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World Bank calls for accelerated renewable energy investment as oil supply risks mount

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The World Bank has urged governments across the world to accelerate investments in renewable energy, clean technologies and resilient infrastructure as rising oil supply pressures continue to threaten economic stability, inflation control and long-term development.

According to the Bank, the ongoing global oil supply squeeze has reinforced the urgent need for countries — particularly developing economies — to diversify their energy mix and reduce dependence on volatile fossil fuel markets.

The Bank said investments in renewable energy, solar infrastructure, decentralized energy systems and clean technologies are becoming increasingly critical for protecting economies from future energy shocks while supporting growth, employment and climate resilience.

“Countries become more resilient when they diversify energy sources, including renewables and nuclear energy, because it reduces exposure to energy price shocks,” the World Bank stated.

The institution noted that governments must continue investing in the infrastructure needed to support energy diversification, including solar mini-grids, decentralized electricity systems and reliable power supply networks, especially in remote and climate-vulnerable communities.

Beyond energy infrastructure, the World Bank stressed that sustained investment in human capital remains essential for economic resilience and future job creation.

According to the Bank, countries must modernise education systems and workforce development programmes to equip workers with skills relevant to emerging industries, including clean technology, digital services and artificial intelligence.

“Practical AI tools are already improving productivity in sectors such as agriculture by helping smallholder farmers detect crop and livestock diseases and improve access to services,” the Bank said. “But investment in people goes beyond technical skills. It also includes quality education, healthcare and strong social programmes that strengthen human capital.”

The Bank further warned that the global economy is entering another period of heightened uncertainty driven by geopolitical tensions, climate risks, policy instability and rapid technological disruption.

It noted that surging oil prices and tightening global supplies are placing additional pressure on public finances, particularly in developing countries, where inflation, widening fiscal deficits and supply chain disruptions are already constraining growth.

As governments grapple with competing priorities between economic stabilisation and long-term development, the World Bank cautioned against reducing public investments that support growth and employment.

“When faced with fiscal pressure, governments often resort to cutting long-term capital investments. This is not the right response,” the Bank said. “Evidence shows that reducing investment spending during crises weakens recovery, lowers productivity and wages, and reduces countries’ ability to withstand future shocks.”

Instead, the Bank advised countries to prioritise high-impact projects capable of generating jobs, stimulating productivity and strengthening climate and energy security.

It said poorly designed or low-impact projects should be discontinued, while strategic investments with long-term economic value should be protected.

The World Bank also highlighted the importance of improving public sector efficiency to create fiscal space without relying solely on increased taxation or borrowing.

According to the institution, nearly one-third of public investment spending is lost globally due to inefficiencies, with losses significantly higher in low-income countries.

It explained that better project appraisal, transparent procurement systems, effective implementation and regular maintenance of infrastructure assets could substantially reduce waste and improve value for money.

“Neglecting maintenance quietly drains public finances because infrastructure deteriorates faster and replacement costs become higher over time,” the Bank noted.

The institution added that digital technologies can help governments improve project monitoring, accountability and spending efficiency.

It cited countries such as Viet Nam and Cambodia, where governments are increasingly deploying digital systems to track project outcomes and ensure public spending delivers measurable results.

The World Bank said strengthening upfront planning and project selection capacity has become essential for countries seeking to maximise the impact of limited public resources.

The Bank noted that it is already supporting governments in countries including the Philippines, Viet Nam and Mongolia to improve project appraisal and investment planning processes.

“The goal is to ensure that projects selected for implementation generate sustainable economic growth, create jobs and strengthen resilience over the long term,” it said.

The World Bank concluded that while global economic shocks may persist, countries that prioritise clean energy investment, efficient public spending and human capital development will be better positioned to achieve sustainable growth and energy security.

 

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U.S. names Brandon Hudspeth new Consul General in Lagos as visa operations shift

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By Ambrose Nnaji

The United States has appointed Brandon Hudspeth as the new Consul General at its Consulate General in Lagos, placing an experienced diplomat at the helm of the mission as Washington undertakes a major restructuring of routine visa services in Nigeria and across Africa.

The U.S. Embassy in Nigeria announced the appointment on its official X account, describing Hudspeth’s posting as a return to Nigeria, where he previously served as the Consulate’s Political-Economic Section Chief.

His appointment comes at a significant moment for U.S.-Nigeria consular relations, following the transfer of routine U.S. visa processing from the U.S. Embassy in Abuja to the Lagos consulate.

Since August 1, routine U.S. visa applicants in Nigeria have been directed to Lagos, while the Abuja embassy no longer handles routine visa services.

The change makes Lagos the country’s designated centre for routine U.S. visa processing and gives the consulate a more prominent role in managing one of the most important areas of interaction between the two countries.

“We’re excited to welcome Brandon Hudspeth as the new Consul General at U.S. Consulate General Lagos, returning to Nigeria after previously serving as the Consulate’s Political-Economic Section Chief,” the embassy said.

Hudspeth previously served as Deputy Chief of Mission at the U.S. Embassy in Namibia before taking up his new assignment in Lagos.

His diplomatic career has included postings in the Philippines, Mali, Cuba and Afghanistan, as well as assignments in Washington at the Operations Center and the Bureau of African Affairs.

The U.S. Embassy said it looked forward to working with Hudspeth to strengthen relations between the United States and Nigeria.

His arrival coincides with a broader reorganisation of U.S. consular operations across Africa.

The U.S. Department of State has been consolidating routine visa processing into a network of designated regional hubs, with the stated objectives of strengthening screening and vetting, improving operational efficiency and standardising visa adjudication.

Under the new structure, Lagos is one of 20 designated visa-processing hubs in Africa, giving the Nigerian commercial capital a larger role in the processing of routine U.S. visa applications from Nigeria and potentially applicants from other countries without designated processing centres.

The designated hubs are Abidjan, Accra, Addis Ababa, Cape Town, Dakar, Dar es Salaam, Djibouti, Johannesburg, Kampala, Kigali, Kinshasa, Lagos, Lomé, Luanda, Malabo, Monrovia, Nairobi, Port Louis, Praia and Yaoundé.

Applicants from countries without designated hubs may be required to travel to an approved processing centre to complete their applications.

The restructuring is expected to reduce the number of U.S. diplomatic missions in Africa offering routine visa services from nearly 50 to 20.

However, the affected missions will continue to provide services to American citizens, emergency assistance and selected diplomatic functions.

For Nigeria, the concentration of routine visa processing in Lagos could increase the operational importance of the consulate, particularly given the high volume of travel between Nigeria and the United States for business, education, tourism, family visits and other purposes.

It also means that the capacity of the Lagos mission to manage demand efficiently will be closely watched by applicants and the Nigerian business and education communities.

The development comes as the United States continues construction of a new consulate campus in Eko Atlantic City, Lagos, designed to modernise U.S. diplomatic infrastructure and expand operational capacity.

The combination of a new Consul General, the transfer of routine visa services and the construction of a new consulate campus could further consolidate Lagos’s position as the central hub of U.S. consular activity in Nigeria.

Beyond visa processing, Hudspeth’s previous experience in political-economic affairs could also be relevant to the broader U.S.-Nigeria relationship, which encompasses trade, investment, energy, security, development and people-to-people ties.

His return to Nigeria therefore comes at a time when the relationship requires sustained diplomatic engagement amid changes in migration and visa policy and evolving economic and strategic priorities.

The appointment is expected to give Hudspeth a central role in advancing U.S. engagement with Lagos and strengthening cooperation with Nigerian government institutions, businesses, civil society and other stakeholders.

With Lagos now occupying a more prominent position in the U.S. visa-processing architecture for Africa, Hudspeth’s tenure is likely to be closely associated with the implementation of the new consular model and its impact on Nigerians seeking to travel to the United States.

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BREAKING: CBN holds benchmark interest rate at 26.5%

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The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has retained the Monetary Policy Rate (MPR), the country’s benchmark interest rate, at 26.5 per cent.

The decision was announced at the conclusion of the committee’s 306th meeting held in Abuja on July 20 and 21.

All 11 members of the MPC attended the two-day meeting, where they assessed recent developments in the domestic and global economy before unanimously deciding to keep the benchmark rate unchanged.

By maintaining the MPR at 26.5 per cent, the CBN signalled its commitment to preserving its tight monetary policy stance as it seeks to further moderate inflationary pressures, support exchange rate stability and reinforce recent improvements in the country’s macroeconomic environment.

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Customs eyes faster cargo clearance with Abuja airport scanners

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The Nigeria Customs Service (NCS) is set to deploy cargo scanners at the Nnamdi Azikiwe International Airport, Abuja, in a move aimed at accelerating cargo inspections, improving trade facilitation and strengthening border security.

The project is currently awaiting final regulatory approval before becoming operational.

The Acting Comptroller of Non-Intrusive Inspection, Deputy Comptroller of Customs (DC) Umar Madugu, disclosed the development on July 15 during a readiness assessment of the newly installed scanning facilities, according to a statement by the service.

The deployment will introduce non-intrusive inspection technology, enabling Customs officers to examine cargo using advanced scanners rather than relying primarily on physical inspections.

According to the NCS, the technology is expected to shorten cargo clearance times, enhance operational efficiency and improve the detection of prohibited or undeclared goods.

As part of the assessment, Madugu inspected newly installed CX180 180DH pallet cargo scanners at the warehouses of Skyway Aviation Handling Company (SAHCO) and the Nigerian Aviation Handling Company (NAHCO) within the airport.

“The Nigeria Customs Service is on the verge of deploying non-intrusive inspection technology (cargo scanners) at the Nnamdi Azikiwe International Airport, with the project awaiting final regulatory approval for full takeoff,” he said.

Madugu noted that Customs officers completed specialised image analysis training last month, equipping them with the expertise required to interpret scanner images accurately.

He said the training would enable officers to identify prohibited and undeclared items more efficiently while significantly reducing cargo inspection times.

The Customs Service described the initiative as a major milestone in its ongoing drive to modernise cargo inspection and strengthen technology-driven border management.

To support seamless operations after the scanners become operational, Madugu recommended additional security and infrastructure upgrades around the scanning facilities. These include deploying traffic assessment officers to manage cargo movement and installing CCTV cameras to monitor inbound and outbound cargo.

“Traffic assessment officers will be positioned strategically and CCTV cameras installed to coordinate the movement of inbound and outbound cargo within the scanning area, ensuring seamless operations and improved efficiency,” he said.

The readiness assessment was conducted alongside officials from Trade Modernization Project Limited and the Quality Assurance Unit, who jointly evaluated the operational preparedness of the facilities.

Before the inspection, Madugu paid a courtesy visit to the Customs Area Controller of the FCT Area Command, Comptroller Victoria Aliboh, to obtain formal clearance for the exercise.

According to the NCS, the successful assessment marks another step towards deploying technology-driven cargo inspection at Abuja airport, with the scanners expected to commence operations once regulatory approval is secured.

The scanner deployment forms part of the service’s broader customs modernisation programme aimed at improving trade facilitation, enhancing border security and boosting revenue collection.

The NCS generated a record ₦7.281 trillion in revenue in 2025, its highest annual collection to date.

Between January and May, the service collected ₦3.35 trillion, processed nearly 700,000 import declarations and issued more than 112,000 Pre-Arrival Assessment Reports (PAARs).

Within the same period, Customs facilitated exports worth $1.218 billion through 21,376 export containers, reflecting sustained growth in Nigeria’s export trade.

The service also disclosed that approvals under the Import Duty Exemption Certificate scheme reached ₦34 trillion in 2025, with about 60 per cent of the waivers granted for military hardware imports.

Nigeria’s air freight logistics market is estimated to be worth more than $8 billion, with Lagos, Abuja, Port Harcourt and Kano serving as the country’s major cargo hubs.

Earlier, Aramex Nigeria Managing Director, Faisal Jarmakani, identified airport cargo processing as one of the biggest obstacles to the growth of Nigeria’s air freight industry.

According to him, multiple clearance procedures, overlapping regulatory agencies, documentation bottlenecks, physical inspections and limited technology integration continue to slow cargo movement at Nigerian airports.

He said greater digitalisation and stronger inter-agency collaboration would reduce processing delays, lower logistics costs and improve the efficiency of Nigeria’s air cargo sector.

The planned deployment of cargo scanners at the Abuja airport is expected to support those reforms by introducing faster, technology-driven cargo inspections once the project receives final regulatory approval.

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