Economy
OPEC Fund Okays $233m for Global Economy
By Adedapo Adesanya
The Organisation of the Petroleum Exporting Countries (OPEC) Fund for International Development has approved $233 million in new funding to support economic recovery, new infrastructure funding, and boost food security.
The agreement was approved at the 179th session of its Governing Board in Vienna and will benefit public sector projects promoting sustainable development around the world starting with four countries – Kosovo, Pakistan, Uzbekistan, and Zimbabwe.
In Kosovo, a $40 million loan was approved by OPEC Fund for the Public Finances and Economic Growth Programme to support the government’s priorities set out in its National Development Strategy 2030 aimed at strengthening partnerships, transitioning to a greener economy and improving socio-economic indicators.
The programme, developed with the World Bank Group, will improve fiscal transparency, promote private sector development by streamlining the country’s regulatory framework, and enable environmental reforms in the energy and waste management sectors.
In Pakistan, $72 million was granted in loan for the Mohmand Dam Multipurpose Project will finance the construction of a hydropower dam and the provision of equipment. The dam will have a 1.6 million square meter reservoir and diversion tunnels that will feed into new and existing irrigation canals.
Once completed, the Mohmand Dam will increase the country’s installed renewables capacity by 800 MW and provide sustainable potable water to two million residents in Peshawar city.
The project will also enhance food security through higher crop yields on almost 15,000 hectares of farmland while improving the region’s resilience to floods.
For Uzbekistan, it got a $100 million loan for the Accelerating Uzbekistan’s Transition Program will support the country’s transition to a market economy by improving resource allocation and enabling private sector investment.
The programme includes enhancing the role of the private sector, improving the management of state-owned enterprises, enhancing fiscal transparency and accountability, and increasing economic and social inclusion, particularly for women and people with disabilities.
In Africa, Zimbabwe was handed a $15 million loan for the Smallholder Agriculture Cluster Project aims to increase household incomes, and improve food security and nutrition of more than 390,000 people in five provinces of the country through the value chain development and provision of infrastructure.
The OPEC Fund’s loan will finance the construction of small-scale, climate-resilient irrigation schemes, the repair of 90 kilometres of feeder roads and the installation of water supply and sanitation facilities.
The Governing Board also approved three grants totalling $6 million for joint OPEC Fund technical cooperation facilities with three co-financing partners – the Asian Development Bank ($3 million), the Development Bank of Latin America ($1 million) and the European Bank for Reconstruction and Development ($2 million).
The facilities will primarily be used to finance project preparation related activities, such as feasibility studies, in order to help ensure improved project readiness, and build a strong pipeline of bankable sovereign and non-sovereign operations. Potential sectors will include agriculture, energy, transportation, water & sanitation, and manufacturing and services.
The OPEC Fund was established by the member countries of OPEC in 1976 with a distinct purpose which includes driving development, strengthening communities and empowering people.
To date, the OPEC Fund has committed more than $22 billion to development projects in over 125 countries with an estimated total project cost of $187 billion. It is rated AA+/Outlook Stable by Fitch and AA/Positive Outlook by S&P in 2021.
As MSMEs across the South-East seek opportunities for growth, market expansion and cross-border trade, Stanbic IBTC, in partnership with the Anambra State Government, convened the Nigeria Business Summit Regional Tour in Onitsha to equip businesses with practical solutions for sustainable growth.
The summit, organised in collaboration with the Anambra State Ministry of Commerce, Industry and Trade, brought together government officials, business leaders, trade associations, development partners and entrepreneurs to explore practical pathways for economic growth, business sustainability and increased participation in local and international trade.
Speaking at the event, which took place on Wednesday, 29 July 2026, Honourable Nonso Chukwuma Ebonwu, Commissioner for Commerce and Industry, Anambra State, highlighted the importance of stronger partnerships between government, financial institutions and the private sector in creating an environment where businesses can thrive and contribute meaningfully to economic growth.
“Sustainable economic development requires strong partnerships between the public and private sectors. Financial institutions such as Stanbic IBTC have an important role to play by providing not only access to finance but also business advisory services, capacity building and the knowledge that enables businesses to grow sustainably,” he said.
Given Onitsha’s strategic position as a commercial hub, discussions centred on access to finance, enterprise development, business sustainability and opportunities for expansion into new markets. Stanbic IBTC’s Trade Team also provided practical insights into trade and export opportunities available to businesses operating within the South-East’s manufacturing and distribution value chains, highlighting strategies that can help enterprises improve competitiveness and unlock new growth opportunities.
Commenting on Stanbic IBTC’s commitment to supporting Nigerian businesses, Chuma Nwokocha, Chief Executive, Stanbic IBTC Holdings, said:
“We recognise the critical role businesses play in driving economic growth, creating jobs and fostering innovation. Supporting their growth remains central to our purpose of driving Africa’s growth, and we will continue to provide the solutions, partnerships and platforms they need to thrive.”
Also commenting on Stanbic IBTC’s support for Nigerian businesses, Remy Osuagwu, Executive Director, Business and Commercial Banking, Stanbic IBTC Bank, said:
“Our commitment to supporting businesses is unrelenting. Through strategic partnerships and platforms such as the Nigeria Business Summit Regional Tour, we are connecting entrepreneurs to the knowledge, networks and financial solutions needed to scale their businesses and compete more effectively in today’s evolving marketplace.”
The summit also highlighted Stanbic IBTC’s focus on providing businesses with access to the capital, insights and connections needed to achieve sustainable growth. This commitment aligns with the strategic direction of the bank’s Enterprise Banking business, led by Olajumoke Bello, as Stanbic IBTC continues to deepen engagement with MSMEs and growth-focused businesses across Nigeria.
The Onitsha engagement builds on successful editions of the Nigeria Business Summit Regional Tour previously held in Katsina, Aba and Ibadan. Through the initiative, Stanbic IBTC continues to work with public and private sector stakeholders to equip entrepreneurs with practical insights, strategic partnerships and business solutions that support sustainable growth.
By Aduragbemi Omiyale
The board of Presco Plc has proposed the payment of an interim dividend of N10 per share to shareholders of the organisation for the first six months of this year.
This information was conveyed in the unaudited financial statements of the company released to the Nigerian Exchange (NGX) Limited.
In the results for the half-year ended June 30, 2026, the fully integrated agro-industrial firm said the cash reward reinforces its commitment to delivering consistent shareholder returns.
It further assured that looking ahead, it remains focused on disciplined capital allocation, operational efficiency and long-term value creation while navigating evolving market conditions.
A look at the key financial highlights of the results showed that revenue was relatively stable at about N199.0 billion in the first half of 2026 and the same period of 2025 amid a high-cost operating environment and softer crude palm oil prices.
However, the pre-tax profit rose by 9.3 per cent to N122.2 billion from N119.9 billion as result of a 31.9 per cent reduction in financing costs.
Further, the Edo State-based company posted an EBITDA of N123.1 billion, which yielded a margin of 61.9 per cent, as the organisation strengthened its balance sheet, reducing total liabilities by 42.5 per cent to N277.8 billion, while equity grew 13.8 per cent to N503.6 billion, with a current ratio of 345.6 per cent, which underscores robust liquidity.
“Our H1 2026 performance underscores the strength of our operational model in a challenging environment. The 9.3 per cent growth in profit before tax, driven largely by a 31.9 per cent reduction in financing costs, reflects our deliberate focus on cost optimisation and balance sheet discipline.
“With equity up 13.8 per cent and liabilities down by 42.5 per cent, we have further fortified our financial foundation.
“The proposed interim dividend of N10 per share signals our confidence in the business’s trajectory and our commitment to rewarding shareholders,” the chief executive of Presco, Mr Reji George, stated.
By Aduragbemi Omiyale
The ex-depot prices of the two major petroleum products in the country, Premium Motor Spirit (PMS), commonly known as petrol, and Automotive Gas Oil (Diesel), have been slashed by Dangote Petroleum Refinery.
The company, in a statement on Wednesday, disclosed that while petrol is now N1,165 per litre, diesel is now N1,570 per litre.
The energy firm said it slashed the prices to reaffirm its commitment to providing affordable, high-quality petroleum products to the Nigerian market.
The latest cut in the price of PMS represents N50, as it was previously sold to marketers at N1,215 per litre, while diesel witnessed an N80 reduction, as it was formerly being sold at N1,650 per litre.
Dangote Refinery stated that the downward price review reflects its ongoing efforts to enhance energy affordability, improve access to refined petroleum products, and support economic activities across Nigeria, saying it remains committed to ensuring stable supply while leveraging operational efficiencies to deliver value to consumers, businesses, and stakeholders.
As Africa’s largest refinery, Dangote Petroleum Refinery continues to play a pivotal role in strengthening Nigeria’s energy security, reducing reliance on imports, and supporting the nation’s economic development through the supply of world-class petroleum products.
The company reaffirmed its dedication to contributing to the growth of the Nigerian economy and passing on the benefits of improved operational efficiencies to consumers whenever market conditions permit.
