Economy
Profit-Taking Weakens Oil as OPEC+ Retains Output Cut

By Adedapo Adesanya
Profit-taking amid continued tight supply weakened oil prices on Wednesday as producers stuck to the planned moderate output increases for March.
The Organisation of the Petroleum Exporting Countries and its influential energy partners known as OPEC+ swiftly decided to green-light the return of 400,000 barrels per day for March.
The move, widely expected by energy analysts, marks a continuation of the group’s strategy to gradually reopen the taps.
Led by Saudi Arabia and non-OPEC leader Russia, the energy alliance is in the process of unwinding record supply cuts of roughly 10 million barrels per day.
The historic production cut was put in place in April 2020 to help the energy market recover after the coronavirus pandemic cratered demand for crude.
OPEC+ has faced pressure from top consumers such as the US and India to pump more to reduce prices and aid the economic recovery.
The group has resisted calls for speedier increases despite higher oil prices.
With prices expected to be bullish in the long term, traders seized the opportunity to take profits.
This lowered the price of Brent crude futures yesterday by 24 cents or 0.27 per cent to $89.27 per barrel and slashed the United States West Texas Intermediate (WTI) crude futures by 39 cents or 0.44 per cent to $87.87 per barrel.
Earlier in the session, prices had gained after the Energy Information Administration (EIA) reported a crude oil inventory decline of one million barrels for the week to January 28.
The US agency said that at 415.1 million barrels, crude oil inventories were close to 10 per cent below the five-year average levels for this time of the year.
A day before the EIA released its report the American Petroleum Institute estimated the US crude oil inventories had declined by 1.645 million barrels, reinforcing the perception that the oil market was getting tighter while demand was on the rise.
Also pressuring prices was data from the world’s largest economy which showed that US private payrolls fell for the first time in a year in January.
This raises the risk of a sharp decline in employment that would deal a temporary setback to the labour market and thereby impacting demand.
Prices were also pressured on Wednesday after Iran’s Oil Minister, Mr Javad Owji said the country was ready to return to the oil market as quickly as possible.
He said that the global market needs more Iranian oil, which could help bring down high prices.
Economy
Dangote Empowers Farmers With Tools to Improve Productivity, Livelihoods

By Modupe Gbadeyanka
To boost food security in Nigeria, Dangote Fertiliser Limited, a subsidiary of the Dangote Industries Limited, has empowered farmers in the country with the basic knowledge and tools needed to have bountiful harvests.
The company made this possible through a comprehensive training programme targeted at more than one million farmers across the country.
This is part of the organisation’s commitment to supporting small businesses, agriculture, and job creation in Nigeria.
“This programme, integral to our agricultural extension services, encompasses spot demonstrations, result demonstrations, field demonstrations, and soil sample collections.
“The training is designed to educate farmers on best practices in fertiliser application, aiming to enhance crop yields and promote sustainable farming techniques.
“By providing hands-on demonstrations and soil analysis, we strive to empower farmers with the knowledge and tools necessary to improve their productivity and livelihoods.
“This programme shows our dedication to fostering agricultural development and economic growth in Nigeria,” Ms Fatima Wali-Abdurrahman, the Senior Adviser to the president of Dangote Group, Mr Aliko Dangote, said at the 2025 Nasarawa Trade Fair Exhibition in Lafia recently.
Ms Wali-Abdurrahman, represented by the company’s National Assembly Liaison Lead, Mr Shuaibu Abdullahi, noted that partnership with the Nasarawa state chapter of the Nigeria Association of Small-Scale Industrialists (NASSI) will help create awareness and scale up small businesses.
“I am pleased to inform you that in alignment with theme of this year’s Trade Fair, the Aliko Dangote Foundation and the Bank of Industry (BoI) had entered a Memorandum of Understanding (MoU) and established a N5 billion fund dedicated to supporting micro, small, and medium enterprises (MSMEs) across Nigeria.
“This initiative aimed to create at least one million direct jobs by providing financial support to entrepreneurs engaged in manufacturing, agro-processing, and the merchandising of goods made wholly in Nigeria,” she disclosed.
According to her, the deal has benefitted cassava processors, aluminium artisans, poultry farmers, calabash carving groups, small traders, cattle rearing groups, vegetable sellers, market women and artisan groups, among others.
Economy
China Plans Duty-Free Access to Nigeria, Others

By Adedapo Adesanya
The Chinese government has announced plans to grant Nigeria and 52 other African nations full duty-free access to its vast consumer market, as part of its policy shift set to reshape Africa-China trade relations.
The new trade initiative, disclosed by President Xi Jinping in a letter to African foreign ministers, will extend zero-tariff treatment to 100 per cent of tariff lines for all African countries maintaining diplomatic ties with the Asian giant.
The move builds on a previous policy that benefited only 33 least-developed African nations and is part of China’s broader strategy to deepen economic cooperation with the continent amid intensifying trade tensions with the United States.
The results are already being felt as Chinese exports to Africa surged 12.4 per cent in the first five months of the year, reaching a record 963 billion Yuan ($134 billion), according to China’s Foreign Ministry.
The implementation of this policy could allow all Nigerian goods, from agricultural produce and manufactured items to solid minerals, enter the Chinese market without the burden of import duties. It could also help drive Nigeria’s exports higher and drive revenue for the country.
The announcement comes at a critical time, as over 30 African countries, including Nigeria, face the risk of being excluded from the United States’ African Growth and Opportunity Act, a preferential trade agreement that once allowed eligible nations to export goods to the US duty-free.
For Nigeria, the proposed duty-free access could significantly boost non-oil exports, especially in sectors like agriculture, textiles, solid minerals, and manufactured goods, areas where the country has long sought to diversify.
China is also trying to boost its partnership with other regions as it faces increased scrutiny and a tariff war with President Donald Trump of the United States, who has alleged unfair trade practices. This led to hikes in tariffs between both countries until they were paused recently to allow for more negotiations.
Economy
Sterling Bank Launches N2bn Scholarship for Private University Students

By Aduragbemi Omiyale
An initiative to provide funding support to young Nigerians studying at private universities in Nigeria has been introduced by Sterling Bank.
The financial institution is offering N2 billion under a scheme known as Beyond Education.
Sterling Bank explained that it came up with this programme to build the country’s future leaders by dismantling the barriers that keep millions of Nigerians from accessing quality, future-focused learning.
It reflects the lender’s advocacy for organisations to shift from short-term philanthropy to long-term ecosystem development.
The Sterling Beyond Education programme will fully sponsor 600 students to study high-impact fields such as Technology, Finance, Sales, and Public Health.
It is open to young Nigerians from all 36 states and the FCT, with a merit-based and inclusive admissions process.
Candidates can nominate themselves or be nominated by others, and final selection will be determined through a public voting process open exclusively to Sterling account holders.
The pilot scheme is in partnership with Miva University, founded by renowned tech entrepreneur, Mr Sim Shagaya.
Fully accredited by the National Universities Commission, Miva is redefining higher education in Africa with scalable, affordable, and flexible programs tailored to the demands of the digital economy.
The chief executive of Sterling Bank, Mr Abubakar Suleiman, said, “Progress is not a spectator sport. While others talk about Nigeria’s potential, we are actively investing in it.
“These scholarships are direct investments in the architects of our future. We are funding the education of future leaders who will build the companies, systems, institutions and solutions Nigeria needs to thrive.”
“We’re moving beyond charity. This is about building systems that last and it is much bigger than hundreds of scholarships. It’s about the future those brilliant young minds will build for our country,” he added.
Also commenting, the Growth Executive for Retail and Consumer Banking Directorate at Sterling Bank, Obinna Ukachukwu, said, “This is what inclusive investment looks like.
“This initiative goes beyond access to education, it’s access to a future. Education remains the most valuable asset anyone can have, and we’re proud to stand behind young Nigerians as they claim it.”
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