Nigeria’s pension industry has emerged as one of the country’s most significant pools of long-term domestic capital, with total pension assets now exceeding ₦32 trillion, reflecting two decades of steady growth under the Contributory Pension Scheme (CPS). Yet, despite this remarkable milestone, experts say the country’s retirement savings framework still falls far behind Australia’s globally celebrated superannuation system in terms of scale, coverage, and retirement wealth creation.

The comparison highlights a growing debate among policymakers, investors, and pension administrators over how Nigeria can transform its expanding pension assets into a more powerful engine for retirement security and economic development.

Australia’s superannuation model is built on a mandatory employer-funded savings structure under which employers contribute 12 percent of workers’ earnings into privately managed retirement accounts. These funds are largely inaccessible until retirement age, allowing decades of uninterrupted investment growth and compounding returns.

The result has been one of the world’s largest retirement savings industries, managing more than AUD 4 trillion in assets and serving as a major source of funding for infrastructure, equities, private markets, and business investments.

Nigeria’s system operates differently. Under the CPS, employers contribute 10 percent of workers’ monthly emoluments while employees contribute 8 percent, creating a combined contribution rate of 18 percent. While the contribution rate appears stronger on paper, experts note that lower average incomes, limited formal employment, and a large informal sector significantly reduce the overall accumulation of retirement wealth.

Despite these constraints, the industry’s rise from less than ₦1 trillion in the early years of the CPS to more than ₦32 trillion today represents one of the most successful financial sector reforms in Nigeria’s modern history.

Industry analysts say the growing asset base demonstrates increasing confidence in the pension system and underscores its importance as a stabilizing force in Nigeria’s financial markets.

However, Australia’s experience suggests that asset growth alone is not enough.

The Australian model benefits from near-universal workforce participation, rigorous compliance enforcement, deep capital markets, and diversified investment portfolios that generate long-term returns for contributors. Nigerian pension funds, by contrast, remain heavily concentrated in fixed-income securities and government instruments, limiting their ability to maximize long-term wealth creation.

Speaking to The Ameh News, economist Celestine Ukpong said the comparison between Nigeria and Australia should not focus solely on the size of pension assets but on the broader economic ecosystem supporting retirement savings.

According to Ukpong, Nigeria deserves recognition for building a pension industry worth more than ₦32 trillion within a relatively short period, but the country must address structural issues if it hopes to replicate the success of advanced pension markets.

“Australia’s pension system works because it is supported by a highly formalized economy, strong regulatory enforcement, and long-term investment opportunities. Nigeria has achieved impressive growth, but the next phase must focus on expanding coverage, especially among informal sector workers, while creating investment channels that generate higher returns without compromising pension security,” he said.

Ukpong added that pension assets could become a major catalyst for economic transformation if policymakers create frameworks that safely direct portions of retirement funds into infrastructure, housing, renewable energy, and productive sectors capable of generating sustainable returns.

Also reacting to questions from The Ameh News, chartered accountant and financial analyst Peter Adebayo FCA described Nigeria’s pension industry as one of the country’s most underappreciated economic success stories.

He noted that crossing the ₦32 trillion threshold demonstrates growing confidence in the regulatory framework established by the National Pension Commission (PenCom), but warned that the industry must continue evolving to meet future retirement obligations.

“The key lesson from Australia is not merely contribution levels; it is the power of compounding and disciplined long-term investment. Nigeria has built a strong foundation, but increasing pension coverage and improving investment diversification will determine whether contributors achieve meaningful retirement income in the future,” Adebayo said.

He further noted that a larger and more diversified pension industry would strengthen Nigeria’s capital markets, reduce dependence on foreign portfolio flows, and provide long-term financing for strategic national projects.

Market observers believe the pension industry is entering a critical phase where growth must be matched by innovation. As demographic pressures increase and life expectancy gradually improves, retirement systems around the world are being challenged to generate stronger returns while maintaining capital preservation.

For Nigeria, the emergence of a ₦32 trillion pension industry is evidence that the country has made substantial progress. Yet the comparison with Australia’s superannuation giant serves as a reminder that the ultimate goal is not merely building larger pension balances but creating a retirement system capable of delivering lasting financial security for millions of workers.

As policymakers pursue pension reforms and financial inclusion initiatives, the next chapter of Nigeria’s pension story may be defined not by asset growth alone but by how effectively those assets are transformed into wealth, investment, and retirement dignity for future generations.

Nigeria’s pension assets have surpassed ₦32 trillion, but experts Celestine Ukpong and Peter Adebayo FCA tell The Ameh News that Australia’s superannuation model offers critical lessons in retirement wealth creation, coverage, and long-term investment growth.

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Nigerian billionaire industrialist and Chairman of buagroup.com, Abdul Samad Rabiu, has taken delivery of the ultra-long-range Bombardier Global 8000 business jet valued at approximately $81 million (about ₦110 billion), further cementing his position among Africa’s most influential business leaders.

The aircraft delivery completes a transaction initiated on December 4, 2025, when Rabiu and senior executives of Bombardier signed the purchase agreement at BUA Group’s Dubai office. The billionaire announced the arrival of the aircraft through a brief message on social media: “Alhamdu Lillah. A new addition. Global 8000.”

While the acquisition has attracted attention for its luxury and prestige, analysts say the purchase is a reflection of the remarkable expansion of BUA Group and the unprecedented increase in Rabiu’s personal wealth over the last 18 months.

The World’s Fastest Business Jet

The Bombardier Global 8000 is widely regarded as one of the most technologically advanced private aircraft in operation today.

Capable of reaching Mach 0.95, the aircraft is recognized as the fastest civilian aircraft since the retirement of the Concorde. With a range of 8,000 nautical miles (14,800 kilometres), the jet can connect major commercial centres across continents without refuelling.

The aircraft can accommodate up to 19 passengers and features luxury living spaces, conference facilities, advanced communication systems and industry-leading fuel efficiency.

Industry estimates suggest customized versions of the aircraft can cost between $85 million and $95 million depending on interior specifications.

The acquisition places Rabiu among the earliest African owners of the Global 8000 and highlights the increasing presence of African billionaires in the elite global business aviation market.

Expanding BUA’s Aviation Capability

The new aircraft joins BUA Group’s existing corporate fleet, which already includes a Bombardier Challenger 350 and a Bombardier Global 6500.

The combined fleet now gives the conglomerate access to short-haul, regional and intercontinental executive transportation capabilities.

Corporate aviation experts note that for multinational industrial groups operating across Africa, Europe, Asia and the Middle East, executive mobility has increasingly become a strategic business tool rather than merely a luxury asset.

With investments spanning cement manufacturing, foods, infrastructure and real estate, BUA executives frequently travel across multiple jurisdictions, making aviation efficiency a competitive advantage.

The Wealth Story Behind the Jet

The timing of the acquisition coincides with one of the most significant wealth expansions ever recorded by an African businessman.

Rabiu’s net worth is estimated to have climbed to approximately $11.2 billion in 2026, representing an increase of about $6.1 billion from the previous year.

The growth has been driven largely by the outstanding performance of BUA Cement, which generated approximately ₦1.2 trillion in revenue during 2025.

Investor confidence in the company also pushed its stock price up by roughly 135 percent over the past year, creating substantial shareholder value and significantly boosting Rabiu’s personal fortune.

The development has strengthened his standing among Africa’s richest individuals and positioned BUA Group as one of Nigeria’s fastest-growing industrial conglomerates.

Responding to questions from The Ameh News on whether the acquisition reflects excess luxury or corporate strength, economist Celestine Ukpong argued that the purchase should be viewed within the broader context of enterprise growth and capital formation.

According to Ukpong: “The public often sees private jets as symbols of wealth, but investors typically see them differently. In the case of Abdul Samad Rabiu, this acquisition is coming at a time when BUA Cement has delivered extraordinary market value, revenue growth and shareholder returns. The real story is not the aircraft itself but the industrial expansion and wealth creation that made the purchase possible.”

Ukpong added that Nigeria needs more indigenous industrialists capable of building globally competitive enterprises.

“When a Nigerian company generates over one trillion naira in annual revenue and creates thousands of jobs, the discussion should focus on productivity, investments and economic impact. The aircraft is simply a visible outcome of a much larger economic story.”

Also reacting to The Ameh News inquiry, chartered accountant and financial analyst Peter Adebayo FCA said the acquisition reflects the growing financial sophistication of leading African conglomerates.

According to Adebayo: “Corporate aviation at this level is often misunderstood. For multinational organizations, executive travel efficiency can directly affect decision-making speed, investment negotiations and business expansion. The key issue is whether the underlying businesses are generating sustainable value. In BUA’s case, recent financial performance suggests strong value creation.”

He noted that investors are more concerned with earnings growth, governance standards and shareholder returns than with the acquisition of corporate assets.

“The market rewarded BUA Cement because investors saw strong earnings prospects. The increase in Rabiu’s wealth is primarily linked to equity value appreciation rather than personal consumption. That distinction is important.”

What It Means for Africa’s Billionaire Class

Rabiu’s acquisition reflects a broader shift occurring across Africa’s private sector.

As indigenous business leaders build larger multinational enterprises, ownership of strategic corporate assets such as long-range business aircraft is becoming increasingly common.

Analysts believe the trend demonstrates the growing integration of African capital into global markets and the rising influence of African entrepreneurs in international commerce.

For many observers, the arrival of the Bombardier Global 8000 is more than an aviation milestone. It represents the increasing scale, ambition and global reach of African-owned enterprises.

As BUA Group continues its expansion across manufacturing and infrastructure sectors, the aircraft may serve not only as a symbol of wealth but also as an indicator of the growing economic power of Nigerian industrial capital.

Key Numbers

Aircraft Value: $81 million (₦110 billion)

Potential Customized Value: Up to $95 million

Top Speed: Mach 0.95

Flight Range: 8,000 nautical miles

Passenger Capacity: 19

Rabiu Net Worth (2026): $11.2 billion

Annual Wealth Increase: $6.1 billion

BUA Cement Revenue (2025): ₦1.2 trillion

Share Price Growth: Approximately 135%

The delivery of the Bombardier Global 8000 ultimately tells a story far bigger than aviation. It highlights the emergence of a new generation of African industrial wealth powered by manufacturing, infrastructure development and capital market growth.

BUA Group Chairman Abdul Samad Rabiu takes delivery of a Bombardier Global 8000 worth ₦110 billion as his net worth rises to $11.2 billion. Economists and financial experts explain what the acquisition means for Nigeria’s corporate landscape.

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Fubara disclosed this while noting that he and his brother, Governor Sim Fubara of Rivers State have a different perspective.

He spoke on Arise Television’s Prime Time on Friday night while dismissing claims that his political ambition is an extension of Fubara’s political project.

According to Fubara: “I don’t have a godfather but I have God the father. You would also agree with me that if my ambition is determined by the grounds you are mentioning, it would mean I have no clear vision or focus for what I am working toward.

“My brother, Nigerians, and indeed the wider world saw what happened between him and his party. We have different political ideologies and individual perspectives.

“It’s a trying moment for us in Rivers State and there are all sorts of narratives. They come with different narratives and try to set up a perspective for the people to run with but we are focused with our eyes on the ball that the sole of Rivers State must be rescued.”

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In a statement issued on Friday by the party’s Director of Media and Information, Kola Olabisi, the APC alleged that recent claims linking the party, its governorship candidate, Bola Oyebamiji, and former governor Adegboyega Oyetola to acts of violence and political misconduct were fabricated.

The party claimed that the allegations were part of efforts by its political opponents to influence public opinion as campaigning intensifies across the state.

According to the statement, the APC rejected reports of alleged attacks on political opponents and claims that vehicles were being branded with Accord Party insignia to create unrest.

“We want to enjoin the members of the public to discountenance these frivolous fabrications against our party, our governorship candidate and the leader of our party,” the statement said.

The APC further alleged that its opponents had repeatedly blamed the party and its leaders for incidents occurring during political activities in the state.

The party maintained that its governorship candidate, popularly known as AMBO, remained focused on his campaign and was pursuing electoral victory through lawful and peaceful means.

“Oyebamiji, who is a man of peace, does not need to engage in violence before he records victory in the election,” the statement added.

The APC also expressed confidence in its chances at the forthcoming governorship poll, arguing that its campaign strategy and political mobilisation had positioned the party strongly ahead of the contest.

While criticising the administration of Governor Ademola Adeleke, the opposition party claimed that dissatisfaction among voters would influence the outcome of the election.

The statement further alleged that some of the accusations levelled against the APC were intended to distract attention from challenges facing its political rivals and to generate public sympathy.

Reaffirming its commitment to peaceful political engagement, the APC said it would not resort to violence under any circumstances and urged residents of the state to remain vigilant throughout the electioneering period.

The party stated, “Our party has never and will never tow the path of violence to achieve its objectives under any circumstances.”

DAILY POST had reported that on Friday, lawmakers in the Accord in the state during a press briefing called for the immediate redeployment of the Commissioner of Police, CP Ibrahim Gotan over alleged partisanship.

The spokesperson of the lawmakers, the Speaker of the Osun State House of Assembly, Adewale Egbedun also accused the APC of orchestrating violence before the crucial august 15 poll.

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Oshiomhole disclosed this during a lecture on June 12 titled “June 12 and Beyond,” which focused on the development of democracy and security issues.

The event took place in Akure, the capital of Ondo State.

Oshiomhole said he was part of a group from the Nigeria Labour Congress that met with Abacha in Abuja after the June 12 election was canceled.

“General Abacha told us he was ready to tolerate anything and do anything for MKO Abiola.

“The one thing he was not ready to tolerate was the idea that Abiola had proclaimed himself President of Nigeria,” Oshiomhole said.

He said that even though there was pressure from government officials and middlemen, Abiola would not give up the responsibility given to him by the people of Nigeria.

“He told those who sent us that he was elected President of Nigeria and would not sell the mandate entrusted to him by the Nigerian people,” he said.

Oshiomhole said Abiola’s actions showed bravery, love for his country, and putting others before himself.

He pointed out that Abiola didn’t give in and stood firm, even though many Nigerians had voted for him and made big sacrifices.

The senator encouraged young Nigerians to learn from June 12, calling Abiola a symbol of unity who won in a way that went beyond differences in ethnicity and religion.

Oshiomhole noted that President Bola Ahmed Tinubu is committed to speeding up changes to the constitution in order to create state police forces.

“The President is really committed to moving quickly and getting the state police amendment passed.

“He has clearly told us to get it done, but he can’t just make it happen on his own,” he said.

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Speaking to his congregation in a video sighted by DAILY POST, Primate Ayodele said if the Nigerian Government continues to keep Nnamdi Kanu, it should also arrest Islamic cleric, Sheikh Ahmad Gumi.

He said, “The Nigerian government should release Mazi Nnamdi Kanu. Since you keep Kanu in prison, why can’t you keep Sheikh Gumi in prison too?

“You keep Nnamdi Kanu but Gumi is free. Then, how do you want to now manage the government.

“If Nnamdi Kanu is there, then go and take Gumi. Then Nigerians will believe that the government is serious. Protest will seize this Tinubu government,” he warned.

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Makunde made this revelation on Friday while giving an update on the rescue efforts of the kidnapped victims nearly four weeks after their abduction.

The governor said security agencies are actively working to secure the safe release of the victims, who were whisked away during coordinated attacks on schools in Yawota and Ahoro-Esinle communities on May 15, 2026.

According to him, intelligence reports indicate that the abductees remain within the expansive Old Oyo National Park area, which spans about 2,500 square kilometres across ten local government areas in Oyo State.

Makinde pointed out that the vast and difficult terrain of the park has created operational challenges for security personnel, requiring careful planning, coordination, and sustained efforts to achieve a successful rescue mission.

The governor, however, assured residents that every credible lead is being pursued and all lawful measures are being deployed to ensure the victims are rescued unharmed. He also urged members of the public to remain vigilant and report suspicious activities through the state’s toll-free emergency number, 615.

He also warned against the spread of unverified information, noting that misinformation could undermine ongoing rescue operations, calling on residents to continue supporting security agencies with useful information and to keep the abducted students and teachers in their prayers as efforts to secure their freedom continue.

“One thing I can say is that our security reports indicate that they remain within the wider Old Oyo National Park axis. This is a vast area that stretches across parts of 10 local government areas in our State, covering approximately 2,500 square kilometres.

“I mention this not to discourage anyone, but to help us understand the scale of the challenge before us. This is not an issue affecting only the Oriire Local Government Area.

“It is an issue that concerns all of us. The size and terrain of the area require patience, coordination and persistence. It also means that vigilance from members of the public remains extremely important,” he said.

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The crude grades, introduced in 2024 and early 2026, represent the latest additions to the country’s basket of crude oil grades aimed at expanding export streams and strengthening oil revenues.

Based on the Nigerian Upstream Petroleum Regulatory Commission’s monthly crude and condensate production data analysed by our correspondent on Friday, the Utapate crude grade produced a total of 8.75 million barrels between January and May 2026, while the newly introduced Cawthorne blend contributed 3.41 million barrels during the same period, bringing the combined output from both crude grades to approximately 12.16 million barrels.

The data also showed that Utapate has yet to achieve its projected output target announced by the government, even as production remained more than 20,000 barrels per day below the 80,000 bpd target set by operators.

The figures showed that Utapate recorded an average daily production of 55,190 barrels in January. Based on the 31-day month, this translated to a total monthly output of 1.71 million barrels.

Output increased to 57,970 barrels per day in February, yielding about 1.62 million barrels, before rising marginally to 58,020 barrels daily in March, equivalent to roughly 1.80 million barrels.

In April, the field attained its highest daily production level of 59,290 barrels, producing an estimated 1.78 million barrels during the month. Production moderated slightly to 59,170 barrels per day in May but still generated approximately 1.83 million barrels due to the longer calendar month.

However, despite the upward trend, the data indicated that Utapate remained significantly below the 80,000 barrels-per-day target. The field fell short by 24,810 barrels daily in January, 22,030 barrels in February, and 21,980 barrels in March. The production gap narrowed to 20,710 barrels per day in April before widening marginally to 20,830 barrels in May.

The development suggests that although operators have made progress in scaling up production, the ambitious target announced earlier by the Nigerian National Petroleum Company Limited has yet to be realised.

The Utapate field, which commenced production in May 2024, had been projected to achieve 80,000 barrels per day by the end of 2025.

Speaking at the launch of the Utapate crude blend in July 2024, the Managing Director of NNPC E&P Limited, Nicholas Foucart, expressed confidence that ongoing development projects would substantially increase production capacity.

“We have several ongoing projects to increase our production from the current 40,000 bopd to 50,000 bopd by January 2025, and 60,000 bopd to 65,000 bopd by June 2025. Essentially, we are targeting opportunities to increase production to 80,000 bopd by the end of 2025,” Foucart said.

The Utapate crude blend was introduced into the international market by NNPCL and its partner, Sterling Oil Exploration and Energy Production Company Limited, following the lifting of the maiden cargo of 950,000 barrels destined for Spain.

Produced from Oil Mining Lease 13 in Akwa Ibom State, the crude grade possesses characteristics that have attracted international interest. It has a sulphur content of 0.0655 per cent and a relatively low carbon footprint resulting from flare gas elimination.

Foucart had described the introduction of the blend as “a significant milestone for Nigeria’s crude oil export to the global energy market.”

According to him, OML 13, which is fully operated by NNPC Exploration and Production Limited and Natural Oilfield Services Limited, a subsidiary of SEEPCO Limited, holds reserves estimated at 330 million barrels of crude oil, 45 million barrels of condensate and 3.5 trillion cubic feet of gas.

He added that the Utapate terminal was designed to meet global environmental standards. “The Utapate crude oil terminal is sustainable, affordable and fully compliant with the rigorous environmental regulations and sustainability principles, especially those aimed at reducing carbon emissions and other ecological effects,” he stated.

Meanwhile, another emerging crude stream, Cawthorne, contributed 3.41 million barrels to Nigeria’s production between January and May, according to the NUPRC data.

The figures showed that Cawthorne’s average daily production rose sharply from 12,340 barrels in January to 16,450 barrels in February and 23,970 barrels in March. The field sustained the momentum in April, reaching 30,970 barrels per day before easing slightly to 28,940 barrels daily in May.

The monthly production volumes translated to 382,540 barrels in January, 460,600 barrels in February, 743,070 barrels in March, 929,100 barrels in April and 897,140 barrels in May.

NNPC Ltd had recently announced the commencement of exports from the Cawthorne blend, describing the development as part of efforts to increase Nigeria’s crude oil production and strengthen the country’s position in the global energy market.

In a statement, the Chief Corporate Communications Officer of NNPC Ltd, Andy Odeh, said the first cargo of the new grade was lifted aboard the MT Eburones vessel for shipment to the Netherlands.

“The Nigerian National Petroleum Company Limited has commenced export of its new crude grade, Cawthorne, marking a significant milestone in the company’s drive to increase Nigeria’s crude oil production and expand its portfolio of globally competitive export streams,” Odeh said.

He added, “Cawthorne blend crude, the latest addition to Nigeria’s basket of crude grades, has an API gravity of 36.4, placing it firmly within the light, sweet category, comparable to Bonny Light, and highly valued in the global market for its superior petrol and diesel yields.”

According to him, the maiden cargo, estimated at 950,000 barrels, was exported through the Cawthorne Floating Storage and Offloading vessel located offshore Bonny, Rivers State.

“The cargo was exported via the Cawthorne Floating Storage and Offloading vessel, which is strategically located offshore Bonny. The facility enhances crude evacuation from OML 18 and strengthens Nigeria’s export reliability, operational efficiency and overall energy security,” Odeh stated.

The emergence of both Utapate and Cawthorne underscores Nigeria’s determination to diversify its crude export portfolio and maximise oil earnings. However, the latest NUPRC figures also highlight the operational challenges facing producers as they strive to convert ambitious output targets into actual barrels.

Combined, Utapate and Cawthorne contributed an estimated 12.16 million barrels of crude oil between January and May, providing additional support to Nigeria’s broader efforts to sustain production growth and improve foreign exchange earnings from the oil sector.

On Thursday, the NUPRC reported that Nigeria’s crude oil production rose above its Organisation of the Petroleum Exporting Countries quota in May 2026, with the country recording its highest crude output in 15 months amid improved operational stability and the absence of major disruptions across key oil facilities.

Data released showed that Nigeria produced an average of 1,530,354 barrels of crude oil per day in May, representing 102 per cent of the country’s 1.5 million barrels-per-day quota approved by OPEC.

When condensate production of 170,446 barrels per day is added, Nigeria’s total oil output climbed to 1,700,800 barrels per day, further strengthening the country’s position as Africa’s largest oil producer and boosting revenue.

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The potential increase in funding comes as the lender warned the conflict could drag global growth to its weakest level since the COVID-19 pandemic, as surging energy prices, persistent inflation and tighter financial conditions weigh on economic activity.

In its latest Global Economic Prospects report obtained on Friday, the bank projected global growth would slow to 2.5 per cent in 2026, down from 2.9 per cent in 2025, with around two-thirds of economies seeing downward revisions since its January outlook.

Growth is expected to edge up to 2.8 per cent in 2027 but remain below the average recorded during the 2010s, the report said.

The World Bank said it was immediately making between $50bn and $60bn available through existing financing instruments, including $25bn in pre-arranged funding. The resources are expected to support social safety nets, strengthen government finances and provide liquidity for businesses and farms affected by the crisis.

“To date, over 30 countries are actively working with the World Bank Group to enhance readiness and enable a rapid response to the crisis under this response plan. If the conflict and its economic fallout persist, the World Bank Group can scale up its support to $80–100bn over 15 months,” the lender stated.

According to the report, the closure of the Strait of Hormuz has severely disrupted energy markets, with Brent crude oil prices forecast to average $94 a barrel in 2026, about 36 per cent higher than in 2025, assuming the worst supply disruptions ease by July.

The bank also warned that higher fertiliser prices would likely feed into food inflation, lifting global inflation to an estimated four per cent this year, up from 3.3 per cent in 2025.

“Developing countries have faced a series of challenges over the last decade,” World Bank Group President Ajay Banga said.

“The impact differs by country, but the basic test is the same: protect people and preserve stability today, without giving up on growth and jobs tomorrow. In response to the current shock, we are providing liquidity where it is needed now, and we are ready with additional financing, guarantees and private-sector solutions if pressures deepen,” he added.

The report noted that downside risks remain significant. It warned that if energy supply disruptions worsen and trigger financial market stress, global growth could slump further to 1.3 per cent in 2026, while inflation could climb to 4.4 per cent.

Developing economies are expected to see growth slow to 3.6 per cent this year from 4.4 per cent in 2025 before recovering to 4.2 per cent in 2027. Gulf economies directly affected by the conflict are projected to experience the sharpest slowdown, with growth falling from 3.9 per cent in 2025 to nearly zero in 2026 before rebounding to around 5 per cent in 2027 and 2028 as trade resumes and reconstruction efforts gather pace.

Sub-Saharan Africa is also expected to feel the impact of the crisis, particularly through higher inflation and rising food prices linked to fertiliser shortages and price increases.

The World Bank’s Deputy Chief Economist and Director of the Prospects Group, Ayhan Kose, said the crisis should also serve as an opportunity for governments to strengthen economic resilience.

“The conflict has taken a toll on global activity, but every crisis also brings an opportunity. This moment should be used to strengthen policy frameworks, invest in infrastructure, accelerate business-enabling reforms and mobilise private capital to support job creation at scale,” he said.

The report also highlighted growing fiscal pressures across developing economies, noting that aggregate government debt has risen from below 40 per cent of gross domestic product in 2010 to more than 70 per cent.

It warned that rising debt levels are making it increasingly difficult for countries to respond to shocks and invest in long-term priorities such as infrastructure, healthcare and education.

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