By Adedapo Adesanya

The Organisation of the Petroleum Exporting Countries (OPEC) has noted that the increased production of petroleum products by the Dangote Petroleum Refinery has reduced the importation of refined products from Europe.

In its latest Monthly Oil Market Report, the cartel said the refining efforts of the Lagos-based 650,000-barrel-per-day refinery have changed the narrative.

Business Post reports that Dangote Refinery commenced European distribution this month, as it aims for 100 per cent production.

“The ongoing operational ramp-up efforts at Nigeria’s new Dangote refinery and its gasoline exports to the international market will likely weigh further on the European gasoline market.

“Continued gasoline production in Nigeria, a country that has relied heavily on imports to meet its domestic fuel needs in the past, will most likely continue to free up gasoline volumes in international markets which will call for new destinations and flow adjustments for the extra volumes going forward,” the report partly read.

OPEC added that European light distillates continue to lose ground on the back of increasingly lighter and sweeter refinery crude diets in Europe and sanctioned Russian crude imports, leading to stronger naphtha production.

“The resulting naphtha surplus coupled with the declining petrochemical cracking capacity in Europe has weighed on the regional naphtha market.”

The 650,000 barrels per day Dangote oil refinery built by Nigerian billionaire, Mr Aliko Dangote, in Lagos, had affirmed to compete with European refiners when operating at full capacity.

Although, when it started operations last year, it struggled to secure sufficient crude locally — as production remains below target and tied to contracts with other players by the Nigerian National Petroleum Company (NNPC) Limited.

“We have gone up to 550,000 barrels per day, that is 85 per cent capacity in crude distillation,” Mr Devakumar said in December.

The refinery was forced to source crude from international markets following a dispute with the Nigerian state oil firm, the NNPC, over a crude supply deal under which Dangote Group had agreed to sell a 20 per cent stake in the refinery to NNPC for $2.76 billion.

In December 2024, on the back of the crude-for-Naira scheme, the volume of black gold supplied to the Lagos-based facility went 40 per cent higher to 395,000 barrels per day than the 280,000 barrels per day delivered in November.

By Adedapo Adesanya

Stablecoin issuer, Tether Holdings Limited, will move its corporate entity and subsidiaries to El Salvador after securing a digital asset service provider (DASP) license in the Central American nation.

According to a statement on Monday, this marks a step in Tether’s journey to foster global Bitcoin adoption banking on El Salvador’s history with cryptocurrency.

“This strengthens Tether’s position in one of the world’s most forward-thinking markets and fosters the development and implementation of cutting-edge solutions more efficiently in a dynamic environment where innovation thrives. It underscores the company’s dedication to leveraging Bitcoin’s transformative potential as it drives growth in emerging markets,” the statement said.

The company said El Salvador is rapidly establishing itself as a global hub for digital assets and technology innovation.

“By embracing blockchain technology and digital currencies, El Salvador is fostering an ecosystem that encourages innovation and attracts investment in the broader financial and technology sectors.

“This strategic positioning is helping to shape the future of financial systems, making the country a key player in the global fintech landscape,” Tether added.

Speaking on this, Mr Paolo Ardoino, CEO of Tether said, “This decision is a natural progression for Tether as it allows us to build a new home, foster collaboration, and strengthen our focus on emerging markets.

“El Salvador represents a beacon of innovation in the digital assets space. By rooting ourselves here, we are not only aligning with a country that shares our vision in terms of financial freedom, innovation, and resilience but is also reinforcing our commitment to empowering people worldwide through decentralized technologies.”

As it takes these next bold steps, the company looks forward to working closely with El Salvador’s government, businesses, and communities to shape the future of financial technology.

By Kestér Kenn Klomegâh

Perhaps it was the most crucial summit held on January 9th to 11th in 2025 with a focus to raise agricultural productivity, increase public investment in agriculture, and stimulate economic growth through agriculture-led development, and ultimately seeks pathways to support African countries eliminate continent-wide hunger and reduce growing poverty.

During these past several years, African governments have taken delight in increasing imports of basic agricultural produce which could be cultivated locally.

Import substitution policy is seemingly not part of any discussions during their ministerial meetings, instead devoted time on how to approve huge budgets for agricultural products from foreign sources.

It has also taken the African Union (AU) years to initiate an agricultural programme directed at ensuring food security and cutting poverty in the continent. This cutting-edge initiative forms an integral part of the broad AU Agenda 2063.

Considered as the most ambitious and comprehensive agricultural reform effort ever undertaken in Africa, it was first launched in 2003 following the Maputo Declaration and reaffirmed in 2014 in Equatorial Guinea with the Malabo Declaration.

It has emerged as the cornerstone framework for driving agricultural transformation across Africa and represents a fundamental shift toward development that is supposed to be fully owned and directed by various African governments.

That, however, the early January Kampala summit, attended by Ministers of Agriculture from the AU’s 55-member states, thoroughly deliberated on implementing aspects of the 10-year programme, primarily to be pursued, in different stages, by stimulating investment, fostering partnerships, and empowering vulnerable smallholder farmers. Notably, the programme is set to run from 2026- 2035.

Without a single doubt, the drafting the programme which underwent a rigorous review process, took a full decade to complete; from 2014, in Equatorial Guinea with the Malabo Declaration to Kampala, Uganda, in 2025. And that what is appropriately referred to as an effective continental organization – the African Union.

The drafting of the strategy was undertaken by a broad spectrum of stakeholders including the Regional Economic Communities, African experts and researchers, farmers’ cooperatives and organizations, development partners, parliamentarians, private sector groups, women in agriculture and youth groups.

According to the official release indicated that Africa’s food security remains a pressing challenge, exacerbated by climate change, conflicts, rapid population growth, and economic disruptions.

Currently, over 280 million Africans suffer from chronic hunger while food systems struggle to meet rising demands.

Therefore, the 10-year programme is planned to address these issues by promoting climate-resilient agriculture, improving infrastructure, reducing food waste, and enhancing regional trade in agricultural goods. This is in a bid to equip Africa to feed itself sustainably.

At the Kampala ministerial meeting, Prime Minister of the Republic of Uganda, Robinah Nabbanja, while recalling important statistics that point to the richness of African soils, abundance of arable land and fresh water, and a 60% population engaged in agriculture, expressed the highest shame that the continent’s food imports cost up to $100 billion.

“This summit should come up with concrete proposals on how Africa can come out of such an undesirable situation. For us to guarantee our future as Africans, we must feed ourselves,” she told the gathering in a tectonic language.

The Commissioner for Agriculture, Rural Development, Blue Economy and Sustainable Environment at the African Union Commission, Ambassador Josefa Sacko, commented on the importance of the strategy, saying it “aims to boost food production, expand value addition, boost intra-Africa trade, create millions of jobs for the youth and women, build inclusive agrifood value chains, and build resilient and sustainable agrifood systems that will withstand shocks and stressors now and in the future.

Furthermore, we are dedicated to strengthening governance through evidence-based decision-making and enhancing accountability among all stakeholders. Inclusivity is a fundamental aspect of our approach; we will ensure that women, youth, and marginalized groups have access to resources, thereby facilitating their equitable participation in the agrifood sector.”

Dr Girma Amente, Minister of Agriculture of the Federal Democratic Republic of Ethiopia, whose Prime Minister Dr Abiy Ahmed, is the Champion of the Comprehensive Africa Agriculture Development Programme (CAADP) Strategy and Action Plan 2026- 2035, highlighted how Ethiopia has cascaded CAADP into the national agricultural investment plan (NAIP).

“The plan emphasizes the importance of increasing public investment in agriculture, which is crucial for achieving the CAADP target. Ethiopia has significantly increased its agricultural budget allocation and has demonstrated its commitment by meeting the 6 per cent annual growth target of CAADP.

The implementation of the National Agricultural Investment Plan (NAIP) has contributed to consistent improvements in annual agricultural production, elevating both crop yields and overall food and livestock production, and also performed better in addressing the resilience targets of the CAADP,” explained Girma Amente.

In his turn, Uganda’s Minister of Agriculture, Animal Industry and Fisheries, Frank Tumwebaze, who led the drafting of the CAADP Strategy and Action Plan in his capacity as the Chair of the Specialised Technical Committee of the AU on Agriculture, Rural Development, Water and Environment, stressed the need to move into implementation of the strategy, as soon as the summit ends.

“The planning phase of the Kampala CAADP Agenda ends during this Summit. We must, therefore, move into implementation and execution mode. It is by focusing on execution that we can make a meaningful impact to the continent and its people. We must move, not with the times, but ahead of times.

“This calls for advances in technological research and practices, building agricultural systems that are resilient to climate change and other shocks, agro-industrialization, and the like,” according to Frank Tumwebaze.

The three-day Extraordinary Summit in Kampala was organized to adopt the 10-Year CAADP Strategy and Action Plan to advance agricultural transformation and food systems in Africa. But that was dominated by high-level speeches, with little hope of concretely addressing key questions relating to ensuring food security in the continent.

The majority of African countries hold steadfastly to maintain the status quo, ready to allocate large part of their annual budgets to increase imports. There was little hope for any significant results and remarkable change in driving agricultural transformation across Africa after second day of the summit, dedicated to deliberations by Ministers of Foreign Affairs, and the 11th January meeting by Heads of State and Government.