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Category: Business

  • Enugu Govt, Haier Group Launch $20m Factory, Eyes $30m Expansion

    Enugu Govt, Haier Group Launch $20m Factory, Eyes $30m Expansion

    ENUGU, NIGERIA: The Enugu State Government has inaugurated the Enugu Haier Factory, a $20 million Foreign Direct Investment (FDI) project by China’s Haier Global Business Group in partnership with the state. The facility, located in Enugu city, positions the state as a hub for the production of smartphones, tablets, computers, smart boards, Android televisions, education and health technologies, and renewable energy solutions for electricity, agriculture, and transportation.

    Under the partnership, the state provided land for the factory’s infrastructure and will serve as its largest customer, purchasing 25,000 all-in-one desktops and 300,000 tablets to power its 260 Smart Green Schools. Governor Peter Mbah described the investment as a milestone in his administration’s drive to reposition Enugu as a premier destination for industry and innovation, with a vision to grow the state’s economy from $4.4 billion to $30 billion.

    “This partnership represents the convergence of vision, innovation, and opportunity—to generate Made in Enugu technologies that compete globally, while enabling us to support key local sector developments,” Mbah said. He added that the initiative reduces import dependence, lowers costs, ensures sustainability, and builds local capacity. He also praised President Bola Tinubu’s economic policies, noting that steady inflows of FDIs reflect improved macroeconomic stability, a stronger naira, rising foreign reserves, and easing inflationary pressures.

    Haier Group Vice President Sun Yongle announced that the factory will produce 200,000 units annually across ICT, medical equipment, and new energy product lines, employing about 100 workers initially, with plans to expand to over 200 employees. He emphasised that this is only the first stage of Haier’s investment in Enugu, with future cooperation expected in agriculture, mining, and transportation. Total investment is projected to exceed $30 million. “Our goal is for our products to be not only Made in Enugu, but also Designed in Enugu, with management and technical teams mainly composed of local professionals,” Yongle stated.

  • Dangote Group Unveils Vision 2030, Signs $400m Agreement with China’s XCMG

    Dangote Group Unveils Vision 2030, Signs $400m Agreement with China’s XCMG

    LAGOS, NIGERIA: The Dangote Group has unveiled its Vision 2030 strategy, outlining plans to transform into a $100 billion pan-African industrial powerhouse by the end of the decade. In a statement released Monday, the conglomerate emphasised its commitment to “deepening investments across the continent, strengthening human capital, reducing import dependence, creating jobs, and advancing sustainable industrialisation.”

    Demonstrating its resolve, the Group announced the signing of a $400 million agreement with China’s XCMG Construction Machinery Co., Ltd. to acquire advanced construction equipment. The deal is expected to accelerate the expansion of the Dangote Petroleum Refinery and Petrochemicals, which recently achieved recognition as the world’s largest oil refinery. The current output of 650,000 barrels per day is projected to rise to 1.4 million barrels per day under the expansion plan.

    Beyond crude refining, the agreement will boost production of key byproducts. Polypropylene output is expected to increase from 900,000 metric tonnes per year to 2.4 million, while Nigeria’s urea production capacity will scale from 3 million to 9 million metric tonnes annually. The Group described these milestones as central to its broader industrial vision, positioning Nigeria as a global hub for energy and petrochemicals.

  • SpaceX’s Starlink gets nod for satellite internet in Vietnam

    SpaceX’s Starlink gets nod for satellite internet in Vietnam

    Vietnam’s government has allowed SpaceX to launch its Starlink satellite internet service in the country, state media reported on Saturday.

    The report said the Ministry of Science and Technology granted Starlink’s local unit a license to provide both fixed and mobile satellite internet services. The company was also granted a license to use radio frequencies and radio equipment. The ministry did not immediately respond to a request for confirmation outside business hours.

    The approval came ahead of an expected visit next week of Vietnam’s top leader To Lam to the United States to attend the inaugural meeting of U.S. President Donald Trump’s Board of Peace initiative to address global conflicts. The trip has not been officially announced.

    Last year, Vietnam’s government said it would allow SpaceX to operate its internet service on a trial basis.

    Local media said it was not clear when Starlink would launch its services in Vietnam. SpaceX did not immediately respond to a request for comment on a weekend. Vietnam and the U.S. are negotiating a trade deal after Washington imposed 20% tariffs on Vietnamese goods in August. The two sides held their sixth round of talks earlier this month, but have not announced an agreement.

  • Mbah Hosts Chartered Institute of Taxation, Vows to Convert Revenue into Visible Development

    Mbah Hosts Chartered Institute of Taxation, Vows to Convert Revenue into Visible Development

    ENUGU, NIGERIA: Governor Peter Mbah of Enugu State has reaffirmed his administration’s readiness to collaborate with the Chartered Institute of Taxation of Nigeria (CITN) in driving the effective implementation of the recently introduced Tax Reform Acts by the federal government.

    Hosting the CITN leadership, led by its president, Innocent C. Ohagwa, at the Government House, Enugu, on Thursday, the governor emphasised the importance of ensuring that the new tax laws are fully operational in the state.

    The visit formed part of the institute’s nationwide sensitisation programme aimed at educating citizens on the new tax reform policies. The South-East sensitisation exercise was jointly organised by CITN and the Enugu State Internal Revenue Service.

    According to Governor Mbah, “Strengthening our tax system is about fairness, accountability, and building a state that works for everyone.”

    Between 2023 and 2025, Enugu State’s internally generated revenue (IGR) witnessed unprecedented growth. In 2023, the state recorded about ₦37.4 billion, which rose sharply to ₦180.5 billion in 2024 following reforms that expanded the tax net and introduced technology-driven revenue collection. By 2025, the figure had climbed to ₦406.8 billion, representing a 125% increase from the previous year and achieving 80% of the ₦509.9 billion target set for that fiscal year. This remarkable turnaround was largely driven by non-tax revenue sources and structural reforms aimed at building fiscal resilience and sustainability.

    Governor Mbah reiterated his commitment to transparency and innovation in revenue management, stating: “We remain committed to a transparent, technology-driven revenue system that eliminates leakages, broadens the tax base fairly, and converts revenue into visible development for our people.”

  • Dangote Refinery Achieves 650,000 bpd Capacity, Becomes World’s Largest

    Dangote Refinery Achieves 650,000 bpd Capacity, Becomes World’s Largest

    LAGOS, NIGERIA: The Dangote Refinery has announced a major milestone in Nigeria’s quest for energy security, confirming that it has reached full operational capacity of 650,000 barrels per day (bpd). With this achievement, the Lagos-based facility is now recognised as the world’s largest oil refinery.

    In a statement released Wednesday, July 11, 2026, the company said the milestone was attained after the refinery successfully scaled up to full operations.

    The Dangote Refinery, conceived in 2013 by Nigerian industrialist Aliko Dangote with initial financing of $3.3 billion, was designed to reduce Nigeria’s dependence on imported petroleum products. Construction began in 2016 at the Lekki Free Trade Zone near Lagos, with total investment eventually exceeding $19 billion.

    Built as the world’s largest single-train refinery, the project faced years of delays due to financing challenges, equipment logistics, and regulatory hurdles. In 2021, the Nigerian National Petroleum Company (NNPC) acquired a 20% stake to secure crude supply agreements. By December 2023, the refinery received its first crude shipment, and in May 2023 it was officially inaugurated. Operations commenced in early 2024, marking a turning point in Nigeria’s energy sector.

    With its current capacity, the refinery is expected to meet Nigeria’s domestic fuel demand and export surplus products, positioning the country as a key player in global energy markets.

    PICTURE CREDIT: Dangote Industries Limited

  • Sanwo-Olu presents 3 trillion Budget of Sustainability to House of Assembly

    Sanwo-Olu presents 3 trillion Budget of Sustainability to House of Assembly

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    agos State agos State Governor, Babajide Sanwo-Olu, on Thursday, presented the state’s 2025 budge to the House of Assembly. The financial plan totalling N3.005 trillion is the biggest ever in the history of Nigeria’s southwest state and the commercial epicentre of the country.

    The total figure in the 2025 budget represents a 32.5% increase from the 2024 budget of N2.3 trillion

    While explaining key financial elements in the document, the governor noted that N908.7 billion is allocated to capital investment, covering areas such as tourism, agriculture, transportation, and deepening of the infrastructure revamping and modernisation drive of the state for sustainable development.

    Besides infrastructure sustainability, economic diversification, social inclusion, human capital development, and environmental sustainability also received robust financial attention in the budget in response to the global climate change crisis.

    The Governor also praised his administration’s performance in many sectors of the economy and road construction, announcing that his administration would commission soon 30 road projects and bridges. He also mentioned a partnership with “the Federal Government to initiate the development of the 68-km Green Line, connecting Marina to the Lekki Free Trade Zone.”

  • Apple makes $100 mln investment proposal for new plant in Indonesia

    Apple makes $100 mln investment proposal for new plant in Indonesia

    (Reuters)

    Tech giant Apple (AAPL.O), opens new tab has made a $100 million investment proposal to Indonesia to build a plant to manufacture accessories and components, the industry ministry said on Wednesday.

    The proposal comes after Indonesia banned sales of Apple’s iPhone 16 over the firm’s failure to meet local rules on components. Indonesia requires certain smartphones sold domestically to comprise at least 40% locally-made parts.

    The trade ministry will meet on Thursday to discuss Apple’s proposed West Java plant, its spokesperson Febri Hendri Antoni Arif said in a statement.

    “By holding a meeting on Thursday, this means that the industry minister welcomes Apple’s investment commitment,” he said.

    Apple has no manufacturing facilities in Indonesia, but has since 2018 set up application developer academies with a combined cost of 1.6 trillion rupiah ($99 million).

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    Apple did not immediately respond to a request for confirmation.

    Indonesia has also banned sales of smartphones made by Alphabet’s (GOOGL.O), opens new tab for a similar reason.

  • Soludo Presents 2025 Budget To House, Gains Of Previous Years

    Soludo Presents 2025 Budget To House, Gains Of Previous Years

    Prof. Charles Chukwuma Soludo CFR, the Executive Governor of Anambra, on Tuesday, presented the draft copy of the state’s 2025 fiscal year budget estimate of ₦606.9 Billion to the State House of Assembly. The document titled Changing Gears 2.0 represents a 48.0% increase from the last year’s N410,132,225,272 budget size.

    In the financial document, recurrent expenditures (77% of the total budget) account for N139.5 billion while capital expenditures got N467.5 billion (23%). While the budget deficit, estimated at N148.3 billion, is to be funded through revenue growth or borrowing from financial institutions.

    The governor in his presentation clarified that in both 2023 and 2024, the state did not borrow to finance budget deficits and a pointer that it might not borrow to fund any deficit in the 2025 budget. He hinged the success “on transparency, accountability, and sustainability.”

    Soludo also pointed out that “relative to 2024, several key sectors are seeing significant increases: the administrative sector by 45.5%; the Economic sector by 40.1%; the Judiciary sector by 51.3%; the social sector by 82.7%; Education by 101.4%; Health by 57.1%; and Infrastructure investment by 38.9%. Also, the state is “building upon the iconic projects initiated in 2024 while introducing new ones. Infrastructure and economic transformation as well as human capital development remain the kernel of this administration, and, significantly, at least 70% of the budget is allocated to these sectors.”

    While giving a status report on the development of three new cities: Awka 2.0, Onitsha 2.0, and a new Industrial City, he revealed that the Anambra Mixed-Use Industrial City Master Plan and the railway master plan/feasibility study have been completed in which the state is partnering with Afreximbank and AFDB in the development of an Industrial City.

    The governor reiterated his commitment to enhance the Ease of Doing Business in Anambra “to ensure the State becomes the preferred destination for investors.”

    Other projects to be implemented in the 2025 budget include the building of the largest shopping mall in Africa and the development of leisure centres throughout the State, investments in mass transit systems and marine transport, including buses, jetties, and boats and rural electrification projects and water projects, human capital development, education, seedlings to farmers and youth skills acquisition programmes.  

  • Nana Addo Commissions $1.2 billion 590MW Power Plant

    Nana Addo Commissions $1.2 billion 590MW Power Plant

    Over the years, Ghana relies heavily on hydropower (from dams like Akosombo, Kpong, and Bui) and thermal power (from gas and oil). However, the country’s energy infrastructure is ageing, and there have been issues with maintaining and upgrading it.

    On Tuesday, the Ghanaian President, Nana Addo Dankwa Akufo-Addo, commissioned the Ghana 590MW combined-cycle power plant project. The $1.2 billion Bridge Power plant is located in Tema, an important coastal city in Ghana in the Greater Accra Region and home to the largest seaport in the country and a hub for trade, commerce and industry.

    Expected to transform the country’s power sector, the groundbreaking project, financed through a partnership with Early Power Ltd, is a giant leap toward Ghana’s quest to secure a reliable energy supply to drive economic growth and national development.

    In a statement, Nana Addo noted that the project “represents a shift away from the energy crises of the past, particularly the difficult years of “dumsor” between 2012 and 2016, which disrupted lives and livelihoods.” Emphasising the timeliness of the project, he said: “Reliable electricity is the backbone of national development—it powers industries, illuminates classrooms, and supports hospitals.” Adding the project will boost the productivity of the manufacturing industries and improve healthcare services and learning conditions in schools.

    Ghana has faced significant challenges with its electricity supply over the years. Periods of intermittent power supply has marked the situation, commonly referred to as “dumsor”. This term, which means “on and off” in the local language, describes the frequent power outages and load-shedding that have affected the country. The electricity crisis costs the country an estimated average of $2.1 million in lost production daily, affecting businesses and industries that rely on a stable power supply.

    Over the years, Ghana relies heavily on hydropower (from dams like Akosombo, Kpong, and Bui) and thermal power (from gas and oil). However, the country’s energy infrastructure is ageing, and there have been issues with maintaining and upgrading it.

  • South Africa’s Rand Hit A Three-Month Low On Tuesday Over Uncertainties

    South Africa’s Rand Hit A Three-Month Low On Tuesday Over Uncertainties

    Investors have piled into trades seen as benefiting from the incoming U.S. administration, with markets anticipating Trump’s policies could mean higher economic growth in the short term but also potentially inflationary pressures.

    South Africa’s rand hit a three-month low on Tuesday, hurt by a stronger dollar and weaker gold prices, as markets grappled with what another Donald Trump presidency will mean for U.S. policy and trade relations.

    At 1533 GMT, the rand traded at 18.1325 against the dollar, down more than 1% on its previous close, its weakest level since mid-August.

    The risk-sensitive rand has been highly volatile since Trump’s U.S. election win last week and is on course for its third day of heavy losses.

    Investors have piled into trades seen as benefiting from the incoming U.S. administration, with markets anticipating Trump’s policies could mean higher economic growth in the short term but also potentially inflationary pressures.

    Potential policy changes include tariffs and tax cuts.

    ETM Analytics said in a research note that the rand “remains on the defensive while investors try to understand what (Trump’s win) means for the dollar and for currencies quoted against it”.

    The rand reacted little to positive local job data on Tuesday showing the unemployment rate fell for the first time in a year in the third quarter.

    The unemployment rate fell to 32.1% from 33.5% in the second quarter (ZAUNR=ECI), opens new tab.

    Another local factor that had little impact was manufacturing output for September (ZAMAN=ECI), opens new tab, which fell 0.8% year-on-year.

    On the Johannesburg stock market, the Top-40 index (JTOPI), opens new tab closed 0.7% down.

    The benchmark 2030 government bond was little changed, the yield at 9.23%.