New Post Africa

Category: Business

  • Umo Eno leads Akwa Ibom delegation to France to advance Ibom Deep Sea Port Project

    Umo Eno leads Akwa Ibom delegation to France to advance Ibom Deep Sea Port Project

    PARIS, France (NPA) — Akwa Ibom State Governor, Pastor Umo Eno, has led a high-level delegation to France as part of ongoing efforts to accelerate the development of the Ibom Deep Sea Port, one of Nigeria’s most ambitious maritime infrastructure projects.

    The visit comes as the state government intensifies engagements with technical and investment partners following federal approvals and the completion of key project planning stages.

    In a statement issued on Friday, Governor Eno disclosed that he chaired a strategic technical session in Paris with Africa Global Logistics (AGL) Group and other stakeholders involved in the project.

    According to the governor, discussions centred on the recently completed technical feasibility report and the roadmap for moving the project from the planning phase to execution.

    “The meeting reviewed the recently completed technical feasibility report and focused on the next steps required to move the project from planning to execution,” Eno said.

    “I emphasised the need for clear timelines, defined milestones and accelerated implementation.”

    The governor reiterated his administration’s commitment to delivering the project, describing the Ibom Deep Sea Port as a strategic economic asset capable of transforming Akwa Ibom into a major maritime, trade and logistics hub.

    “The Ibom Deep Sea Port remains a key strategic project for our state. We are committed to working with our partners to bring this vision to reality and position Akwa Ibom as a major maritime, trade and logistics destination,” he added.

    Earlier in the week, Governor Eno appeared on ARISE Television’s Morning Show (monitored by Newpost Africa), where he explained that the state government was bringing together the necessary technical, financial and development partners required to actualise the project following approvals granted by the Federal Government.

    Located in Mbo Local Government Area, the Ibom Deep Sea Port is a flagship component of the broader Ibom Industrial City initiative and is designed to serve as a major maritime gateway for Nigeria, West Africa and Central Africa.

    The port is strategically positioned in naturally deep waters, enabling it to accommodate large post-Panamax vessels and ease pressure on existing ports in Lagos and Rivers State.

    The project is being developed through a Public-Private Partnership (PPP) framework and is expected to stimulate economic growth through increased trade, industrialisation, job creation and foreign direct investment.

    Upon completion, the port is projected to strengthen Nigeria’s maritime competitiveness, expand export capacity and support the growth of industries including logistics, manufacturing, oil and gas.

    Analysts view the project as a potential game-changer for the South-South region, with the capacity to drive regional integration and position Akwa Ibom as a leading commercial and industrial destination.

  • UK delegation visits NPA, deepens maritime cooperation with Nigeria

    UK delegation visits NPA, deepens maritime cooperation with Nigeria

    LAGOS, Nigeria (NPA) — The Nigerian Ports Authority (NPA) has reaffirmed its commitment to strengthening maritime cooperation with the United Kingdom following a high-level visit by a British delegation led by the Deputy British High Commissioner, Jonny Baxter, and the United Kingdom National Hydrographer, Rear Admiral Angus Essenhigh.

    The delegation, which also included officials of the United Kingdom Hydrographic Office (UKHO), paid a courtesy visit to the Managing Director of the NPA, Dr Abubakar Dantsoho, at the authority’s headquarters.

    The visitors were received by the NPA Managing Director, alongside the Executive Director, Engineering and Technical Services, and other members of the authority’s senior management team.

    Discussions centred on expanding the longstanding maritime partnership between Nigeria and the United Kingdom, particularly in the areas of hydrography, navigational safety, port development and capacity building.

    During the meeting, Dantsoho highlighted the NPA’s ongoing modernisation initiatives, including major investments in port rehabilitation, channel improvement projects and critical infrastructure upgrades designed to enhance operational efficiency and strengthen Nigeria’s position as a leading maritime hub in the region.

    The Managing Director noted that the reforms are aimed at improving port competitiveness, facilitating trade and supporting the growth of Nigeria’s blue economy.

    The UK delegation reaffirmed its commitment to supporting Nigeria’s hydrographic development through technical cooperation and knowledge exchange.

    Areas of support discussed include nautical charting, implementation of S-100 hydrographic standards, digitalisation of maritime services and specialised training programmes for NPA personnel.

    Both sides expressed optimism that enhanced collaboration would contribute to safer navigation, improved port operations and greater efficiency within Nigeria’s maritime sector.

  • EU unveils €641 million investment package to boost Moldova’s economy

    EU unveils €641 million investment package to boost Moldova’s economy

    BRUSSELS, Belgium (NPA) — The European Union has announced investment plans and project initiatives worth up to €641 million aimed at strengthening Moldova’s economy, improving infrastructure and accelerating the country’s integration into European markets.

    The announcement was made by the European Commissioner for Enlargement, Marta Kos, during the EU-Moldova Investment Conference.

    According to the European Commission, the package brings together funding from international financial institutions, private sector partners and public stakeholders to support key sectors including energy, digital infrastructure, education and sustainable agriculture.

    The initiative is designed to enhance Moldova’s economic resilience, expand access to finance, modernise infrastructure and deepen integration into European value chains.

    A major component of the package includes up to €433 million mobilised through a combination of European Union grants, guarantees and loans in partnership with leading international financial institutions.

    Under the arrangement, the Agence Française de Développement (AFD) will support energy-efficiency projects in public buildings and residential housing, while the European Investment Bank (EIB) will finance the modernisation of school infrastructure across Moldova.

    The European Bank for Reconstruction and Development (EBRD) will support the development of digital infrastructure and services, strengthen strategic investment frameworks and enhance private-sector competitiveness and innovation.

    The European Fund for Southeast Europe (EFSE) and the Green for Growth Fund (GGF) will help expand access to finance for businesses and households.

    In addition, eight private-sector projects worth up to €208 million in planned investments were selected under the EU’s Call for Expressions of Interest for private investments in Moldova.

    Letters of Intent were signed in the presence of Moldova’s President Maia Sandu, Prime Minister Alexandru Munteanu and Commissioner Kos.

    The selected projects include investments in private equity, data centres, technology innovation, pharmaceuticals, manufacturing, logistics, water infrastructure and agricultural exports.

    Among the companies involved are INVL, TET, Micro Nano Tech, Balkan Pharmaceuticals, KB Container, Danube Logistics, BOSAQ and VED-MAR AGRO.

    The EU said the investments are expected to support Moldova’s economic transformation, improve connectivity, strengthen industrial capacity and create new opportunities for businesses and citizens.

    Looking ahead, the European Union and Moldova are expected to hold their second EU-Moldova Summit on June 22, where both sides will reaffirm their strategic partnership and commitment to Moldova’s European integration ambitions.

    The investment package forms part of the EU’s broader Growth Plan for Moldova, a €1.9 billion programme proposed in October 2024 to support reforms, economic growth and development between 2025 and 2027.

    According to the European Commission, Moldova has already received €504 million under the Growth Plan, making it the largest financial support package ever provided by the EU to the country.

    EU officials said they will continue working closely with the Moldovan government, international financial institutions and private-sector partners to ensure the successful implementation of the announced projects and deliver tangible benefits for citizens and businesses.

  • TCN announces seven-hour power outage in Iwo, Bowen and others for transformer maintenance

    TCN announces seven-hour power outage in Iwo, Bowen and others for transformer maintenance

    ABUJA, Nigeria (NPA) —The Transmission Company of Nigeria (TCN) has announced a planned seven-hour power outage in parts of Osun State to facilitate annual maintenance on a major power transformer at the Iwo Transmission Substation.

    According to a statement issued by the General Manager, Public Affairs, Mrs Ndidi Mbah, routine maintenance will be carried out on the 40MVA 132/33kV power transformer at the Iwo Transmission Substation on Thursday, June 4, 2026, from 10:00 a.m. to 5:00 p.m.

    TCN said the exercise forms part of its ongoing efforts to ensure the reliability, stability, and efficient operation of the national transmission network.

    As a result of the maintenance work, the Ibadan Electricity Distribution Company (IBEDC) will be unable to receive bulk power supply from the transmission station during the period. Consequently, electricity consumers in Iwo Town, Bowen University, and Rabbish will experience a temporary power interruption.

    The transmission company assured that power supply would be restored immediately after the maintenance exercise is completed and apologised for the inconvenience the outage may cause affected customers.

  • DBN disburses over N1tn to MSMEs, supports 1.6 million jobs

    DBN disburses over N1tn to MSMEs, supports 1.6 million jobs

    LAGOS, Nigeria (NPA) — The Development Bank of Nigeria (DBN) Plc says it has disbursed more than N1 trillion to over one million Micro, Small and Medium Enterprises (MSMEs), supporting the creation of more than 1.6 million jobs since its inception.

    Managing Director of DBN, Dr Tony Okpanachi, disclosed this on Wednesday in Lagos, outlining the bank’s achievements and growth strategy for the next five years.

    Okpanachi said the bank’s next phase of expansion would focus on deepening financial inclusion, mobilising additional capital and increasing support for underserved sectors of the economy.

    According to him, DBN aims to reach more than two million MSMEs and facilitate the creation of two million direct and indirect jobs over the next five years.

    “Our strategic intent over this period is to achieve scale by expanding support for MSMEs and strengthening inclusive economic growth,” he said.

    The managing director said the bank is targeting N1 trillion in outstanding loans and plans to issue N500 billion in guarantees under its new strategy. He added that DBN also intends to mobilise N1.3 trillion in debt and equity capital to support its expansion plans.

    Okpanachi noted that inclusion remains a key pillar of the bank’s strategy, with 40 per cent of loans earmarked for women-led businesses and 30 per cent reserved for youth-owned enterprises. He added that 15 per cent of disbursements would target MSMEs in underdeveloped geopolitical zones and focus states.

    The bank also plans to expand green financing to between N75 billion and N100 billion while training 500,000 MSMEs through its capacity-building programmes.

    Reviewing the bank’s cumulative impact, Okpanachi said DBN has onboarded 84 Participating Financial Institutions (PFIs), including commercial banks, microfinance banks, merchant banks and development finance institutions.

    He disclosed that women-owned businesses accounted for 77 per cent of beneficiaries, while 28 per cent were youth-led enterprises.

    According to him, DBN disbursed N108 billion to more than 132,000 MSMEs operating in economically disadvantaged and conflict-affected states such as Borno, Adamawa, Katsina, Yobe and Zamfara.

    In 2025 alone, the bank disbursed over N358 billion to more than 289,000 beneficiaries and onboarded five additional PFIs.

    Speaking on the performance of DBN’s subsidiary, Impact Credit Guarantee Ltd. (ICGL), Okpanachi said the company has guaranteed loans exceeding N500 billion since inception.

    He noted that ICGL, established in partnership with the World Bank, has supported more than 93,000 MSMEs and small corporates through over 130,000 credit guarantees, helping to sustain more than 203,000 jobs.

    The subsidiary has also expanded its reach through partnerships with institutions including the African Development Bank and the European Investment Bank.

    On financial sustainability, Okpanachi projected a cumulative five-year profit before tax of about N300 billion.

    “We are balancing developmental impact with strong financial performance to ensure DBN remains a sustainable development finance institution,” he said.

    He added that the bank has maintained stable supervisory ratings from the Central Bank of Nigeria and retained top credit ratings from Agusto & Co. and GCR Ratings.

    Also speaking, Managing Director of ICGL, Mr Anthony Asonye, highlighted the critical role of credit guarantees in improving access to finance for MSMEs.

    Asonye described credit guarantees as an effective tool for reducing lending risks and encouraging financial institutions to extend credit to underserved businesses.

    He noted that Nigeria’s informal sector, despite contributing significantly to economic growth, continues to face limited access to formal financing due to perceived lending risks.

    According to him, Nigeria has about 41 million registered SMEs, contributing between 45 and 49 per cent of the nation’s Gross Domestic Product (GDP), yet receiving less than one per cent of total commercial bank lending.

    “SMEs contribute nearly half of our GDP, yet they receive less than one per cent of total banking credit,” Asonye said.

    “Banks are often reluctant to lend because many SMEs lack adequate collateral, while prevailing risks in the operating environment push lending rates to between 35 and 40 per cent.”

    To address the challenge, he said ICGL operates a World Bank-backed credit-collateral substitute scheme designed to de-risk lending to MSMEs.

    He explained that the scheme provides silent guarantees to commercial banks, covering up to 60 per cent of default risk for standard loans and up to 75 per cent for businesses owned by women and young entrepreneurs.

    “Our guarantee is a first-class, cash-backed collateral substitute,” he said.

    “Commercial banks can deploy more assets to the SME sector with confidence, knowing there is a reliable backstop. It is a silent guarantee designed to minimise moral hazard while incentivising lending to the real drivers of the economy.” (NAN)

  • NNPC posts N481bn Profit in April, records rise in oil production, wins CSR award

    NNPC posts N481bn Profit in April, records rise in oil production, wins CSR award

    ABUJA, Nigeria (NPA) — The Nigerian National Petroleum Company (NNPC) Limited recorded a profit after tax of N481 billion in April 2026, while crude oil and condensate production rose to 1.68 million barrels per day, according to the company’s latest monthly report.

    The report showed that NNPC generated N4.97 trillion in revenue during the month, while statutory payments from January to April stood at N3.71 trillion.

    Natural gas production remained strong at 7,730 million standard cubic feet per day (mmscf/d), while gas sales reached 5,044 mmscf/d.

    NNPC attributed the improved production performance largely to enhanced facilities uptime, although it noted that output was impacted by the delayed restart of the Trans Ramos Pipeline following turnaround maintenance and the discovery of leaks and other integrity issues in some assets.

    The company reported that upstream pipeline availability stood at 79 per cent during the period.

    On strategic gas infrastructure projects, NNPC disclosed that the Obiafu-Obrikom-Oben (OB3) Gas Pipeline project achieved a major milestone with the successful completion of the River Niger crossing.

    The company said the development brings Nigeria closer to achieving its gas infrastructure expansion goals and strengthening national energy security.

    NNPC also reported significant progress on the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline project, with completion reaching 94 per cent. The OB3 project has now attained 96 per cent completion.

    According to the report, collaboration with stakeholders continues to advance construction and installation activities on the AKK pipeline, to deliver gas to Abuja in 2026.

    Beyond its commercial operations, NNPC highlighted a number of social intervention programmes undertaken through the NNPC Foundation. The company said it commissioned and handed over three rehabilitated and fully equipped wards with a combined capacity of 102 beds at the National Orthopaedic Hospital, Igbobi, Lagos, to strengthen orthopaedic healthcare services in the Southwest and across Nigeria.

    NNPC Foundation also provided humanitarian assistance to flood victims in Mokwa, Niger State, distributing food items and bedding materials to affected communities.

    In recognition of its healthcare interventions, the foundation received the CSR Champion Award (Health) 2025 at the Silver Jubilee edition of the Independent Newspapers Awards held in Lagos.

    The report further revealed that NNPC conducted a nationwide financial literacy programme for members of the National Youth Service Corps (NYSC) Batch A Stream II across all 37 orientation camps, reaching 72,657 participants and bringing the total number of beneficiaries under the initiative to more than 1.3 million corps members nationwide.

    NNPC reiterated its commitment to improving production performance, enhancing energy security and supporting social development through strategic investments and community-focused interventions.

  • Mutfwang reaffirms commitment to youth innovation at Plateau Technology Festival

    Mutfwang reaffirms commitment to youth innovation at Plateau Technology Festival

    JOS, Nigeria (NPA) — Governor Caleb Mutfwang of Plateau State has reaffirmed his administration’s commitment to investing in young people through science, technology and innovation.

    Mutfwang made the pledge while declaring open the Plateau State Science, Technology and Innovation Festival (PLASSTIFEST), describing innovation as a key driver of job creation, economic growth and sustainable development.

    The governor said the state government had concluded arrangements to connect skilled youths in Plateau to global outsourcing opportunities, adding that hundreds of young people were already undergoing screening for the programme.

    According to him, the initiative forms part of the state’s Year of Technology Advancement agenda aimed at creating pathways for innovation and employment.

    Mutfwang also highlighted the achievements of a young innovator from Bokkos Local Government Area who designed and built a prototype vehicle.

    He disclosed that the government had engaged the innovator to produce 200 hand tillers to support agricultural mechanisation and boost productivity across the state.

    “The future belongs to innovators, and Plateau State will continue to support young people with the ideas, talent and determination to transform our society,” the governor said.

    He reiterated his administration’s commitment to creating an enabling environment for innovation-driven development and empowering youths to compete in the global economy.

    Development experts concur with Governor Mutfwang that technology remains one of the most powerful drivers of economic empowerment. They note its capacity to generate jobs, broaden access to global opportunities, and lift people out of poverty—particularly in underserved and rural communities. By investing in innovation and digital skills, the state government is equipping more young people to build sustainable livelihoods and contribute meaningfully to Enugu’s economic growth.

  • Bahamas seeks deeper Africa-Caribbean trade ties at Afreximbank roadshow

    Bahamas seeks deeper Africa-Caribbean trade ties at Afreximbank roadshow

    NASSAU, Bahamas (NPA) — The Prime Minister of The Bahamas, Philip Davis, has highlighted the growing partnership between Africa and the Caribbean, describing it as a strategic alliance built on trade, investment, entrepreneurship and sustainable economic development.

    Davis made the remarks at the Afreximbank Bahamas Roadshow 2026, where he underscored the importance of strengthening economic ties between The Bahamas and African nations.

    According to the Prime Minister, the relationship has continued to gain momentum since the signing of a Memorandum of Understanding between The Bahamas and the African Export-Import Bank (Afreximbank) in 2023.

    He acknowledged the bank’s support for several development initiatives in the country, including infrastructure financing and a US$30 million facility provided through the Bahamas Development Bank to expand access to capital for small and medium-sized enterprises.

    Davis said the partnership is creating new opportunities for businesses, investors and entrepreneurs while supporting economic growth and job creation.

    The Prime Minister also highlighted plans for the proposed Afro-Caribbean Marketplace and Logistics Centre in Grand Bahama, describing it as a transformative project that could significantly enhance trade and investment flows between Africa and the Caribbean.

    According to him, the initiative is expected to serve as a commercial hub, facilitating stronger business linkages and opening new markets for goods and services across both regions.

    He noted that closer collaboration between Africa and the Caribbean would help unlock shared economic opportunities and strengthen cultural and historical ties between the two regions.

    The Afreximbank Bahamas Roadshow forms part of broader efforts by the bank to deepen its engagement across the Caribbean and advance the Global Africa agenda.

    Stakeholders at the event emphasised the importance of building stronger economic partnerships capable of driving sustainable development, expanding trade and fostering greater private sector participation.

    As Afreximbank continues to broaden its footprint in the Caribbean, the roadshow is expected to further strengthen cooperation between African and Caribbean economies while creating new pathways for investment and shared prosperity on both sides of the Atlantic.

  • TCN restores power supply to northern states after maintenance on Mando-Kumbotso line

    TCN restores power supply to northern states after maintenance on Mando-Kumbotso line

    ABUJA, Nigeria (NPA) — The Transmission Company of Nigeria (TCN) has restored bulk electricity transmission through the Mando–Kumbotso 330kV transmission line following the successful completion of scheduled maintenance works.

    TCN announced that the transmission line was restored to service at 4:33 p.m. on Saturday, May 31, 2026, bringing an end to the planned outage that temporarily disrupted power supply across parts of northern Nigeria.

    In a statement signed by the General Manager, Public Affairs, Mrs Ndidi Mbah, the company said normal bulk power transmission has resumed to Kano, Katsina and Jigawa states, as well as parts of Bauchi and Yobe states.

    The restoration also reconnects Gazaoua in the Republic of Niger to the electricity supply through the Kano Electricity Distribution Company (KEDCO).

    TCN thanked electricity consumers for their patience and understanding during the maintenance period.

    Earlier, Newpost Africa reported that the company had announced a planned outage on the Mando–Kumbotso 330kV transmission line from 9:00 a.m. to 4:00 p.m. on Sunday, May 31, to enable maintenance activities on the critical transmission infrastructure.

    The outage affected electricity supply to customers served by KEDCO across Kano, Katsina and Jigawa states, parts of Bauchi and Yobe states, as well as consumers in Gazaoua, Niger Republic.

    With the maintenance work completed and the transmission line restored, affected areas are expected to experience a gradual return to normal electricity supply.

  • Arukwe drives NNPC Foundation’s expanding social impact agenda across Nigeria

    Arukwe drives NNPC Foundation’s expanding social impact agenda across Nigeria

    ABUJA, Nigeria (NPA) — The Nigerian National Petroleum Company (NNPC) Ltd. has highlighted the leadership journey and impact of Mrs Emmanuella Arukwe, Managing Director of the NNPC Foundation, describing her as a key figure behind the organisation’s growing corporate social responsibility initiatives across the country.

    In a profile published on Sunday and titled “A Woman. A Foundation. Unforgettable Impact,” NNPC traced Arukwe’s personal and professional journey, detailing her rise from a legal and corporate governance professional to becoming the pioneer Managing Director of the Foundation.

    According to the company, Arukwe played a significant role during NNPC’s transition from a corporation to a limited liability company, serving as Acting Company Secretary and helping coordinate numerous board and committee meetings during the transformation process.

    Since assuming leadership of the NNPC Foundation, she has overseen programmes focused on healthcare, education, entrepreneurship, energy access and environmental sustainability.

    The Foundation has also gained continental recognition, winning multiple honours at the Sustainability, Enterprise and Responsibility Awards (SERAS) Africa CSR Awards, including the Most Responsible Organisation in Africa Award.

    Among its flagship interventions is a nationwide cataract treatment programme that has screened more than 23,000 Nigerians and facilitated over 6,000 surgeries aimed at restoring sight to visually impaired citizens.

    The Foundation recently commissioned a 1.5 Tesla Magnetic Resonance Imaging (MRI) machine at the Nnamdi Azikiwe University Teaching Hospital, Nnewi, to improve access to advanced diagnostic services in the South-East region.

    Arukwe said the Foundation’s interventions are designed to create measurable impact while improving public perception of NNPC through community-focused projects.

    She noted that the organisation relies on data-driven decision-making while maintaining empathy in addressing social challenges.

    The Foundation has also expanded its youth empowerment efforts through financial literacy, entrepreneurship and business development programmes, including initiatives targeted at National Youth Service Corps (NYSC) members.

    In collaboration with the Corporate Affairs Commission (CAC), participants in the programme received discounted business registration services to encourage entrepreneurship among young Nigerians.

    Beyond programme implementation, Arukwe has remained an advocate for mentorship and women’s leadership development within the energy sector.

    She described the establishment of Women in NNPC (WIN) as one of the organisation’s important initiatives aimed at strengthening female representation and leadership opportunities.

    Reflecting on her career, Arukwe said her goal is to leave a legacy of service and impact through initiatives that improve lives and support national development.

    According to NNPC, the Foundation remains committed to delivering sustainable interventions that address critical social needs while supporting the company’s broader commitment to national development.