New Post Africa

Category: Business

  • Nigeria’s inflation climbs to 15.38% in March, food and rural areas hit hardest

    Nigeria’s inflation climbs to 15.38% in March, food and rural areas hit hardest

    LAGOS, Nigeria — 16 April 2026 (NPA) — Nigeria’s inflation rose again in March 2026, according to the National Bureau of Statistics. Prices of everyday goods and services went up by 15.38% compared to last year, slightly higher than the 15.06% recorded in February. This means that, on average, Nigerians are paying more for the same items than they did a year ago.

    The Consumer Price Index, which tracks changes in the cost of living, climbed to 135.4 points in March, up from 130.0 in February. Monthly, inflation jumped to 4.18%, showing that prices rose faster in March than they did in February.

    Food remains the biggest driver of inflation. Items like yams, cassava, ginger, groundnuts, potatoes, tomatoes, and cassava flour saw noticeable price increases. Restaurants, transport, housing, and healthcare also added to the pressure.

    Urban areas recorded inflation of 14.64%, while rural areas were hit harder at 17.22%, showing that people living outside cities are feeling the pinch more severely.

    Across the states, Bayelsa, Sokoto, and Bauchi had the highest inflation rates, while Osun, Kano, and Kaduna experienced the lowest. For food prices specifically, Bayelsa, Sokoto, and Adamawa saw the sharpest increases, while Kano, Oyo, and Katsina had the smallest rises.

    In simple terms, while inflation has slowed compared to last year’s very high levels, prices are still climbing quickly, especially for food and in rural communities. This means households continue to struggle with higher living costs.

  • Okpebholo rebuilds Ekpoma POWA Market, disburses ₦200m to fire-affected traders

    Okpebholo rebuilds Ekpoma POWA Market, disburses ₦200m to fire-affected traders

    BENIN CITY, Nigeria — 14 April 2026 (NPA) — The Edo State Governor, Senator Monday Okpebholo, on Tuesday presented cheques of ₦8 million each, totalling ₦200 million, to traders affected by the recent fire that gutted the POWA Market in the Ekpoma axis of the state.

    The governor also announced that the market had been rebuilt, bringing relief to the affected traders and giving them a fresh start after the tragedy and losses they suffered in the inferno.

    Okpebholo said, “A few days ago, I made a promise to the traders affected by the POWA Market fire in Ekpoma. Today, I have fulfilled that promise.”

    “We have rebuilt the market, and I personally presented the cheques to each of the affected traders as we disbursed ₦200 million in support, with every shop owner receiving ₦8 million to help them restart their businesses.”

    The governor explained that the intervention was driven by his understanding of the pain and disruption the fire caused, stressing that his administration’s priority is restoring not just livelihoods, but hope and dignity. “This is what governance means to me: standing with our people and taking real action when it matters most,” he said.

    He reiterated his administration’s commitment to always stand by the people and ensure their welfare is met. “We will continue to do more to support our people and put smiles on the faces of Edo families. A New Edo has risen,” the statement concluded.

  • Afreximbank backs Dangote Group’s $100 billion revenue target by 2030

    Afreximbank backs Dangote Group’s $100 billion revenue target by 2030

    CAIRO, Egypt — 14 April 2026 (NPA) — The African Export-Import Bank (Afreximbank) has pledged support for Dangote Group as the conglomerate pursues an ambitious plan to expand operations and achieve annual revenues of US$100 billion by 2030.

    The announcement followed the presentation of the Group’s long-term growth strategy, “Vision 2030: Supercharging Dangote Group for Long-Term Success,” to Afreximbank’s Board of Directors and executive team on 31 March 2026. The strategy outlines a two-phase expansion programme spanning 2025–2028 and 2028–2030.

    Key initiatives include increasing the capacity of the Dangote Petroleum Refinery from 650,000 barrels per day to 1.4 million barrels per day, and quadrupling fertiliser production from 3 million tonnes per annum to 12 million tonnes per annum — positioning the Group as the world’s largest producer of urea fertiliser. The plan also covers expansion in cement, rice, and food production, alongside new investments in infrastructure, gas, mining, data centres, and power.

    Dangote Group estimates it will require at least US$40 billion in new investments over the next five years to realise its continental ambitions.

    Aliko Dangote, President and Chief Executive of Dangote Industries Limited, described the partnership as a shared mission to drive Africa’s industrial growth. “Our partnership with Afreximbank is more than financial support; it is about a shared dream for the continent,” he said.

    Afreximbank President and Chairman of the Board, Dr. George Elombi, emphasised the alignment of goals between the two institutions, noting that the collaboration would accelerate Africa’s industrial transformation. He recalled the continent’s struggles during the COVID-19 pandemic due to limited production capacity, stressing the importance of building local resilience.

    As part of the partnership, Afreximbank signed a US$2.5 billion facility underwritten as part of a US$4 billion syndicated term loan in favour of Dangote Petroleum Refinery and Petrochemicals FZE.

    The agreement underscores Afreximbank’s commitment to supporting large-scale African enterprises and Dangote Group’s role in advancing industrialisation and economic diversification across the continent.

  • 10,000 fashion producers to gather in Aba for ‘The Fashion Games 2026’

    10,000 fashion producers to gather in Aba for ‘The Fashion Games 2026’

    ABA, Nigeria — 14 April 2026 (Agency Report) — No fewer than 10,000 fashion producers are expected to converge on Aba, Abia State, for the second edition of The Fashion Games 2026 (TFG 2026), organisers announced on Monday.

    The event, organised by Ethnocentrique Limited, will also attract fashion enthusiasts, policymakers, and buyers. Chief Executive Officer Irunna Ejibe said the 2026 edition, themed “AHIA 360,” aims to showcase a holistic fashion market experience and promote the development of a structured fashion economy in Aba and across Nigeria.

    Scheduled for April 28–29, the two-day programme will feature an industry-focused session for buyers, policymakers, and MSMEs on the first day, followed by a large public showcase at Enyimba International Stadium on the second day.

    Ejibe recalled that the maiden edition in 2025 drew 4,500 participants and engaged 1,400 MSMEs, while 2,000 trainees graduated under the Fashion Future Programme (FFP), implemented in partnership with the Mastercard Foundation. She noted that Aba remains a major hub for garment, footwear, and accessory production, though many artisans lack access to finance, certification, and markets.

    Chief Operating Officer Jeremiah Ubunamah added that Aba’s fashion cluster has the potential to grow into a $3 billion industry within five to ten years if supported with adequate infrastructure. He said the event would help address gaps in finance, intellectual property protection, and market linkages.

    The first day will include deal-making sessions with buyers, retailers, government officials, and industry experts, culminating in business partnership signings. The second day will feature cluster parade competitions involving 25 production groups, runway presentations for emerging designers, and the graduation of new FFP participants.

    Organisers say the initiative underscores Aba’s role as a fashion powerhouse and highlights opportunities for Nigeria’s creative economy.

  • United Nations launches Borrowers’ Platform on April 15

    United Nations launches Borrowers’ Platform on April 15

    INTERNATIONAL —13 April 2026 (NPA) — The United Nations has officially launched the Borrowers’ Platform, a new initiative designed to give developing countries a stronger collective voice in global debt discussions. Facilitated by the UN Conference on Trade and Development (UNCTAD), the platform seeks to address long-standing gaps in the international financial system by creating a borrower-led space for cooperation, knowledge-sharing, and capacity-building.

    Debt servicing costs in developing countries have surged over the past decade, with external debt reaching $11.7 trillion in 2024. That year, governments spent nearly 10% of their revenue on interest payments, while least developed countries devoted almost a quarter of their revenue to external creditors. According to UNCTAD, 54 countries—home to 3.4 billion people—now spend more on debt than on health or education.

    Rebeca Grynspan, Secretary-General of UNCTAD, underscored the urgency of reform: “3.4 billion people deserve better outcomes. They’re not asking for charity. They want a level playing field where finance enables development rather than constraining it.”

    Egypt’s Finance Minister Ahmed Kouchouk, who chairs the initial working group, explained that the Borrowers’ Platform is not a debt restructuring forum but rather a cooperative space to share experiences, strengthen debt management capacity, improve transparency, and engage more effectively in global financial discussions.

    The platform’s creation follows a series of milestones: in December 2024, UN Secretary-General António Guterres appointed an Expert Group on Debt; in June 2025, the group proposed the Borrowers’ Platform; in July 2025, Member States endorsed the idea in the Sevilla Commitment at the 4th International Conference on Financing for Development; and in October 2025, the Geneva Consensus at UNCTAD16 called on UNCTAD to facilitate borrower cooperation. A working group led by Egypt and Pakistan, with members including Colombia, Honduras, Maldives, Nepal, and Zambia, drafted the platform’s modalities.

    UNCTAD will serve as the platform’s secretariat, providing technical and administrative support. Advocates say the initiative sends a positive signal to markets by promoting debt sustainability and transparency, while giving developing countries a long-overdue seat at the table in shaping global financial rules.

  • Femi Otedola’s MAKING IT BIG wins Gold at Axiom Business Book Awards  

    Femi Otedola’s MAKING IT BIG wins Gold at Axiom Business Book Awards  

    LAGOS, Nigeria, 13 April 2026 (NPA) — Entrepreneur and philanthropist Femi Otedola, Chairman of FirstHoldCo Plc, has announced that his recently published book, Making It Big: Lessons from a Life in Business, has won the Business Book Gold Award at the 2026 Axiom Business Book Awards, widely regarded as the world’s most respected business book honors since 2007.  

    Otedola described the recognition as a personal milestone and a testament to the exceptional team that helped bring the book to life. He extended appreciation to readers who have supported the work, noting that the book is both a memoir and a business guide.  

    Making It Big chronicles Otedola’s rise from childhood dreams of entrepreneurship to becoming one of Africa’s most prominent billionaires and philanthropists. It highlights his journey of ambition, resilience, and reinvention — from making his first billion at 41, to losing a fortune, and rebuilding his empire.  

    Through personal stories, Otedola shares insights into leadership, risk-taking, and the importance of maintaining a positive mindset despite challenges. Part memoir and part business manual, the book offers lessons on perseverance, strategic thinking, and philanthropy.  

    Otedola emphasizes that success is not linear but achievable through determination and adaptability. The book serves as inspiration for aspiring entrepreneurs, showing that it is possible to defy the odds and create lasting impact in business and society. 

  • Nigeria opens applications for second cohort of National TVET Programme

    Nigeria opens applications for second cohort of National TVET Programme

    ABUJA, Nigeria, 13 April 2026 (NPA) — The Federal Ministry of Education has announced the opening of applications for the second cohort of the National Technical and Vocational Education and Training (TVET) Programme, a flagship initiative under President Bola Ahmed Tinubu’s Renewed Hope Agenda.

    The application portal opens today at 4:00 PM (WAT), offering Nigerians an opportunity to acquire practical skills for employment and entrepreneurship. Last year, more than 1.3 million Nigerians applied, underscoring the growing demand for vocational training and its impact on livelihoods and the economy.

    The programme, delivered through certified training centers nationwide, provides tuition-free training, monthly stipends, and start-up support in trades across high-demand sectors. It aims to close Nigeria’s skills gap, empower youth for self-reliance, create a pipeline of skilled workers for industries, and promote national development through vocational excellence.

    Applicants can choose between two flexible tracks:

    • Short-Term Certificate (STC) Programme — Six months, designed for first-time trainees, school leavers, or individuals without formal education. Requirements include a valid National Identification Number (NIN) and Bank Verification Number (BVN).
    • Vocational Education & Innovation (VEI) Programme — One year, tailored for individuals with some education or informal training experience. Entry requires either Recognition of Prior Learning (RPL), a First School Leaving Certificate (FSLC), or any non-formal education certificate.

    Officials emphasized that the initiative is central to building human capital and driving inclusive economic growth. “With TVET, you can build your own future,” the Ministry said in its release.

  • NERC issues order on reporting regional electricity transmission loss factors

    NERC issues order on reporting regional electricity transmission loss factors

    ABUJA, Nigeria, 13 April 2026 (NPA) — The Nigerian Electricity Regulatory Commission (NERC) has issued Order No. NERC/2026/026 to strengthen transparency and efficiency in the country’s power grid through enhanced reporting of Regional Transmission Loss Factors (TLF).

    Data from the Nigerian Independent System Operator (NISO) show that the national average TLF dropped from 8.71% in 2024 to 7.24% in 2025, but still exceeds the 7% benchmark approved by NERC under the Multi-Year Tariff Order (MYTO). The new Order, dated 8 April 2026, establishes a formal framework for reporting transmission losses across regions operated by the Transmission Company of Nigeria (TCN).

    Effective from 13 April 2026, the directive is backed by the Electricity Act 2023, which empowers NERC to regulate, monitor, and ensure efficiency in the electricity market. Key provisions include:

    • NISO to install smart meters at all boundary regional interconnection points by December 2026 to accurately measure energy flows.
    • NISO to measure and document all energy flow of power transformers at transmission substations.
    • NISO to file quarterly regional TLF reports to NERC.
    • TCN to submit an action plan by July 2026 to reduce TLF to within the 7% benchmark.
    • TCN to ensure TLF across transmission regions does not exceed 6.5% by December 2026.

    NERC stated that the Order is designed to strengthen accountability in transmission operations and support improved grid performance through structured loss reporting.

  • Elon Musk accuses South Africa of blocking Starlink license

    Elon Musk accuses South Africa of blocking Starlink license

    INTERNATIONAL, 12 April 2026 (NPA) — Elon Musk, founder and CEO of SpaceX and Tesla, has accused his country of birth, South Africa, of denying Starlink a license to operate, alleging corruption and racial discrimination in the process.

    In a post on his X account, the word’s richest man claimed that South African regulators refused to grant Starlink approval “simply because I am not Black.” He alleged that officials repeatedly offered Starlink the chance to secure a license by bribing or misrepresenting its ownership structure to appear Black‑run, but said he refused to comply “on principle.” 

    Musk added: “Racism should not be rewarded, no matter to which race it is applied. Shame on the racist politicians in South Africa. They should be shown no respect whatsoever anywhere in the world.”

    The South African government has defended its position, citing the Black Economic Empowerment (BEE) framework, which requires local participation in telecommunications licensing. Officials argue that the rules are designed to ensure equity and inclusion in the economy. The confrontation escalated after Musk publicly attacked Clayson Monyela, head of public diplomacy, accusing him of racism for defending the regulatory framework.

    The dispute carries wider implications: without approval, Starlink cannot legally operate in South Africa, limiting its expansion in a market where rural connectivity is urgently needed. Musk’s accusations have sparked debate over whether South Africa’s equity policies discourage foreign investment, while his public attacks risk straining diplomatic relations. The government insists its rules are necessary for fairness, but Musk’s claims have turned the issue into a global controversy over governance, inclusion, and the balance between attracting technology investment and enforcing local participation laws.

  • Gateway Air begins operations with ₦100,000 flights to major cities

    Gateway Air begins operations with ₦100,000 flights to major cities

    OGUN, Nigeria, 11 April 2026 (NPA) — Gateway Air, the newly launched Ogun State‑owned airline, has announced the commencement of scheduled flight operations connecting key cities across Nigeria, with economy fares starting at ₦100,000.

    In a statement issued at the weekend by Hon. Kayode Akinmade, Special Adviser on Information and Strategy to Governor Dapo Abiodun, the airline confirmed that flights will begin on Monday, 13 April 2026.

    The routes include: Iperu to Abuja, Abuja to Port Harcourt, Abuja to Calabar, Abuja to Jos, and Iperu to Kano.

    Flights will operate on Mondays, Tuesdays, Wednesdays, and Fridays, offering passengers reliable and convenient travel options.

    Gateway Air emphasised that the new services are part of its commitment to enhancing connectivity, improving regional accessibility, and supporting economic growth through efficient air travel.

    Passengers are encouraged to make early bookings and follow the airline’s official communication channels for updates on schedules and further information.

    The airline reaffirmed its dedication to providing safe, customer‑focused services, positioning itself as a key player in Nigeria’s aviation sector.