Africa Shines at AtomExpo Awards in Sochi

By Kestér Kenn Klomegâh The African continent is one of the fastest-growing energy markets in the world. This is due to the growing economic and demographic potential of African countries, as well as the efforts of many of them to combat climate change. Despite having passed through a long period of tumultuous post-colonial era, Africa’s efforts to ensure effective energy cooperation with leading global powers has not been an easy journey down the years. Until today, more than half of the estimated 1.4 billion still have no access to electric power for domestic utilization while industries continue suffering from frequent

By Kestér Kenn Klomegâh The World Bank has approved a $1 billion loan to support South Africa’s energy sector which is currently experiencing worse conditions including inadequate funds for overhauling, renovation and upgrading. Energy experts believe that the World Bank’s loan, which seems the last resort, would pull South Africa out of its persistent energy crisis that has adversely hit industrial production. The energy problem has forced the country to lean on its highly polluting coal-fired power stations and consistent difficulties of generating enough electricity for its 62 million people. The state-run power utility, Eskom, generates approximately 80% of the

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 Adedapo Adesanya The Naira recorded an 8 kobo or 0.02 per cent loss against the US Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (FX) market on Friday, trading at N416.75/$1 compared with N416.67/$1 it was traded on Thursday. This occurred despite the I&E FX market window recording a low turnover as the value of transactions declined by 49.6 per cent or $62.99 million to $64.03 million from the $127.02 million achieved at the previous session. The story was different with the Pound Sterling as the Naira depreciated by N2.46 to close at N567.14/£1 compared

By Adedapo Adesanya The Naira closed flat against the United States Dollar at N414.73/$1 at the Investors and Exporters (I&E) window of the foreign exchange (FX) market on Thursday, November 11. This came as demand eased at the specialised session with investors’ need for the greenback dropping by 73.2 per cent or $224.23 million as total transactions worth $82.01 million were made, lower than the $306.24 million carried out at the preceding session. However, it was not a similar situation at the interbank segment of the forex market as the domestic currency further depreciated against the Dollar by 2 kobo

By Dipo Olowookere Nigerian farmers have received over N21.5 billion from the Bank of Agriculture (BOA) as support to boost their outputs. This information was revealed by the Zonal Manager, South West Region, Bank of Agriculture (BOA), Mrs Idiat Folorunsho, during the Ooni Ogunwusi Agric-empowerment Programme in Ile-Ife, Osun State, put together in partnership with the BOA. According to her, N40 billion has been set aside as a special purpose vehicle to ensure proper implementation of an empowerment initiative by the bank. She said further that the dwindling oil revenue had forced a rethink in strategy in favour of agribusiness,

By Adedapo Adesanya After years of discussions, the Nigerian Ports Authority (NPA) on Thursday in Lagos assured that the one-billion-dollar Ondo State Multipurpose Deep Seaport project had gotten all necessary approval for its implementation. NPA’s Managing Director, Mr Mohammed Bello-Koko, gave the assurance when he received visiting Ondo State Coordinator for Special Projects, Mr Boye Oyewumi, who submitted the Full Business Case for the port. Located on the coast of Ondo State, the Ondo Deep Seaport project would be funded through a Public Private Partnership. Receiving the case report, Mr Bello-Koko assured that the NPA would work with the Federal

By Dipo Olowookere The industrial action embarked upon by workers in Osun State has been suspended after truce with the state government. The aggrieved government employees went on strike to compel the administration of Mr Rauf Aregbesola to stop paying half salaries to them. But on Saturday night, the workers, through their representatives, announced the suspension of the action. In a memorandum of understanding (MOU) signed by the workers and government’s representatives, it was agreed that the workers and pensioners would be paid their full salaries for December 2017 and the modalities for payment of subsequent salaries from January 2018

By Adedapo Adesanya  Oil futures recorded more than three percent drop on Monday, February 3 as fears surrounding the coronavirus and its impact on oil demand continue to pull prices further. Brent crude fell $2.28 or 4.10 percent to $54.32 per barrel on Monday night, while the US West Texas Intermediate (WTI) crude fell $1.46 or 2.83 percent to settle at $50.10. Earlier at the session, the WTI posted below $50 to trade at $49. Markets continue to face drop as a result of the coronavirus, which analysts consider the largest demand shock faced by the oil market since the

By Modupe Gbadeyanka The chief executive of the Nigerian National Petroleum Company (NNPC) Limited, Mr Mele Kyari, has been commended for promoting transparency, probity, accountability, and good governance in the Nigerian oil and gas industry vis-à-vis his handling of the recent fuel subsidy removal initiative. This commendation came from Nigerian youths under the aegis of the Nigerian Youths Alliance (NYA) through a statement co-signed by their national president, Ifeanyi Ogbu, and secretary, Yemisi Oluwadamiro, in Abuja, on Wednesday. They specifically praised Mr Kyari for his transparency in the company’s payment of an interim dividend of N123 billion to the Federation