Economy
Russia Ready to Supply Food, Fertilizers Abroad to Ease Rising Prices—Matviyenko
By Kestér Kenn Klomegâh
Concretely aiming at strengthening further mutual bilateral parliamentary relations, Federation Council Speaker Valentina Matviyenko headed a delegation of Russian senators on a reciprocal visit from May 30 – June 01 to Maputo, Mozambique. The Chairman of the Federation Council delivered speeches to the deputies of the Assembly of the Republic of Mozambique and had a separate meeting with the Russia-Mozambique Parliamentary Friendship League.
Since the Soviet times and at all stages of history, Russia and Mozambique have been seen as “reliable and time-tested” partners in Africa. “Russia has always provided assistance to Mozambique and it keeps doing so. We are pleased to see your success in economic and social development. We note with satisfaction the steady development of the political dialogue,” Matviyenko said at a meeting with the Speaker of Mozambique Assembly Esperança Bias.
While talking about the Russia-Ukraine crisis, she reiterated that Russia is ready for signing agreements to establish peace with Ukraine. “Its key term was that Ukraine would remain an off-bloc, neutral state, like Austria for example, that it would be a non-nuclear state. Ukraine advanced its own conditions. But, regrettably, those who exercise external control did not let sign this agreement,” she added.
In spite of rising prices for agricultural products, Russia is ready to supply food and fertilizers abroad, but sanctions hampered these, according to Matviyenko, explaining that due to the factor of logistics Russia is unable to supply agricultural fertilizers on time and make full delivery. “The logistics are broken. Russia is unable to supply agricultural fertilizers to countries in need on time and in full. We are ready to fulfil our duties, but the imposed restrictions hinder us from doing it. Russia is still ready to supply food, wheat, and other types of food, but it is impossible to enter ports and so on,” she said.
Further during the conversation, a number of issues relating to the bilateral cooperation in the international arena, the most significant projects of Russian-Mozambique cooperation and the role of parliaments in their implementation were touched upon. A number of topics on the African agenda that are important for the two countries were also discussed.
She expressed satisfaction with the dynamic development of inter-parliamentary relations, the legal basis of which was the protocol on the development of inter-parliamentary cooperation between the Federation Council and the Assembly of the Republic of Mozambique.
“Today, we will take a new important step towards strengthening the legal framework and sign a full-fledged Agreement on inter-parliamentary cooperation between the Federation Council and the Assembly of the Republic of Mozambique that meets modern realities. This will allow us to bring our inter-parliamentary contacts to a higher level, and open up broad prospects for the exchange of experience in legislative activity,” Matviyenko emphasized.
According to the Federation Council Speaker, it is necessary to expand the scope and forms of cooperation between the legislators of the two countries and suggested establishing direct contacts between the relevant committees of the parliaments of Russia and Mozambique. For this purpose, the legislators proposed the possibility of improving the legal framework of bilateral relations.
The meeting thoroughly examined aspects of legislative activity within the context of combating terrorism and laundering of illegally acquired capital, as well as cooperation in trade, economic and investment fields with the conviction that not only large but also medium and small enterprises have good opportunities to strengthen economic ties.
The topic of digital transformation and the introduction of new technologies were touched upon. “We are ready to work together with our Mozambican colleagues to exchange experience in these and other areas of the digital agenda,” said Matviyenko.
The Speaker invited the Chairman of the Assembly of the Republic of Mozambique to participate in the upcoming International Economic Forum in St. Petersburg. As part of the visit, a ceremony was also held to hand over Russian charitable assistance to Mozambican children. This is children’s sports uniform, items for creative work and sweet gifts – as the future of both countries depend on investments in children’s education and upbringing.
The Russian delegation comprises Konstantin Kosachev, Deputy Speaker of the Federation Council of the Federal Assembly of the Russian Federation; Grigory Karasin, Chair of the Federation Council Committee on Foreign Affairs; Andrey Kutepov, Chair of the Federation Council Committee on Economic Policy and Andrey Shevchenko, Chair of the Federation Council Committee on Federal Structure, Regional Policy, Local Government and Northern Affairs.
The rest are Alexander Varfolomeev, First Deputy Chair of the Federation Council Committee on Social Policy; Irina Rukavishnikova, First Deputy Chair of the Federation Council Committee on Constitutional Legislation and State Building; Yuri Valyaev, Deputy Chair of the Federation Council Committee on Defence and Security; Mukarby Ulbashev, Deputy Chair of the Federation Council Committee on the Budget and Financial Markets; and Liudmila Skakovskaya, Member of the Federation Council Committee on Science, Education and Culture.
After the bilateral talks saw the signing of a communique between the Inter-Parliamentary Cooperation Agreement between the Federation Council of the Federal Assembly of the Russian Federation and the Assembly of the Republic of Mozambique. This document will lay the foundation for long-term inter-parliamentary cooperation, promote mutually beneficial ties, and develop the entire range of bilateral relations. The agreement also reflects plans for the future development of inter-parliamentary contacts.
According to Esperança Bias, it is gratifying to realize that bilateral relations are developing not only in the political but also in the economic field. She expressed satisfaction that the Russian campaigns could be represented in Mozambique.
“Our relationship dates back to the period when Mozambique was fighting for independence. Even after we gained independence, Russia has always been by our side. These relations are obvious in different areas,” Bias stressed. She thanked Matviyenko and her delegation for visiting Mozambique, and finally described the visit as a sign “Russia is always with Mozambique and Mozambique is always with Russia.”
Reports indicate that Russia, at the moment, is preparing for the second Russia-Africa summit, but the dates will be determined in cooperation with the African Union. The first Russia-Africa summit was held in Sochi on October 23-24, 2019. It was co-chaired by the presidents of Russia and Egypt, Vladimir Putin and Abdul Fattah al-Sisi.
By Dipo Olowookere
A 0.21 per cent loss was suffered by the Nigerian Exchange (NGX) Limited on Wednesday, as investor chew on the contraction in Nigeria’s June 2026 inflation rate to 15.91 per cent, according to data released during the session by the National Bureau of Statistics (NBS).
It was observed that the consumer goods sector lost 1.24 per cent, the industrial goods space shed 0.23 per cent, and the energy index crashed by 0.10 per cent, with these losses offsetting the gains recorded by the financial services sector, as the banking segment rose by 4.53 per cent, and the insurance counter chalked up 1.23 per cent.
Consequently, the All-Share Index (ASI) retreated by 503.69 points to 242,366.75 points from 242,870.44 points, but the market capitalisation added N390 billion to close at N156.239 trillion compared with the previous session’s N155.849 trillion.
During the trading day, Trans-Nationwide Express shed 9.85 per cent to end at N3.02, International Breweries moderated by 6.12 per cent to N13.05, Haldane McCall slipped by 5.95 per cent to N3.32, DAAR Communications declined by 5.68 per cent to N1.66, and NGX Group lost 4.38 per cent to finish at N28.12.
On the flip side, First Holdco improved by 9.98 per cent to N79.35, Thomas Wyatt expanded by 9.29 per cent to N2.94, Legend Internet gained 8.99 per cent to settle at N4.85, Tripple Gee grew by 8.96 per cent to N3.89, and Coronation Insurance increased by 6.61 per cent to N2.42.
Yesterday, market participants transacted 476.3 million stocks worth N29.6 billion in 40,992 deals compared with the 634.8 million stocks valued at N53.3 billion traded in 42,494 deals, showing a decline in the trading volume, value, and number of deals by 24.97 per cent, 44.47 per cent, and 3.54 per cent, respectively.
First Holdco was the busiest equity with 78.7 million units sold for N6.2 billion, Sterling Holdings transacted 56.7 million units worth N439.2 million, Zenith Bank traded 30.0 million units valued at N3.3 billion, Fidelity Bank exchanged 27.3 million units for N563.9 million, and Stanbic IBTC traded 22.8 million units valued at N3.8 billion.
**Tinubu Says Economy on Steady Growth
By Modupe Gbadeyanka
President Bola Tinubu has been praised for the ongoing financial and fiscal reforms in the country and encouraged to pursue a stronger partnership that supports investments, youth training, and employment.
The chief executive of Deloitte Africa, Ms Ruwayda Redfearn, who led a delegation to visit Mr Tinubu in Abuja on Wednesday, said the global organisation is primarily focused on digital and business transformation, with over 500,000 employees worldwide working across various roles and locations, including over 6,000 in Africa, adding that her accountancy firm’s revenue was $74 billion in 2025.
“We are here before you to say that we want to serve. We have a local team on the ground that is ready, as well as the global firm, to support you and support your administration as you lead the country,” she said.
Also, the chief executive of Deloitte West Africa, Mr Yomi Olugbenro, assured President Tinubu of the firm’s support for the reforms.
“We do what we do because of the philosophy that our African CEOs talk about – making an impact that matters. Where we are at the moment, we believe that the ground has been solidly laid. There is a need to truly extract more value and deliver the dividends of democracy to ordinary Nigerians on the street. The bigger work is really about how to cascade some of those big reforms further down.
“We do believe that with the capabilities that the firm has all over the world, with the half a million people that our CEO spoke about, we have use cases, examples, and experiences of how we supported nations all around the world, so Nigeria will definitely benefit from those experiences.
“So, that is why we are here, and we welcome the invitation that you may grant us as to where exactly you want us to support you,” he stated.
In his remarks, Mr Tinubu informed his guests that his administration’s reforms have steadily stabilised the economy over three years, with growing plaudits for positive development and growth indicators.
“We are following the example of Deloitte’s greatness to change things from the foundation, building the necessary future for our people.
“Yes, reforms are difficult. It has not been a McDonald’s customer relationship but a harvester of good things, if implemented well, and that is what we are about.
“Thank you for your partnership in paying attention to what we are doing here, as we have heard from the Minister of Finance about the fiscal, revenue and tax reforms that have taken place and are moving the nation forward.
“The reforms on revenue will continue to stimulate growth. And the effect of the reform? Yes, some issues are difficult to take the bitter medicine, but it is working well. For the economy, Nigeria is making serious foundational progress,” he stated.
The President said the reforms had stimulated the economy, strengthened the fiscal and revenue sectors, repositioned financial institutions, and prepared the country to be more globally relevant and competitive, urging Deloitte Africa to improve its impact on the Nigerian economy by training and recruiting the dynamic youth population.
“The family of Deloitte; you just reminded me of my cradle years in accountancy and where I cut my childhood accounting teeth in Chicago. Deloitte has a good training programme, and I believe you will continue to reflect that,” he added.
By Adedapo Adesanya
Oil prices fell on Wednesday after the United States’ attacks against Iranian military installations that aimed to limit its ability to strike shipping in the Strait of Hormuz.
Brent futures declined by $1.11 or 1.31 per cent to $83.62 a barrel, while the US West Texas Intermediate (WTI) futures lost 81 cents or 1.02 per cent to close at $78.53 a barrel.
Attacks worsened a supply disruption in the Strait of Hormuz, through which about a fifth of the world’s oil and liquefied natural gas passed prior to the war’s outbreak.
The US military said it had hit dozens of military targets near the strategic waterway and Iranian coastal areas in strikes lasting seven hours. In response, Iran’s Islamic Revolutionary Guard Corps (IRGC) said on Wednesday it had struck American military targets in the region, including in Bahrain, Kuwait and Jordan.
The US military said its fresh strikes on Wednesday against Iran’s coastal defence systems and cruise missile storage and launch sites were “designed to further degrade military capabilities Iranian forces have used to attack commercial shipping in the Strait of Hormuz.”
The US alleged that said Iran had “intentionally” targeted civilians and attacked seven commercial vessels over the previous week, leaving roughly a dozen crew members dead, missing or injured.
The hostilities between Iran and the US reignited last week, breaking an already fragile truce reached in June after several months of fighting. The collapsed ceasefire precipitated a new crisis in the waterway, and Iran threatened to close all other export corridors that benefit the US and its allies.
The US Energy Information Administration reported a 1.7 million-barrel drop in US crude inventory last week. The American Petroleum Institute (API) had estimated that crude oil inventories in the US fell by 564,000 barrels in the week ending July 10.
Goldman Sachs estimated in a note that Gulf exports recovered to more than 80 per cent of pre-war levels after the US-Iran memorandum of understanding in June but slipped back below 50 per cent, or about 11 million barrels per day, over the last week.
The bank said Brent could exceed $110 in the fourth quarter this year if the Gulf export recovery continues to stall.
