Category: Business

CAIRO, Egypt (Agency Report) — Egypt has signed a 1.5 billion dollar financing agreement with the International Islamic Trade Finance Corporation (ITFC) to strengthen food and energy security amid mounting economic pressures and regional instability.

The agreement was signed on Wednesday in Cairo, with the funds expected to support the country’s strategic food imports and petroleum supply operations.

Under the arrangement, 700 million dollars will be allocated to the General Authority for Supply Commodities (GASC), while the Egyptian General Petroleum Corporation (EGPC) will receive 800 million dollars, according to Egypt’s Planning Minister, Ahmed Rostom.

The financing package is aimed at supporting Egypt’s ability to maintain stable supplies of essential commodities and energy resources as the country grapples with economic challenges and rising external pressures.

Speaking during the signing ceremony, Chief Executive Officer of the ITFC, Adib Youssef Al Aama, said the corporation has approved more than 24 billion dollars in funding for Egypt since 2008.

According to him, the support has focused on financing the energy sector, strengthening food security and supporting small and medium-scale enterprises.

He disclosed that about 8.8 billion dollars of the financing had gone to GASC to facilitate Egypt’s importation of key food commodities, including approximately 12.6 million tonnes of wheat.

Egypt remains one of the world’s largest wheat importers due to its extensive bread subsidy programme, which supports an estimated 70 million citizens and costs the government more than 2.6 billion dollars annually.

The ITFC also assisted Egypt in addressing arrears owed to foreign oil companies, with the government pledging to clear the outstanding obligations by the end of June.

The latest loan agreement comes at a delicate period for Egypt’s economy as authorities continue implementing reforms under an 8 billion dollar International Monetary Fund (IMF) support programme.

Economic pressures have also intensified following the impact of the ongoing U.S.-Israeli war involving Iran, which has increased uncertainty across regional financial and energy markets.

Analysts say the conflict has added fresh strain to Egypt’s fragile economy, which remains heavily dependent on foreign portfolio inflows and imported gas supplies.

Last week, the Egyptian government also announced plans to review its long-running subsidy system and potentially replace portions of it with direct cash transfers beginning in July as part of broader economic reform measures.

The move is expected to form part of efforts to reduce fiscal pressures while maintaining support for vulnerable citizens amid rising living costs.

LAGOS, Nigeria (NPA) — Oil prices eased on Wednesday, snapping a three-day rally as investors weighed the fragile Iran ceasefire and awaited the Trump–Xi summit in Beijing.

Brent crude slipped to $106.30 per barrel, while U.S. WTI futures fell to $100.77. Despite the dip, benchmarks remain above $100, reflecting ongoing supply disruptions from the Strait of Hormuz, through which nearly a fifth of global oil and gas flows.

Nigeria’s Bonny Light crude traded near $110.27, South Africa’s petrol averaged R26.63 per litre, China’s benchmark hovered around $110, India’s basket stood at ₹9,760 per barrel (~$109), and Australia’s national average petrol price was 187.7c/L.

These elevated costs are straining households and driving inflation. In the U.S., consumer prices posted their largest gain in three years, while South Africa faces surging food and transport costs.

Nigeria benefits from higher export earnings, but subsidy burdens persist, and India’s weak rupee amplifies consumer pain.

The economic fallout is clear: fuel costs are squeezing disposable incomes, raising production expenses, and forcing central banks to hold interest rates steady despite slowing growth.

China, the world’s largest oil importer, faces refinery strain and inflationary risks, while Australia’s households and businesses continue to grapple with high logistics costs.

With the Iran conflict unresolved and global demand uncertain, oil markets remain volatile, and the outlook for living standards and economic stability across many economies is increasingly fragile.

ABUJA, Nigeria (NPA) — The Abuja Electricity Distribution Company (AEDC) has announced an extension of the ongoing power outage affecting residents in Lugbe, Airport Road, Gaduwa and parts of Apo in the Federal Capital Territory.

In a public notice issued on Tuesday, the company said the relocation of critical electricity infrastructure along the 33kV Feeders H21 and H23, as well as the 11kV Feeder H1A in Gaduwa District, could not be completed as earlier scheduled.

According to AEDC, the exercise is being carried out at the instance of the Federal Capital Development Authority (FCDA) to facilitate ongoing road construction projects in the area.

The company said the relocation work has now been extended until 6:00 p.m. on May 12, 2026.

AEDC stated that electricity supply to the affected areas would remain temporarily disrupted until the exercise is completed.

“We sincerely apologise for the delay and any inconvenience this extended outage may cause. We appreciate your patience, understanding, and continued cooperation,” the company said.

AEDC advised customers seeking further clarification to contact its customer service line.

LAGOS, Nigeria (NPA) — Residents across parts of Lagos are facing increasing pressure on household budgets as the cost of drinking water continues to rise, forcing many families to adjust consumption patterns amid worsening living conditions.

A market survey conducted by the News Agency of Nigeria (NAN) shows a steady increase in the prices of sachet, bottled, and dispenser water in recent months.

According to the survey, a bag of sachet water, popularly known as “pure water”, now sells between ₦500 and ₦800 in several areas, depending on location, up from about ₦350 to ₦450 recorded in late 2025.

The increase has left many residents struggling to cope, with some diverting part of their feeding allowance to water purchases, while others resort to alternative — and sometimes unsafe — sources.

Mrs Justina Orjiakor, a resident of Ikeja, said the rising cost has forced her family to ration water consumption.

“In my family, we consume a lot of water. I used to buy two trips of 22 bags weekly for my household of four, but now I can only afford one. The rationing is not easy on us,” she said.

An airport worker, Mr Godwin, said the price hike has significantly altered his spending habits.

“Water is essential, but the price of bottled water keeps rising every few weeks from N1,400 late last year to N1,700 at the moment. It is becoming difficult to keep up,” he said.

Another resident, Mrs Chiamaka, said the cost of dispenser-bottled water has risen from N1,200 to N1,700, forcing her family to reconsider switching to sachet water. She attributed the frequent changes to vendors.

Mrs Ifeyinwa Ezeokoli, a resident of Ajao Estate, told NAN that she now spends between N16,000 and N20,000 monthly on sachet water for her family.

“1 bag 10 bags of water for N4,000 at my area directly from the company,” she said.

The civil servant lamented that the rising cost was straining her monthly budget alongside increasing food inflation.

She also noted that sachet water sizes appear to have reduced despite the price increases, calling for regulatory attention.

Ezeokoli urged the Lagos State Government to improve access to basic social amenities to prevent outbreaks of waterborne diseases and ensure affordable, safe drinking water for residents.

However, vendors say the price increases are driven by rising production and distribution costs, including transportation and fuel.

Mrs Opeyemi Abosede Akintunde, a shop owner in Ikeja, said frequent price adjustments are affecting both her business and customer relations.

“The price changes almost every two months, and customers think I am responsible,” she said.

She added that retail transactions have become increasingly difficult, with customers often complaining or refusing to accept new prices.

“I spend more time explaining than selling. Some customers even insult you, not realising that we are also struggling,” she said.

Akintunde, who has been in the trade for over seven years, said suppliers frequently adjust prices, leaving retailers with no choice but to pass the increases on to consumers.

“When I buy at a higher price, I have no choice but to sell higher,” she added.

IBADAN, Nigeria (NPA) — The Ibadan Electricity Distribution Company (IBEDC) has issued a public apology to customers across its network for failing to deliver the estimated hours of electricity supply on several Band A feeders as of May 9, 2026.

In a statement released by management, the company attributed the shortfall to a combination of Transmission Company of Nigeria (TCN) forced and planned outages, load shedding, overcurrent and earth faults, and disconnections for non‑payment. IBEDC assured customers that most affected feeders have now been restored, except the Water Works (Ojere) and Moniya Railway 33kV feeders, which remain disconnected.

“We sincerely apologise for our inability to deliver the estimated hours of supply on your feeder,” the statement read. “We remain committed to delivering the estimated hours of supply.”

The notice listed several major feeders and districts affected, including Ife 1 and 2, Akure 1, Oshogbo 1, Moniya, Bodija, Challenge, and Ogbomosho, among others. Areas such as Parakin, Mayfair, Ijapo Estate, Alagbaka GRA, Oja Oba, Bodija Market, and Ring Road experienced interruptions ranging from forced outages to earth faults and load shedding.

IBEDC explained that the disruptions were largely due to technical issues within the transmission network and maintenance operations aimed at stabilising supply. The company emphasised that restoration efforts were ongoing and that customers in the affected areas would soon enjoy improved service reliability.

The management reiterated its commitment to transparency and customer satisfaction, urging consumers to report faults promptly and settle outstanding bills to avoid disconnection.