By Adedapo Adesanya

Crude oil prices rose more than 2 per cent on Thursday after a cargo vessel was hit ‌by an unknown projectile near Oman, putting an evacuation effort for ships from the key Strait of Hormuz on hold.

Brent futures gained $1.52 or 2.1 per cent to ​settle at $75.26 a barrel, while the US West Texas Intermediate (WTI) crude chalked up $1.58 or 2.3 per cent to trade at $71.92 per barrel.

The flow of oil and gas has been disrupted since the joint US-Israeli attacks on Iran at the end of February, but the agreement between the US and Iran to end the war has ​allowed the resumption of traffic through the crucial strait.

The United Nations International Maritime Organisation on Thursday paused its effort ​to shepherd ships and seafarers through the strait after the cargo ship reported a suspected attack. This reawakened concerns about the worldwide flow of oil.

Reuters reported that Iran fired on the cargo ship ​as it attempted to pass through the strait after Iranian authorities said the security of vessels passing outside designated Hormuz routes is not guaranteed.

Previously, crude shipments through the strait rose to their highest since the start of the war on Wednesday. Before the war, about 20 per cent of world oil supplies passed through the ​Strait, located between Iran and Oman.

Key fuel oil producers Iraq, Saudi Arabia, and Oman have moved to increase shipments from ports outside the Persian Gulf. Middle Eastern fuel oil exports are set to jump by 20 per cent from May to about 508,000 barrels per day in June.

US ‌Secretary of ⁠State Marco Rubio told Gulf allies on Thursday that any deal with Iran would take their interests into account, as he wrapped up a Middle East trip aimed at winning over regional partners with deep reservations about the preliminary accord.

The US and the six-member Gulf Cooperation Council (GCC) said a lasting peace would mean addressing Iran’s ballistic missiles, drones and support for proxy groups. However, the US also threatened that if Iran threatens or blocks ships ​in the strait, there will be a “problem.”

The ​Wall Street Journal reported that Iran estimates charging for security, safety and environmental services in the strait, which would bring ​in $40 billion a year ⁠for the states involved.

In Venezuela, thousands were feared dead ⁠after two ​powerful earthquakes affected the capital, Caracas. The quakes could slow the ​increase in Venezuelan oil exports expected by US President Donald Trump’s administration after it captured Venezuela’s President Nicolas Maduro in January.

By Adedapo Adesanya

The Eggs Sellers and Distributors Association of Nigeria (ESDAN) has kicked against the proposed plan involving the production of egg powder to tackle the glut of eggs.

The National President of ESDAN, Mrs Olaide Graham, made the position clear in an interview with the News Agency of Nigeria (NAN) this week.

Egg glut occurs when egg production exceeds consumer demand, resulting in a surplus that often forces farmers to sell at reduced prices to avoid spoilage.

The Lagos State Government recently announced plans to establish an egg powder processing facility as part of efforts to address seasonal egg glut in the poultry sector.

Mrs Graham described the initiative as a welcome development but maintained that it would not address the fundamental challenges facing the industry.

“The establishment of an egg powder factory in Lagos to address the egg glut situation will have a positive impact if it is properly implemented and the product meets market standards.

“It could help reduce waste and, to some extent, stabilise prices temporarily.

“However, egg powder may not be widely accepted as a substitute for fresh eggs in this part of the country because of differences in taste, texture and consumer perception.

“Many consumers still regard fresh eggs as more nutritious,” she said.

According to her, the major issue is identifying and addressing the root causes of the egg glut rather than focusing solely on processing surplus eggs.

“We have a population of over 200 million people. Why should there be an egg glut?

“We need to examine what farmers, distributors and other stakeholders are not getting right and provide the necessary support.

“Egg powder is not the cure for egg glut in Nigeria. Stakeholders should come together to identify sustainable solutions,” she said.

Mrs Graham noted that egg powder could serve as a raw material for the production of other goods, but should not be viewed as a long-term remedy for the challenge.

She emphasised the need for improved distribution systems across the egg value chain.

“Effective distribution can go a long way in addressing the problem.

“We should remember that Lagos distributes not only eggs produced within the state but also eggs brought in from other parts of the country.

“In every challenge, there is always a solution, but egg powder is not the major solution to egg glut,” she said.

The ESDAN president also dismissed concerns that egg distributors could be negatively affected by the proposed factory.

“Distributors have nothing to fear because Nigerians are accustomed to consuming fresh eggs.

“The number of consumers who will continue to prefer fresh eggs will still be higher.

“Even if egg powder production affects access to fresh eggs, there will still be ways to address that challenge.“If the purpose of producing egg powder is to reduce glut, then that is why distributors have joined the conversation,” she said, according to the news agency.

By Adedapo Adesanya

The Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, says that reliance on aid and concessional finance was neither sustainable nor sufficient.

He said this at the opening of a high-level capacity-building session in Abuja on Wednesday, noting that Nigeria needs to strengthen local funding sources, a message that also guided discussions during a visit by an Ethiopian delegation to learn about Nigeria’s Integrated National Financing Framework (INFF).

“Domestic Resource Mobilisation remains the most critical pillar of any credible financing framework”, he said. “Our objective is not to increase the burden on citizens. Our objective is to create a fairer, more efficient and growth-oriented revenue system that supports development, encourages enterprise and strengthens voluntary compliance.”

The minister presented Nigeria’s INFF as a practical, evolving response to the continent’s widening financing gap for the Sustainable Development Goals (SDGs) and Agenda 2063.

He outlined the process that had produced the framework — a Development Finance Assessment, a multi-stakeholder steering committee and a Financing Strategy aligned with the Medium-Term National Development Plan.

He also cited concrete reforms such as expanded digitalisation of tax administration, deeper engagement with international capital markets through green and sustainability-linked instruments and institutionalised accountability mechanisms.

“These are not merely technical outputs,” Mr Oyedele said. “They are the instruments by which we mobilise, align and deploy financing to turn plans into services — schools, clinics, roads and social protection for our people.”

He insisted the INFF was “a living framework” that would continue to adapt as Nigeria sought to deepen private-sector participation, mobilise climate finance and strengthen subnational financing architecture.

The minister’s emphasis on sovereign revenue came with a direct appeal to state actors, urging states to pursue reforms that would increase the tax-to-GDP ratio without unduly burdening households.

Mr Oyedele positioned the INFF as the mechanism to reduce external dependence by aligning public, private, domestic and international finance with national priorities.

“This is not cause for despair”, he said of Africa’s financing gap. “Rather, it is an opportunity to rethink how development is financed and to ensure that every available source of capital is aligned with national priorities.”

Addressing the Ethiopian delegation directly, Mr Oyedele framed the engagement as mutual learning, stating: “Nigeria does not claim to have all the answers. Rather, we offer our experience in the spirit of partnership, transparency and mutual learning. Ask difficult questions. Challenge assumptions. Share your innovations and experiences.”

In her remarks, the Senior Special Assistant to the President on SDGs, Mrs Adejoke Orelope-Adefulire, told delegates that the capacity of states to effectively mobilise, manage and deploy financial resources directly influenced the quality of life of millions of Nigerians.

She stressed that states must carry constitutional responsibility for primary healthcare, basic education, water and sanitation and other frontline services.

She also warned that current revenue and institutional weaknesses at the subnational level threatened service delivery across the country.

“The fiscal realities confronting many sub-national governments — rising expenditure pressures, limited internally generated revenue, growing infrastructure deficits, climate-related vulnerabilities and global economic uncertainties — are battering state finances,“ Mrs Orelope-Adefulire said. “Addressing these issues requires innovative thinking, bold reforms and stronger collaboration among all key stakeholders.”

On her part, UNDP Resident Representative, Ms Elsie Attafuah, echoed the call for domestic solutions while emphasising the value of peer learning.

“The Sustainable Development Goals are ultimately delivered in states, provinces, cities and communities,” she said. “This is why strengthening fiscal capacity at the state level is not simply a revenue issue. It is fundamentally a development issue.”

Ms Attafuah commended Nigeria’s reform agenda and stressed that South-South cooperation, exemplified by the Ethiopia–Nigeria exchange, could accelerate progress, noting, “No single country has all the answers. Yet every country has lessons that can help others move further and faster.”