News
U.S. exports inflation, slows global recovery
By Zhong Sheng, People’s Daily
The Federal Reserve recently raised its benchmark interest rate by another 75 basis points, which marked the fifth time for the U.S. monetary policy decision maker to make interest rate hikes. These back-to-back increases are the biggest since early 1980s.
The radical interest rate hikes have triggered widespread concerns of the international society. As the world is still bothered by COVID-19 resurgences and slow economic pickup, the U.S., passing the pressure and risks of inflation to the rest of the world, will only encumber global recovery.
For some time, the U.S. has seen increasingly severe inflation, which has even reached a new 40-year high. It mirrors the country’s structural problem in economy and failing policies.
Over the recent years, the U.S. has followed trade protectionism and arbitrarily increased tariffs, leading to a rise in the price of imported commodities and services. However, the cost is shouldered by American enterprises and consumers.
To cope with the impacts from COVID-19, the U.S. government launched a large number of fiscal policies and ultra-easy monetary policies, which led to overheated economy and supply-demand imbalance. As a result, the recovery of production lagged behind that of consumption.
As in the 1970s, persistent and repeated negative supply shocks will combine with loose monetary, fiscal, and credit policies to produce stagflation, said Nouriel Roubini, Professor Emeritus of Economics at New York University.
Besides, since the Ukraine crisis, the unilateral sanctions launched by the U.S. against Russia have caused huge impacts on global energy, finance and food sectors, which further disordered supply and industrial chains and exacerbated inflation.
The U.S. needs to adopt problem-oriented strategies to address the inflation issue. However, the Federal Reserve is wishing to ease overheated economy and inflation by boosting interest rates. What the U.S. has done is only casting a shadow over its economic growth.
The back-to-back interest rate hikes have driven up the cost of borrowing, thus containing enterprises’ investment expansion and consumption, impacting the labor market and bringing huge downward pressure to the U.S. economy.
Spanish newspaper Rebelion said in an article that the Federal Reserve is curbing inflation at the sacrifice of the entire economy, which will lower economic growth, accelerate recession and trigger debt crisis. Besides, the U.S. practice cannot stop the rising prices caused by the impacted supply chain.
Countries in the world are interdependent in the era of economic globalization. However, the U.S. cares about only its own short-term interests when making monetary and fiscal policies, which may take the world to an even bigger crisis.
CNN called the interest rate hikes “dollar smile,” but the smile only chills the world. U.S. dollars often appreciates when the U.S. economy is very strong or very weak, and the appreciation makes capital flow back to the U.S., which causes hyperinflation and capital flight for other countries. Emerging markets and developing countries have been the biggest victim every time the U.S. raised interest rate since the Latin American debt crisis.
Undoubtedly, the new interest rate hike will bring capital back to the U.S., and developing countries will face a number of challenges such as stock market fluctuation, depreciation of domestic currency, interest rise in their debts in U.S. dollars, as well as surging cost of raw material imports.
James Morrison, associate professor at London School of Economics and Political Science, noted that the interest rate hikes will definitely place negative impacts on the world and worsen the financial distress of developing countries, as the U.S. dollars is in the center of the international financial system.
The interest rate hikes made by the Federal Reserve also burdened Europe, Japan and other developed economies. French newspaper Les Echos said on its website that the raised benchmark interest rate will force other central banks to follow, which will depreciate euro and exacerbate inflation. As a result, the European economy, already impacted by the Ukraine crisis, will shoulder greater pressure.
As the world’s largest economy, the U.S. should adopt responsible economic andfinancialpolicies and control their spillover effect, so as to avoid exporting inflation and recession risks to the rest of the world.
Facing the economic hegemony of the U.S., emerging markets and developing countries should adopt a long-term perspective, improve the system and rules of international economic governance, and make global governance fairer and more equitable.
Stephen Olufemi Oni, Ilorin
The Member representing Ekiti/Isin/Irepodun/Oke-Ero Federal Constituency in the National Assembly, Hon. Raheem Tunji Olawuyi Ajuloopin, has strongly condemned the recent attack in Idofin Odo-Ashe, Oke-Ero Local Government Area of Kwara State, describing it as a cowardly act that seeks to disrupt the peace and stability of the community.
Hon. Ajuloopin, in a statement personally signed by him, expressed deep concern over the unfortunate incident and sympathised with the victims, their families, and the entire community affected by the dastardly attack, emphasising that acts of violence have no place in a civilised society, and therefore urged security agencies to intensify efforts in bringing the perpetrators to justice.
While commending the swift response of both the federal and Kwara State governments, as well as the security agencies and local vigilante groups, the lawmaker reiterated that the fight against insecurity requires collective responsibility, calling on traditional rulers, community leaders, and residents to remain vigilant and cooperate fully with security operatives by providing timely and credible information.
“Security is everyone’s business. We cannot afford to leave the safety of our communities solely to government agencies. Every citizen must be actively involved in safeguarding our environment and ensuring that peace prevails,” Hon. Ajuloopin admonished.
He reaffirmed his commitment to continued collaboration with relevant authorities to ensure that lasting peace in all parts of Kwara South and beyond.
Hon. Ajuloopin also appealed for calm, assuring that both the federal and state governments are working tirelessly to address the root causes of insecurity and prevent future occurrences.
End
From Hassan Taiye
Governor Umar Namadi is currently in Cairo,Arab Republic of Egypt, attending the Third High-Level Ministerial Meeting on Rice Self-Sufficiency, holding from October 7th to 9th, 2025, in Cairo and Sakha.
The meeting, themed “Towards Rice-Based Agri-Food Systems Transformation and Delivering on Rice Self-Sufficiency through Peer-to-Peer Learning: The Case of the Arab Republic of Egypt,” is jointly organized by the Egyptian Ministry of Agriculture and Land Reclamation, AfricaRice, the Arab Organization for Agricultural Development (AOAD), and other key continental partners.
This high-level gathering brings together African Ministers of Agriculture, State Governors, and agricultural leaders to share practical experiences on achieving rice self-sufficiency and agricultural transformation.
The event will showcase Egypt’s remarkable progress in achieving rice self-sufficiency despite its limited water and land resources, offering valuable lessons adaptable to other African contexts.
Namadi is participating alongside top policymakers, agricultural experts, and private sector players from across Africa to discuss innovations, policy reforms, and strategic investments aimed at strengthening food security and transforming the agricultural sector on the continent.
Over the three-day programme, delegates will engage in high-level ministerial sessions, technical discussions, and a field visit to Egypt’s renowned Rice Research and Training Centre (RRTC) in Sakha.
During the visit, participants will interact directly with Egyptian scientists and farmers to learn about the country’s advancements in high-yield rice varieties, efficient irrigation systems, and modern post-harvest technologies.
Jigawa State’s participation in this important forum underscores the state’s commitment to agricultural transformation, food self-sufficiency, and consolidating Jigawa’s position as one of Nigeria’s leading hubs for rice production and agribusiness development.
The meeting is expected to conclude with a Ministerial Declaration setting a continental roadmap for achieving rice self-sufficiency through collaborative research, policy coordination, and targeted investment across the rice value chain.
Governor Namadi is accompanied by senior officials from the Jigawa State Ministry of Agriculture and related agencies.
By: Fabian Apechihin
Sociopolitical activist Aisha Yesufu has accused Nigerian political leaders of perpetuating what she described as a “political genocide” against Christians in Northern Nigeria.
Yesufu made the remark on Tuesday in response to American comedian and TV host Bill Maher, who recently alleged that Nigerian Christians are facing coordinated attacks.
Maher, speaking on his HBO show, said, “I’m not a Christian, but they are systematically killing Christians in Nigeria. They’ve killed over 100,000 since 2009 and burned 18,000 churches. These are the Islamists, Boko Haram.”
Reacting via her X handle, Yesufu criticized what she called hypocrisy among Nigerian politicians who express concern over Christian persecution yet supported the Muslim-Muslim presidential ticket during the 2023 elections.
“You are shouting that Northern Christians are being persecuted, but you championed a Muslim-Muslim ticket! Their Christianity was not Christian enough for you during the 2023 election,” she wrote.
She concluded by calling for greater attention to what she termed the “political genocide” against Northern Christians, urging consistency in both words and actions when addressing religious and political marginalization in Nigeria.
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