New Post Africa

Category: Business

  • UN warns credit ratings penalize developing nations, calls for reform

    UN warns credit ratings penalize developing nations, calls for reform

    LAGOS, NIGERIA, April 5, 2026 (NPA) — The United Nations has raised an alarm that developing countries are being priced out of affordable finance needed for sustainable development, with sovereign credit ratings often overstating risk and ignoring long-term economic potential. Speaking at the opening of the UN Economic and Social Council (ECOSOC) Special Meeting on Credit Ratings, Deputy Secretary-General Amina Mohammed, delivering remarks on behalf of Secretary-General António Guterres, said the current system relies too heavily on “outdated and incomplete information,” leaving poorer nations unfairly penalized in global capital markets.

    “Adequate and timely finance is the fuel that drives sustainable development,” Mohammed warned. “Today that fuel is running perilously low, and it’s getting more costly.” She highlighted that developing countries face nearly $1.4 trillion in annual debt servicing costs, with more than 3.4 billion people living in nations that spend more on debt interest than on health or education. Rising fuel and raw material costs linked to global instability, coupled with climate disasters, are intensifying fiscal pressures and slowing growth, she added.

    Mohammed linked the debate on credit ratings to broader debt reform efforts, citing initiatives such as a borrowers’ platform, principles for responsible sovereign borrowing and lending, and a UN-led process bringing together debtor and creditor countries, private creditors, and civil society. She also pointed to the planned African Credit Rating Agency as a step toward improving data, transparency, and risk assessment.

    Calling for a reimagining of sovereign ratings, Mohammed urged a shift from speculation to investment, with methodologies that capture both vulnerability and opportunity. She stressed that affordable borrowing for development strengthens future solvency, noting that investment in health, education, infrastructure, climate resilience, and renewable energy reduces risk and builds prosperity. “It’s time to turn credit ratings from barriers into contributors to long-term finance and sustainable development,” she said.

  • Thank you for coming: Governor Abiodun hails Tinubu’s historic commissioning in Ogun

    Thank you for coming: Governor Abiodun hails Tinubu’s historic commissioning in Ogun

    ABEOKUTA, NIGERIA, April 5, 2026 (NPA) — Ogun State Governor, Prince Dr. Dapo Abiodun, CON, has described the commissioning of landmark projects in the state by President Bola Ahmed Tinubu as both historic and symbolic of the progress Ogun is making toward prosperity and modern development.

    He expressed profound appreciation to the President for honoring the state with his presence and for his unwavering support, noting that the commissioning underscored the strong partnership between the Federal Government and Ogun State in delivering meaningful progress.

    In a statement today, Abiodun extended gratitude to distinguished guests, stakeholders, traditional rulers, party leaders, captains of industry, and development partners who attended the event. He emphasized that their presence and encouragement added great value to the success of the occasion and strengthened collective resolve to push the boundaries of development.

    “To the good people of Ogun State, we say thank you for your continued support, trust, and partnership. Yesterday’s success belongs to all of us, and we remain committed to justifying the confidence you have placed in us by continuing to deliver impactful projects and people-centred governance across every part of our dear state,” he said.

    The governor reaffirmed his administration’s commitment to building a future of shared prosperity and lasting progress, promising to sustain the momentum of development across Ogun State.

  • Eritrea expands forage production to boost milk output

    Eritrea expands forage production to boost milk output

    AFRICA, April 4, 2026 (NPA) — Eritrea’s Ministry of Agriculture has announced significant progress in its national strategy to expand forage cultivation as part of efforts to increase milk production and strengthen food security.

    According to the ministry, in a statement today, 27 types of forage crops suitable for livestock feed have been identified across the country. Forage farming, though rooted in Eritrea’s agricultural history, has not been fully developed until recent years. Officials say the sector is now central to the government’s plan to improve livestock health and meet rising demand for dairy products.

    Mr. Medhane Tesfay, Head of Forage Development at the Ministry of Agriculture, explained that forage-based milk production has been adopted as a national strategy. 

    In 2025 alone, 2,300 hectares of land were cultivated with forage crops, yielding an estimated 109,000 tons of green feed. This initiative, he noted, is designed to reduce dependence on imported feed, improve animal nutrition, and raise milk output.

    Livestock in Eritrea are divided into ruminants—such as cattle, sheep, goats, and camels—and non-ruminants like poultry and horses. Ruminants, which rely on microbial digestion in their multi-chambered stomachs, benefit most from forage-based diets. The ministry emphasized that the type and quality of feed directly influence milk yield and composition.

    Breed differences also play a role. Buffalo milk generally contains higher fat than cow’s milk, while camel milk is richer in minerals. Even within cattle breeds, milk composition varies. Local breeds such as Barika and Arado produce milk with different qualities compared to imported breeds like Holstein or Jersey.

    Officials highlighted that forage expansion is not only about increasing volume but also about improving quality. By diversifying feed sources and aligning them with livestock species and breeds, Eritrea aims to achieve more sustainable dairy production.

    The ministry concluded that forage-based strategies will remain the backbone of Eritrea’s dairy development, ensuring healthier livestock, higher milk yields, and greater resilience in the face of climate and market challenges.

  • From vanity to value: The real secret behind winning Nigeria’s mobile audience

    From vanity to value: The real secret behind winning Nigeria’s mobile audience

    OPINION, April 4, 2026 (NPA) —Nigeria is undeniably a mobile-first market, but that does not mean every company should rush to build its own app. Too often, strategies confuse access with appetite, or downloads with loyalty.

    Users will only keep an app if it delivers consistent, practical value. In Nigeria, where data costs are high, storage space is limited, and attention is fiercely contested, an app that fails to solve a recurring problem quickly becomes disposable.

    This is the real challenge for corporates considering streaming platforms. The issue is not whether an app looks modern or impressive, but whether it offers enough ongoing value to justify a permanent place on someone’s phone. For most companies, the honest answer is still “not yet.” Without strong, regular, exclusive content, branded streaming apps risk becoming expensive digital monuments—ambitious in appearance but rarely part of everyday life.

    Social media, by contrast, is already woven into the daily rhythm of Nigerian society. It is where people discover, discuss, learn, watch, argue, laugh, compare, and share. For many brands, social handles are not a weakness but the most realistic starting point.

    Still, social platforms are borrowed ground. They provide reach, visibility, and conversation, but they do not give brands full control over their audience, data, or long-term distribution. The smarter approach is layered: use social media for discovery and relevance; YouTube and video platforms for depth and repeat viewing; WhatsApp for direct connection, community, and service; then link all of these back to an owned destination—whether a website, content hub, membership platform, or lighter digital environment under the brand’s control. In this model, content works harder and audience relationships last longer.

    Ultimately, content matters more than the platform. Corporates should focus less on polished self-promotion and more on useful, human, repeatable value. Audiences respond to content that helps them do something, understand something, avoid something, or feel part of something. That means practical explainers, behind-the-scenes access, customer stories, live conversations, thought leadership, short how-to videos, and programming built around real interests and real problems.

    The lesson is clear: build the audience before you build the app. And when the time comes, ensure the app delivers a service—not just a screen.

  • Ramaphosa appoints Dr. Makhubu as new SARS Commissioner

    Ramaphosa appoints Dr. Makhubu as new SARS Commissioner

    AFRICA, April 4, 2026 (NPA) — President Cyril Ramaphosa has appointed Dr. Ngobani Johnstone Makhubu as the new Commissioner of the South African Revenue Service (SARS) for a five-year term, effective May 1, 2026.

    The appointment was made in line with Section 6 of the South African Revenue Service Act of 1997, following a unanimous recommendation by a selection panel convened by Finance Minister Enoch Godongwana.

    Dr. Makhubu, currently Deputy Commissioner for Taxpayer Engagement and Operations, succeeds Edward Kieswetter, whose contract concludes on April 30, 2026. With over 17 years of senior leadership experience across tax administration, finance, operations, and commercial management, Makhubu has worked in diverse industries including FMCG, mining, power generation, and public revenue services.

    He has played a central role in shaping SARS’s strategic direction since 2020, contributing to the implementation of the Vision 2024 strategy. Under this framework, SARS achieved a compounded annual revenue growth rate of 7.6 percent and improved voluntary compliance by 3.4 percentage points.

    President Ramaphosa congratulated Makhubu, describing SARS as a vital institution that provides the financial resources necessary for government operations, infrastructure development, and social services. He expressed confidence in Makhubu’s ability to build on the agency’s achievements and strengthen fiscal stability.

    The President also paid tribute to outgoing Commissioner Kieswetter, commending his incisive and innovative leadership that positioned SARS as a key enabler of fiscal stability, trade facilitation, and investment.

    Ramaphosa noted that the leadership transition at SARS reflects the importance of sound succession planning in strengthening state institutions.

  • Ogun State to unveil Gateway Air during Tinubu’s visit—Abiodun

    Ogun State to unveil Gateway Air during Tinubu’s visit—Abiodun

    ABEOKUTA, NIGERIA, 3 April 2026 (NPA) — Ogun State Governor, Dapo Abiodun, has announced that all is set for the unveiling of the state‑owned airline as part of President Bola Ahmed Tinubu’s visit to the state on Saturday, when he will commission landmark projects executed by the administration.

    According to the governor of the southwestern Nigeria state, the aviation vision for Ogun State goes beyond the commissioning of the Gateway International Airport. “During his official visit on Saturday, President Bola Ahmed Tinubu will also unveil Gateway Air, our new state airline,” Abiodun said.

    The Ogun State Airline will commence operations with two newly acquired aircraft to be managed by ValueJet, alongside the cargo facility at the Gateway International Airport. The governor explained that the airline and airport projects represent another bold step in positioning Ogun State as a key destination for aviation, logistics, and investment, while also creating new opportunities for trade, tourism, and employment.

    Abiodun emphasised that the initiative reflects his administration’s determination to transform Ogun into a hub of modern infrastructure and economic growth, aligning with the broader vision of the Renewed Hope Agenda at the national level.

  • Akwa Ibom exco approves 39 projects, advances state’s ARISE Agenda

    Akwa Ibom exco approves 39 projects, advances state’s ARISE Agenda

    UYO, NIGERIA, 3 April 2026 (NPA) — Governor Umo Eno of Akwa Ibom State on Thursday presided over the State Executive Council meeting, where key decisions were taken to advance the administration’s ARISE Agenda.

    The council approved 39 projects, including 27 road projects covering more than 167 kilometres across the state. Among them is the 36‑kilometre Nung Udoe–Afaha Offiong–Ikot Imo–Itreto Road and other strategic routes aimed at boosting economic growth and development.

    In addition, the council adopted the State Ageing Policy and approved the forwarding of the Senior Citizens Establishment Bill, 2026, to the State House of Assembly. The bill seeks to provide social welfare and protection for senior citizens.

    The meeting also reviewed the positive impact of the ₦2 billion Agricultural and Traders Grants, noting improvements in farm output, agro‑processing, and business growth. Enhancements to the rural water project across 369 wards were approved, with emphasis on community involvement in maintenance to ensure continuity of service delivery.

    A Steering Committee on Ward‑Level Cooperative Societies, chaired by the Deputy Governor, was inaugurated to drive empowerment, food security, and rural development, reinforcing economic inclusion across the state. 

    Governor Eno reiterated his administration’s resolve to remain focused on delivering impactful projects and improving the lives of citizens.

    Since assuming office in May 2023, Pastor Umo Eno has prioritised diversification of the economy, strengthening agriculture, and improving governance. His flagship palm oil development programme saw ₦2.5 billion invested in procuring over 620,000 seedlings distributed across all 31 Local Government Areas, aimed at boosting production, creating jobs, and reducing dependence on oil revenues. He has also launched a deliberate drive to grow non‑oil revenues by investing in agriculture, tourism, and other sectors to build resilience and sustainability.

    Beyond agriculture, Eno introduced a framework for delivering 86 priority projects outside traditional road, hospital, and school projects, monitored through a Projects Delivery Meeting system to ensure accountability. His administration has taken steps to address electricity challenges, prioritising energy access as a foundation for industrial growth. 

  • Lagos shuts Access Bank branch over untreated sewage discharge

    Lagos shuts Access Bank branch over untreated sewage discharge

    LAGOS, NIGERIA, 3 April 2026 (NPA) — The Lagos State Government has sealed off a branch of Access Bank Plc in Victoria Island after uncovering the discharge of untreated sewage and obstruction of regulatory enforcement, raising concerns over environmental compliance among high‑profile institutions.

    The operation, coordinated by the Lagos State Wastewater Management Office (LSWMO) in collaboration with the Lagos State Environmental Sanitation Corps (KAI), followed a directive from the Commissioner for the Environment and Water Resources, Mr Tokunbo Wahab. He said the move was necessary to safeguard the environment and enforce strict compliance with state environmental laws.

    According to Wahab, a whistleblower complaint prompted an inspection of the bank’s Oniru facility, where officials discovered a non‑functional wastewater treatment plant. This led to untreated faecal matter being discharged into public drainage, causing severe environmental damage.

    During the enforcement visit, LSWMO officials were initially denied access to seal the premises, as security personnel and management representatives resisted the team. Subsequent analysis of effluent samples confirmed untreated sewage, prompting the government to reinforce its officers and shut down the property.

    The Commissioner warned that Lagos would pursue legal action against any individual or institution found guilty of assaulting or obstructing government officials in the course of their duties. “There are no sacred cows in the enforcement of environmental regulations. Any organisation found violating the law, regardless of status, will be held accountable,” he said.

    Engr. Adefemi Afolabi, General Manager of LSWMO, reaffirmed the agency’s commitment to safeguarding public health and ensuring full compliance with environmental regulations, stressing that there would be no compromise on environmental protection.

  • Afreximbank pushes digital integration at African Finance Ministers’ Conference

    Afreximbank pushes digital integration at African Finance Ministers’ Conference

    TANGIER, MOROCCO, 2 April 2026 (NPA) — The African Export-Import Bank (Afreximbank) this week joined African leaders at the 58th Session of the Economic Commission for Africa and Conference of African Ministers of Finance, Planning and Economic Development in Tangier, Morocco, advancing solutions to scale Africa’s digital and innovation economy.

    Speaking during a panel on “Financing Africa’s Digital and Innovation Economy,” Afreximbank Executive Vice President, Global Trade Bank, Mr. Haytham ElMaayergi, stressed that Africa’s challenge is not the absence of capital, but how that capital is structured and deployed.

    He underscored the need to move from fragmented efforts to integrated digital systems, positioning digital public infrastructure — including broadband, data systems, digital identity and payments — as foundational to economic growth.

    Afreximbank is driving this agenda through platforms such as the Africa Trade Gateway and PAPSS, which enable seamless cross‑border trade, reduce transaction costs, and strengthen connectivity across African markets.

    The priority now, ElMaayergi said, is to scale these systems, mobilise institutional capital, and build fully integrated digital markets that support trade, innovation and long‑term transformation across the continent.

  • South Africa welcomes Chinese investment to boost economic development

    South Africa welcomes Chinese investment to boost economic development

    AFRICA, 2 April 2026 (Agency Report) — South Africa has welcomed fresh investment pledges from Chinese firms, with Trade, Industry and Competition Minister Parks Tau highlighting the potential to strengthen economic ties and drive industrialisation.

    Speaking to the media during the sixth South African Investment Conference (SAIC) at the Sandton Convention Centre in Johannesburg on Tuesday, Tau said the country anticipates “stronger investment ties with China.” He noted that Chinese investment would support South Africa’s industrialisation agenda and contribute significantly to economic growth.

    The minister confirmed that South Africa is working with China to finalise early harvest arrangements under the Framework Agreement on Economic Partnership for Shared Development. He also praised China’s decision to grant zero-tariff treatment to 53 African countries from 1 May, describing duty-free and quota-free access to the Chinese market as “a great opportunity” for South African products.

    Since its launch in 2018, SAIC has served as a key platform for attracting domestic and foreign investment, promoting industrial development and supporting economic growth. President Cyril Ramaphosa told delegates that the conference provides an opportunity to showcase South Africa’s investment potential and connect investors with concrete projects.

    This year’s edition drew more than 1,000 delegates from over 50 countries and regions, underscoring the country’s ambition to deepen cooperation and expand investment partnerships.