2.3%, Says 2025 Will Mark Weakest Growth Since 2008

Trade Tensions: World Bank Slashes Global Growth Forecast to 2.3%, Says 2025 Will Mark Weakest Growth Since 2008

•Retains Nigeria’s growth projection at 3.6% 

•Downgrades growth forecasts for 70% of economies

Ndubuisi Francis in Abuja

The World Bank has declared that trade tensions which have been triggered by the United Sates President, Donald Trump, and policy uncertainty were expected to drive global growth down in 2025 to its slowest pace since 2008, outside of outright global recessions. According to the World Bank’s latest Global Economic Prospects report, the turmoil has resulted in growth forecasts being downgraded in nearly 70 per cent of all economies—across all regions and income groups.

In the report, the bank lopped 0.4 percentage points off its forecast for global growth this year. It now expects the world economy to expand just 2.3 per cent in 2025, down from 2.8 per cent in 2024.

The expected slowdown to 2.3 per cent  is nearly half a percentage point lower than the rate that had been expected at the start of the year.

However, the bank retained its April 2025 growth projection for the Nigerian economy at 3.6 per cent in 2025, 3.7 per cent in 2026 and 3.8 per cent in 2027.

The outlook for the Sub-Saharan Africa economy which is also affected by global spillovers is projected to strengthen to 3.7 per cent in 2025 and average 4.2 per cent in 2026- due

to heightened uncertainty and potential adverse trade policy changes

Although the report does not envisage a global recession, nevertheless, if forecasts for the next two years materialise, average global growth in the first seven years of the 2020s will be the slowest of any decade since the 1960s. 

Commenting, the World Bank Group’s Chief Economist and Senior Vice President for Development Economics, said Indermit Gill said, “Outside of Asia, the developing world is becoming a development-free zone. 

 “It has been advertising itself for more than a decade. Growth in developing economies has ratcheted down for three decades—from 6 per cent annually in the 2000s to 5 per cent in the 2010s—to less than 4 per cent in the 2020s. That tracks the trajectory of growth in global trade, which has fallen from an average of 5 per cent in the 2000s to about 4.5 percent in the 2010s—to less than 3 percent in the 2020s. Investment growth has also slowed, but debt has climbed to record levels.”

Growth is expected to slow in nearly 60 percent of all developing economies this year, averaging 3.8 per cent in 2025 before edging up to an average of 3.9 per cent over 2026 and 2027.

 That is more than a percentage point lower than the average of the 2010s. Low-income countries are expected to grow 5.3 per cent this year—a downgrade of 0.4 percentage point from the forecast at the start of 2025. Tariff increases and tight labor markets are also exerting upward pressure on global inflation, which, at a projected average of 2.9 per cent in 2025, remains above pre-pandemic levels.

Slowing growth will impede developing economies in their efforts to spur job creation, reduce extreme poverty, and close per capita income gaps with advanced economies.

Per capita income growth in developing economies is projected to be 2.9 percent in 2025—1.1 percentage points below the average between 2000 and 2019.

The report argued that in the face of rising trade barriers, developing economies should seek to liberalize more broadly by pursuing strategic trade and investment partnerships with other economies and diversifying trade—including through regional agreements.

Given limited government resources and rising development needs, it urged policymakers to focus on mobilising domestic revenues, prioritising fiscal spending for the most vulnerable households, and strengthening fiscal frameworks. 

To accelerate economic growth, it called on countries to improve business climates and promote productive employment by equipping workers with the necessary skills and creating the conditions for labor markets to efficiently match workers and firms. Global collaboration will be crucial in supporting the most vulnerable developing economies, including through multilateral interventions, concessional financing, and, for countries embroiled in active conflicts, emergency relief and support, the report added.

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The World Gathers for Ojude Oba as Glo Celebrates 20 Years of Powering Tradition

The World Gathers for Ojude Oba as Glo Celebrates 20 Years of Powering Tradition

 Ejiofor Alike

Today, Ijebu Ode in Ogun State will be in focus as international tourists, cultural enthusiasts, visitors, and sons and daughters of Ijebuland gather to celebrate Ojude Oba festival, the magnificent showcase of Yoruba heritage, marked by regal splendor, deep cultural pride, and enduring spirit of unity.
Ojude Oba, meaning “the king’s court,” is more than a festival; it is a living mosaic of ancestry, spirituality, and kinship. Each year, the Ijebu people—dressed in dazzling traditional attire—honour the Awujale, their revered monarch.

This year marks the 20th milestone of Globacom’s sponsorship of the iconic celebration, which has transformed into a cultural covenant—a vibrant alliance between corporate vision and ancestral pride.

For the past two decades, Globacom has played a pivotal role in elevating this local tradition to international prominence. It has not merely sponsored Ojude Oba but has championed its global renaissance. In an age of cultural dilution, the company has chosen to amplify tradition—bringing the story of Ijebu to the world. The anticipated designation of Ojude Oba as an official African Heritage Event by UNESCO underscores its cultural significance, a recognition made possible through persistent advocacy and support from Glo.

Because of the foresight of the Chairman of Globacom, Dr. Mike Adenuga, Jr., Ojude Oba has been transformed from a regional celebration into an international attraction. Today, scholars, tourists, and admirers from across the globe converge on Ijebu Ode, drawn by a spectacle that unites pageantry with purpose. For the Ijebus, Glo has become more than a network; it is a symbol of identity, pride, and homecoming.

Globacom’s contributions extend beyond ceremonial. Through media campaigns, immersive storytelling, and cutting-edge technology, the company has cast Ojude Oba onto the global stage, enabling Nigerians in the diaspora and the wider world to experience its grandeur. This digital amplification bridges generations and geographies, turning a local festivity into a form of soft diplomacy and cultural preservation.

Glo has also used the festival as a platform for grassroots empowerment. From establishing fully-equipped POS kiosks to donating tricycles, grinding machines, and generators, the company has helped many Ijebu residents embark on entrepreneurial paths. This year, Glo introduces a consumer promo featuring Suzuki Celerio cars, tricycles, and other essential tools. One of the vehicles will go to a community-nominated hero, reinforcing the festival’s spirit of collective upliftment.

As Plato once noted, “What is honoured in a country will be cultivated there.” Globacom has honored Ijebuland’s spirit and, in doing so, cultivated its soul. The parade of Regberegbes (age grades), Baloguns (warriors), and elegantly adorned horsemen is more than a spectacle—it is a proud affirmation of cultural continuity, made sustainable through corporate stewardship.

To sponsor a festival is one thing; to nurture its essence and future is another. Through infrastructure, community engagement, and cultural reverence, Globacom has redefined what corporate responsibility can mean. It has not simply joined a celebration—it has helped it flourish.

As Kwame Nkrumah observed, “Culture is the seed of development and the flower of our identity.” Globacom has watered that seed year after year, cultivating pride, cohesion, and economic vitality. The surge in visitors and commerce during Ojude Oba is no coincidence—it is the fruit of vision planted deep in the soil of tradition.

In these 20 years, Glo has woven technology into the tapestry of tradition, uniting innovation with identity. Its green emblem now stands for more than connectivity—it signifies community, heritage, and hope.

On this diamond anniversary of partnership, one is reminded of Goethe’s wisdom: “A man should hear a little music, read a little poetry, and see a fine picture every day…” Ojude Oba is all three—music, poetry, and portrait—and through Globacom’s enduring support, it remains a masterpiece the world can witness.
As the regal processions – the Regberegbes and the Baloguns – pass before the Awujale today, their rhythms will echo gratitude—not just to history and ancestors, but to a visionary company that understood from the beginning that to invest in culture is to invest in eternity.

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Permutations on 2027 Heat up Race for Gov AbdulRasaq’s Seat as NGF Chairman

Permutations on 2027 Heat up Race for Gov AbdulRasaq’s Seat as NGF Chairman

Olawale Olaleye

The race for the chairmanship of the Nigeria Governors’ Forum (NGF) has assumed an interesting dimension as the battle is now being hinged on a power rotation arrangement rooted in the 2027 presidential election permutations, THISDAY has learnt.

THISDAY gathered that the Governor of Imo State and Chairman of Progressive Governors’ Forum, Senator Hope Uzodimma; the Governor of Ogun State and Chairman of the Southern Governors’ Forum, Dapo Abiodun; and the Governor of Ekiti State, Biodun Oyebanji; are the top contenders in the race as the southern governors are said to be clamouring for the position to shift to the zone to boost President Bola Tinubu’s re-election chances.

The governors had during the May 2013 re-election battle of former governor of Rivers State, Hon. Rotimi Amaechi, as the chairman of NGF, which badly divided members, passed a resolution on a two-year term for its chairman, which stipulated that the re-election of its chairman would no longer be automatic.
 This decision followed the unpretentious interest of the presidency under the then President Goodluck Jonathan, who was bent on having an NGF chairman that would be loyal to it since the period of four years was a long time to have an “opposition personality” in that office.

At the time, Amaechi’s feud with Jonathan had begun to aggravate the battle for the 2015 elections, which ultimately saw Jonathan out of office, defeated by former President Muhammadu Buhari.

It was the account of Amaechi’s confrontation with Jonathan that prompted the former president to dread seeing Amaechi return as NGF chairman because he feared he could use the forum’s office to mobilise against him.

However, Amaechi, with the backing of more governors, including those elected on the platform of the defunct Action Congress of Nigeria (ACN), won the election with 19 votes to defeat the Jonathan-backed then-Governor Jonah Jang of Plateau State, who polled 16 votes.
But with Jonathan’s loyalists insisting that they won with their 16 votes, the NGF was polarised and the PDP Governors’ Forum was created as a breakaway faction.

It was on this ground that a resolution for a two-year non-automatic term was passed and successive chairmen of NGF had since followed and respected the resolution, ensuring that they spent only two years in office, albeit re-electable.

However, with the politics of the 2027 election showing different tendencies, the clamour to have a southern governor head the NGF has gained momentum as part of the efforts to support President Bola Tinubu’s re-election bid.

However, there is a growing speculation that the current NGF Chairman and Governor of Kwara State, Alhaji Abdulrahman AbdulRasaq, whose two-year tenure ends this June, is unwilling to schedule a meeting this month for an alleged fear of members requesting an election.
AbdulRasaq will be two years in office this June and will have completed one term as NGF chairman.

However multiple sources close to the NGF claimed he is not likely to call for an election this month because he wants to serve for four years as opposed to two years.

However, THISDAY gathered that some of the southern governors, who have been canvassing support for an NGF chairman from the same region as the president, insisted on having an election or a consensus candidate from the south to succeed the current chairman when the group meets next week.
In the meantime, some of the governors being positioned for the office of the NGF include the Governor of Lagos, Mr. Babajide Sanwo-Olu; the Governor of Imo State and chairman of Progressive Governors’ Forum, Senator Uzodimma; Governor of Ogun State and Chairman of the Southern Governors’ Forum, Abiodun; the Governor of Ekiti State, Oyebanji; and the Governor of Ondo State, Lucky Aiyedatiwa.

Though a majority of the governors from the south were said to have initially conceded the position to the governor of Lagos State, his now frosty relationship with the president is believed to have truncated this plan.

Tinubu’s cold relationship with the governor of his home state, Sanwo-Olu, became public knowledge when the president ignored the governor at a recent public function by refusing to shake hands with him.

THISDAY gathered that it is against this backdrop that Sanwo-Olu may no longer be in contention.

But the other governors are said to be mobilising support already, preparatory to the next meeting of the NGF this June, where another chairman is expected to emerge from the south.

Uzodimma, a second-term governor and unrepentant backer of Tinubu, has been everywhere in the last few months canvassing the president’s re-electio

n.
He first mooted the idea of Tinubu’s endorsement at the meeting of the progressive governors before it was sealed at the party’s summit soon after.
Abiodun is another second-term governor, considered a perfect fit for the job. His choice is believed to be instructive given the proximity of Ogun State to Lagos and could also enhance mobilisation.

Governor Oyebanji is one of the most favoured for the job, given his calmness and leadership disposition.
He is likely to emerge as the first governor of Ekiti State to win his re-election back-to-back as a result of his performance and ability to manage both man and material resources effectively.

On his part, Aiyedatiwa, the current governor of Ondo State, is being touted by some interest in the party because of his capacity for mobilisation and the fact that even though a first-term governor, he appears to be popular among his colleague governors for constantly playing sincere neutrality