General News
UN Predicts Growth in Nigerian, Global Economies in 2015
The global economy will grow by more than 3 percent in 2015 and 2016, the United Nations predicted Wednesday, but that growth will be uneven in some regions.
The U.N.’s annual economic report said that growth edged up in 2014 at an estimated 2.6 percent. The U.N. is forecasting 3.1 percent economic growth in 2015 and 3.3 percent growth in 2016.
Africa has some of the strongest growth numbers, helped by investment and private consumption. Nigeria should see 6.1 percent in 2015 and 5.9 in 2016, and the continent overall is expected to see 4.6 percent in 2015 and 4.9 in 2016.
But the Ebola outbreak that has crushed economies in West Africa’s Liberia, Sierra Leone and Guinea.
The World Economic Situation and Prospects 2015 report said that business investment will be a major driver in the United States, growth in the world’s least developed economies will exceed the global average, and strong household consumption will keep East Asia the world’s fastest growing region.
But troubles in the eurozone, including high unemployment, continue to hold back Western Europe; China’s growth becomes more moderate; and Russia’s economic activity is flat after it “came to a standstill” amid tensions over Ukraine.
Long-term unemployment remains a problem in many regions recovering from the Great Recession, the report says.
While “unexpected shocks” like the rise of the Islamic State group in the Middle East have hurt global recovery, the report says the effects so far have been limited because the global oil markets have remained stable. “Any actual or feared conflict-related decline in oil supplies (has been) offset by oil production increases, notably in the United States,” the report said.
Among developed economies, the report says the United States will see 2.8 percent growth in 2015 and 3.1 percent in 2016.
The European Union will edge up 1.7 percent in 2015 and 2 percent in 2016. Japan, hurt by lower private consumption caused by a higher consumption tax, will see just 1.2 percent growth in 2015 and 1.1 percent in 2016.
Among developing countries, the U.N. report says China will see 7.0 percent growth in 2015 and 6.8 percent in 2016. India will continue to drive the South Asian region with 5.9 percent growth in 2015 and 6.3 percent in 2016. Large public investment projects are expected to help Latin American countries, with Brazil expected to grow 1.5 percent in 2015 and 2.4 percent in 2016. Mexico will see 3.4 percent growth in 2015 and 3.8 percent in 2016.
“Near-zero growth” is forecast for Russia in 2015, at just 0.2 percent, with 1.2 percent expected in 2016.
Economic and Financial Crimes Commission (EFCC), has detained Tunde Ayeni, former chairman of defunct Skye Bank Plc, for alleged fraud involving N36.5 billion and $30 million.
Tunde Ayeni, former chairman of defunct Skye Bank Plc,
This follows the probe of alleged diversion of N36.5 billion and $30 million secured as loans from Polaris Bank Plc through companies linked to Ayeni.
He was arrested by EFCC operatives in Abuja on April 23, 2026, and is still been held in custody as at the time of filling the report.
Dele Oyewale, spokesperson, EFCC, confirmed the arrest on Friday but declined to provide further details.
Ayeni is under investigation for diverting funds obtained for marine security, electricity distribution, and real estate projects into other unknown projects.
Investigators allege the loans were instead channelled into telecom investments tied to NITEL/MTEL assets via a NATCOM account.
About 12 firms believed to be connected to Ayeni are also under investigation for their role in securing the loans.
The EFCC is expected to file charges once the investigation is concluded.
Summit Household Solutions Limited has opened its ultra-modern manufacturing facility in Ota, Ogun State, as part of its efforts to scale production of home and personal care products in Nigeria.
The plant, which started operations in April 2025, produces items such as dishwashing liquids, handwash, sanitisers and multipurpose liquid soaps, with an annual capacity estimated at 7,000 tonnes.
Commissioning the facility on behalf of Governor Dapo Abiodun, the Permanent Secretary, Ministry of Commerce, Trade and Investment, Mr Kehinde Akintomide, said the investment reflects growing confidence in Ogun State’s business environment.
He noted that the state hosts over 6,000 manufacturing firms and described the development as consistent with ongoing efforts to promote industrialisation, attract investment and reduce reliance on imports under the Federal Government’s Renewed Hope initiative.
Akintomide disclosed that the factory has already employed more than 50 Nigerians, with projections to exceed 250 jobs as operations expand.
In his remarks, the General Manager of the company, Mr Sadiq Ali, said the facility represents a major step in Summit’s growth plans, adding that its flagship brand, 2Sure, currently leads production at the plant.
He also revealed that the company is preparing to introduce new home and personal care products later this year.
Summit Household Solutions manufactures the 2Sure brand and has expanded into the personal care segment with Lewar, a premium beauty soap line positioned for quality and affordability.
Among dignitaries present were the Onikotun of Otun, Ota, Oba Abdulakeem Odunaro, representing the Olota of Ota, Prof. Adeyemi Abdulkabir Obalanlege; the Agba Akin of Ota, Chief Dada Olusola; Director of Investment, Ms Yemisi Folarin; Director of Industrial Promotion, Mr Femi Adeboye; former Managing Director of 7Up Bottling Company, Mr Ziad Maalouf; and the Chief Executive Officer of OmniRetail, Mr Deepanker Rustagi.
Speaking at the event, Maalouf, who conceived the 2Sure brand during his time at 7Up Bottling Company, expressed satisfaction with its growth and commended Summit Solutions Limited for advancing the brand.
The special guests were conducted around the facility, and the programme was concluded with a luncheon.
The administration of Donald Trump has frozen $344 million in cryptocurrency allegedly linked to Iran, marking a sharp escalation in financial pressure on Tehran.
The move comes amid stalled diplomatic efforts and a fragile ceasefire in the region.
U.S. Treasury Secretary Scott Bessent confirmed that authorities are sanctioning multiple crypto wallets tied to Iran. “We will follow the money that Tehran is desperately attempting to move outside of the country and target all financial lifelines tied to the regime,” he said.
Tether, which facilitated the transactions, said it worked with U.S. authorities to freeze the funds across two wallet addresses after receiving intelligence linked to unlawful activity.
A U.S. official said blockchain analysis revealed “material links” to the Iranian regime, including transactions routed through intermediary addresses connected to wallets associated with the Central Bank of Iran.
Responding to the development, Tether CEO Paolo Ardoino said the company does not tolerate illicit use of its stablecoin. “USD₮ is not a safe haven for illegal activity. When there is credible linkage to sanctioned entities or criminal networks, we act immediately,” he stated.
The crackdown underscores the growing reliance of sanctioned states on digital assets to bypass traditional banking restrictions. Data from Chainalysis shows Iran’s cryptocurrency holdings reached $7.8 billion in 2025, with the Islamic Revolutionary Guard Corps reportedly controlling about half.
Analysts say while the freeze is significant, Iran has historically adapted to sanctions. Daniel Tannebaum of the Atlantic Council noted that targeting third-party actors enabling such transactions may be key to increasing pressure.
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