Image
19-February-2024

Practical Ideas of Russian-African Club for Strengthening Russia-Africa Relations

By Gouend Louis On February 8, the Russian-African Club of MSU named after M.V. Lomonosov held an International Conference: “Development of cultural and humanitarian cooperation between Russia and African countries.” The event took place at the Faculty of Global Processes of Moscow State University. The conference was held as part of the implementation of the decisions of the Second Summit and the Russia-Africa Economic and Humanitarian Forum, which was held on July 27-28, 2023. in St. Petersburg. The event was supported by the Secretariat of the Russia-Africa Partnership Forum of the Ministry of Foreign Affairs of the Russian Federation. The

Image
19-February-2024

AfDB Advises African Central Banks to Consider Interest Rate Cut

By Adedapo Adesanya  The African Development Bank (AfDB) has said central banks on the continent should take a cue from advanced economies to ease interest rates, which could ease inflation risks and bring about a recovery in dwindling household purchasing power. The bank said this in its latest Macroeconomic Performance and Outlook (MEO) report, where it projected that despite enduring global and domestic headwinds, Africa’s medium-term growth outlook is slowly improving. According to the report, the continent is set to remain the second-fastest-growing region after Asia. It said that continued exchange rate depreciation in many African countries, the passthrough of

Image
14-February-2024

US Exposes Russia’s Secret Campaign of Disinformation Sweeping Across Africa

By Samuel Ouma The US government has claimed that the Russian Intelligence Agency is trying to undermine its influence in Africa by spreading deadly disinformation. In a statement, the US Department of State’s Global Engagement Centre further revealed that the disinformation campaign also targets European countries. It is alleged Russia is using the African Initiative, a new information agency focused on Africa-Russia relations, to bolster its image while denigrating that of other countries. “In addition to its staff, African Initiative recruits African journalists, bloggers, and members of local publics to support and amplify the organization’s work of bolstering Russia’s image

Image
14-February-2024

Tinubu Prepares for 37th AU Summit In Addis Ababa

By Adedapo Adesanya President Bola Tinubu will depart Abuja on Thursday for Addis Ababa, Ethiopia, to participate in the 37th ordinary session of the assembly of the African Union (AU) heads of state and government. This was disclosed in a statement on Wednesday by the Special Adviser to the President on Media and Publicity, Mr Ajuri Ngelale. He said President Tinubu would join other African leaders in high-level meetings on institutional reforms of the African Union; peace and security; specific thematic issues such as climate change, as well as modalities of participation and priorities of the continental body in the

Image
12-February-2024

LinkedIn Records 11.5 million Data Leaks in 2023

By Adedapo Adesanya Business and employment-focused social media platform, LinkedIn, recorded over 11 million data leaks in 2023, a new study has revealed from cybersecurity firm, Surfshark. In 2023, LinkedIn had almost 11.5 million emails leaked due to the scraping of publicly available information. Out of the leaked accounts, 1.6 million were American, 1.1 million were French, and 700,000 were British. Four Russian platforms, Chitai-gorod, Book24, Gloria Jeans, and SberSpasibo, experienced the 2nd through 5th biggest data breaches. These breaches exposed around 20 million Russian email accounts. According to the data, 300 million user account data were leaked globally in

Image
06-February-2024

International Food Prices Dip Further in January 2024—FAO

By Adedapo Adesanya Global food prices fell further in January 2024, mainly on lower wheat and maize prices, according to the latest data from the United Nations’ Food and Agriculture Organisation (FAO). The FAO Food Price Index (FFPI), which is used to gauge aggregate pricing, stood at 118.0 points in January 2024, down 1.2 points (1.0 per cent) from its revised December level. Decreases in the price indices for cereals and meat more than offset an increase in the sugar price index, while those for dairy and vegetable oils only registered slight adjustments. The index stood 13.7 points (10.4 per

Image
05-February-2024

A Shifting Landscape: Is ECOWAS Awakening to Regional Economic and Security Realities?

By Kestér Kenn Klomegâh Given the multidimensional difficulties facing the the regional bloc, the Economic Community of West African States (ECOWAS), the most delicate being forging indivisible regional security which, at least, constitutes the basis for economic integration and development. The highly anticipated decision made by Burkina Faso, Mali and Niger to quit the organization poses challenges and resolving these fragile questions lead to instability. Burkina Faso, Mali and Niger have common historical and political backgrounds, as former French colonies struggled to maintain some kind of democracy and improve the economic situation for 80% impoverished population. However, the political leadership

Image
04-February-2024

Namibian President Hage Geingob Dies at 82 

By Adedapo Adesanya The President of Namibia, Mr Hage Geingob, died early Sunday in a hospital in the capital of the Southern African country, Windhoek at 82. Mr Geingob, who was serving his second term as president and was his country’s first prime minister after independence, revealed last month that he was being treated for cancer. “It is with utmost sadness and regret that I inform you that our beloved Dr. Hage G. Geingob, the President of the Republic of Namibia, has passed on today,” read a statement signed by acting president, Mr Nangolo Mbumba. “At his side, was his

Image
01-February-2024

Europe and Africa Forging A New Relationship

By Kestér Kenn Klomegâh Late January 2024, prominent African leaders and corporate business executives attended the summit intended to forge a new relationship between Europe and Africa. It was hosted by Italy’s hard-right Prime Minister Giorgia Meloni who who came to power in 2022. The significance of the summit was to reshape and place on track the European policy priorities and, at the same time, to highlight economic diplomacy and fix the long-trailed systematic development plans for Africa. Within the context of the geopolitical changes, African political leaders have shown high enthusiasm and pragmatism, in developing relations with external countries.

12 3 4 5 6 7 8 9 10 Next
Ad
Ad
Recent Stories
Image
22-February-2024

NASD Unlisted Security Index Depreciates by 0.77%

By Adedapo Adesanya A 0.77 per cent loss was suffered by the NASD Over-the-Counter (OTC) Securities Exchange on Wednesday, February 21 following profit-taking in three stocks. Aradel Holdings Plc went down by N49.50 during the session to close at N2,476.50 per share versus the previous day’s N2,526.00 per share, Central Securities Clearing System (CSCS) Plc depreciated by 37 Kobo to end the day at N19.63 per unit compared with Tueday’s closing price of N20.00 per unit, and FrieslandCampina Wamco Nigeria Plc deflated by 7 Kobo to settle at N74.43 per share, in contrast to the N74.50 per share it traded

Image
22-February-2024

Naira Appreciates at Official Market, Falls at Black Market

By Adedapo Adesanya The Naira appreciated against the United States Dollar in the official market and the and the peer-to-peer (P2P) windows of the foreign exchange (FX) market but depreciated in the parallel market on Wednesday, February 21 as several scare tactics to ease the weakening local currency continues. In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the domestic currency gained 0.6 per cent or N8.66 on the greenback to close at N1,542.58/$1 compared with the previous day’s N1,551.24/$1. However, the Naira maintained stability against the Pound Sterling and the Euro in the spot market in the midweek session at

Image
22-February-2024

Crude Oil Jumps as Geopolitical Tensions Persist

By Adedapo Adesanya Crude oil appreciated on Wednesday as geopolitical tensions continued in the Middle East and traders assessed signs of near-term supply tightness. Brent crude was up by 69 cents or 0.8 per cent to $83.03 a barrel while the US West Texas Intermediate (WTI) crude jumped by 87 cents or 1.1 per cent to settle at $77.91 per barrel. Houthi attacks on commercial vessels in the Red Sea and Bab al-Mandab strait have continued to stoke concerns over freight flows through the critical waterway. The Iran-aligned Yemeni Houthis have carried out repeated drone and missile strikes since November in

Image
22-February-2024

Investors Recover N165bn as FBN Holdings, BUA Cement, Others Gain

By Dipo Olowookere The bulls recaptured the Nigerian Exchange (NGX) Limited on Wednesday after the bears dominated for two straight days as a result of panic selling due to the macroeconomic environment, especially with the poor performance of the Naira in the foreign exchange (FX) market. During the midweek session, the local bourse finished higher by 0.30 per cent on renewed bargain-hunting activities by investors. This raised the market capitalisation of the domestic exchange by N165 billion to N55.464 trillion from N55.299 trillion, as the All-Share Index (ASI) grew by 301.71 points to 101,362.38 points from 101,060.67 points. Business Post

Image
21-February-2024

Tinubu Appoints Kemi Nanna Nandap as Comptroller-General of Immigration

By Modupe Gbadeyanka The Deputy Comptroller-General (DCG) of the Nigeria Immigration Service (NIS), Ms Kemi Nanna Nandap, has been elevated to the post of the Comptroller-General of the agency. This followed her appointment by President Bola Tinubu, according to a statement issued by his spokesman, Mr Ajuri Ngelale, on Wednesday. The presidential aide disclosed in the statement today that the appointment of Ms Nandap will take effect from Friday, March 1, 2024. She is taking over from Mrs Caroline Wura-Ola Adepoju, whose term in office expires on February 29, 2024, the disclosure said. “President Bola Tinubu has approved the appointment

Image
21-February-2024

AFC to Pump $40m Into African Medical Centre of Excellence Abuja

By Adedapo Adesanya  African instrumental infrastructure solutions provider, Africa Finance Corporation (AFC), has signed an equity investment term sheet, pledging up to $40 million towards the construction of an Abuja-based hospital, the African Medical Centre of Excellence (AMCE). The quaternary-level multi-specialty medical institution developed by the African Export-Import Bank (Afreximbank) in collaboration with King’s College Hospital, London, aims to revolutionise healthcare in Africa. Hospitals across West Africa struggle with funding, lack of essential resources, and limited access in rural areas. This flagship facility in Abuja is a key part of Afreximbank’s network of healthcare facilities, actively countering brain drain, reducing

Image
21-February-2024

Oyo Reopens Shri-Balaji After Closure Over Pollution

By Aduragbemi Omiyale The industrial company sealed earlier this month nonconformity and adherence to environmental laws of Oyo State, Shri-Balaji Industries Limited, has been reopened. The facility was unsealed on Wednesday on the directive of the Commissioner for Environment and Natural Resource, Mr Abdulmojeed Mogbonjubola. The company, which engages in the recycling of waste tyres to produce Pyrolysis oil and carbon black and steel wire as by-products, was closed by the state government to protect the lives of residents of the area. A statement made available to Business Post disclosed that for it to be reopened, Shri-Balaji paid a fine

Image
21-February-2024

FG to Restructure, Recapitalise Bank of Agriculture for Better Value

By Adedapo Adesanya The federal government has revealed plans to recapitalise and restructure the Bank of Agriculture (BOA) to bolster Nigeria’s agricultural sector and achieve national food security. This was one of the core revelations made by the Vice President, Mr Kashim Shettima, during the first meeting of the National Council on Privatisation (NCP) for the year 2024 at the Presidential Villa, Abuja on Tuesday. He said there is a central role that BOA could play in achieving national food security, citing its extensive branch network across all senatorial districts in the country. Mr Shettima, however, expressed concern about the

Image
21-February-2024

Foundation Urges Nigerians to Adopt Waste Management Hierarchy

By Aduragbemi Omiyale A recycling organisation, Turn Plastic Recycling Foundation, has encouraged Nigerians to embrace the waste management hierarchy to make the country a zero-waste society. The Project Manager for the firm, Mr Leo Nwofa, while giving a summary of the project journey in the past two years of the foundation, said to save the planet, people must adopt the system of proper waste disposal for recycling after use. The waste management hierarchy gives top priority to waste prevention, followed by reuse, recycling, recovery and finally disposal. Speaking at an event to mark the second anniversary of Turn Plastic Recycling

Image
21-February-2024

Peter Obi Fumes as CBN Hikes Cargo Clearing Rate to N1,605/$1

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has once again increased the exchange rate for customs cargo clearance by 9 per cent or N133.06 from N1,472.76/$1 to N1,605.82/$1. The new rate, which has already been reflected on the Nigeria Customs Service (NCS) portal, will further dampen the hope of importers, and trigger an increase in the price of imported products like food, fuel, spare parts, and phones, among others. The CBN had recently reduced the exchange rate from N1,515.48/$1 to N1,472.756/$1 after the market eased following some recent policy steps. This review will be the 12th since the