World
FAO Food Price Index Remains Unchanged in November
By Adedapo Adesanya
The global prices of food remained flat, unchanged from its revised October level, as increases in the price indices for vegetable oils, dairy products, and sugar counterbalanced decreases in those of cereals and meat.
This is according to the latest Food and Agricultural Organisation (FAO) Food Price Index (FFPI) released on Friday.
The index showed that food prices averaged 120.4 points in November 2023 and stood 14.4 points (10.7 per cent) below the corresponding level one year ago.
The FAO Cereal Price Index averaged 121.0 points in November, down 3.7 points (3.0 per cent) from October and as much as 29.1 points (19.4 per cent) from its value a year ago. International prices of coarse grains fell the most, dropping by 5.6 per cent month-on-month.
The decline was dominated by a sharp fall in world maize prices, underpinned by an increase in farmers’ selling activity in Argentina and a downward pressure from seasonally higher supplies in the United States of America, where the production estimate was revised upwards.
Among other coarse grains, world prices of barley fell, while sorghum prices firmed slightly. International wheat prices also declined, by 2.4 per cent in November, mainly driven by increased seasonal supplies in Argentina and Australia, with the progress in the harvests and the continued strong competition from the Russian Federation.
Meanwhile, the FAO All Rice Price Index remained stable month-on-month in November amidst contrasting price movements across origins and market segments.
The FAO Vegetable Oil Price Index averaged 124.1 points in November, up 4.1 points (3.4 per cent) from October after declining for three consecutive months. The increase in the price index was driven by higher world palm and sunflower oil prices, more than offsetting lower soy and rapeseed oil quotations.
International palm oil prices rebounded by more than 6.0 per cent in November, chiefly underpinned by more active purchases by leading importing countries and seasonally lower outputs in major producing countries. World sunflower oil prices also rose moderately, mainly supported by a continued steady pace of import purchases.
By contrast, international soy oil prices dropped slightly on subdued global import demand, outweighing the impact of lower soybean production prospects in Brazil, while lingering abundant world supplies contributed to lower world rapeseed oil prices.
The FAO Dairy Price Index averaged 114.2 points in November, up 2.5 points (2.2 per cent) from October, marking the second consecutive monthly increase, but still down 23.2 points (16.9 per cent) from its value one year ago.
In November, international price quotations for butter and skim milk powder increased, reflecting high import demand from Northeast Asian buyers, limited inventories, and increased internal demand ahead of winter holidays in Western Europe. The same factors lifted whole milk powder prices, however, persistently subdued demand from Asian buyers, together with steady production activities in Oceania, capped the month-on-month increase.
The weakening of the United States Dollar against the Euro also contributed to the increase in world dairy prices. By contrast, world cheese prices continued to trend downward on high exportable availabilities, especially for cheddar cheese, despite seasonally tight milk deliveries in Western Europe.
The FAO Meat Price Index averaged 111.8 points in November, down marginally (0.4 per cent) from October, reflecting minor drops in the prices of poultry, pig, and bovine meats. At this level, the index value stood 2.8 points (2.4 per cent) below its corresponding value one year ago. The drop in international poultry meat prices reflected elevated supplies, mainly from Brazil, notwithstanding the challenges to production stemming from avian influenza outbreaks across many countries.
Pig meat prices were down due to persistent sluggishness in import demand in Asian markets and ample exportable availabilities in some exporters, despite a surge in internal sales in Europe ahead of the winter holidays.
Meanwhile, ample exportable supplies from Brazil and Oceania weighed on world bovine meat prices. By contrast, ovine meat prices rose slightly, mostly reflecting the impact of currency movements.
The FAO Sugar Price Index averaged 161.4 points in November, up 2.2 points (1.4 per cent) from October and as much as 47 points (41.1 per cent) from its level in the same month last year. The increase in prices in November was mostly related to heightened concerns over global export availabilities in the current season amid worsening production prospects in two leading exporters, Thailand and India, due to severe dry weather conditions associated with the El Niño event.
In addition, shipping delays from Brazil, coupled with the strengthening of the Brazilian Real against the United States Dollar, contributed to the overall increase in world sugar prices. Nevertheless, the strong pace of production in Brazil and lower international crude oil prices limited the month-on-month price increase.
World
Africa Takes Centre Stage as Addis Ababa Hosts the World Public Summit
By Kestér Kenn Klomegâh
For the first time in its history, the World Public Summit will be held on the African continent. On 29–30 July 2026, Addis Ababa, the capital of Ethiopia, will host the World Public Summit. Africa — “A New World: Africa in Shaping a Shared Future.”
The Summit is organised by the World Peoples Assembly in cooperation with African partner organisations. It will bring together leaders of public diplomacy, representatives of international intergovernmental and non-governmental organisations, academics, experts, representatives of the education and cultural sectors, youth leaders, socially responsible businesses, media professionals, and civil society institutions from across Africa and other regions of the world.
The World Public Summit. Africa continues the work initiated during the First World Public Assembly “A New World of Conscious Unity,” held in Moscow in September 2025, and serves as one of the key milestones in preparation for the Second World Public Assembly “A New World: Values That Unite,” which will take place in Moscow on 18–19 September 2026.
Today, Africa is emerging as one of the principal centres of global development. Rapid demographic growth, expanding entrepreneurship, strengthening regional integration, rich cultural heritage, and the growing role of civil society institutions make the continent an increasingly important contributor to the future architecture of international cooperation.
The Summit will focus on issues of genuine sovereignty and sustainable development, public diplomacy, preservation of cultural and historical heritage, international cooperation in education and science, youth engagement, innovation-driven development, creative industries, and the formation of new partnerships among countries and peoples.
The main business programme of the Summit will take place on 30 July 2026 at the headquarters of the United Nations Economic Commission for Africa (UNECA) in Addis Ababa. Holding the Summit at UNECA highlights its pan-African dimension and creates opportunities for broad international dialogue on humanitarian cooperation and public diplomacy.
The programme will include plenary sessions, strategic dialogues, and expert panels dedicated to values-based development, education, culture, youth leadership, innovation, and international cooperation.
Participation has already been confirmed by Professor Saidou Madougou, Director of the Department of Education, Science, Technology and Innovation of the African Union; Rita Bissoonauth, Director of the UNESCO Liaison Office to the African Union and UNECA in Addis Ababa; Zuzana Schwidrowski, Director of the Macroeconomics, Finance and Governance Division of UNECA, as well as ministers, leaders of public organisations, and representatives of the business community from a number of African countries.
On the same day, the ADWA Victory Memorial Museum—Ethiopia’s national memorial complex dedicated to the Victory of Adwa and an important centre for preserving the historical memory of the Ethiopian people—will host the award ceremony of the regional stage of the V International Competition “Leader of Public Diplomacy”, followed by a large-scale cultural programme.
One of the key outcomes of the Summit will be the adoption of the African Communiqué, reflecting proposals and recommendations aimed at strengthening humanitarian, educational, cultural, and public cooperation between African countries and other regions of the world.
The outcomes, initiatives, and recommendations were developed during the World Public Summit. Africa will be presented at the Second World Public Assembly “A New World: Values That Unite”, to be held in Moscow on 18–19 September 2026.
According to Andrey Belyaninov, General Secretary of the World Peoples Assembly, “the Addis Ababa Summit is an important step toward building a new world founded on mutual respect, cultural diversity, dialogue and sustainable development.”
World
UK Set for Seventh Prime Minister in 10 Years as Keir Starmer Resigns
By Adedapo Adesanya
The United Kingdom will get its seventh Prime Minister in 10 years as Mr Keir Starmer announced his resignation on Monday.
The Minister said he is stepping down as leader of the governing Labour Party and will leave office within weeks, scarcely two years after being elected in a landslide.
Mr Starmer says he will remain caretaker prime minister until a new Labour leader is chosen by the party.
Mr Starmer made the announcement after facing growing pressure to hand over to a new leader who can try to revive the government’s flagging fortunes.
He led Labour to a landslide election victory in July 2024, but since then, his popularity and that of the party have plummeted.
His departure was triggered by the victory of Mr Andy Burnham in a special election last week. The popular ex-mayor of Greater Manchester planned to challenge the existing PM for the Labour leadership.
Mr Starmer made the announcement outside the prime minister’s 10 Downing St. residence with a brief statement on Monday.
“The question my party is asking now is whether I am best placed to lead us into the next general election,” Mr Starmer said. “I have heard the answer of my parliamentary party to that question, and I accept that answer with good grace.
Mr Starmer is the sixth prime minister in a decade to stand outside 10 Downing Street and announce a premature departure.
It comes the day before Britain marks the 10th anniversary of its vote to leave the European Union, a decision that still affects the country’s economy and politics.
Over the past decade, 10 Downing Street has had six occupants, including Mr David Cameron, who left office in 2016 after the Brexit referendum and was succeeded by Ms Theresa May. She was followed by Mr Boris Johnson, whose tenure covered Brexit and the COVID-19 pandemic. After Mr Johnson came Ms Liz Truss, whose 49-day premiership was the shortest in British history. Mr Rishi Sunak then took office before being succeeded by Mr Starmer, the outgoing occupant of Number 10.
World
AXIAN Energy Secures $60m for Expansion Across Africa
By Aduragbemi Omiyale
A financing facility of up to $60 million has been secured by AXIAN Energy, the energy division of the AXIAN Group.
The funding package was provided by MCB, one of the leading financial institutions in the Indian Ocean region.
It comprises a $40 million revolving credit facility with a three-year tenor and extension option, and $20 million in unfunded instruments, providing AXIAN Energy with enhanced financial flexibility, enabling the company to rapidly mobilise resources and seize development opportunities across its target markets.
The energy firm is expected to use the capital to deliver large-scale energy infrastructure projects across Africa.
Over the past two years, AXIAN Energy has significantly accelerated its growth by expanding its renewable energy project pipeline, with solar projects currently under development in Senegal, Benin, Zambia, Côte d’Ivoire, Madagascar, and Burkina Faso.
Building on this momentum, AXIAN Energy now operates a portfolio comprising 350 MW of installed renewable energy capacity, supported by 77 MWh of energy storage capacity, positioning the AXIAN Group as a major contributor to Africa’s energy transition.
The chief executive of AXIAN Energy, Mr Benjamin Memmi, said, “This transaction marks a key milestone in AXIAN Energy’s growth trajectory. It provides us with the financial capacity to sustain the momentum we have built over the past two years, further strengthening our renewable energy portfolio and expanding our presence across new African markets.”
Also commenting, the Global Head of Structured Finance at MCB, Mr Mathieu Delteil, said, “We are proud to support AXIAN Energy in structuring this facility, reaffirming our commitment to enabling transformative projects across Africa.
“By leveraging our sector expertise and deep understanding of regional markets, we have delivered a tailored financing solution that aligns with AXIAN’s long-term renewable energy ambitions.
“This partnership highlights our role as a strategic financial partner, mobilising capital towards investments that drive sustainable growth and accelerate the energy transition across the continent.”
The financing agreement between the two organisations strengthens their long-standing relationship because it is driven by a shared commitment to supporting infrastructure development and economic growth across Africa.
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