Economy
Senior US Official Visits Nigeria to Discuss Business Innovation, Others
By Kestér Kenn Klomegâh
From June 11-17, 2022, the United States Under-Secretary of State for Political Affairs, Ms Victoria Nuland, visited Nigeria, Djibouti and Mozambique to discuss affecting the African continent.
Throughout the trip, the Under Secretary highlighted the important work the United States has been doing with African and international partners to shore up global food security and health systems.
During her visit to Nigeria, the senior US official and the team discussed with the government and civil society representatives significant issues of shared concern including regional security, free and fair elections, and business innovation.
While in Djibouti, Under Secretary Nuland and an interagency team interacted with government counterparts to advance the US-Djibouti relations and close security cooperation.
In Mozambique, according to reports from the US Department of State, Deutsche Welle and Rádio Moçambique, the United States promised to assist the country with a further donation of $40 million (€38.2 million) to support the displaced and victims of natural disasters in northern Mozambique.
In addition, the United States would also offer $14 million annually over the next 10 years to help rebuild Cabo Delgado.
Ms Nuland said the financial grants were part of the “emergency response to the food needs of those displaced by war and terrorism, social protection, building resilience to climate change and nutritional support for children” and the priority was to prevent “people in a situation of food insecurity in Mozambique from falling into a situation of hunger” in the country.
She emphasised that the United States would also try to persuade other rich countries to provide more aid to victims of hunger in the world, especially in Africa, especially given the worsening of the situation due to “the blockade of cereals by Russia” in the context of its invasion of Ukraine.
“One of the great global challenges is food insecurity,” which “results from climate change, droughts, conflicts and terrorism, exacerbated by the war waged by Russia against Ukraine,” she explained.
Of the amount announced by the United States government, WFP will receive the largest share, worth $29.5 million (€28.2 million). “It is timely support from the US because it allows us to maintain humanitarian assistance to the approximately 940,000 war-displaced people from Cabo Delgado until September,” WFP Mozambique director Antonella D’Aprile said.
D’Aprile said that the resources made available would make it possible to help victims of armed violence in Cabo Delgado and host families in the provinces of Nampula and Niassa, for which the WFP needs $17.4 million a month. The United States is the largest WFP donor in Mozambique, having channelled $207 million (€197 million) since 2017.
The International Organization for Migration (IOM) estimates that almost 12,000 people have fled the new wave of attacks on Cabo Delgado that began about a week ago, this time in the south of the province, which was considered a safe zone. More than half are children and there are at least 125 pregnant women among the terrorised population, some of whom are fleeing for a second time, abandoning places where they were starting life anew.
The new wave of attacks is hitting areas around 100 kilometres from Pemba, which already served as a refuge for people forced in recent years to leave the worst affected areas to the north, with the epicentre in districts close to the gas extraction projects under construction.
Joint forces of the Southern African Development Community and the Mozambican government killed an unspecified number of terrorists and wounded others in an offensive against armed groups in Cabo Delgado on June 9.
Cabo Delgado province, in northern Mozambique, is rich in natural gas, but has been terrorized since 2017 by armed rebels, with some attacks claimed by the Islamic State extremist group. According to the International Organization for Migration (IOM), about 784,000 persons have been internally displaced by the conflict, which has killed about 4,000, according to the ACLED conflict registry project.
Since July 2021, an offensive by government troops, with the support of Rwandan and later Southern African Development Community (SADC) troops, has recovered a number of areas from rebel control, but their flight has led to new attacks in districts through which they have passed or taken up temporary refuge.
African leaders at the summit of the African Union held in Addis Ababa highly praised Mozambique’s approach to terrorism in the northern province of Cabo Delgado, involving troops from Rwanda and the Southern African Development Community Military Mission (SAMIM).
Mozambican Minister of Foreign Affairs and Cooperation, Verónica Macamo, has expressed confidence in the election to the UN Security Council, saying that the experience in the fight against terrorism would be an “advantage” in its favour.
Mozambique, during its campaign for UNSC seat, was supported by the African Union. June witnessed the final election of five member states – Ecuador, Japan, Malta, Mozambique and Switzerland – for the five new non-permanent member seats at the United Nations (UN) Security Council for 2023-2024.
By Adedapo Adesanya
Easing tensions between the US and Iran in the Middle East is expected to offer more respite to the Nigerian economy in the coming months.
Analysts at Comercio Partners noted in a report that there is an increased likelihood of a gradual moderation in inflation from July into the third quarter of 2026.
The analysts opined that the near-term outlook for inflation “has become less tilted to the upside” following the peace deal reached by the warring parties in the Middle East conflict and the sharp decline in global oil prices.
The report read in part: “May inflation data showed that price pressures remain sticky, but the near-term outlook has become less tilted to the upside following the peace deal and the sharp decline in global oil prices.
“Headline inflation rose to 15.93 per cent year-on-year from 15.69 per cent in April, while food inflation climbed to 16.96 per cent and core inflation increased to 16.82 per cent, suggesting that both food and underlying non-food price pressures remain elevated.
“However, the easing in crude oil prices below $85/bbl reduces the risk of a renewed energy-led inflation shock. This is important for Nigeria, where fuel, diesel, transport, logistics, and food distribution costs are key channels through which global energy prices feed into domestic inflation.
“If lower oil prices are sustained and domestic fuel prices remain stable or decline, pressure on transport and production costs should gradually ease.”
It noted that in June, inflation may remain sticky because the pass-through of lower oil prices to consumer prices is unlikely to be immediate.
It added that food prices remain elevated, and core inflation picked up month-on-month in May, indicating that underlying price pressures have not fully faded. According to the National Bureau of Statistics (NBS), the inflation rate on a month-on-month basis was 1.75 per cent, which was 0.39 per cent lower than the rate recorded in April 2026 (2.13 per cent).
“However, the balance of risks has shifted. The likelihood of another sharp energy-driven acceleration has reduced, while the probability of gradual moderation from July into Q3 has improved.”
The analysts said in the report that while the latest CPI data, “still supports a cautious tone across rates and fixed income, as annual headline, food, and core inflation all moved higher in May,” the decline in oil prices gives the Central Bank of Nigeria (CBN) “more room to maintain a wait-and-see stance rather than respond aggressively to external energy-price risks, provided domestic prices begin to reflect the easing in global crude markets.”
Economy
All On Invests $1m in Eja-Ice Nigeria Limited to Strengthen Cold-Chain Infrastructure in Off-Grid Markets
All On, an impact investing company focused on expanding access to renewable energy solutions in Nigeria, has announced a $1 million investment in Eja-Ice Nigeria Limited, a provider of solar-powered refrigeration and cold chain infrastructure.
The investment will support Eja-Ice’s manufacturing and operational scale-up as the company enters its next phase of growth. It is expected to enable the expansion of its cold-chain solutions and improve access to reliable cooling services for households, small businesses, and institutions operating in off-grid and weak-grid environments.
Access to dependable cold storage remains a significant constraint across Nigeria, particularly in coastal and rural communities where limited energy infrastructure contributes to post-harvest losses and income instability for small-scale agro-producers.
By delivering energy-efficient refrigeration systems, Eja-Ice is helping to address these challenges while supporting the preservation of perishable goods and strengthening local value chains.
“All On’s investment in Eja-Ice reflects our approach of supporting solutions that improve energy access while enhancing livelihoods, reducing costs, and enabling businesses to grow. Strengthening cold-chain infrastructure is an important step towards building more resilient local economies and expanding opportunities in underserved markets,” the chief executive of All On, Ms Caroline Eboumbou, commented on the investment.
Eja-Ice’s integrated cold-chain model allows for greater control over product design, operational efficiency, and service delivery, ensuring that its solutions are tailored to the needs of underserved markets. The company’s systems are already supporting micro enterprises, cooperatives, and community-level infrastructure, particularly in areas where reliable electricity remains limited.
Also commenting, the founder and chief executive of Eja-Ice Nigeria Limited, Mr Yusuf Bilesanmi, said, “This capital raise is a huge step forward in our vision to power homes and businesses with products designed, assembled, and optimised right here on the continent. It’s not just about access to electricity—it’s about dignity, productivity, and opportunity for the over 600 million people across sub-Saharan Africa who are still off-grid.”
Through this investment, All On continues to advance its mission of closing Nigeria’s energy access gap by supporting the renewable energy ecosystem and businesses that deliver sustainable, market-driven solutions.
By Aduragbemi Omiyale
Shares of First Holdco Plc worth N45.0 billion issued through a private placement have been listed on the Nigerian Exchange (NGX) Limited.
A circular issued by the Head of Issuer Regulation Department of the NGX Regulation Limited, Mr Godstime Iwenekhai, disclosed that the equities were admitted for trading at the stock market on Monday.
According to the notice, the additional shares brought for listing to rank pari passu with existing shares of the organisation were 1,021,334,544 units.
These stocks were sold to one of the company’s major shareholders at a unit price of N44.06, amounting to N45.0 billion.
The total issued and fully paid-up shares of First Holdco, as a result of this listing, are now 45,475,027,677 ordinary shares of 50 Kobo each.
“Trading licence holders are hereby notified that an additional 1,021,334,544 ordinary shares of 50 Kobo each of First Holdco Plc were on Monday, June 22, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares listed on NGX arose from the company’s private placement of 1,021,334,544 ordinary shares of 50 Kobo each at N44.06 per share.
“With the listing of the additional shares, the total issued and fully paid-up shares of First Holdco Plc have now increased to 45,475,027,677 ordinary shares of 50 Kobo each from 44,453,693,133 ordinary shares of 50 Kobo each,” the disclosure stated.
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