Africa Day in Russia: A Large-scale Program to Celebrate 60th Anniversary of Liberation of Africa

By Adedapo Adesanya African Development Bank (AfDB) President, Mr Akinwumi Adesina, has called for investments in renewable energy in Africa, pointing out the continent’s rich energy mix. In his keynote address (on September 4) during a session on Harnessing Africa’s renewable energy potential’, held at the ongoing Africa Climate Summit in Nairobi, Kenya, Mr Adesina stressed that “Every economy can only go as far as the energy it produces.” Mr Adesina underlined Africa’s tremendous potential in energy—from hydro and wind power, solar, to geothermal—which remains untapped in the face of a staggering electricity deficit on the continent. Africa has an

By Kestér Kenn Klomegâh BRICS (Brazil, Russia, India, China and South Africa), a group of emerging market powers and one of the most popular organizations, seeks to approve African States into its fold and build on its existing economic and trade with other invited African leaders during the 15th summit in Johannesburg, South Africa. The BRICS members are meeting to deliberate on a broad range of important multiple issues, including new membership, common currency, various parameters of development and security and institutional architecture. More than 70 states are participating, including African leaders, while 23 States have submitted formal applications to

Kestér Kenn Klomegâh South Africa hosted the 15th BRICS summit from August 22 to 24. The BRICS (Brazil, Russia, India, China and South Africa) members have thoroughly discussed a wide range of significant issues, including the bloc’s expansion, common currency, investment and trade, the bloc’s strategy and geo-policy. We already know that BRICS members consistently champion the rights and interests of Africa and also play an increasing role and influence in the global governance system – particularly international financial and economic organisations. Holding the 15th summit, especially this crucial time, within the context of the emerging multipolar world, BRICS discussed

By Adedapo Adesanya The African Export-Import Bank (Afreximbank) has called on African countries to prioritise the development of public and private export trading companies (ETCs) in order to position the continent’s small and medium enterprises (SMEs) to participate effectively in global trade. This was a core message in an address to the Africa International Exhibition on the sidelines of the United Nations General Assembly in New York by Mrs Kanayo Awani, Afreximbank’s Executive Vice President, Intra-African Trade Bank, speaking on behalf of Bank President Mr Benedict Oramah. She said that SMEs participating directly in global trade face stiff competition from

By Investors Hub European stocks have gone into free fall on Friday after U.S. President Donald Trump escalated his trade war with China, citing a lack of progress in trade talks. Trump’s plan to impose a 10 percent tariff on $300 billion of Chinese imports beginning September 1 would extend tariffs to nearly all China’s imports into the United States. While the French CAC 40 Index has plummeted by 3 percent, the German DAX Index is down by 2.7 percent and the U.K.?s FTSE 100 Index is down by 2 percent. Specialty chemicals company Lanxess has tumbled after its second

By Modupe Gbadeyanka The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has disclosed that the Nigerian National Petroleum Company (NNPC) Limited has not been remitting proceeds from the crude oil sales to the nation’s foreign exchange reserves. Speaking over the weekend at the 57th annual bankers’ lecture sponsored by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, the banker said this has been happening for a while. According to him, prior to the inception of the administration of President Muhammadu Buhari, the oil firm was paying $3 billion into the country’s FX buffers, but

By Modupe Gbadeyanka The Nigerian Stock Exchange (NSE) on Friday returned to the negative territory after staying up on Thursday, closing yesterday 0.16 percent lower. Despite the positive results released by companies listed on the stock exchange, investors still remained cautious as reflected in the market activity yesterday. The volume of shares transacted by investors still remained low, depreciating by 24.37 percent, though the value of equities exchanged appreciated by 9.31 percent. At the close of business on Friday, a total of 106.6 million shares were transacted in 3,193 deals worth N1.9 billion compared with 140.9 million units traded on

By Ebitonye Akpodigha A member of House of Representatives has been threatened with a sanction over a debt in the region of N145 million. The federal lawmaker, Mr Mustapha Dawakin Bala, was threatened by the Asset Management Corporation of Nigeria (AMCON). It was learnt that Mr Bala allegedly refused to service the said debt and has now been given 14-days to pay up or risk sanction. The congressman is representing Dawakin Kudu/Warawa federal constituency of Kano State in the green chamber. A letter dated July 20, 2016, and signed by Kamar Raji on behalf of Wande Okeya and co., a

By Adedapo Adesanya The Nigerian Naira recorded a 25 kobo or 0.06 per cent gain against the American Dollar at the Investors and Exporters (I&E) segment of the foreign exchange market on Friday, January 7. According to data from the FMDQ Securities Exchange, the Naira was traded at N416.00/$1 yesterday compared with N416.25/$1 it was transacted on Thursday. This happened as the total value of forex transacted by investors stood at $113.65 million, 1.1 per cent or $1.3 million lower than the $114.95 million carried out a day earlier. A look at the interbank segment of the FX market indicated

By Gbenga Ogunleye There have been interesting events in the political terrain in the past few weeks, but the one that has gained unnecessary attention was this allegation by Alhaji Abubakar Atiku, presidential flag-bearer of the opposition Peoples Democratic Party, (PDP) that the president, Mohammadu Buhari and his family own shares in Etisalat and Keystone Bank. He also called for probe into the substantial shares in Etisalat now known as 9mobile which has an estimated $2b (about N727b at 360 per dollar) of its estimated $20b global net worth. No doubt, all that have transpired in the political circles do

By Adedapo Adesanya The Socio-Economic Rights and Accountability Project (SERAP) has urged President Muhammadu Buhari to direct the Attorney General of the Federation and Minister of Justice, Mr Abubakar Malami and the appropriate anti-corruption agencies to probe allegations that N3,836,685,213.13 of public funds meant for the Federal Ministry of Health, teaching hospitals, medical centres, and National Food Drug Administration and Control (NAFDAC) was missing, mismanaged, diverted or stolen. In a letter dated January 2, 2021, and signed by SERAP Deputy Director, Mr Kolawole Oluwadare, the organisation said the allegations are documented in Part 1 of the 2018 audited report released

By Investors Hub Asian stocks turned in a mixed performance on Thursday after the U.S. and Mexico failed to reach a deal during their tariff talks on Wednesday. China’s Shanghai Composite Index ended down 33.62 points or 1.2 percent at 2,827.80 after the International Monetary Fund cut China’s growth forecast for this year and next, citing downside risks and high uncertainty surrounding trade tensions. The lender lowered the growth forecast for this year to 6.2 percent from the 6.3 percent seen in April. The projection for next year was trimmed to 6 percent from 6.1 percent. The IMF added it