Author: Ogochukwu Ndubuisi

ECA, AfCFTA Enhance Cooperation for Effective Trade Implementation The Economic Commission for Africa (ECA) and the African Continental Free Trade Area (AfCFTA) secretariat are committed to enhancing cooperation to support the effective implementation of the AfCFTA. This is according to a statement by the Executive Secretary, ECA, Claver Gatete on Tuesday in Abuja. Gatete said that the commitment was made at the signing of a Memorandum of Understanding (MoU) between both organisations during the Africa Business Forum (ABF 2025) in Addis Ababa, Ethiopia. He said that the agreement set the stage for closer collaboration between the two institutions to advance…

Forex: Euro Extends Decline, Sterling Pares Gains The Euro extended decline against the US dollar on Tuesday while the sterling paired gain in the forex market. With global uncertainties, the demand for US dollar has continued to increase on the back of tariffs responses from countries targeted by the United State President Donald Trump. The Russia-Ukraine peace talks could boost Euro area numbers, and reduce U.S tariff threat in a play along game with Trump administration. In a note, ING said should Russia and Ukraine ultimately reach a peace deal, the dollar is probably due another moderate correction. “…but for…

Oil Prices Increase amidst Shipping Routes Threats Oil prices increase on Tuesday amid concerns over a possible disturbance in Red Sea, one of the world’s most frequently used sea routes for oil and fuel shipments. The commodity market faces pressures over uncertainties surrounding China’s economic policies and expectations of an interest rate cut by the US Federal Reserve (Fed). International benchmark Brent crude traded at $75.10 per barrel while the American benchmark West Texas Intermediate (WTI) traded at $71.33 per barrel. Oil prices increased on Tuesday due to fears that the Iranian-backed Houthi group could continue targeting Israeli-linked cargo ships…

Airtel Nigeria Increases Data Prices Airtel Nigeria, the country’s second-largest telecommunications operator (Telco) has made significant adjustments to its data pricing structure. The telecom company’s *312# code and on the Airtel website showed the revised data prices. According to the telco’s website, the revision, which affects various data bundles, is aimed at mitigating the impact of escalating operational costs on the company’s operations amidst a challenging economic landscape. The revised data plans, published on its website, include daily plans: N50 for 40MB (valid for 1 day), N100 for 100MB (valid for 1 day), N200 for 200MB (valid for 3 days),…

Diversified Economy Crucial to Nation’s Sustainable Growth – Edun The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says Nigeria needs to diversify its economy into non-oil resources to accelerate economic development. Edun said this on Monday in Abuja, at the National Treasury Workshop with the theme, “Nigeria’s Revenue Challenges and the Way Forward: Exploring Non-Oil Alternatives” According to Edun, who was represented by Mrs Lydia Shehu, Permanent Secretary, Federal Ministry of Finance, the theme of the workshop is both timely and imperative. “It underscores the urgent need to rethink our revenue generation strategies. “This is especially…

UBA: Investment Firms See Strong Upside Ahead of Earnings Equities analysts have spotted strong upside potential in UBA Group Plc ahead of the pan African lender’s earnings release. Investment firms recommend that investors should buy UBA on the back of huge upside estimate after moderate price decline in the equities market last week. Latest trading results revealed sell pressure dragged stock market price of UBA down to N38.7 on Friday, from N39.15 at the beginning of the trading session last week. The banking group share price is trading negative during early hour on in the equities market ahead of earnings.…

CBN to Open N700bn Treasury Bills for Subscription As part of an effort to manage liquidity in the financial system, the Central Bank of Nigeria (CBN) will be offering N700 billion worth of Nigerian Treasury bills to investors in the primary market on Wednesday. The authority will offer the huge amount across standard maturities: 91-day, 182-day and 364-day amidst tight liquidity in the financial system. MarketForces Africa reported that spot rate on one year treasury bills have been on decline amidst rising appetite for the naira asset. Most analysts in the fixed incoem market are of the view that inflation…

Tinubu Backs Africa-led Credit Rating Agency President Bola Tinubu says he strongly supports an Africa-led credit rating agency (ACRA), saying it will provide fairer, more transparent credit assessments for African economies. The President said this at the 38th Ordinary Session of the Assembly of the African Union (AU) Heads of State and Government in Addis Ababa, Ethiopia, on Sunday. “An independent Africa-led rating agency will help provide fairer assessments of African economies and reduce the bias often observed in existing global rating agencies,” the President said in a statement by Mr Bayo Onanuga, his spokesman. President Tinubu commended the African…

EU Pledges to Digitalise Agriculture in Nigeria The European Union (EU) has reaffirmed its commitment to the digitalisation of agriculture in Nigeria and other member states of the Economic Community of West African States (ECOWAS). The Head of Cooperation for the EU Delegation to Nigeria and ECOWAS, Mr Massimo De Luca, stated this on Saturday during a field mission for the EU’s DIGISOL project in Owerri. The DIGISOL project is an initiative aimed at improving agriculture in Nigeria by equipping rural farmers with digital tools and training. De Luca expressed gratitude to the University of Agriculture and Environmental Sciences (UAES),…

Our PMS is High Quality – NNPC Ltd. The Nigerian National Petroleum Company Limited (NNPC Ltd.), says that the Premium Motor Spirit (PMS), known as fuel, being dispensed at its various retail outlets is high quality. The NNPC Ltd. in a statement issued by its Chief Corporate Communications Officer, Olufemi Soneye said that the clarification was necessary following a misleading viral video online, which claimed that NNPC fuel does not last. Soneye said the assertion, which was baseless and entirely unfounded, was originating from unverified and amateur research that lacked credibility, accuracy, and professional oversight. “NNPC reaffirms that its fuel…