Author: Ogochukwu Ndubuisi

Trade Turnover Between Russia, Kazakhstan Jumps to $28bn Trade volume between Russia and Kazakhstan exceeded 28 billion dollars, while Russian exports increased by almost five per cent at the end of 2024, according to the Kazinform, a partner of TV BRICS. Kazinform said that the main growth emanated from machinery, transport, chemicals, and minerals. More than 70 major investment projects with Russian participation are being implemented in Kazakhstan. “We are talking about the automotive industry, agricultural machinery, pharmaceuticals, and digital technologies,” Kazinform reported an official as saying. In addition, in 2024, the tourist flow between the countries exceeded 4.8 million…

IMPI: AfDB President Adesina Wrong on Nigeria’s 1960 GDP Figures The Independent Media and Policy Initiative (IMPI) says Nigeria’s Gross Domestic Product (GDP) per capita at independence in 1960 was 93 dollars, not 1,847 dollars as claimed by Dr Akinwumi Adesina, President of the African Development Bank (AfDB). In a statement on Monday, Dr Omoniyi Akinsiju, Chairman of the group, said Adesina’s claim, made during a recent keynote address at the 20th anniversary dinner of investment firm Chapel Hill Denham in Lagos, was a misrepresentation of facts. “We have reviewed some of the submissions made by Adesina, and we found…

Lagos, BoI to Sign MoU to Improve SMEs Access to Finance The Lagos State Ministry of Commerce, Cooperatives, Trade and Investment is set to sign a Memorandum of Understanding (MoU) with the Bank of Industry (BoI) and Sterling Bank Plc to improve financial access for Small and Medium Enterprises (SMEs). The Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, said this in a statement on Monday in Lagos. According to the commissioner, the development is part of the state government’s efforts to boost access to finance for entrepreneurs across the state. She said the signing ceremony was part…

Sterling Hovers at $1.33 Ahead of BoE Policy Decision The British pound, or the sterling, hovered near $1.33 as markets awaited the Bank of England’s upcoming policy decision. Investors and market analysts are pricing a 25 basis point rate cut to 4.25% with the current dynamics and general sentiment across the market, with a focus on key data and forming a trend. Investors are also watching for the bank’s updated economic forecasts, which could signal whether further cuts are likely. Some analysts believe the BoE may lean toward a more aggressive easing path in response to global risks, especially those…

Airtel Africa, SpaceX Partner to Usher in Starlink Internet into Africa Airtel Africa, on Monday announced that it has entered an agreement with SpaceX to bring Starlink’s high-speed internet services to its customers in Africa. Airtel Africa said this in a statement. It said that currently, SpaceX had acquired requisite licenses in nine out of 14 countries within Airtel Africa’s footprint, noting that operating licenses for the other five countries were being processed. “With this collaboration, Airtel Africa will further enhance its next-generation satellite connectivity offerings and augment connectivity for enterprises, businesses, and socio-economic communities like schools, and health centres…

Yield on Nigerian Bonds Settles at 19% after Fresh Supply Nigerian government bonds yield climbed slightly to 19% in the secondary market following post-primary market sell pressure. In the secondary market, traders’ sentiment was relatively bearish. Market participants sold off short-dated bonds, further reflecting investors’ cautious bias for duration exposure. As a result, the average yield expanded by 2 basis points to close the just concluded week at 19.0%.  Fixed income market analysts at Cordros Capital Limited said the average yield increased at the short (+14 bps) end. The yield surge was driven by selloffs of the JAN-2026 (+56 bps)…

Access Holdings Profit Grows by 14.7% in Q1-2025 Nigeria’s largest lender by total assets, Access Holdings Plc, profit after tax increased by 14.7% year on year in the first quarter of financial year 2025, details from the group’s unaudited results revealed. Details obtained from its unaudited financial statement showed that profit after tax settled at N182.75 billion in Q1 as against N159.29 billion recorded in the first quarter of 2024. Net interest income slumped by 10% year on year to N220.206 billion in Q1 as against N275.719 billion in the comparable period in 2024. Following a year-on-year moderation in the…

We’ve Paid N72bn of Inherited Debt- Otti Gov. Alex Otti of Abia has disclosed that his administration has paid N72 billion from the N138 billion debt it inherited from past administrations on assuming office. Otti made this known during a monthly media briefing on Wednesday at the Government House, Umuahia. He said that going by Debt Management Office (DMO) figures, as of December 2024, that State Government was able to reduce its debts to 66 billion and have not borrowed. “So that being, by their own numbers, we have paid down N72 billion of inherited debt and we have added…

ECOWAS, Ecobank Invest in Alternative Energy Solutions Empowerment The Economic Community of West African States (ECOWAS), in collaboration with Ecobank Nigeria and the World Bank, have trained no fewer than 100 entrepreneurs in Nigeria on Off-Grid solar energy system. This is through a specialised programme focused on small and medium-sized enterprises (SMEs) in the off-grid photovoltaic solar energy sector. This initiative forms part of the Regional Off-Grid Electricity Access Project (ROGEAP), which seeks to promote the development of a regional market for standalone solar energy systems. ROGEAP is funded by the World Bank, with additional support from the Clean Technology…

Naira Rises as External Reserves Pick Up Again The Nigerian local currency, the naira, experienced a soft rally against the US dollar in the official foreign exchange market as data showed that gross external reserves picked up this week. At the Nigerian foreign exchange market (NFEM), the naira appreciated by 0.01% to close at ₦1,599.71 per dollar as successive FX intervention sales by the Central Bank bolstered the supply side. MarketForces Africa reported that the CBN has sold more than $1.3 billion in an aggressive mood to authorised dealer banks to ensure the exchange rate traded within the target range.…