Tag: Business

U.S. Freezes Aid to South Africa Over Land Reform Law

10Feb

By adminNo Comments

Economy, Human Rights, News, South Africa, United States of America

U.S. Freezes Aid to South Africa Over Land Reform Law

- Trump Offers Refuge to White Farmers U.S. President, Donald Trump, has reignited global debates over race, land rights, and international diplomacy, by signing an executive order on February 7, 2025, halting all foreign aid to South Africa. The decision comes in response to South Africa’s controversial new land reform law, which Trump claims discriminates against the country’s white minority, particularly Afrikaner farmers. The executive order also outlines plans to prioritize the resettlement of Afrikaners in the United States as refugees, a proposal that has drawn both praise and sharp criticism. The land reform law, signed by South African President Cyril Ramaphosa in January 2025, allows the government to expropriate land without compensation in specific cases—such as when the...

Five Years On: What Has become of the AfCFTA?

10Feb

By adminNo Comments

Africa, Economy, News, Trade

Five Years On: What Has become of the AfCFTA?

The African Continental Free Trade Area (AfCFTA) was ambitiously launched with the goal of transforming trade across Africa, creating what would be the world's largest free-trade zone by connecting 1.3 billion people and aiming for an additional $450 billion in revenue by 2035. However, five years after its signing in 2019, questions arise about its implementation and overall impact. The Promise of AfCFTA The AfCFTA was designed to dismantle trade barriers, reduce tariffs on 90% of goods by 2034, and foster a single market for goods and services across 55 African countries. It was seen as a pivotal step towards economic integration, promising to elevate intra-African trade, stimulate industrial growth, and enhance economic competitiveness. Early transactions under this framework, suc...

Opinion: Nigeria Strategic Infrastructure Monopoly by Kalu Aja

6Feb

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Economy, Infrastructure, News, Nigeria, Transportation

Opinion: Nigeria Strategic Infrastructure Monopoly by Kalu Aja

Nigeria, the top economy in West Africa, has seven main ports 1. Lagos Port Complex: Lagos State; 94% of exports and 76% of imports according to NBS Q4 2023 2. Tin Can Island Port Complex: Lagos State; 3% of exports and 8% of imports 3. Lekki Deep Sea Port: Lagos State 4. Onne Port Complex: Located in Rivers State 5. Rivers Port Complex: Located in Rivers State 6. Calabar Port Complex: Cross River State 7. Delta Port Complex: Located in Warri, Delta State Nigeria's most important port is the Lagos Port Complex. That single port in Apapa is the key export and import point for over 200m Nigerians. In 2024, it was reported that the “Nigerian Ports Authority (NPA) had allocated more than $200 million over the past decade to dredging operatio...

Nigeria to Become Africa’s Solar Panel and EV Battery Manufacturing Hub

11May

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African Development, Economy, Nigeria

Nigeria to Become Africa’s Solar Panel and EV Battery Manufacturing Hub

Nigeria's President, Bola Tinubu, unveiled ambitious plans for the local production of solar panels and electric vehicle (EV) batteries, positioning the nation as a manufacturing powerhouse within Africa. The declaration, made during the inauguration of Nigeria's largest lithium processing plant in Lafia, Nasarawa State, marked a significant milestone in the country's quest for energy independence and economic growth. Chief Ajuri Ngelale, Special Adviser to the President (Media & Publicity), underscored the importance of this development, citing it as a testament to Nigeria's attractiveness for foreign investment. "This inauguration signifies Nigeria's appeal for foreign investment and its commitment to becoming a key player in the renewable energy sector," Ngelale stated. Presid...

Binance CEO Faults Arrest of its Execs in Nigeria

8May

By adminNo Comments

Economy, Finance, News, Nigeria

Binance CEO Faults Arrest of its Execs in Nigeria

The CEO of Binance, one of the world's largest cryptocurrency exchanges, has condemned Nigeria's recent arrest of its executives, labeling them as a dangerous precedent. This outcry comes after two of Binance's executives who were invited by the government ended up being detained. The Nigerian took this action as part of a crackdown on crypto-related activities. Richard Teng, the CEO, expressed his dismay at the detention of Tigran Gambaryan, Binance's head of financial crime compliance and a U.S. citizen. He also highlighted the case of Nadeem Anjarwalla, a British-Kenyan regional manager for Africa, who fled Nigeria in March. According to Teng, the ordeal began with meetings between Binance representatives and Nigerian authorities in January. However, matters escalated during a sub...

3May

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Economy, Finance, News, Nigeria

Naira Declines in May Trading Session

In the opening trading session of May at the Nigerian Autonomous Foreign Exchange Market (NAFEM) window, the Nigerian Naira experienced a slight decline, settling at N1,402.67 to the US dollar. This marks a decrease of 0.83% from the previous close of N1,390.96 in April, according to market data from the Financial Markets Dealers Quotations (FMDQ). Throughout the trading day, the Naira witnessed fluctuations, reaching a peak of N1,445 and a low of N1,299.42 against the dollar. This significant spread of N145.58 reflects the volatility observed in the forex market. Meanwhile, the volume of dollar transactions saw a modest rise of 3.32%, totaling $232.84 million, up from $225.36 million on the preceding Tuesday. In contrast, the parallel market saw the Naira weakening further, dropp...

Oil Marketers Want Further Price Review as Petrol Prices Soar

24Jul

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Cost of Living, Economy, News, Nigeria, Petroleum

Oil Marketers Want Further Price Review as Petrol Prices Soar

Nigeria's oil marketers have asserted that the current petrol prices in the country do not accurately reflect the market reality and are projecting yet another price review this month. This comes less than two months after the price of petrol was increased from N189 per litre to N500. The situation has sparked outrage from the public, leading to criticism from various quarters. Recently, some filling stations operated by the Nigerian National Petroleum Corporation (NNPC) increased their pump prices of petrol from N537 per litre to N617 per litre across the country. This development has further exacerbated the already strained situation for consumers and businesses. Tunji Oyebanji, a former Chairman of the Major Oil Marketers Association of Nigeria and CEO of 11 Plc, expressed his con...

Slip of the Naira at the I&E Window Continues on Wednesday

22Jun

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Economy, Finance, News, Nigeria

Slip of the Naira at the I&E Window Continues on Wednesday

In a recent development, the Nigerian Naira has witnessed a significant weakening against the United States dollar, as indicated by data released on the FMDQ securities exchange window. The Investors and Exporters (I&E) window, which serves as the official platform for forex trading, recorded a notable decline in the value of the Naira due to a substantial decrease in foreign exchange supply within the market segment. According to the data published by FMDQ, the Naira concluded Wednesday's trading at N763.17 per $1. This represents a 0.87 percent or N6.56 fall from the previous session's rate of N756.61 on Tuesday. The day started with the Naira being traded at N741.21, but it experienced a sharp decline throughout the trading session, reaching an intraday low of N815.00. This ma...

Opinion: Dangote, the Sick, Adopted Child of Nigerian Government!

21Jun

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Economy, News, Nigeria, Tanzania, United States of America

Opinion: Dangote, the Sick, Adopted Child of Nigerian Government!

Earlier this week, news broke that Aliko Dangote was moving 60% of his family investment to the US.Two days after, we saw him in Tanzania promising to increase his investment in the country because he wants to support the new president, whose business decisions have been investment friendly. I am happy for him. He has sense. But as a businessman, I am not sure Dangote is a model. Don't take my word for it. Let the data speak: In October 2016, Dansa, Dangote's fruit juice company packed up because it wasn't making profit. It closed shop, owing its workers 6 months salary. He also started a $13 million tomato processing plant in March 2016 and closed shop in August 2017, saying it was because of "importation of tomato paste, shortfall in the supply of fresh tomatoes and power fai...

CBN Grants Banks Authority to Trade Foreign Exchange Freely

14Jun

By adminNo Comments

Economy, Finance, News, Nigeria, Trade

CBN Grants Banks Authority to Trade Foreign Exchange Freely

In a significant development, the Central Bank of Nigeria (CBN) has issued authorization to commercial banks, allowing them to engage in the unrestricted trading of foreign exchange at market-determined rates. This move effectively empowers banks to sell forex based on prevailing market rates, marking a departure from the previous tightly controlled exchange rate system. Notably, some banks have already set the USD to Naira rate within the range of N699 to N750, indicating that Nigeria is transitioning towards a freely floating exchange rate regime, aligning with President Bola Ahmed Tinubu's commitment to unifying the country's exchange rates. In response to this development, Dr. Andrew Nevin, the Advisory Partner & Chief Economist of PricewaterhouseCoopers (PwC), shared his ins...