New Post Africa

Category: Business

  • Vice President Shettima urges world-class standards for made-in-Nigeria products

    Vice President Shettima urges world-class standards for made-in-Nigeria products

    ABUJA, NIGERIA (NPA) — 27 March 2026 — Nigeria’s Vice President, Senator Kashim Shettima, has charged members of the National Council on Skills (NCS)—comprising federal ministries, state governments and the private sector—to ensure that Made-in-Nigeria products and services remain synonymous with world-class standards.

    He urged the council to harness the restless, inventive spirit of Nigerians, evident across streets, schools and workshops, by channelling this energy into powering the nation’s ongoing industrial revolution.

    In a statement on Friday, Shettima, who chaired the 8th NCS meeting at the Presidential Villa on Thursday, emphasised that as the council moves towards inaugurating the National Working Committee for WorldSkills Nigeria, its responsibility extends well beyond preparations for Shanghai 2026. He noted that the council’s work is central to positioning Nigeria as a hub of innovation and skills development in Africa.

    The 48th WorldSkills Competition, organised by WorldSkills International, will bring together skilled young professionals from across the globe to compete in diverse fields ranging from engineering and construction to information technology and creative arts. Nigeria’s participation, Shettima stressed, is not only about showcasing talent but also about benchmarking national standards against global best practices, thereby strengthening the country’s competitiveness in the international marketplace.

  • King Charles tours Oxford Photovoltaics, praises groundbreaking solar innovations

    King Charles tours Oxford Photovoltaics, praises groundbreaking solar innovations

    INTERNATIONAL (NPA) — 27 March 2026 — The King of England, His Majesty King Charles III, today visited Oxford Photovoltaics, a pioneering renewable energy company based at the Oxford Science Park in Oxfordshire. The firm, a spin‑out from the University of Oxford, has earned global recognition for its cutting‑edge work in solar technology, particularly in the development of perovskite solar cells.

    During the visit, the King described Oxford Photovoltaics as a trailblazing enterprise, noting that its advanced solar panels are capable of converting a broader spectrum of sunlight into clean, affordable energy compared with conventional models. This innovation positions the company at the forefront of efforts to accelerate the transition to sustainable energy both in the United Kingdom and internationally.

    According to a statement released by the Royal Family, His Majesty met members of staff, toured the company’s research and production facilities, and observed the technology in action. Oxford Photovoltaics, headquartered in Oxfordshire with additional operations in Germany, continues to expand its influence as one of Europe’s leading solar technology firms, combining academic research with industrial application to deliver solutions that address climate change and energy security.

  • Kenyan farmers rejoice as government injects Sh3.5 billion to revamp tea sector

    Kenyan farmers rejoice as government injects Sh3.5 billion to revamp tea sector

    AFRICA (Agency Report/Absalom Namwalo) — 27 March 2026 — Kenyan tea farmers have reason to celebrate after the government injected Sh3.5 billion to modernise factories, meet international standards and promote value addition for better prices at the Mombasa auction.  

    Speaking at Olenguruone Tea Factory during the issuing of a corporation certificate, Agriculture PS Dr Kiprono Rono stressed that farmer welfare remains a priority and warned the KTDA board against corruption and mismanagement of funds. He announced Sh26 per kilo as the new price payable to farmers, up from Sh16.  

    Rono outlined sweeping reforms aimed at raising farmer earnings to Sh100/kg by 2027, tackling low auction prices and high production costs. Strategies include factory modernisation, promoting orthodox tea, digitising payments and removing VAT on exports. He urged factories to embrace diversification and value addition to meet global demand.  

    Under the reforms, KTDA factories must implement service-level agreements to guarantee quality services. Factories will also gain autonomy to conduct direct sales, boosting profitability and transparency. Rono emphasised the need for modern technology and field-level oversight to meet international consumer requirements.  

    Willy Mutai of the Tea Board of Kenya echoed these sentiments, urging investment in research and improved processing standards. He noted that reforms on quality, diversification and industry revitalisation will enhance farmer bonuses and earnings. Regulations will enforce payment timelines, with 50% upfront and the balance within three months, easing cash flow challenges.  

    Mutai added that reforms target 40% of Kenya’s tea to be value-added locally rather than exported in bulk. He stressed the importance of consistent green leaf quality, particularly in western Kenya, to attract premium buyers and strengthen competitiveness.

  • Access Holdings’ Aig‑Imoukhuede meets Cameroon Prime Minister as WTO Conference continues

    Access Holdings’ Aig‑Imoukhuede meets Cameroon Prime Minister as WTO Conference continues

    AFRICA (NPA) — 27 March 2026 — The Chairman of Access Holdings PLC, Aigboje Aig‑Imoukhuede CFR, on Friday was received by His Excellency Joseph Dion Ngute, Prime Minister of Cameroon, in Yaoundé.

    The meeting formed part of Aig‑Imoukhuede’s official visit to Cameroon, coinciding with the ongoing 14th Ministerial Conference of the World Trade Organisation (MC14), held from 26–29 March 2026. The high‑level gathering has brought together trade ministers and global stakeholders to deliberate on reforms, e‑commerce, investment facilitation, fisheries subsidies and agriculture.

    The WTO’s Ministerial Conference in Yaoundé is widely regarded as a pivotal event for global trade, placing Cameroon at the centre of international discussions. Decisions taken are expected to shape the future of the multilateral trading system, particularly in areas of reform, agriculture, fisheries and digital trade.

    According to a statement by Access Bank, discussions between the two leaders focused on strengthening collaboration with the Government of Cameroon in line with its economic transformation agenda. 

    Both leaders highlighted support for public finance management, improved access to foreign exchange for priority sectors, infrastructure financing, and the development of sustainable and resilient economic systems. The talks also underscored the importance of private‑sector partnerships in driving inclusive growth and ensuring that Cameroon’s economy remains competitive in the evolving global trade landscape.

  • Ukraine and Saudi Arabia sign defence cooperation pact

    Ukraine and Saudi Arabia sign defence cooperation pact

    INTERNATIONAL (NPA) — 27 March 2026 — Ukraine has signed a landmark defence cooperation agreement with Saudi Arabia, positioning itself as a global security partner following its battlefield experience in the war with Russia.

    The document, signed as part of the meeting between President Volodymyr Zelenskyy and Crown Prince Mohammed bin Salman Al Saud, establishes a framework for future contracts, technological collaboration and investment, while strengthening Ukraine’s role as a security donor.

    In a statement on Friday, Zelenskyy said Ukraine was ready to share its expertise and defence systems with Saudi Arabia to enhance the protection of lives. “Now into the fifth year, Ukrainians are resisting the same kind of terrorist attacks – ballistic missiles and drones – that the Iranian regime is currently carrying out in the Middle East and the Gulf region. Saudi Arabia also has capabilities that are of interest to Ukraine, and this cooperation can be mutually beneficial,” he noted.

    The Ukrainian leader added that discussions also covered the wider Middle East and Gulf situation, Russia’s support for Iran, developments in fuel markets and prospects for energy cooperation.

  • Nigeria’s Finance Minister meets IMF Africa Group III Executive Director

    Nigeria’s Finance Minister meets IMF Africa Group III Executive Director

    ABUJA, NIGERIA (NPA) — 27 March 2026 — Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on Friday received Dr Quattara Wautabouna, Executive Director for the IMF Africa Group III (ECOWAS Constituency), during a courtesy visit in Abuja.

    According to a statement from the Ministry, discussions centred on strengthening regional economic coordination and enhancing collaboration within the ECOWAS constituency. The Minister emphasised the importance of continued engagement to support economic stability and shared growth objectives across the region.

    The IMF Africa Group III has been pivotal in supporting economic and institutional projects across West Africa. In Ghana, its US$3 billion Extended Credit Facility (ECF) programme is stabilising the economy through debt restructuring and fiscal reforms. Nigeria, though not under a lending programme, benefits from IMF-backed reforms, such as subsidy removal, improved functioning of the foreign exchange market, and fiscal discipline. Sierra Leone is implementing a 38‑month ECF arrangement worth SDR 187 million (about US$253 million), focusing on macroeconomic adjustment and climate resilience. Liberia has also received disbursements under its ECF programme, including US$26.5 million in October 2025, to strengthen fiscal management and infrastructure.

    Beyond individual countries, the IMF supports regional capacity building through AFRITAC West 2, which covers Nigeria, Ghana, Sierra Leone, Liberia, The Gambia and Cabo Verde. This initiative provides technical assistance and training in public finance, macroeconomic management and financial sector oversight. Collectively, these projects underscore the IMF’s commitment to stabilising economies, reinforcing reforms and building institutional resilience across West Africa.

  • FG, Access Bank reaffirm commitment to women empowerment in creative economy

    FG, Access Bank reaffirm commitment to women empowerment in creative economy

    ABUJA, NIGERIA (Agency Report) — 27 March 2026 — The Federal Government has reaffirmed its commitment to empowering women as key drivers of the creative economy, focusing on access to finance, skills development and leadership opportunities.

    Minister of Art, Culture, Tourism and the Creative Economy, Hannatu Musawa, stated this in Lagos at the International Women’s Day Conference organised by Access Bank Plc, which drew over 5,000 participants onsite and online.

    Represented by CBAAC Director-General Mrs Aisha Adamu, Musawa said women are increasingly leading in business, innovation and social change. She identified culture, capital and courage as critical factors, stressing that culture is both identity and an economic asset. She noted the ministry is repositioning culture through creative hubs, skills development and enterprise support targeting women in film, fashion, digital media and tourism. Women-owned businesses account for about 40 per cent of SMEs but face significant funding gaps.

    “Too many ideas remain small not because they lack potential, but because they lack access to capital,” she said, adding that government is working to unlock targeted funding, strengthen market access and promote women’s inclusion in leadership.

    Access Bank Chairman Mrs Ifeyinwa Osime urged deliberate investment in women as a catalyst for growth, stressing empowerment should be seen as a strategy, not charity. She noted women own 39 per cent of businesses and drive nearly 40 per cent of new enterprises, while SMEs contribute 48 per cent of GDP and over 80 per cent of jobs. Yet financing gaps persist, constraining productivity.

    “No economy can optimise its potential while underinvesting in half its population,” she said, highlighting Access Bank’s W Initiative and Womenpreneur Pitch-a-ton programme, which provides financing, training and healthcare support.

    Former Education Minister Dr Oby Ezekwesili stressed prioritising women’s inclusion, noting that societies transform when such issues are deliberately addressed. She said removing barriers could unlock vast potential, with agricultural output rising by up to 30 per cent if women had equal access to inputs. She commended Access Bank’s interventions and urged women to invest in knowledge, build partnerships and seek financing opportunities. In a one-on-one session, she emphasised shared values as “our internal currencies.”

    Mrs Nene Kunle-Ogunlusi, Group Head, Women Banking, Access Bank, said the bank remains committed to supporting women across all segments, citing a recent Women’s Day programme for market women in Oyingbo, Lagos, offering free health checks, beauty services and financial education.

    Stakeholders called for sustained collaboration between the government and the private sector to expand opportunities for women and drive inclusive growth. (NAN).

  • TCN commends SSAEAC executives for sustaining peace, security, and industrial harmony

    TCN commends SSAEAC executives for sustaining peace, security, and industrial harmony

    ABUJA, NIGERIA (NPA) — March 26, 2026 — The Transmission Company of Nigeria (TCN) has formally recognized and commended the Senior Staff Association of Electricity and Allied Companies (SSAEAC), CHQ Branch Executives, for their steadfast commitment to fostering peace, stability, and industrial harmony within the organization, even in the face of persistent challenges confronting the nation’s power sector.

    The commendation was delivered by Mrs Abiodun Afolabi, Executive Director of Human Resources & Corporate Services, during the First Quarter 2026 Consultative Committee Meeting between TCN Management and SSAEAC Branch Executives, held on Wednesday, March 25, at the company’s corporate headquarters in Abuja.

    Mrs Afolabi highlighted that the consultative forum served as a crucial platform for management and union leaders to engage in constructive dialogue on pressing issues affecting operations, security, and staff welfare across the country. She stressed that such collaborative engagements not only strengthen organisational resilience but also remain vital to sustaining peace within the transmission network and ensuring the continued preservation of industrial harmony nationwide.

  • Equities edge higher as ngx records gains, market bullish

    Equities edge higher as ngx records gains, market bullish

    LAGOS, NIGERIA (NPA) — March 25, 2026—Trading activities on the Nigerian Exchange (NGX) closed on a positive note today, March 25, 2026, with equities edging upward amid cautious investor sentiment. According to figures released by the NGX, the All Share Index (ASI) advanced slightly, closing at 200,925.75 points, representing a +0.11% gain.

    This modest uptick pushed the Equity Market Capitalization to ₦128.97 trillion, reflecting renewed investor confidence in select blue-chip stocks. Analysts noted that the upward movement, though marginal, underscores resilience in the equities market despite broader macroeconomic uncertainties.

    Meanwhile, the Exchange Traded Products (ETPs) market recorded a significant surge, climbing +7.29%. Market watchers attributed this sharp rise to increased demand for diversified investment instruments, as investors sought alternatives to traditional equities.

    In contrast, the Fixed Income market held steady at ₦48.12 trillion, showing no major shifts in bond prices or yields. This stability, experts say, reflects investor caution ahead of anticipated monetary policy decisions and global oil market volatility.

    Overall, today’s trading session highlighted a balanced performance across asset classes, with equities and ETPs driving momentum while fixed income remained stable. Market analysts expect continued cautious optimism as investors monitor both domestic economic indicators and international developments.

    The NGX emphasized its commitment to transparency and efficiency in reporting daily trading activities, noting that today’s gains, though modest, contribute to sustaining confidence in Nigeria’s capital market.

  • Ukraine’s drone offensive halves Russia’s oil shipments as global oil markets hangs in the balance

    Ukraine’s drone offensive halves Russia’s oil shipments as global oil markets hangs in the balance

    INTERNATIONAL (NPA) — March 25, 2026: Russia’s ambitions to cash in on soaring global oil demand amid Middle East turmoil have suffered a devastating setback, as Ukrainian drone attacks cripple nearly half of its export capacity.

    Massive fires erupted at Russia’s Baltic Sea ports, Primorsk and Ust-Luga, forcing the suspension of oil shipments for the second time in a week. The Ust-Luga terminal, which handles about 700,000 barrels of oil daily, was struck overnight, sparking an inferno that continues to rage. The port is a vital hub for petroleum products, coal, and fertilizers.

    Primorsk, Russia’s largest Baltic oil port with a capacity of 1 million barrels per day, was also targeted earlier on March 22. That strike ignited fuel storage tanks, halting operations and compounding the disruption.

    The scale of the damage is staggering: about 2 million barrels per day—roughly 40% of Russia’s export capacity—has been knocked offline. Novorossiysk, another critical port on the Black Sea, has also faced interruptions following a drone attack earlier this month.

    MarineTraffic data shows at least 50 vessels stranded in the Gulf of Finland, awaiting clearance to dock at the paralyzed ports. Local media, including Helsingin Sanomat, report that smoke from Ust-Luga’s burning fuel tanks—33 in total, with capacity exceeding 500 rail tank cars—is visible from Finland’s coastline, stretching for dozens of kilometers.

    Russia’s oil lifeline to global markets now hangs in the balance, as Ukraine’s precision strikes continue to dismantle Moscow’s export infrastructure.