Author: Olu Anisere

DFC Announces Strategic Investment to Stabilize, Expand Food Security in Africa The U.S. International Development Finance Corporation (DFC) Head of Investments Conor Coleman announced today that DFC will provide project development funding for the Banio Potash Mine in Mayumba, Gabon. This announcement was commemorated with a ceremonial signing of the project development agreement, witnessed by Gabonese President Brice Oligui. Coleman was joined by Millennial Potash CEO Jason Wilkinson and Chairman Farhad Abasov. DFC’s project development funding will support Millennial Potash to complete a definitive feasibility study for the Banio Potash Project in Gabon, Africa’s first potash mine. Development of this…

FG Begins Reconstruction of Eastern Rail line Corridor- NRC The Nigerian Railway Corporation (NRC) says the Federal Government has begun reconstruction and rehabilitation of Eastern railway Corridor. Mr Victor Adamu, the Railway District Manager, Eastern District, Enugu stated this while responding to national Survey conducted by the News men on abandonment of railway lines in the country, in Enugu on Wednesday. Adamu said that the rehabilitation and reconstruction of the narrow gauge tracks had commenced from Port Harcourt to Aba, in Abia State. According to him, the narrow gauge traversed the eastern district, from Port Harcourt to Maiduguri and other…

Oil Prices Near $70 Amidst Rising Crude Stockpile in US Oil prices traded above $69 per barrel in the global commodity market on Wednesday amid concerns over weakening demand following a surprise increase in US crude inventories, despite strong travel activity over the July 4 holiday weekend. International benchmark Brent crude decreased by around 0.1%, trading at $69.47 per barrel, down from $69.53 at the previous session’s close. Similarly, US benchmark West Texas Intermediate (WTI) decreased by 0.1%, settling at $67.19 per barrel, compared to $67.26 in the prior session. The American Petroleum Institute (API) reported an unexpected 7.1 million-barrel…

Nigeria Customs Seizes Undeclared N653.9m at Kano Airport The Nigeria Customs Service (NCS), Kano/Jigawa Command, has seized an undeclared sum of N653.9 million in foreign currencies concealed in luggage at the Mallam Aminu Kano International Airport, Kano. The Area Controller of the Command, Mr Dalhatu Abubakar, disclosed this while officially handing over the seized currencies and three suspects to the Economic and Financial Crimes Commission (EFCC) on Tuesday in Kano. NCS, in collaboration with the EFCC and ICPC, on April 26, 2025 sensitised stakeholders to currency declaration and movement laws in and out of the country in Kano. Abubakar said…

EU to Fill Ukraine’s $19bn Budget Gap in 2026 The European Union (EU) is urgently exploring options to cover Ukraine’s 19 billion dollars budget deficit in 2026, including by using frozen Russian state assets. U.S. support for Kiev to continue to decline and a ceasefire remains out of reach, the Financial Times reported on Tuesday, citing sources familiar with the matter. A senior European official involved in discussions with Kiev told the newspaper that many who anticipated a ceasefire agreement in 2025 had to reassess costs. According to the report, the European Commission was forced to adjust Ukraine-related spending in…

TotalEnergies’ Ubeta Project to Boost Nigeria’s Gas Ambitions TotalEnergies says it is committed to supporting Nigeria’s energy goals with the Ubeta gas field project in the OML 58 onshore license in Nigeria, currently in its execution phase. The Country Chair of TotalEnergies in Nigeria, Matthieu Bouyer, who spoke in Abuja, said the project would deliver a plateau of around 70,000 barrels of oil equivalent per day including condensates. He said it was a significant contribution to Nigeria’s gas development ambitions. “The 70,000 bpd from Ubeta is a major milestone, and first gas/commissioning is expected by 2027.” Bouyer expressed gratitude to…

Nigeria, Vietnam to Strengthen Energy Relations, Trade, Others- Tinubu President Bola Tinubu has said that Nigeria is committed to deepening ties with Vietnam, particularly in trade, investment, energy, mining, resource sustainability, infrastructure, and climate change action. Tinubu made the remark in a statement issued to the news agency by Mr Bui Quoc Hung, the Vietnamese Ambassador to Nigeria, in Abuja on Monday. The statement said that the President spoke at a meeting with Vietnamese Prime Minister, Pham Minh Chinh, who was on an official visit to Nigeria to discuss the enhancement of bilateral cooperation between both nations. Tinubu said that…

External Reserves Fall by US$3.5 Billion in H1-2025 Nigeria’s gross external reserves fell to $37.181 billion, according to latest data update from the Central Bank of Nigeria (CBN) currency platform, following successive outflows for offshore FX obligations. Gross external reserves recorded a significant decline of approximately $3.5 billion in the first half of 2025, dropping from $40.88 billion at the close of December 2024 to $37.37 billion as of June 26, 2025. The FX reserves have consistently trended downward throughout the period, reflecting a mix of FX market pressures and elevated external obligations, analysts at Anchoria Limited said in a…

Oil Prices See 2.5% Weekly Surge Amidst Uncertainties Oil prices increased by 2.5% for the week due to a decline in the US dollar and positive investor sentiment at the start of the week. However, prices faced challenges midweek from growing US inventories, trade disputes, and forecasts of higher OPEC+ production. Brent crude was trading at $68.01 on Friday, marking a rise of around 2.5% from last week’s closing price of $66.33. The American benchmark West Texas Intermediate (WTI) traded at $65.76 per barrel, up approximately 2% from last Friday’s close of $64.54. Prices started the week on a positive…

Nigerian Exchange Indicators Mixed as Notore Chemical Delists The Nigerian equity market concluded the first trading week of the second half of 2025 on a cautiously upbeat note, even as its headline gauges moved in opposite directions. The Nigerian Exchange All Share Index inched higher by 0.01%, adding 12.46 points to finish at 120,989.66 at the close of trading session on Friday. However, market capitalization fell by ₦244.02 billion to close at ₦76.34 trillion, reflecting the full delisting of NOTORE Chemical Industries Plc’s entire issued share capital on Friday. The marginal rise in the index underscores investors’ guarded sentiment, as…