New Post Africa

Category: Business

  • 10,000 fashion producers to gather in Aba for ‘The Fashion Games 2026’

    10,000 fashion producers to gather in Aba for ‘The Fashion Games 2026’

    ABA, Nigeria — 14 April 2026 (Agency Report) — No fewer than 10,000 fashion producers are expected to converge on Aba, Abia State, for the second edition of The Fashion Games 2026 (TFG 2026), organisers announced on Monday.

    The event, organised by Ethnocentrique Limited, will also attract fashion enthusiasts, policymakers, and buyers. Chief Executive Officer Irunna Ejibe said the 2026 edition, themed “AHIA 360,” aims to showcase a holistic fashion market experience and promote the development of a structured fashion economy in Aba and across Nigeria.

    Scheduled for April 28–29, the two-day programme will feature an industry-focused session for buyers, policymakers, and MSMEs on the first day, followed by a large public showcase at Enyimba International Stadium on the second day.

    Ejibe recalled that the maiden edition in 2025 drew 4,500 participants and engaged 1,400 MSMEs, while 2,000 trainees graduated under the Fashion Future Programme (FFP), implemented in partnership with the Mastercard Foundation. She noted that Aba remains a major hub for garment, footwear, and accessory production, though many artisans lack access to finance, certification, and markets.

    Chief Operating Officer Jeremiah Ubunamah added that Aba’s fashion cluster has the potential to grow into a $3 billion industry within five to ten years if supported with adequate infrastructure. He said the event would help address gaps in finance, intellectual property protection, and market linkages.

    The first day will include deal-making sessions with buyers, retailers, government officials, and industry experts, culminating in business partnership signings. The second day will feature cluster parade competitions involving 25 production groups, runway presentations for emerging designers, and the graduation of new FFP participants.

    Organisers say the initiative underscores Aba’s role as a fashion powerhouse and highlights opportunities for Nigeria’s creative economy.

  • United Nations launches Borrowers’ Platform on April 15

    United Nations launches Borrowers’ Platform on April 15

    INTERNATIONAL —13 April 2026 (NPA) — The United Nations has officially launched the Borrowers’ Platform, a new initiative designed to give developing countries a stronger collective voice in global debt discussions. Facilitated by the UN Conference on Trade and Development (UNCTAD), the platform seeks to address long-standing gaps in the international financial system by creating a borrower-led space for cooperation, knowledge-sharing, and capacity-building.

    Debt servicing costs in developing countries have surged over the past decade, with external debt reaching $11.7 trillion in 2024. That year, governments spent nearly 10% of their revenue on interest payments, while least developed countries devoted almost a quarter of their revenue to external creditors. According to UNCTAD, 54 countries—home to 3.4 billion people—now spend more on debt than on health or education.

    Rebeca Grynspan, Secretary-General of UNCTAD, underscored the urgency of reform: “3.4 billion people deserve better outcomes. They’re not asking for charity. They want a level playing field where finance enables development rather than constraining it.”

    Egypt’s Finance Minister Ahmed Kouchouk, who chairs the initial working group, explained that the Borrowers’ Platform is not a debt restructuring forum but rather a cooperative space to share experiences, strengthen debt management capacity, improve transparency, and engage more effectively in global financial discussions.

    The platform’s creation follows a series of milestones: in December 2024, UN Secretary-General António Guterres appointed an Expert Group on Debt; in June 2025, the group proposed the Borrowers’ Platform; in July 2025, Member States endorsed the idea in the Sevilla Commitment at the 4th International Conference on Financing for Development; and in October 2025, the Geneva Consensus at UNCTAD16 called on UNCTAD to facilitate borrower cooperation. A working group led by Egypt and Pakistan, with members including Colombia, Honduras, Maldives, Nepal, and Zambia, drafted the platform’s modalities.

    UNCTAD will serve as the platform’s secretariat, providing technical and administrative support. Advocates say the initiative sends a positive signal to markets by promoting debt sustainability and transparency, while giving developing countries a long-overdue seat at the table in shaping global financial rules.

  • Femi Otedola’s MAKING IT BIG wins Gold at Axiom Business Book Awards  

    Femi Otedola’s MAKING IT BIG wins Gold at Axiom Business Book Awards  

    LAGOS, Nigeria, 13 April 2026 (NPA) — Entrepreneur and philanthropist Femi Otedola, Chairman of FirstHoldCo Plc, has announced that his recently published book, Making It Big: Lessons from a Life in Business, has won the Business Book Gold Award at the 2026 Axiom Business Book Awards, widely regarded as the world’s most respected business book honors since 2007.  

    Otedola described the recognition as a personal milestone and a testament to the exceptional team that helped bring the book to life. He extended appreciation to readers who have supported the work, noting that the book is both a memoir and a business guide.  

    Making It Big chronicles Otedola’s rise from childhood dreams of entrepreneurship to becoming one of Africa’s most prominent billionaires and philanthropists. It highlights his journey of ambition, resilience, and reinvention — from making his first billion at 41, to losing a fortune, and rebuilding his empire.  

    Through personal stories, Otedola shares insights into leadership, risk-taking, and the importance of maintaining a positive mindset despite challenges. Part memoir and part business manual, the book offers lessons on perseverance, strategic thinking, and philanthropy.  

    Otedola emphasizes that success is not linear but achievable through determination and adaptability. The book serves as inspiration for aspiring entrepreneurs, showing that it is possible to defy the odds and create lasting impact in business and society. 

  • Nigeria opens applications for second cohort of National TVET Programme

    Nigeria opens applications for second cohort of National TVET Programme

    ABUJA, Nigeria, 13 April 2026 (NPA) — The Federal Ministry of Education has announced the opening of applications for the second cohort of the National Technical and Vocational Education and Training (TVET) Programme, a flagship initiative under President Bola Ahmed Tinubu’s Renewed Hope Agenda.

    The application portal opens today at 4:00 PM (WAT), offering Nigerians an opportunity to acquire practical skills for employment and entrepreneurship. Last year, more than 1.3 million Nigerians applied, underscoring the growing demand for vocational training and its impact on livelihoods and the economy.

    The programme, delivered through certified training centers nationwide, provides tuition-free training, monthly stipends, and start-up support in trades across high-demand sectors. It aims to close Nigeria’s skills gap, empower youth for self-reliance, create a pipeline of skilled workers for industries, and promote national development through vocational excellence.

    Applicants can choose between two flexible tracks:

    • Short-Term Certificate (STC) Programme — Six months, designed for first-time trainees, school leavers, or individuals without formal education. Requirements include a valid National Identification Number (NIN) and Bank Verification Number (BVN).
    • Vocational Education & Innovation (VEI) Programme — One year, tailored for individuals with some education or informal training experience. Entry requires either Recognition of Prior Learning (RPL), a First School Leaving Certificate (FSLC), or any non-formal education certificate.

    Officials emphasized that the initiative is central to building human capital and driving inclusive economic growth. “With TVET, you can build your own future,” the Ministry said in its release.

  • NERC issues order on reporting regional electricity transmission loss factors

    NERC issues order on reporting regional electricity transmission loss factors

    ABUJA, Nigeria, 13 April 2026 (NPA) — The Nigerian Electricity Regulatory Commission (NERC) has issued Order No. NERC/2026/026 to strengthen transparency and efficiency in the country’s power grid through enhanced reporting of Regional Transmission Loss Factors (TLF).

    Data from the Nigerian Independent System Operator (NISO) show that the national average TLF dropped from 8.71% in 2024 to 7.24% in 2025, but still exceeds the 7% benchmark approved by NERC under the Multi-Year Tariff Order (MYTO). The new Order, dated 8 April 2026, establishes a formal framework for reporting transmission losses across regions operated by the Transmission Company of Nigeria (TCN).

    Effective from 13 April 2026, the directive is backed by the Electricity Act 2023, which empowers NERC to regulate, monitor, and ensure efficiency in the electricity market. Key provisions include:

    • NISO to install smart meters at all boundary regional interconnection points by December 2026 to accurately measure energy flows.
    • NISO to measure and document all energy flow of power transformers at transmission substations.
    • NISO to file quarterly regional TLF reports to NERC.
    • TCN to submit an action plan by July 2026 to reduce TLF to within the 7% benchmark.
    • TCN to ensure TLF across transmission regions does not exceed 6.5% by December 2026.

    NERC stated that the Order is designed to strengthen accountability in transmission operations and support improved grid performance through structured loss reporting.

  • Elon Musk accuses South Africa of blocking Starlink license

    Elon Musk accuses South Africa of blocking Starlink license

    INTERNATIONAL, 12 April 2026 (NPA) — Elon Musk, founder and CEO of SpaceX and Tesla, has accused his country of birth, South Africa, of denying Starlink a license to operate, alleging corruption and racial discrimination in the process.

    In a post on his X account, the word’s richest man claimed that South African regulators refused to grant Starlink approval “simply because I am not Black.” He alleged that officials repeatedly offered Starlink the chance to secure a license by bribing or misrepresenting its ownership structure to appear Black‑run, but said he refused to comply “on principle.” 

    Musk added: “Racism should not be rewarded, no matter to which race it is applied. Shame on the racist politicians in South Africa. They should be shown no respect whatsoever anywhere in the world.”

    The South African government has defended its position, citing the Black Economic Empowerment (BEE) framework, which requires local participation in telecommunications licensing. Officials argue that the rules are designed to ensure equity and inclusion in the economy. The confrontation escalated after Musk publicly attacked Clayson Monyela, head of public diplomacy, accusing him of racism for defending the regulatory framework.

    The dispute carries wider implications: without approval, Starlink cannot legally operate in South Africa, limiting its expansion in a market where rural connectivity is urgently needed. Musk’s accusations have sparked debate over whether South Africa’s equity policies discourage foreign investment, while his public attacks risk straining diplomatic relations. The government insists its rules are necessary for fairness, but Musk’s claims have turned the issue into a global controversy over governance, inclusion, and the balance between attracting technology investment and enforcing local participation laws.

  • Gateway Air begins operations with ₦100,000 flights to major cities

    Gateway Air begins operations with ₦100,000 flights to major cities

    OGUN, Nigeria, 11 April 2026 (NPA) — Gateway Air, the newly launched Ogun State‑owned airline, has announced the commencement of scheduled flight operations connecting key cities across Nigeria, with economy fares starting at ₦100,000.

    In a statement issued at the weekend by Hon. Kayode Akinmade, Special Adviser on Information and Strategy to Governor Dapo Abiodun, the airline confirmed that flights will begin on Monday, 13 April 2026.

    The routes include: Iperu to Abuja, Abuja to Port Harcourt, Abuja to Calabar, Abuja to Jos, and Iperu to Kano.

    Flights will operate on Mondays, Tuesdays, Wednesdays, and Fridays, offering passengers reliable and convenient travel options.

    Gateway Air emphasised that the new services are part of its commitment to enhancing connectivity, improving regional accessibility, and supporting economic growth through efficient air travel.

    Passengers are encouraged to make early bookings and follow the airline’s official communication channels for updates on schedules and further information.

    The airline reaffirmed its dedication to providing safe, customer‑focused services, positioning itself as a key player in Nigeria’s aviation sector.

  • Nigeria’s NNPC launches Cawthorne Crude onto global market

    Nigeria’s NNPC launches Cawthorne Crude onto global market

    ABUJA, Nigeria, 11 April 2026 (NPA) — The Nigerian National Petroleum Company (NNPC) Limited has commenced export of its new crude grade, Cawthorne, marking a significant milestone in Nigeria’s drive to boost crude oil production and diversify its export portfolio.

    Cawthorne blend crude, the latest addition to Nigeria’s basket of grades, has an API gravity of 36.4, placing it firmly within the light, sweet category. Comparable to Bonny Light, it is highly valued internationally for its superior petrol and diesel yields.

    NNPC Ltd confirmed that on 5 April 2026, the maiden cargo of 950,000 barrels was loaded onto the MT Eburones vessel via the Cawthorne Floating Storage and Offloading (FSO) facility offshore Bonny, Rivers State, and shipped to the Netherlands. The FSO enhances crude evacuation from OML 18, strengthening Nigeria’s export reliability, operational efficiency, and energy security.

    According to a statement signed by Andy Odeh, Chief Corporate Communications Officer, the launch of Cawthorne underscores NNPC Ltd’s deliberate strategy to unlock value from its asset base, deepen competitiveness, and support the Presidential mandate of scaling crude oil production to three million barrels per day and gas output to 12 billion cubic feet per day by 2030.

    Group Chief Executive Officer Engr. Bashir Bayo Ojulari commended President Bola Ahmed Tinubu’s policy direction and sector reforms, as well as the collaboration of OML 18 partners, the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), and other stakeholders. He stressed that NNPC Ltd remains focused on disciplined execution, innovation, and partnerships to ensure sustainable growth and energy security.

    Ojulari added: “This milestone reflects the direction we have set for NNPC Limited — one anchored on execution, partnership, and value creation. We are moving decisively from resource potential to resource monetisation, ensuring that every asset delivers measurable commercial outcomes.”

    The successful export of Cawthorne follows recent additions such as Nembe and Utapate, reinforcing Nigeria’s position as a reliable global energy supplier. NNPC Ltd pledged to continue leveraging innovation and strategic partnerships to unlock the full value of Nigeria’s hydrocarbon resources while safeguarding long‑term energy security and economic growth.

  • TCN announces planned power outage in Uyo, Eket, Ekim, and Ibom Power over planned maintenance 

    TCN announces planned power outage in Uyo, Eket, Ekim, and Ibom Power over planned maintenance 

    ABUJA, Nigeria, 11 April 2026 (NPA) — The Transmission Company of Nigeria (TCN) has announced a planned maintenance exercise on the Uyo/Itu 132kV Transmission Line.

    According to a statement signed by Ndidi Mbah, General Manager, Public Affairs, the outage will run daily from 8 a.m. to 5 p.m. for fourteen days, spread across three days each week, beginning on 9 April 2026 at 2:05 p.m. The exercise is to enable contractors to string the Optical Ground Wire (OPGW) along the line. Once completed, the project is expected to boost wheeling capacity, reduce frequent outages, and enhance overall system stability.

    TCN confirmed that contractors are already on-site working to ensure the bulk power supply is restored as quickly as possible.

    As a result, the Port Harcourt Electricity Distribution Company (PHEDC) will be unable to off‑take power supply to customers in Uyo, Eket, Ekim, and Ibom Power during the outage period.

    TCN apologised for the inconvenience to electricity consumers in the affected areas and assured that every effort is being made to complete the exercise within the stipulated timeframe.

  • Nigerian equities close bullish as ASI gains 0.54%

    Nigerian equities close bullish as ASI gains 0.54%

    LAGOS, Nigeria, 10 April 2026 (NPA) — The Nigerian Exchange (NGX) closed bullish on Friday as the All‑Share Index (ASI) rose by 0.54% to 203,770.43 points. Market capitalisation of listed equities also advanced by 0.54%, closing at ₦131.16 trillion.

    Fixed income securities recorded growth, with market capitalisation rising to ₦48.71 trillion, while Exchange‑Traded Products (ETPs) dipped to ₦136.33 billion.

    Top gainers included TRANEX (+9.91% to ₦3.77), Chams (+9.84% to ₦3.35), Guinness Nigeria (+9.38% to ₦462.90), and another stock surging +36.30% to ₦115.86. These strong performances helped lift overall market sentiment.