By Adedapo Adesanya

The International Energy Agency (IEA) has ordered the largest release of government oil reserves in its history to help calm the oil price crisis triggered by the US-Israel attacks on Iran.

The world’s energy watchdog said its 32 members had agreed unanimously to release about 400 million barrels of emergency crude, which is over 30 per cent of the group’s total government stockpiles.

Members of the IEA, which was set up after the Middle East oil crisis in the 1970s, are required to hold at least 90 days’ worth of crude supplies in reserve, which can be released to the market in the event of a supply shock.

In total, its members hold more than 1.2 billion barrels of public emergency oil stocks and a further 600 million barrels of stocks held by industry under government obligation.

The latest emergency intervention is bigger than the release of 182 million barrels of oil by IEA countries after Russia’s full-scale invasion of Ukraine in February 2022.

The IEA said the emergency stocks would be made available to the global market, which has lost about 15 million barrels of crude a day because of a block on trade via the Strait of Hormuz, over a timeframe appropriate to the national circumstances of each member, bolstered by supplementary emergency measures from some countries.

The IEA executive director, Mr Fatih Birol, said: “Oil markets are global, so the response to major disruptions needs to be global, too. Energy security is the founding mandate of the IEA, and I am pleased that IEA members are showing strong solidarity in taking decisive action together.”

Although no G7 countries have faced physical shortages of oil since the war began last month, the price of Brent crude has fluctuated wildly, briefly jumping as high as $119.50 a barrel on Monday. As of press time, it is up 4 per cent at $92 per barrel.

The historic market intervention will deliver the equivalent of about 26 days of crude typically delivered via the strait, where deliveries have ground to a halt because of the threat of attack from Iran.

On Wednesday, three commercial vessels were attacked as Iran’s military said the world should be prepared for oil to hit $200 a barrel.

By Dipo Olowookere

The chief executive of the Nigerian Exchange (NGX) Limited has stressed the need to broaden women’s involvement in the capital market.

Speaking on Tuesday at the closing gong ceremony to commemorate International Women’s Day 2026 in Lagos, he submitted that, “When more women participate in the market as investors and professionals, we deepen the market and strengthen the foundation for sustainable growth.”

The NGX Group Plc partnered with the Central Securities Clearing System (CSCS) Plc, and the Women in Management, Business and Public Service (WIMBIZ) to observe the global Ring the Bell for Gender Equality initiative in alignment with the UN Women theme Rights, Justice, Action – For All Women and Girls.

Also addressing participants at the event, the chief executive of NGX Group, Mr Temi Popoola, emphasised the critical role capital markets must play in shaping inclusive economic growth.

“Capital markets are powerful engines for economic transformation. When women participate fully as leaders, entrepreneurs, and investors, markets become stronger, deeper, and more resilient.

“At NGX Group, we remain committed to advancing policies, partnerships, and platforms that expand opportunities for women and accelerate inclusive prosperity,” he said.

On her part, the Minister of State for Foreign Affairs, Mrs Bianca Odumegwu-Ojukwu, commended NGX Group and its partners for advancing gender inclusion through the initiative.

“I congratulate NGX Group and its partners for sustaining this important global movement and for championing gender equality within our financial ecosystem. Together, let us continue to open the doors of opportunity, so the next generation of women can lead with confidence and help transform our world,” she said.

Also, the First Lady of Imo State, Mrs Chioma Uzodimma, called for collective action to expand opportunities for women and girls.

“As we sound the NGX Gong today, let it symbolise our shared pledge to protect every girl child, expand opportunities for every woman, and build an inclusive economy where every woman and girl can flourish,” she said.

The Regional Industry Manager for Financial Institutions at the International Finance Corporation (IFC) for Central Africa and Anglophone West Africa, Ms Claude Owona, underscored the role of capital markets in translating gender equality commitments into real economic outcomes.

“Ring the Bell for Gender Equality is both symbolic and practical, because capital markets do not just reflect economies, they shape them. When women have equitable access to finance, leadership opportunities, and safe, inclusive workplaces, companies perform better, and economies grow stronger.

“At IFC, we are proud to partner with NGX Group on market‑driven solutions that expand women’s participation as leaders, entrepreneurs, and employees, recognising that inclusive growth is not aspirational, it is investable, and it is essential for long‑term resilience and shared prosperity,” she said.

Media entrepreneur and founder of EbonyLife Media, Ms Mo Abudu, encouraged women to pursue their ambitions with clarity and confidence.

“For me, it comes down to four things: purpose, passion, progress, and power. Find your purpose, let passion fuel your journey, stay consistent even when challenges arise, and most importantly, stand firmly in your power. Do not shrink,” she said.

Award-winning actor and filmmaker, Ms Funke Akindele, urged women to pursue their ambitions with discipline and courage, saying, “To every woman out there, you can do it.

“But beyond the words, we must put in the hard work, build structure into our businesses, and do things the right way. It takes courage to take the first step even when you’re not ready, courage to stay consistent when no one is clapping, and courage to hold firmly to your vision.”

By Modupe Gbadeyanka

A significant step has been taken to ensure Micro, Small and Medium Enterprises (MSMEs) in Plateau State have access to cheap loans.

The state government has partnered with the Bank of Industry (BoI) to create a N4 billion matching fund for small business operators across the state.

Each of the parties will provide N2 billion to provide affordable financing for equipment acquisition and working capital, enabling businesses to expand operations, create jobs, and strengthen local value chains.

Business Post gathered that the loans would be given at a single-digit interest rate to eligible businesses, with a maximum offer of N100 million per beneficiary over a tenor of up to five years, including a moratorium period of up to 12 months after disbursement.

The Director of Press and Public Affairs to Governor Caleb Mutfwang, Mr Gyang Bere, in a statement on Wednesday, said the state government collaborated with the lender to lift citizens out of poverty and stimulate economic growth across the 17 Local Government Areas of Plateau State.

“This is a significant milestone in our efforts to build a resilient and inclusive economy that aligns with the vision of Mr President (Bola Tinubu) to grow Nigeria into a one-trillion-dollar economy,” the governor was quoted to have said in the statement.

“Plateau State has significant potential and will continue to contribute meaningfully to the growth and development of the national economy,” Mr Mutfwang added.

He noted that the initiative would serve as seed capital capable of generating sustainable economic returns and driving entrepreneurship across the state.

“We want to increase Plateau State’s contribution to the national GDP, and the most effective way to achieve this is by stimulating business growth,” he stated.

“We will identify innovative and enterprising businesses across the state, with particular focus on women and young people, ensuring that no part of Plateau is left behind.”

On his part, the Managing Director of BoI, Mr Olasupo Olusi, commended the governor for what he described as a visionary initiative aimed at empowering entrepreneurs and fostering sustainable economic development.

Mr Olusi explained that the partnership would not only provide funding but also offer training and capacity-building programmes for beneficiaries through accredited Entrepreneurship Development Centres, ensuring that MSMEs are equipped with the necessary skills to grow and remain competitive.

According to him, the BOI–PLSG Matching Fund is designed to expand access to affordable, long-term financing for MSMEs operating across Plateau State.