New Post Africa

Category: Business

  • NNPC reports oil production growth following pipeline security measures

    NNPC reports oil production growth following pipeline security measures

    ABUJA, Nigeria, 10 April 2026 (NPA) — The Nigerian National Petroleum Company Limited (NNPC) says national crude oil production has rebounded significantly, rising from a historic low of 960,000 barrels per day in 2022 to an average of 1.71 million barrels per day, with a peak of 1.84 million barrels per day in 2025. The growth is attributed to the integrated energy security framework for pipelines in the Niger Delta.

    According to a statement by Chief Corporate Communications Officer Andy Odeh, Group Chief Executive Officer Engr. Bashir Bayo Ojulari disclosed the figures at the Parliamentary Roundtable on Pipeline Security held at the National Assembly on 8 April.

    Ojulari said the success was achieved through an “integrated energy security model” combining legislative and executive policy alignment, actionable intelligence, kinetic deployment, regulatory oversight, industry cooperation, and community‑based surveillance. He noted that tackling oil theft and pipeline sabotage has restored investor confidence in Nigeria’s oil and gas sector.

    In his address, Senate President Godswill Akpabio, represented by Senator Jimoh Ibrahim, called for stronger collaboration among agencies and stakeholders to sustain production growth. Speaker of the House of Representatives, represented by House Leader Hon. (Prof.) Julius Ihonvbere, urged the forum to evaluate progress to ensure fairness and equity.

    The roundtable was convened by the Joint Senate and House Committees on Petroleum Resources and attended by the Senate President, the Speaker, the National Security Adviser, the Minister of Defence, and representatives of regulatory agencies. Presentations were also delivered by the Chief of Defence Staff, Inspector General of Police, Director‑General of the Department of State Services, Commandant‑General of the Nigerian Security and Civil Defence Corps, and private security companies.

  • Afreximbank posts US$1.2 billion profit as assets hit US$48.5 billion

    Afreximbank posts US$1.2 billion profit as assets hit US$48.5 billion

    CAIRO, Egypt, 10 April 2026 (NPA) — The African Export‑Import Bank (Afreximbank) and its subsidiaries have reported a net profit of US$1.2 billion for the year ended 31 December 2025, underscoring sustained resilience, market confidence and strategic execution.

    Total assets and contingencies grew by 21% to US$48.5 billion, up from US$40.1 billion in 2024, while net loans and advances rose 16% to US$33.5 billion, driven by disbursements across Africa and the Caribbean in manufacturing, infrastructure, food security and climate adaptation.

    The Group’s non‑performing loan ratio remained stable at 2.43%, with liquidity strengthened by cash and equivalents of US$6.0 billion, representing 14% of total assets. Shareholders’ funds increased by 17% to US$8.4 billion, supported by net income and new equity inflows of US$299.4 million under the General Capital Increase II.

    Gross income rose by 6% to US$3.5 billion, while operating expenses climbed to US$459.2 million, reflecting staff expansion and inflationary pressures. Despite this, the cost‑to‑income ratio stood at 21%, well below the strategic ceiling of 30%.

    In 2025, Afreximbank successfully raised over US$800 million from Japan and China through Samurai and Panda bonds, demonstrating its fundraising capacity and reinforcing its role as a pan‑African multilateral financial institution.

    The Bank said the results were achieved through expanded delivery of tailored financial and advisory solutions that supported trade, fostered industrialisation and enhanced economic self‑reliance across the continent.

  • Federal Government to deliver 480MW Abeokuta substation by December

    Federal Government to deliver 480MW Abeokuta substation by December

    ABUJA, Nigeria, 9 April 2026 (Agency Report) — The Federal Government has announced that the new 480‑megawatt Abeokuta substation under construction in Ogun State will be completed and inaugurated by December.

    Managing Director and Chief Executive Officer of FGN Power Company, Mr Kenny Anuwe, gave the assurance on Thursday during an inspection of the project at Toolu community in Obafemi Owode Local Government Area. He reaffirmed the government’s commitment to improving the electricity supply nationwide, noting that President Bola Tinubu’s administration is investing heavily in power infrastructure to address longstanding challenges.

    Anuwe disclosed that resources have been committed to upgrading five brownfield substations in Abeokuta, Ayede, Offa, Onitsha and Sokoto under Phase One, expected to add about 986 megawatts to the national grid. He added that over 1,000 megawatts have already been injected through mobile substations and transformers under the Presidential Power Initiative.

    “The new facility, which complements the existing substation, will add 480 megawatts to the grid and improve electricity supply across the state. Civil works will be completed between June and July, followed by electrical installations, with commissioning scheduled for December,” Anuwe said. He commended President Tinubu for providing resources and urged contractors to sustain momentum.

    Chief Technical Officer of FGN Power Company, Mr Ebenezer Fapounda, explained that the project would upgrade capacity from 132kV to 330kV, reducing load shedding and addressing supply shortfalls from Ikeja West to Ogun.

    Project Manager for Siemens Energy, Mr Yusuf Mayhaja, assured that work is progressing as planned, while Project Director Mr Eli Akiki expressed confidence in timely completion, stressing that the company remains committed to delivering and inaugurating the substation before the end of 2026.

  • NAFDAC hails Sam Pharmaceuticals’ new lagos facility as boost for local drug production

    NAFDAC hails Sam Pharmaceuticals’ new lagos facility as boost for local drug production

    LAGOS, Nigeria, 9 April 2026 (NPA) — The Director-General of the National Agency for Food and Drug Administration and Control (NAFDAC) has commended Sam Pharmaceuticals following the commissioning of its new manufacturing facility in Lagos.

    NAFDAC described the commissioning of Sam Pharmaceuticals Ltd’s plant as a significant milestone in advancing local pharmaceutical production in Nigeria. The event also featured tributes to the Agency’s Director-General, Professor Mojisola Adeyeye, for her leadership in strengthening the sector through policies that promote quality, safety, and local capacity development.

    In a statement issued today, NAFDAC noted that stakeholders at the event highlighted the Agency’s 5+5 Policy as instrumental in driving increased local manufacturing, contributing to a rise in domestic pharmaceutical output. They further acknowledged that NAFDAC’s regulatory reforms and commitment to global best practices have enhanced investor confidence and supported industry growth.

    Reaffirming its commitment, NAFDAC pledged to continue fostering a robust and self-sufficient pharmaceutical sector, ensuring the availability of safe, effective, and affordable medicines for Nigerians. The Agency emphasised that sustained collaboration between regulators and industry players remains critical to achieving national drug security and improved healthcare outcomes.

  • Scheduled preventive maintenance at Omotosho Transmission Substation, power outage expected

    Scheduled preventive maintenance at Omotosho Transmission Substation, power outage expected

    ABUJA, Nigeria, 8 April 2026 (NPA) — The Transmission Company of Nigeria (TCN) has announced a scheduled preventive maintenance exercise at the Omotosho Transmission Substation.

    The work will take place today, 8 April 2026, from 9:00 a.m. to 5:00 p.m. on the 150MVA 330/132/33kV transformer and the 44/40MVA 132/33kV transformer.

    According to a statement issued by Ndidi Mbah, General Manager (Public Affairs), the exercise is necessary to investigate and rectify a fault affecting the remote operation of the secondary breaker on the 150MVA transformer. In addition, annual preventive maintenance will be carried out on the 44/40MVA transformer and its associated equipment.

    As a result, the Niger Delta Power Holding Company (NDPHC) and the Benin Electricity Distribution Company (BEDC) will be unable to offtake power through the Weewood, Igbotako, Rubber Estate, Igbokoda, and Ode-Aye 33kV feeders during the period.

    TCN has apologised for any inconvenience caused to electricity consumers in the affected areas.

  • SWEDD Empowered young women driving change through skills and jobs in West and Central Africa

    SWEDD Empowered young women driving change through skills and jobs in West and Central Africa

    INTERNATIONAL, April 6, 2026 (NPA) — From potential to skills and real jobs, young women across Western and Central Africa are reshaping their futures through training and employment opportunities provided by the Sub-Saharan Africa Women’s Empowerment and Demographic Dividend project (SWEDD/SWEDD+).

    Since its inception in 2015, the initiative has reached nearly 3 million women and adolescent girls, linking education, skills development, and access to health services with real economic pathways. More than 255,000 participants have acquired practical skills and transitioned into stable employment, showing how investment in women’s education and workforce participation strengthens families, communities, and local economies.

    Across the region, stories of transformation abound. In Benin, Angelique and Odette, who left school early due to financial hardship, were trained in solar photovoltaic installation through SWEDD. Today, they work with a private company, installing solar panels and bringing renewable energy to rural villages. “Now we’re motivated and earning money to support our families. We’re happy to bring solar energy to the villages,” Angelique said, her pride evident.

    Harmelle, also from Benin, faced similar challenges after leaving school at 14 and becoming a widow at a young age. With her twin sister, she joined a SWEDD entrepreneurship program in snail farming. The training and starter kit provided not only income but also stability. “When I started farming, there were difficulties, but then we began earning money, and everyone was better off,” she recalled.

    In Chad, Djogoita pursued midwifery, inspired by her father’s service as a police officer. Her training now allows her to provide essential maternal and child health services. “When they bring me a pregnant woman or a child, I can use the knowledge I gained to help them,” she said proudly, highlighting the confidence and purpose her new role has given her.

    These individual stories reflect a broader shift. While about 40% of young women in West and Central Africa remain outside school, training, or employment, SWEDD+ is changing trajectories by expanding opportunities, building confidence, and strengthening institutional capacity for equal rights.

    The World Bank Group emphasizes that investing in women is one of the smartest economic bets for powering local economies. By equipping young women with relevant skills and connecting them to jobs, programs like SWEDD+ turn human potential into productive employment that fuels inclusive and sustainable growth.

    As the activities marking the International Women’s Month wind down, the voices of Angelique, Odette, Harmelle, and Djogoita is a remind that Africa’s future resilience is already taking shape — one empowered young woman at a time, trained, employed, and determined to drive change in her community.

  • Tinubu approves ₦3.3 trillion power bailout to end Nigeria’s decade of darkness

    Tinubu approves ₦3.3 trillion power bailout to end Nigeria’s decade of darkness

    ABUJA, NIGERIA, April 5, 2026 (NPA) — President Bola Ahmed Tinubu has approved a ₦3.3 trillion payment plan aimed at restoring reliable electricity across Nigeria. The landmark move seeks to finally settle long-standing debts under the Presidential Power Sector Financial Reforms Programme, resolving legacy issues that have crippled the sector for more than a decade.

    According to Bayo Onanuga, Special Adviser to the President (Information and Strategy), today, the debts accumulated between February 2015 and March 2025. Following verification, ₦3.3 trillion was agreed as a full and final settlement, ensuring transparency and fairness.

    Implementation is already underway, with 15 power plants signing settlement agreements worth ₦2.3 trillion. The Federal Government has raised ₦501 billion to fund the payments, of which ₦223 billion has been disbursed, with further payments in progress.

    Officials say the bailout will stabilize power generation, improve electricity reliability, and attract new investments. “This programme is not just about settling debts. It is about restoring confidence across the power sector — ensuring gas suppliers are paid, power plants keep running, and the system works more reliably,” explained Olu Arowolo-Verheijen, Special Adviser on Energy to the President.

    She added that reforms also include better metering and service-based tariffs, linking payments to electricity quality, while prioritizing supply to businesses and industries to boost jobs and economic growth.

    President Tinubu commended stakeholders for supporting the resolution of legacy issues and confirmed that the next phase of the programme (Series II) will begin this quarter.

  • UN warns credit ratings penalize developing nations, calls for reform

    UN warns credit ratings penalize developing nations, calls for reform

    LAGOS, NIGERIA, April 5, 2026 (NPA) — The United Nations has raised an alarm that developing countries are being priced out of affordable finance needed for sustainable development, with sovereign credit ratings often overstating risk and ignoring long-term economic potential. Speaking at the opening of the UN Economic and Social Council (ECOSOC) Special Meeting on Credit Ratings, Deputy Secretary-General Amina Mohammed, delivering remarks on behalf of Secretary-General António Guterres, said the current system relies too heavily on “outdated and incomplete information,” leaving poorer nations unfairly penalized in global capital markets.

    “Adequate and timely finance is the fuel that drives sustainable development,” Mohammed warned. “Today that fuel is running perilously low, and it’s getting more costly.” She highlighted that developing countries face nearly $1.4 trillion in annual debt servicing costs, with more than 3.4 billion people living in nations that spend more on debt interest than on health or education. Rising fuel and raw material costs linked to global instability, coupled with climate disasters, are intensifying fiscal pressures and slowing growth, she added.

    Mohammed linked the debate on credit ratings to broader debt reform efforts, citing initiatives such as a borrowers’ platform, principles for responsible sovereign borrowing and lending, and a UN-led process bringing together debtor and creditor countries, private creditors, and civil society. She also pointed to the planned African Credit Rating Agency as a step toward improving data, transparency, and risk assessment.

    Calling for a reimagining of sovereign ratings, Mohammed urged a shift from speculation to investment, with methodologies that capture both vulnerability and opportunity. She stressed that affordable borrowing for development strengthens future solvency, noting that investment in health, education, infrastructure, climate resilience, and renewable energy reduces risk and builds prosperity. “It’s time to turn credit ratings from barriers into contributors to long-term finance and sustainable development,” she said.

  • Thank you for coming: Governor Abiodun hails Tinubu’s historic commissioning in Ogun

    Thank you for coming: Governor Abiodun hails Tinubu’s historic commissioning in Ogun

    ABEOKUTA, NIGERIA, April 5, 2026 (NPA) — Ogun State Governor, Prince Dr. Dapo Abiodun, CON, has described the commissioning of landmark projects in the state by President Bola Ahmed Tinubu as both historic and symbolic of the progress Ogun is making toward prosperity and modern development.

    He expressed profound appreciation to the President for honoring the state with his presence and for his unwavering support, noting that the commissioning underscored the strong partnership between the Federal Government and Ogun State in delivering meaningful progress.

    In a statement today, Abiodun extended gratitude to distinguished guests, stakeholders, traditional rulers, party leaders, captains of industry, and development partners who attended the event. He emphasized that their presence and encouragement added great value to the success of the occasion and strengthened collective resolve to push the boundaries of development.

    “To the good people of Ogun State, we say thank you for your continued support, trust, and partnership. Yesterday’s success belongs to all of us, and we remain committed to justifying the confidence you have placed in us by continuing to deliver impactful projects and people-centred governance across every part of our dear state,” he said.

    The governor reaffirmed his administration’s commitment to building a future of shared prosperity and lasting progress, promising to sustain the momentum of development across Ogun State.

  • Eritrea expands forage production to boost milk output

    Eritrea expands forage production to boost milk output

    AFRICA, April 4, 2026 (NPA) — Eritrea’s Ministry of Agriculture has announced significant progress in its national strategy to expand forage cultivation as part of efforts to increase milk production and strengthen food security.

    According to the ministry, in a statement today, 27 types of forage crops suitable for livestock feed have been identified across the country. Forage farming, though rooted in Eritrea’s agricultural history, has not been fully developed until recent years. Officials say the sector is now central to the government’s plan to improve livestock health and meet rising demand for dairy products.

    Mr. Medhane Tesfay, Head of Forage Development at the Ministry of Agriculture, explained that forage-based milk production has been adopted as a national strategy. 

    In 2025 alone, 2,300 hectares of land were cultivated with forage crops, yielding an estimated 109,000 tons of green feed. This initiative, he noted, is designed to reduce dependence on imported feed, improve animal nutrition, and raise milk output.

    Livestock in Eritrea are divided into ruminants—such as cattle, sheep, goats, and camels—and non-ruminants like poultry and horses. Ruminants, which rely on microbial digestion in their multi-chambered stomachs, benefit most from forage-based diets. The ministry emphasized that the type and quality of feed directly influence milk yield and composition.

    Breed differences also play a role. Buffalo milk generally contains higher fat than cow’s milk, while camel milk is richer in minerals. Even within cattle breeds, milk composition varies. Local breeds such as Barika and Arado produce milk with different qualities compared to imported breeds like Holstein or Jersey.

    Officials highlighted that forage expansion is not only about increasing volume but also about improving quality. By diversifying feed sources and aligning them with livestock species and breeds, Eritrea aims to achieve more sustainable dairy production.

    The ministry concluded that forage-based strategies will remain the backbone of Eritrea’s dairy development, ensuring healthier livestock, higher milk yields, and greater resilience in the face of climate and market challenges.