Stakeholders Suggest Ways to Fast-track Growth of Impact Investing in Nigeria

By Adedapo Adesanya The Minister of Power, Mr Adebayo Adelabu, has called for collective efforts to shape the energy sector in Nigeria, noting that no meaningful economic growth can be achieved without it. Mr Adelabu said this at the Nigeria Energy 2023 leadership summit recently held in Lagos, with the theme Unlocking new value with reforms, investments, and technology which saw in attendance industry leaders. The Minister said, “Energy is the lifeblood of any modern economy of which Nigeria is no exception. No meaningful economic growth or industrial development can be achieved without energy. “We can be talking of potential

By Adedapo Adesanya Oil prices moderated in choppy trade on Monday as Russia relaxed its fuel ban amid a widening demand worry. Brent crude futures lost 2 cents during the session to trade at $93.29 per barrel, and the US West Texas Intermediate (WTI) crude depreciated by 35 cents to close at $89.68 per barrel. Last week, prices were down after a hawkish Federal Reserve rattled global financial markets and raised concerns that interest rates could stay higher for longer affecting oil demand. This snapped a three-week rally of more than 10 per cent after Saudi Arabia and Russia constrained

By Adedapo Adesanya The Nigerian government is targeting an estimated $55.2 billion in oil and gas investments by 2030, according to the Special Adviser to the President Bola Tinubu on Energy, Mrs Olu Verheijen. She said the government has wrapped up a series of strategic engagements with 15 leading international and independent oil and gas companies operating in Nigeria. The President’s aide recently organised sessions in Lagos and Abuja in partnership with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to review ways to improve the sector and address the nation’s revenue emergency whilst contributing to stabilising Nigeria’s economy. Involved in

By Adedapo Adesanya President Bola Tinubu has been charged by the Socio-Economic Rights and Accountability Project (SERAP) to investigate the allegations that over $15 billion of oil revenues and N200 billion budgeted to repair the refineries are missing and unaccounted for between 2020 and 2021, as documented by the Nigeria Extractive Industries Transparency Initiative (NEITI). In the letter dated September 23 and signed by SERAP deputy director, Mr Kolawole Oluwadare, the organisation urged him to “name and shame anyone suspected to be responsible for the missing and unaccounted for public funds and to ensure their effective prosecution as well as

By Adedapo Adesanya Crude oil prices dropped on Thursday even after the Energy Information Administration (EIA) reported that inventories in the United States shed 7.3 million barrels compared with the 5.5 million barrels for the previous week. At the market yesterday, the global benchmark crude, Brent, lost 74 cents or 1.15 per cent to sell at $63.60 per barrel while the US West Texas Intermediate (WTI) shed 62 cents or 1.01 per cent to trade at $60.52 per barrel. The American Petroleum Institute (API) had a day earlier seen crude oil inventories down 5.8 million barrels for the week to

By Kester Kenn Klomegah Africa Centres for Disease Control and Prevention (Africa CDC) is a specialized technical institution of the African Union (AU) that strengthens the capacity and capability of Africa’s public health institutions as well as partnerships to detect and respond quickly and effectively to disease threats and outbreaks, based on data-driven interventions and programmes. During the outbreak of the coronavirus, the African Vaccine Acquisition Task Team (AVATT) was established by African Union, as a component in support of the Africa Vaccine Strategy and was endorsed by the AU Bureau of Heads of State and Government on 20th of

By Dipo Olowookere One of the leading Pension Fund Administrators (PFA) in Nigeria, Crusader Sterling Pensions Limited, has been assigned a Pension Fund Manager rating of ‘A(PFM)’ by Agusto & Co, Nigeria’s pioneer credit rating agency. A statement issued by the rating firm explained that the ‘A(PFM)’ rating “indicates a pension fund administrator considered to have GOOD investment, pension administration and risk management capabilities.” “The scope of the rating is limited to the investment, pension administration and risk management functions of Crusader Sterling Pensions Limited. “The opinions expressed in this rating release do not represent investment or other advice and

By Dipo Olowookere Acting President, Prof Yemi Osinbajo, will on Tuesday, August 1, 2017, commission the WACOT Rice Processing Mill in Argungu, Kebbi State. The project is believed to worth a total of N10 billion with the capacity to produce 400 metrics tonnes of rice per day plus 1,000 workers with 95 percent indigenes of Kebbi State. A statement signed by Mr Abubakar Mu’azu Dakingari, the Chief Press Secretary (CPS) to Governor Abubakar Atiku Bagudu, confirmed that the Acting President will be in the state for the commissioning. The Governor urged residents of the state to turn out enmass to

By Adedapo Adesanya The price of the Brent crude oil benchmark depreciated on Tuesday by $1.33 or 1.2 per cent to $113.32 per barrel amid a push by President Joe Biden to bring down soaring fuel costs in the United States. This action also caused the price of the West Texas Intermediate (WTI) crude benchmark to decline by $1.34 or 1.2 per cent during the session to $108.18 per barrel. As the United States struggles to tackle soaring gasoline prices and inflation, it is planning to take some measures which include pressuring major US firms to help ease the pain

**Target 500,000MT By 2021 By Modupe Gbadeyanka Cocoa farmers in Nigeria have expressed their intention to achieve about 500,000 metric tons by the year 2021. This was revealed by National President of Cocoa Association of Nigeria (CAN), Mr Sayina Riman, in a phone chat with Independent newspaper recently. Mr Riman said his members will hit this target if the public sector will facilitate the push and drive because they intend to start producing about 12 million seedlings yearly to farmers for rehabilitation and regeneration. He said, “That 12 million, if we do that consistently in four years; in seven years

By Adedapo Adesanya The Naira crumbled against the Dollar in the Investors and Exporters (I&E) window of the foreign exchange market on Wednesday, September 6, as FX liquidity issues continued to affect space, putting pressure on the nation’s legal tender. Data obtained by Business Post indicated that the domestic currency lost 3.6 per cent or N26.62 against the greenback in the midweek session to close at N771.59/$1 versus Tuesday’s value of N744.97/$1. The value of forex transactions, according to data from the FMDQ Securities Exchange, increased by 2.7 per cent or $1.7 million to $65.30 million from the $63.60 million reported

By Adedapo Adesanya The value of the Naira depreciated against the US Dollar at the black market segment of foreign exchange market on Thursday, April 16. During the session, the local currency weakened by N1 to trade at N416/$1 in contrast to N415/$1 it traded at the parallel market on Wednesday. Also, at the same market, the domestic currency crumbled against the Euro by N5 to sell at N435/€1 in contrast to N430/€1 of the previous session, while against the Pound, the Naira closed flat at N495/£1. Meanwhile, at the Investors and Exporters (I&E) segment on Thursday, the Nigerian currency