Author: Ogochukwu Ndubuisi

Africa Must Control its Resources, Trade – Shettima Vice President Kashim Shettima says African nations must take their rightful place in controlling the continent’s resources and global trade. Shettima spoke on Friday in Cotonou, Republic of Benin, during a tour and assessment of the Glo-Djigbé Industrial Zone (GDIZ). He said Africa must maximise its vast natural endowments by developing industries capable of processing raw materials into higher-value products. The vice president said Nigeria’s renewed industrialisation drive would leave no region behind, with the Federal Government working alongside subnational governments. He expressed satisfaction with Benin’s efforts to achieve mass production and…

NGX Urges Integrated African Capital Markets The Nigerian Exchange Group (NGX Group) has urged African countries to play a more active role in shaping global capital markets. The group called for stronger, innovative and integrated financial systems capable of supporting Africa’s long-term economic transformation. The call is contained in a statement issued by NGX Group on Friday and made available to the News Agency of Nigeria (NAN) in Lagos. Dr Umaru Kwairanga, Group Chairman of NGX Group, made the call at the Royal African Society’s 125th Anniversary Flagship Business event. The event was held at the London Stock Exchange with…

Otti Backs $13.1m CNG Project in Abia Gov. Alex Otti of Abia has backed the proposed $ 13.1 million Compressed Natural Gas (CNG) project, saying it aligns with the state’s industrialisation agenda and would strengthen clean energy and manufacturing development. The project, proposed by Earthoc Group and its partners, involves establishing a 14.13 million Standard Cubic Feet Per Day (MMSCFD) Compressed Natural Gas (CNG) mother station in Owaza, Ukwa West Local Government Area (LGA). The project is focused on boosting gas utilisation and supporting industrial growth in the state. Speaking during a meeting at Nvosi, Isiala Ngwa South Local Government…

Risk-off: Nigerian Eurobonds traded under selling pressure as higher U.S. Treasury yields and profit-taking weighed on investor sentiment in the international debt market.

U.S. Hits Nigeria, 80 Other Countries With New Tariffs Citing ‘Forced Labour’ The U.S. has imposed new tariffs of 10 and 12.5 per cent on goods from more than 80 countries, including Nigeria, over alleged forced labour. The new tariffs, which take effect at 12:01 a.m. on Friday, replace a global 10 per cent duty imposed earlier by President Donald Trump and expires at midnight on Friday. The new duties follow a five-month investigation into trading partners’ efforts to root out products made with forced labour from their supply chains, the Office of the U.S. Trade Representative (USTR) says. The…

BUA Cement Plc grew profit by 80% year on year amidst a tough operational environment…

The global energy crisis deepened as Oil prices surged past $100 a barrel Thursday over threats

AfDB Approves $400m Loan for South Africa’s Municipal Utility Reforms The African Development Bank (AfDB) Group has approved a 400 million dollar loan to support South Africa’s Mpumalanga Municipal Utility Reform Programme aimed at improving electricity and water services. The bank said in a statement on Thursday that the programme would enhance the quality, reliability and financial sustainability of utility services in selected municipalities across Mpumalanga Province. It said the initiative would support South Africa’s Just Energy Transition by helping municipalities affected by the country’s gradual shift away from coal. According to the bank, the programme will reduce electricity and…

Nigeria to Narrow Trade Imbalance with China, Leverage Zero-Tariff Policy Nigeria Government has pledged its commitment to narrow its trade imbalance with China by maximising the country’s zero-tariff policy and increasing the country’s exports to the Chinese market. Nigeria’s Ambassador to China, Abdulrahman Dambazau, disclosed this during an interview with the members of the Nigerian delegation participating in the African Mainstream Media Workshop organised by the International Department of the Communist Party of China in Beijing on Thursday. Dambazau said bilateral trade between Nigeria and China currently stood at about 28 billion dollars, but noted that Nigeria accounted for only…

The average yield on Nigerian government bonds declined in the secondary market as investors increased their bets in the local debt capital market.