By Adedapo Adesanya

Crude oil prices climbed by about 2 per cent a barrel on Tuesday, lifted by a temporary cut in US-China tariffs and a better-than-expected inflation report.

The Brent crude grade was up by $1.67 or 2.57 per cent to $66.63 a barrel, and the US West Texas Intermediate (WTI) crude grade finished at $63.67 after gaining $1.72 or 2.78 per cent.

The US and China had recently agreed on sharp reductions to their import tariffs for at least 90 days, which has offered relief to the markets.

The US agreed to slash duties on Chinese goods to 30 per cent for the next 90 days while tariffs on US goods imported into China would decline to 10 per cent from 125 per cent.

Further supporting the market, the US Labor Department reported on Tuesday that the Consumer Price Index rose 2.3 per cent in the 12 months through April, the smallest year-over-year gain in four years.

The Consumer Price Index increased 0.2 per cent last month after dipping 0.1 per cent in March, which was the first decline since May 2020, the Labor Department’s Bureau of Labor Statistics said.

The data suggested price pressures were cooling before President Donald Trump’s chaotic tariffs policy and did not change economists’ views that the Federal Reserve would continue to pause its interest rate-cutting cycle until late in the summer.

The US central bank has paused its rate cuts amid concerns that the trade war could reignite inflation. It kept its benchmark interest rate unchanged since last cutting it in December.

This development has also led banks like JPMorgan Chase and Barclays to cut their forecasts of a US recession in the coming months.

On the supply front, the Organization of the Petroleum Exporting Countries and its allies (OPEC+), are planning to boost oil exports in May and June, which is seen as possibly limiting oil’s upside.

OPEC has raised oil output by more than previously expected since April, with its May output likely to increase by 411,000 barrels per day.

Reuters reported that Saudi Arabia’s crude oil supply to China will hold steady in June after hitting its highest level in more than a year in the previous month after an OPEC+ decision to increase output.

Market analysts, however, warned that if China talks stall or supply outpaces refining capacity, the recent rally could be short-lived.

By Adedapo Adesanya

APM Terminals Apapa has reported a 31.5 per cent increase in export volumes for April 2025, reaching its highest monthly figure since operations began in 2006.

The terminal handled 8,687 twenty-foot equivalent units (TEUs) of export cargo, up from 6,606 TEUs in April 2024.

According to the terminal manager, Mr Steen Knudsen, this underscores a major milestone in Nigeria’s growing export momentum and reflects years of sustained growth and strategic investment in export infrastructure.

“It’s advantageous for Nigerian shippers when ships depart our ports fully loaded with exports. Preventing ships from leaving empty positively influences the overall cost of shipments into Nigeria,” he said.

Mr Knudsen attributed the growth to targeted operational improvements and alignment with national economic priorities.

“Our aim aligns with the Federal Government’s vision of transforming Nigeria into an export-driven economy. To support this, we launched a new rail service in February to expedite the movement of goods from the hinterland to Apapa port,” he revealed.

“We’ve expanded our yard capacity for exports and introduced dedicated truck lanes to streamline the process, reducing the time exports spend in the terminal and ensuring timely ship departures,” he added.

Mr Knudsen praised top agencies including Nigerian Ports Authority (NPA) and Nigerian Railway Corporation (NRC) for their support in enabling the terminal to focus on delivering top-tier services to its customers.

Since acquiring the Apapa concession, the company has made significant capital investments to boost capacity, efficiency, and overall terminal productivity.

In the last four years, APM Terminals Apapa has recorded a steady rise in export volumes. In 2022, the terminal handled 53,807 TEUs of exports. This number rose to 70,432 TEUs in 2023 and 77,631 TEUs in 2024.

As Nigeria’s largest container terminal and a subsidiary of the A.P. Moller Maersk Group, APM Terminals Apapa continues to play a central role in the modernization and expansion of the country’s maritime logistics network.

By Aduragbemi Omiyale

President Bola Tinubu’s Senior Special Assistant on Entrepreneurship Development in Communications, Innovation and Digital Economy, Ms. Chalya Shagaya, has commended Legend Internet Plc for listing its shares on the Nigerian Exchange (NGX) Limited.

Last month, the internet service provider (ISP) listed about two billion stocks valued at N12.4 billion on the local bourse, becoming the first indefinite telecom operator in Nigeria to do so, reflects strong investor confidence in nation’s digital economy.

Speaking during a visit to the headquarters of the organisation, Ms Shagaya praised the team led by Mr Bruce Ayonote for the achievement.

“The listing of Legend Internet Plc is not just a corporate achievement, it is a national win. It sends a powerful message to indigenous digital and tech companies that the capital markets are within reach,” Ms Shagaya stated.

The President’s aide further highlighted the alignment of this success with the Renewed Hope Agenda of her boss, emphasising the administration’s dedication to building a business-friendly environment driven by digital transformation and inclusive economic growth.

She also applauded the tech firm for its inclusivity efforts, noting that the majority of its executive and senior members of staff are women, describing this as a progressive example of gender representation in leadership, which aligns with national goals for women’s inclusion in economic development.

Ms Shagaya expressed her readiness to support Legend Internet and its affiliate company, Suburban, in future initiatives, including expansion of digital infrastructure, innovation policy development, and capacity building programs for entrepreneurs.

She also stressed the ripple effect such achievements could have on the broader ecosystem, from enhancing local content development and broadband access to creating jobs and fostering innovation, encouraging the organisation to further engage in mentorship, tech training, and entrepreneurship support initiatives.

“Legend Internet’s story is one of vision, resilience, leadership, and inclusivity. It is the kind of story this administration is proud to champion and we look forward to partnering with more companies that are pushing the boundaries of what is possible,” she stated.