Kenya Joins Race for WTO Director-General Slot

By Adedapo Adesanya The African Development Bank Group (AfDB) and the ECOWAS Bank for Investment and Development (EBID) have signed an agreement for a dual currency line of credit comprising $50 million and €50 million to support local agricultural businesses in West Africa. The credit lines are expected to strengthen food security, economic growth, and employment generation. The President and Chairman of the Board of Directors of EBID, Mr George Agyekum Donkor and Mr Solomon Quaynor, AfDB Vice President for Private Sector, Infrastructure, and industrialisation, formalised the agreement during a signing ceremony at the bank’s headquarters in Abidjan, Côte d’Ivoire.

By Kestér Kenn Klomegâh Russia, the largest country in the world by area, has a population of 147.2 million, according to the population census. In the 2021 census, it was said that roughly 81% of the population were ethnic Russians, and 19% of the population were ethnic minorities. Demographers say Russia has become increasingly reliant on immigration to maintain its population. Russia’s population is increasingly decreasing since the start of its invasion of neighbouring Ukraine in late February 2022. The demographic crisis has deepened primarily due to high military fatalities while simultaneously facing renewed brain drain and human capital flight

By Kestér Kenn Klomegâh Russian President, Mr Vladimir Putin, has held talks with the Equatorial Guinean President, Mr Teodoro Obiang Nguema Mbasogo, who was in Moscow on an official working visit. The visit could be characterized as historic and interpreted as one major step to broadly review the political situation in the Central African region, and specifically assess the prospects for deepening bilateral cooperation between Russia and Equatorial Guinea. As the current rotating Chairman of the Economic Community of Central African States (ECCAS), the regional economic bloc uniting Cameroon, the Central African Republic, Chad, the Republic of Congo, Equatorial Guinea,

By Adedapo Adesanya The Nobel Committee has awarded the 2023 Nobel Peace Prize to jailed Iranian activist, Ms Narges Mohammadi, for her fight against the oppression of women in Iran and her fight to promote human rights and freedom for all. In a statement announced on Friday, Ms Mohammadi was recognised for her brave struggle which has seen her arrested 13 times, convicted five times, and sentenced to a total of 31 years in prison and 154 lashes. As of the moment of her recognition for the prize, Ms Mohammadi is still in prison after her role in the largest

By Dipo Olowookere The equity prices of two companies listed on the Nigerian Exchange (NGX) Limited, Wema Bank Plc and Okomu Oil Palm Plc, have been adjusted. The modifications to the values of these two securities were effected at the resumption of the market on Friday, May 14, 2021, by the exchange. For the past two days, the stock market in Nigeria was shut down as a result of the public holidays declared by the federal government on Wednesday and Thursday to mark Eid al-Fitr after Muslims ended their one-month fast called Ramadan. On the last trading day, which was

By Aduragbemi Omiyale Mr Farooq Oreagba has been chosen by the board of directors of NG Clearing Limited as the new Managing Director/chief executive, subject to the approval of the Securities and Exchange Commission (SEC). He is replacing Mr Tapas Das, who occupied the office for three years and demonstrated exceptional leadership and strategic vision, driving NG Clearing to a phenomenal historical achievement of clearing the first exchange-traded derivatives contracts in West Africa. Under his guidance, NG Clearing developed a world-class clearing and settlement system that has successfully integrated with the key exchanges in Nigeria’s financial markets. A statement issued

By Dipo Olowookere Japanese auto maker, Yamaha Motor, has exhibited its Clean Water Supply System, a compact system for water purification. Because the system does not require a powerful electric supply or special coagulant chemicals, it is simple to deploy and allows for easy maintenances for local residents to operate water supply stations themselves. Motorcycles providing practical and efficient transportation for vaccines and other items helping to improve African health and hygiene were also demonstrated at the fair, which was hosted by Japan’s Ministry of Economy, Trade and Industry and the Japan External Trade Organization. Yamaha Motor has been expanding

By Adedapo Adesanya Data from the Department of Petroleum Resources (DPR) has shown that Nigeria’s crude and condensate output fell by 9 per cent to 1.52 million barrels per day in December 2020. The petroleum sector regulator noted that this reduction happened as the country faced production problems at key export grade, Qua Iboe. According to the figures, crude production fell to 1.17 million barrels per day last month from 1.33 million barrels per day in November while on the other hand, condensate production was up slightly up to 348,078 barrels per day in the month under review from 339,920

By Adedapo Adesanya The Manufacturers Association of Nigeria (MAN) has asked the federal government to suspend the planned excise duty increase on alcoholic beverages and tobacco, arguing that the headwinds in the economic environment would put more pressure on members. At a stakeholders’ meeting on Tuesday, MAN raised significant concerns about the provisions of the 2023 Fiscal Policy Measures (FPM), including the record increase in excise on beverages and tobacco and the introduction of a tax on Single Use Plastics (SUP), amongst others. Speaking at the event, the president of the association, Mr Festus Meshioye, lamented that the FG, despite

By Dipo Olowookere Arrangements have been concluded by the Lagos State government to enter the capital market to source for N60 billion. Commissioner for Finance in the state, Mr Akinyemi Ashade, disclosed at a combined Annual General Meeting (AGM) of the state bond series and rating programme at the weekend that the money would be sourced for this week. Mr Ashade noted that the floating of the N60 billion bond is from its pool of N500 billion approved by the state House of Assembly recently. According to him, in 2017, the state would further seek another tranche of N100 billion,

By Modupe Gbadeyanka The management of Abuja Electricity Distribution Company (AEDC) has announced preparations for the installation of 65,000 meters in Niger and Kogi states in line with its commitment to metering all its customers across its area of operation. This announcement is coming just as the company explained that the load shedding currently being experienced in its franchise area was as a result of the drop in load allocated to it by the System Operator. The AEDC said in a statement issued today in Abuja that while the installation of 5,000 meters for its customers in Lokoja, the Kogi

By Adedapo Adesanya Oil giant, Shell Plc, has disclosed that its planned sale of onshore assets in Nigeria will go ahead even as the Supreme Court ruled against them in a case in which a Niger Delta community is seeking compensation for a 2019 oil spill. In a report by Reuters, the spokesman for Shell in Nigeria, Mr Bamidele Odugbesan, was quoted to have clarified that the June 16 Supreme Court ruling was in response to an appeal launched by Shell against a contempt ruling linked to the dispute with the Niger Delta community. The lawyer for the community said