Port of Antwerp Moves to Penetrate West African Coast

By Adedapo Adesanya  The Vice President, Mr Kashim Shettima, has departed Abuja for Johannesburg, South Africa, to represent President Bola Tinubu at the 15th BRICS Summit of Heads of State and Government. BRICS, an acronym for Brazil, Russia, India, China and South Africa, is a group of five major emerging and developing economies. In a statement released on Monday by Mr Olusola Abiola, the Director of Information in the Office of the Vice President, it was stated that the VP would be joining other business and political leaders across the world at the summit scheduled for the Sandton Convention Centre,

By Kestér Kenn Klomegâh South Africa hosts the 15th BRICS summit in Johannesburg. Russian President Vladimir Putin is participating, not in person, but this time only online. Historically, he has, a number of times, paid official working visits to South Africa. During these past two decades, he has held high-level talks, at different times, with Thabo Mbeki, Jacob Zuma and Cyril Ramaphosa. Russia and South Africa have unlimited opportunities to develop mutually beneficial economic partnerships. For instance, in early September 2006, Vladimir Putin and Thabo Mbeki discussed the outlook for improving bilateral economic ties with representatives of the two countries’

By Kestér Kenn Klomegâh With the prevalent dependency of African economies on the external supply of fertilizers and grains and up to 30% of cereals imported from Russia, ensuring that critical trade flows continue uninhibited remains the priority of Afreximbank and its African member states. The lingering global food security challenges and the critical role trade with Russia play in guaranteeing Africa’s food security were at the core of discussions for Afreximbank at the second Russia African Economic and Humanitarian Forum, which was held at St. Petersburg from the 27th to the 29th of July, 2023. Addressing the summit, Professor

By Adedapo Adesanya The prices of food globally dropped to 121.4 points in August, 2.1 per cent lower than the 123.5 points from July, reversing the rebound registered last month and pushing the index as much as 38.3 points (24.0 per cent) below its peak reached in March 2022. This is according to the latest figure by the Food and Agriculture Organisation (FAO) on Friday, which showed that the drop reflected declines in the price indices for dairy products, vegetable oils, meat and cereals, while the sugar price index increased moderately. The FAO Cereal Price Index averaged 125.0 points in

By Sodeinde Temidayo David The private sector in Nigeria has been urged to take a leading role in the fight against environmental collapse and help promote climate action in the country. This advice was given by the Institute of Chartered Accountants in England and Wales (ICAEW) during the special screening of its new climate action film in Nigeria titled Our Planet: Our Business. The movie was inspired by a similar narrated Netflix series by David Attenborough. At the screening, ICAEW’s Director of Sustainability, Mr Richard Spencer, highlighted the risks of climate change to businesses across the African continent and how

By Adedapo Adesanya The United States Agency for International Development (USAID) has partnered with the Lagos State government to bolster energy for residents of the state. On November 22, US Consul General Will Stevens and the Lagos State Governor Babajide Sanwo-Olu held a handover ceremony to celebrate the completion of the Lagos State Integrated Resource Plan to bolster the overall energy security for residents. Access to a stable and sustainable energy supply is critical for the long-term, sustainable development of more than 15 million residents of Lagos State. As the most populous in Nigeria, Lagos State has a predicted increase

By Dipo Olowookere No fewer than 75 people in Kwara State, who have had contact with persons who tested positive for COVID-19, have been traced and put in isolation. The Chief Press Secretary to the Governor/Spokesman for the Technical Committee on COVID-19, Mr Rafiu Ajakaye, disclosed in a statement on Tuesday that the people were identified by the state’s Rapid Response Team (RRT). On Monday, the Nigeria Centre for Disease Control (NCDC) said two persons tested positive for the coronavirus in Kwara State. It was the first time cases of the virus was reported in the state. While addressing the

By Modupe Gbadeyanka Growth eased in Nigeria’s private sector activity in August than what was recorded in the previous month, the Purchasing Managers’ Index (PMI) of Stanbic IBTC Bank has revealed. In a statement issued by the lender, it was disclosed that the headline PMI for business conditions in the industry stood at 52.3 last month compared with 53.2 in July, signalling another improvement in business conditions. It explained that softer upticks were recorded in output, new orders and purchasing activity while employment rose at a quicker pace. At the same time, overall input price inflation rose at the second-fastest

By Aduragbemi Omiyale The chairman of the Kano Dairy and Livestock Husbandry Cooperative Union (KADALCU), Mr Usman Abdullahi Usman, has disclosed that the state has the capacity to produce about 30,000 litres of milk per day. While speaking in a recent interview, he stated further that the dairy industry in Kano contributes nearly 24 per cent to the total milk produced locally on a national scale. According to him, “This is because Kano State has the largest population of cattle and the relative peace level in the state has been attracting new settlers in the state as cattle farmers are

By Modupe Gbadeyanka Vice President Yemi Osinbajo has disclosed that Federal Government will not in any way increase electricity tariff at the moment. Speaking on Monday at the 6th Presidential Quarterly Business Forum for Private Sector Stakeholders held at the Old Banquet Hall, State House, Abuja, the Vice President said government will only focus for now on how to clean up the entire value chain. However, he noted that paying for higher tariffs was “inevitable,” but government will continue to monitor progress in the power sector. He said Federal Government would work with the World Bank on how to continue

By Adedapo Adesanya Shareholders of Transcorp Hotels Plc, owners of the iconic Transcorp Hilton Abuja and Transcorp Hotels Calabar, have unanimously authorised the board of directors to raise N10 billion through a rights issue for a fortified balance sheet. The company announced that the approval was given at the Extraordinary General Meeting of the company, which took place on Monday, June 29 in Lagos. This means the hospitality coy will issue 2,659,574,468 ordinary shares of 50 kobo each by way of a rights issue to the shareholders based on 7 new ordinary shares for every 20 ordinary shares of 50

By Adekunle Abolaji The Central Bank of Nigeria (CBN) has sacked the Board of Directors of First Bank of Nigeria and reinstated Adesola Adeduntan as the Managing Director. The apex bank also appointed new Directors comprising Dr Fatade Abiodun Oluwole, Kofo Dosekun, Remi Lasaki, Dr Alimi Abdulrasaq, Ahmed Modibbo, Khalifa Imam, Sir Peter Aliogo, and UK Eke (Managing Director) as Directors of FBN Holdings Plc. Remi Babalola was appointed as the Chairman. The reaffirmation of Adesola Adeduntan as the Managing Director of First Bank by the central bank is a strategic and bold decision aimed at stabilizing Nigeria’s financial sector.