New Post Africa

Category: Business

  • FG Abuja–Kaduna highway reconstruction reaches 80% completion

    FG Abuja–Kaduna highway reconstruction reaches 80% completion

    LAGOS, NIGERIA (NPA) — March 4, 2026 — The Federal Government of Nigeria announced Thursday that rehabilitation works on the Abuja–Kaduna highway have reached 80 per cent completion.

    Francis Nwaze, Senior Special Assistant on Media to the Minister of Works, confirmed the milestone in a statement, noting that the project is on track for commissioning.

    Nwaze credited the administration of President Bola Ahmed Tinubu and the oversight of Minister of Works, Senator David Umahi, for tightening accountability measures and closing loopholes that previously allowed public funds to be misused without tangible results.

    “The Abuja–Kaduna Road is now over 80 per cent completed and expected to be ready for commissioning by April,” the statement read. “The progress is visible, and the transformation of Nigeria’s road infrastructure is steady, real, and unstoppable.”

    Under Tinubu’s administration, Umahi has supervised several major road projects, including the reconstruction of the Ibadan–Ife–Ilesa dual carriageway, the completion of the Suleja–Minna road, the rehabilitation of the Kano–Kongolam highway, the reconstruction of the Onitsha-Awka-Enugu expressway, and the reconstruction of Lagos’ Carter Bridge, amongst others. These works form part of a broader portfolio of more than 2,000 inherited road contracts valued at ₦13 trillion, which the ministry has been restructuring and prioritising.

  • WTO and EIB forge partnership to boost sustainable trade and investment

    WTO and EIB forge partnership to boost sustainable trade and investment

    Luxembourg — March 4, 2026 (NPA) — The World Trade Organisation (WTO) Secretariat and the European Investment Bank (EIB) Group have signed a Memorandum of Understanding (MoU) to strengthen sustainable trade and investment worldwide, with a particular focus on developing countries.

    The agreement, signed by WTO Director-General Ngozi Okonjo-Iweala and EIB Group President Nadia Calviño during the EIB Group Forum in Luxembourg, establishes the EIB-WTO Trade and Investment Facilitation Initiative. This initiative will support regulatory reforms, investment planning, and project preparation aimed at unlocking new opportunities for developing economies.

    The partnership builds on the Investment Facilitation for Development Agreement, endorsed by 128 WTO members, which sets the first global framework to ease foreign direct investment flows. Under the MoU, the WTO and EIB will collaborate to assess countries’ needs, design reform strategies, and mobilise funding — including blended finance and private capital — to support investment projects.

    In its pilot phase, the initiative will target selected African countries, focusing on critical sectors such as green and digital transitions, health, education, sustainable growth, and job creation.

    “This partnership aligns policy reform efforts with catalytic financing, and thus promises to unlock private investment in strategic sectors, beginning with a pilot group of African countries,” said WTO Director-General Ngozi Okonjo-Iweala.

    EIB Group President Nadia Calviño emphasised Europe’s commitment to fair global trade, noting that the agreement “will help partner countries attract more and better-quality investment, while supporting reform and creating new trading opportunities for EU businesses.”

    Beyond financing, the WTO and EIB will also collaborate on research and analysis of global trade and investment trends to guide policy decisions.

  • CBN diversifies reserves with $3.5bn locally sourced LBMA gold

    CBN diversifies reserves with $3.5bn locally sourced LBMA gold

    Abuja, Nigeria (Agency Report) — March 5, 2026 — Lagos, March 4, 2026 (NAN) The Central Bank of Nigeria (CBN) has taken delivery of responsibly sourced gold refined to London Bullion Market Association (LBMA) Good Delivery standards into its foreign reserves.

    A statement by the apex bank on Wednesday said that this brings the CBN’s total gold holdings to 3.5 billion dollars, marking a significant step in its reserve diversification strategy.

    The gold, sourced in Nigeria, was aggregated by the Solid Minerals Development Fund (SMDF) through the National Gold Purchase Programme (NGPP).

    The programme involves local miners and operates within a responsible sourcing framework aligned with the Organisation for Economic Co-operation and Development (OECD) Due Diligence Guidelines and the World Gold Council’s London Principles.

    Speaking at a recent workshop on Strategies to Maximise the Economic Benefits of Minerals in Nigeria, CBN Governor, Mr Olayemi Cardoso, said that the CBN acquired the monetary-grade gold in Naira.

    Cardoso the gold was acquired at pricing linked to LBMA benchmarks, a structure designed to preserve Nigeria’s foreign exchange holdings while strengthening the nation’s gold reserves.

    He said that by purchasing domestically refined gold without deploying foreign currency, the transaction enhances reserve accretion and supports broader macroeconomic stability objectives.

    He also highlighted major shifts in global reserve management strategies, noting their increasing importance amid rising global economic uncertainties.

    Cardoso described the event as a reflection of Nigeria’s shared commitment to responsible and strategic management of its mineral resources.

    He said that the workshop underscored the nation’s readiness to adapt to the realities of an evolving global economy, where resilience, diversification, and prudent governance have become increasingly vital.

    He further said that the session was convened by the CBN’s Corporate Secretariat and Reserve Management Departments to create a platform for engagement with key players in the gold sector.

    The CBN governor said that the session was aimed at deepening understanding of the industry’s current landscape, opportunities, and challenges across its value chain.

    He said that central banks around the world were prioritising economic resilience amid persistent geopolitical and market uncertainties

    He said that gold had regained importance as a hedge against inflation and volatility, while other critical minerals were increasingly shaping global supply chains and advanced industrial development.

    Cardoso said that Nigeria’s immense natural and human resource potential could only be fully realised through prudence, strategic coordination, and long-term planning.

    He highlighted the need for strict adherence to internationally recognised standards, stressing that institutional credibility depends on strong governance frameworks.

    The Executive Secretary, SMDF, Hajiya Fatima Shinkafi, said the successful delivery of LBMA standard gold demonstrated the strength of the organisation’s formalisation framework and supply chain due diligence processes.

    The World Gold Council’s Director of Central Banks and Public Policy, Ms Kurtulus Diamondopoulos, commended both the CBN and SMDF for designing the Nigerian Gold Purchase Programme (NGPP).

    Diamondopoulos acknowledged that the NGPP was designed in line with the twelve London Principles for responsible artisanal and small-scale gold sourcing.

    She said that the partnership between the CBN as sole off-taker and the SMDF as fiscal and supply chain manager offered a strong model for other countries seeking to strengthen similar programmes.

    The President/CEO, Africa Finance Corporation (AFC), Mr Samaila Zubairu, reaffirmed AFC’s commitment to financing and formalising Nigeria’s mineral sector.

    He stressed the importance of accurate data and mineral processing infrastructure to attract investment, improve gold recovery, reduce environmental impact and support central bank purchases.

    Also, the Executive Vice Chairman of Kian Smith Gold Company, Ms Nere Emiko, underscored the urgent need for Nigeria to build strategic gold reserves and leverage commodity exchanges.

    Emiko noted the country’s low reserve levels relative to peers and called for greater investment in exploration and transparency.

    The Domestic Gold Purchase Programme forms part of the CBN’s broader strategy to enhance reserve quality, reduce external vulnerabilities, and position Nigeria’s mineral wealth as a pillar of long-term economic stability. (NAN).

  • Reps threaten to arrest BOI MD over failure to appear before committee

    Reps threaten to arrest BOI MD over failure to appear before committee

    Abuja, Nigeria (Agency Report) — March 5, 2026 — An Ad hoc Committee of the House of Representatives has threatened to issue an arrest warrant on the Managing Director of Bank of Industry (BOI), Dr Olasupo Olusi, following his failure to appear before it to account for the performance of funds in the bank.

    The committee, which is investigating the operations, funding sources and performance of Development Finance Institutions (DFIs), at a public hearing on Wednesday in Abuja, threatened to invoke its constitutional powers to compel the managing director’s appearance.

    In his ruling, Chairman of the committee, Rep. Mark Obetta (LP-Enugu), said that the hearing was to scrutinise programmes, funding frameworks, intervention strategies and performance records of relevant agencies from 2018 till date.

    According to him, the exercise forms part of the broader oversight responsibility to assess how development finance interventions have been implemented and to determine their measurable impacts on key sectors of the Nigerian economy.

    He, however, frowned at the absence of the BOI Managing Director at the hearing, saying that disrespect for the parliament would not be tolerated.

    Obetta said that the bank not only failed to appear but also failed to submit the required documentation to the committee despite multiple communications and formal invitations.

    “It is the resolve of this committee to issue a firm directive compelling the bank to urgently submit the requested documents and appear at the next hearing.

    “Continued non-compliance could result in the issuance of a warrant of arrest to enforce attendance, in line with the constitutional oversight powers of the House of Representatives,” he said.

    The News Agency of Nigeria (NAN) reports that the institutions represented at the hearing included: National Agricultural Development Fund (NADF), Nigerian Credit Guarantee Company (NCGC) and Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL).

    The lawmakers requested comprehensive details of loans and interventions extended to farmers affected by the ginger blight disease outbreak, which significantly disrupted ginger production in parts of the country.

    The panel also asked NCGC to provide a more detailed documentation outlining its statutory mandate, governance structure, operational model, funding sources and emerging programmes.

    Similarly, the lawmakers directed NIRSAL to make fresh and more detailed submissions covering its interventions within the period under review, including beneficiaries’ data, funding volumes and performance metrics. (NAN).

  • Middle East War: Trump Directs DFC to Provide Risk Insurance for Gulf Maritime Trade

    Middle East War: Trump Directs DFC to Provide Risk Insurance for Gulf Maritime Trade

    WASHINGTON, D.C. (NPA), March 3, 2026 — U.S. President Donald Trump has instructed the U.S. International Development Finance Corporation (DFC) to offer political risk insurance and financial guarantees to safeguard maritime trade, particularly energy shipments, transiting the Gulf region.

    The directive comes amid escalating conflict in the Middle East, now in its fourth day, involving U.S. and Israeli strikes against Iran and retaliatory attacks across the Gulf. Iran has threatened to target cargo vessels navigating the Strait of Hormuz, a critical chokepoint for global energy supplies.

    In a statement posted on Truth Social, Trump announced:

    “Effective immediately, I have ordered the United States Development Finance Corporation (DFC) to provide, at a very reasonable price, political risk insurance and guarantees for the financial security of all maritime trade, especially energy, travelling through the Gulf. This will be available to all shipping lines. If necessary, the United States Navy will begin escorting tankers through the Strait of Hormuz as soon as possible. No matter what, the United States will ensure the free flow of energy to the world.”

    Global energy markets have reacted sharply to the escalating tensions. Analysts warn that disruptions to production facilities and refineries following Iranian strikes could drive volatility in international energy prices. However, Trump’s move is viewed by some experts as a stabilising measure that may help contain price fluctuations during the ongoing military campaign, which U.S. officials anticipate could last up to four weeks.

  • NOA, NAFDAC, and FCCPC Launch Joint Enforcement of Sachet Alcohol Ban

    NOA, NAFDAC, and FCCPC Launch Joint Enforcement of Sachet Alcohol Ban

    ABUJA, NIGERIA (NPA), March 3, 2026 — Nigeria’s National Orientation Agency (NOA), in partnership with the National Agency for Food and Drug Administration and Control (NAFDAC) and the Federal Competition and Consumer Protection Commission (FCCPC), has launched a nationwide campaign to enforce the Federal Government’s ban on sachet alcoholic drinks and alcohol packaged in PET or glass bottles below 200 millilitres.

    The campaign was officially flagged of today at NOA Headquarters in Abuja, with NOA leading public sensitisation and behavioural change efforts.

    NOA Director-General Lanre Issa-Onilu described the initiative as a decisive intervention to protect the health and future of Nigerians, particularly young people vulnerable to cheap, high-concentration alcohol. He stressed that the enforcement followed eight years of stakeholder engagement, noting: “What is harmful to national wellbeing cannot be allowed to continue indefinitely.”

    Issa-Onilu also underscored the role of the media, calling the campaign a matter of Development Journalism and a shared national duty. He argued that resistance to the ban should not be seen as protests against the government but against the collective well-being of Nigerians: “They are not demonstrating against the Government of Nigeria; they are demonstrating against the Nigerian people, against you in the media, against our children. This is about public protection.”

    NAFDAC Director-General Mojisola Christianah Adeyeye highlighted findings from a 2021 national survey showing that over 54 per cent of minors purchased alcohol themselves, with nearly half accessing it through sachets and small PET bottles. The study revealed significant levels of daily and weekly consumption among underage persons, underscoring the urgency of regulatory action.

    The FCCPC reaffirmed its commitment to strict compliance, stressing that consumer protection is central to national interest.

    As the lead agency for sensitisation, NOA will deploy its 818 offices across Nigeria’s 774 Local Government Areas to drive grassroots awareness. Community Orientation and Mobilisation Officers will engage youth groups, market associations, transport unions, schools, faith-based institutions, and community leaders through town halls, market outreaches, and multilingual advocacy. The campaign will also leverage media platforms, digital channels, and the NOA CLHEEAN App to enable citizens to report violations.

    NOA called on parents, guardians, retailers, distributors, and community leaders to support the ban and prioritise the well-being of Nigeria’s youth. “Through awareness, compliance, and collective vigilance, we remain committed to building a healthier, safer, and more responsible nation,” the agency stated.

  • Tinubu Nominates Oyedele as Minister of State for Finance

    Tinubu Nominates Oyedele as Minister of State for Finance

    ABUJA, NIGERIA (NPA), March 3, 2026 — President Bola Ahmed Tinubu has nominated Mr. Taiwo Oyedele as Minister of State for Finance, replacing Dr. Doris Uzoka-Anite, who has been reassigned to the Ministry of Budget and National Planning as Minister of State. This marks her third portfolio in the current administration.

    The nomination was conveyed to the Senate in a letter from the President, according to a statement issued Tuesday by Bayo Onanuga, Special Adviser to the President on Information and Strategy. Oyedele, 50, is an economist, accountant, and public policy expert from Ikaram, Akoko, in Ondo State, southwestern Nigeria.

    Before his nomination, he served as Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms. A former PwC executive, Oyedele holds academic credentials from Yaba College of Technology, Oxford Brookes University, the London School of Economics, Yale University, the Gordon Institute of Business Science, and Harvard Kennedy School. He is currently a professor at Babcock University and a visiting scholar at Lagos Business School.

  • Nigeria Government, AFC seal $1.3bn Alumina Refinery investment pact

    Nigeria Government, AFC seal $1.3bn Alumina Refinery investment pact

    ABUJA, NIGERIA (Agency Report), March 3, 2026 — The Federal Government and Africa Finance Corporation (AFC) have signed an investment partnership to jointly fund three projects, including a 1.3 billion dollar Alumina Refinery.

    The Minister of Solid Minerals Development, Dele Alake, described the agreement as a landmark deal to transform mining and boost its GDP contribution.

    A statement by the minister’s Special Assistant on Media, Segun Tomori, said the pact was signed on Sunday in Abuja.

    Executive Secretary, Solid Minerals Development Fund, Hajiya Fatima Shinkafi, signed for the government, while Franklin Edochie, AFC Deputy Director and Head of Metals and Mining, signed for the corporation.

    Other projects include a comprehensive geoscience mapping exercise and the creation of an investment vehicle to advance the initiatives.

    The alumina refinery, valued at 1.3 billion dollars, will process one million tonnes of bauxite annually.

    “The facility is designed for about 20 years at 95 per cent utilisation, with total alumina output projected at 19 million tonnes,” Alake said.

    He said the project would be Nigeria’s largest private mining investment and a landmark foreign direct investment, contributing 1.2 billion dollars to GDP yearly.

    Alake added that it would generate over 25 billion dollars for the economy across its lifecycle and eight billion dollars in foreign exchange earnings.

    He commended AFC and SMDF for aligning with the ministry’s seven-point agenda through the partnership.

    Alake said reforms had secured the investment climate, modernised regulations and established a world-class mineral licensing regime attracting serious private capital. “I have granted all necessary approvals to fast-track the AFC–SMDF investments.

    “I have directed relevant agencies to ensure seamless processing and grant of all permits, titles and regulatory clearances for timely execution,” he said.

    Initial feasibility studies by AFC and SMDF confirmed the project’s commercial viability and competitiveness.

    The initiative supports the ministry’s goal of generating reliable mineral data, de-risking exploration and unlocking Nigeria’s mineral potential. 

    AFC and SMDF also agreed to establish a joint strategic investment vehicle to accelerate development of identified exploration assets nationwide.

    The vehicle will drive rapid exploration, development and production on selected leases following a successful exploration campaign. 

  • IMF announces date and venue for 2026 Annual Meetings

    IMF announces date and venue for 2026 Annual Meetings

    WASHINGTON, D.C., USA (NPA), March 3, 2026 — The International Monetary Fund (IMF) and the World Bank Group (WBG) have announced that their 2026 Annual Meetings will be held in Bangkok, Thailand, from October 12–18, 2026.

    In a statement released Tuesday, the institutions said hosting the meetings in Bangkok highlights Thailand’s role as a regional and global convening hub, reflecting its economic resilience, institutional progress, and sustained engagement with international partners over the past three decades.

    Thailand last hosted the Annual Meetings in 1991. The return of the event after more than three decades underscores the country’s advancement and Asia’s growing influence in shaping the global economic and financial stability agenda.

    Reiterating the importance of the Annual Meetings, the IMF and WBG noted that the gatherings bring together central bankers, finance and development ministers, private sector executives, civil society representatives, think tanks, and academics to discuss pressing global issues, including the world economic outlook, financial stability, poverty eradication, inclusive growth, and job creation.

    Traditionally, the Annual Meetings are held in Washington, D.C., for two consecutive years, followed by a third year in a member country. This rotation reflects the global nature of the institutions’ membership, fosters closer engagement with regional stakeholders, and provides the host country with a platform to showcase its role in the international economic community.

    The IMF/WBG Annual Meetings are among the largest gatherings in global finance and development. They convene finance ministers and central bank governors from the IMF’s 191 member countries, senior government officials, executive directors of the IMF and World Bank, private sector leaders, civil society organizations, academics, and media representatives covering global economic and financial issues.

  • Dangote Industries warns against impersonators and fraudulent social media accounts

    Dangote Industries warns against impersonators and fraudulent social media accounts

    LAGOS, NIGERIA (NPA), March 3, 2026 — Dangote Industries Limited has issued a public warning over the growing number of impersonation and fraudulent activities carried out by individuals falsely claiming to represent the company, its leadership, and members of the Dangote family.

    In a statement released on Tuesday, the company said impostors have been using the names of its executives and family members to defraud unsuspecting individuals through fake investment offers, business proposals, charity solicitations, employment promises, and other deceptive schemes.

    The company emphasized that neither Dangote Industries Limited, its Group President Aliko Dangote, nor any executive or family member—including Fatima Aliko Dangote, Mariya Aliko Dangote, and Halima Aliko Dangote—solicit funds, investments, contracts, or personal information via WhatsApp, X (formerly Twitter), TikTok, LinkedIn, Facebook, Instagram, or any other social media platform. It further clarified that neither Aliko Dangote nor the company maintains accounts on Facebook or TikTok.

    “For the avoidance of doubt, under no circumstances do the company’s executives initiate direct contact with private individuals through social media channels for financial transactions, business opportunities, or personal requests,” the statement read.

    Dangote Industries urged the public to disregard unsolicited messages, calls, or social media accounts claiming affiliation with the company or its executives. It stressed that all official communications are disseminated exclusively through verified corporate channels and recognized media outlets.

    The company reaffirmed its commitment to protecting brand integrity and public safety, noting that it is working closely with security and law enforcement agencies to investigate and prosecute those behind these fraudulent activities. Members of the public who receive suspicious communications are encouraged to report such incidents to the appropriate authorities immediately.