Brent Rises as US Production Returns Slowly

By Adedapo Adesanya The African Development Bank Group (AfDB) has revealed that a $1 billion facility would be used to provide insurance to more than 40 million farmers across the continent against severe impacts of climate change. Initially unveiled at the Africa Climate Summit held in Nairobi in September, the Africa Climate Risk Insurance Facility for Adaptation (ACRIFA) brings together governments, development agencies, the insurance sector and the private sector, said the president of the bank, Mr Akinwumi Adesina, while speaking during a side event at COP28 in Dubai. He said ACRIFA aims to mobilise $1 billion of concessionary financing,

By Bliss Okperan Nigeria recorded an improvement in its trade surplus in the third quarter of 2023, according to data released by the National Bureau of Statistics (NBS), which was analysed by Business Post. The agency disclosed that in the period under review, the total value of exports stood at N10.347 trillion, while imports stood at N8.458 trillion, leaving the total value of trades at N18.802 trillion, 60.78 per cent higher than the N6.435 trillion achieved in the second quarter of 2023. Analysis showed that between July and September 2023, the country, which prides itself as the biggest economy in

By Modupe Gbadeyanka Business owners in Lagos have been assured of more incentives by the state governor, Mr Babajide Sanwo-Olu, who added that this is part of his administration’s commitment to reforms aimed at improving the ease of doing business and enhancing investment opportunities. Speaking at the commissioning of the newly-built wet hair production factory of Godrej Nigeria Limited, the Governor said his government would continue to pursue actions that would eliminate red tapes and regulatory impediments hindering the growth of businesses in the state, thereby demonstrating his willingness for continued collaboration with the private sector to improve the livelihood

By Adedapo Adesanya  With travel restrictions and quarantines accelerating, major crude futures fell more than 13 percent on Wednesday as the bearish outcome added to fear of a looming recession. Brent crude dropped 6.54 percent or $1.99 to trade at $28.42 per barrel, while the West Texas Intermediate (WTI) crude fell by 16.25 percent equivalent to $4.44 to add more worries to the United States economy at $20.83 per barrel. The coronavirus pandemic has caused global travel to collapse affecting oil which is a major commodity that powers the economy. But as flights have been cancelled. Shipping, transportation, and manufacturing

By Modupe Gbadeyanka One of the leading telecom firms in Africa, Orange Group, has launched a new investment initiative called Orange Digital Investment, where €50 million is devoted to start-ups in Africa. The Orange Digital Investment was formed by the Orange Digital Ventures Africa, which is the Group’s investment vehicle for early-stage innovation projects in Africa in areas such as new connectivities, FinTech, the Internet of Things, energy and e-health. The firm said in a statement that a dedicated team based in Dakar will be set up next September for the programme in order to respond to the start-ups’ need

By Dipo Olowookere Indigenous rating agency, Global Credit Ratings (GCR) has announced the lowering of the national scale long term credit ratings accorded to Series 1, Series 2 and Series 3 Bonds, issued under FCMB Financing SPV Plc N100 billion Debt Issuance Programme. A statement issued by the form said it downgraded ratings of the Series 1, Series 2 and Series 3 Bonds to BBB-(NG), BBB+(NG) and BBB-(NG) respectively; with the outlooks accorded as Stable. Business Post reports that FCMB Financing SPV had in November 2014 issued the Series 1     N26.0 billion 7-year Subordinated Notes, then in November 2015 issued

By Dipo Olowookere The United States Agency for International Development (USAID) says it is launching four activities to address preventable maternal and child deaths in Ethiopia. The four activities with a total value of approximately $181 million will support the Ministry of Health’s overall efforts to end maternal and child deaths. The Korea International Cooperation Agency (KOICA) is also providing support for these activities, a statement from the USAID said. Minister of Health, Professor Yifru Berhan; USAID’s Mission Director, Ms Leslie Reed; and KOICA’s Deputy Country Representative and Health Program Lead, Ms. Ji-eun Seongare, are scheduled to speak at the

By Ebitonye Akpodigha Officials of the Economic and Financial Crimes Commission (EFCC) have re-arrested a former Minister of Aviation, Mr Femi Fani-Kayode. Mr Fani-Kayode was apprehended outside the premises of a Federal High Court on Oyinkan Abayomi Drive, Ikoyi, Lagos on Friday afternoon. The critic of President Muhammadu Buhari’s administration had raised an alarm on Thursday that there was a plan to re-arrest him today. “I have been reliably informed by my sources within the EFCC that they are planning to re-arrest and detain me for as long as possible once again even though I have been granted bail by

By Adedapo Adesanya  Oil prices fell on Tuesday as a historic production cut agreed over the weekend was overshadowed by the coronavirus pandemic’s impact on the global economy, heightened by new projections of a global recession. As a result, the already pressured oil futures dropped more than six percent as prices charted in their territory before news of a meeting to end an oil price war that was heavily impacted by the COVID-19 outbreak. On Tuesday night, Brent crude, the global benchmark, dropped $1.64 or 5.17 percent to trade at $30.10 per barrel. As for the US benchmark, the West

By Jerome-Mario Chijioke Utomi There are clear thinkers, muddled thinkers and people that fall in between. Clear thinkers are the ones that can cull everything down into the right points and they are very hard to find. But if you get yourself a team of clear thinkers, the possibilities are endless. These are men who see tomorrow, trailblazers and high-level executives, but most often misunderstood by some fellow countrymen still stuck in the old normal of yesterday. Without any shadow of the doubt, Samuel Ioraer Ortom, the incumbent Governor of Benue State and the only PDP Governor in the North