Business
World Bank Urges Nigeria to Improve Public Spending to Increase Economic Growth
The World Bank, based in Washington, has highlighted that inefficient public spending is draining a significant portion of investments in Nigeria and other developing nations.
This revelation comes from the bank’s latest report, titled “How Can Developing Countries Power Up Public Investment?”
The report is a critical issue: over one-third of public investment in emerging markets and developing economies is wasted due to inefficiencies.
This not only stunts economic growth but also hampers overall development potential.
In some extreme cases, it results in costly “white elephant” projects, which yield minimal economic benefits despite their high costs.
These projects further jeopardize a country’s sovereign risk and debt sustainability.
According to the World Bank, improving government spending efficiency is key to fully reaping the rewards of public investments.
It is estimated that the inefficiency of public spending in emerging markets and developing economies (EMDEs) is much higher compared to advanced economies.
Factors such as regulatory obstacles, corruption, and institutional shortcomings often contribute to the creation of lower-quality projects that fail to generate the intended benefits.
To address these challenges, the World Bank recommends that developing countries strengthen public spending practices by embracing transparency in procurement processes and ensuring robust monitoring of projects.
Such measures could significantly improve the impact of public investments.
In Nigeria, the urgency of improving investments is palpable.
Wale Edun, the country’s finance minister, recently emphasized that Nigeria requires an annual investment of $20 billion to achieve its ambitious target of reaching a $1 trillion economy by 2030.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) says it will announce a new, lower petrol price on Monday, following the recent price slash by Dangote Refinery. Dangote Refinery had dropped its ex-depot price for petrol from N840 to N820 per litre on Thursday, prompting IPMAN to consider adjusting its rates in response.
Speaking on the development, IPMAN President, Abubakar Maigandi, said the association is aligning with the move and will meet to finalize a fresh price cut for petrol. “Our members will also reduce their prices,” Maigandi said. “We’ll make an official announcement on the new fuel price after our meeting on Monday.”
As of Friday, filling stations across Abuja were selling petrol at varying prices, between N905 and N945 per litre. While NNPC, NIPCO, AA Rano, and Shema outlets were dispensing around N910, Dangote-linked stations like AP and Ardova offered it slightly lower at N905. Others, including Ranoil, Empire Energy, and Total Emadeb, were selling at the higher end, up to N945.
The cost of refilling a 12.5kg cylinder of cooking gas in Nigeria went up slightly in May 2025, rising by 2.18% compared to the previous month. The average price now stands at N20,709.11, up from N20,268.06 recorded in April. This update was captured in the latest Liquefied Petroleum Gas (LPG) Price Watch report for May, released by the National Bureau of Statistics (NBS).
According to the report, Delta State topped the list with the highest refill price at N23,356.56, followed by Abia at N22,953.01, and Ebonyi at N22,943.30. On the other hand, residents in Yobe, Lagos, and Kebbi states paid the least, with refill prices of N18,500, N18,536, and N18,606.60, respectively.
When compared to the same period last year, gas prices have jumped significantly, rising by 32% from N15,627.40 recorded in May 2024 to the current average. The NBS is yet to release figures for June 2025.
Customers of Guaranty Trust Holding Company (GTCO) across Nigeria should brace for early branch closures on Monday, June 30, 2025, as the banking group kicks off its routine half-year audit.
In an official announcement shared on their verified X (formerly Twitter) page, GTCO informed customers that all their branches nationwide will stop attending to walk-in customers earlier than usual to allow for internal review processes.
The bank assured the public that this temporary adjustment is strictly for operational reasons tied to their mandatory half-year audit, a common practice among financial institutions to check financial records, processes, and compliance levels.
While in-person services will pause earlier that day, GTCO encouraged customers to make use of their digital banking platforms. Options such as internet banking, mobile apps, ATMs, and USSD codes, which will remain available 24/7 for essential banking transactions.
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