Business and Finance

Domestic Petrol Prices Rise Amid Global Supply Concerns Initial hopes for a reduction in domestic petrol prices sparked by the International Energy Agency (IEA) announcing that oil-producing nations would ramp up production now appear to be short-lived. Just as expectations rose, the Iranian government's alarming statement regarding the potential closure of the Strait of Hormuz—a critical global supply route—sent international oil prices surging again. This unexpected turn of events followed assurances of price cuts from…

West African shipping companies are revising routes and business plans as the escalating crisis in the Middle East disrupts global maritime corridors, industry officials and analysts say. The closure of the Strait of Hormuz and heightened insecurity in the Red Sea and Suez Canal have pushed up operational costs — most notably insurance premiums — and prompted firms to consider rerouting, suspending services or passing fees on to importers and exporters. Boma Alabi, chairperson of the Shipping Association of Nigeria, said…

Nigeria to Host Intra-African Trade Fair 2027, Building on Past Success The Federal Republic of Nigeria has officially signed the hosting agreement for the fifth Intra-African Trade Fair 2027 (IATF2027), taking over the baton from Algeria, which successfully hosted the fourth edition that recorded an impressive US$49.94 billion in trade and investment deals. The agreement signing ceremony took place in Lagos, the designated 'host city', highlighting Nigeria's commitment to enhancing intra-African trade. This event was…

Nigeria's Historic Settlement Paves Way for Oil Development President Bola Tinubu has presided over the successful conclusion of a historic settlement agreement between the Federal Government of Nigeria, ENI, and Nigerian Agip Exploration Limited (NAEL), resolving the long-running dispute about Oil Prospecting Licence (OPL) 245. The agreement brings to a close 15 years of legal battles over OPL 245, paving the way for the development of one of Nigeria's most significant deepwater resources. This resolution is viewed as a…

The UK Home Office has announced a significant policy shift, halting the issuance of study visas to nationals from Afghanistan, Cameroon, Myanmar, and Sudan. This decision also extends to skilled work visas for Afghans, with the government citing rampant visa abuse as the driving force behind the change. Home Secretary Shabana Mahmood emphasized that this move comes in response to a startling rise in asylum claims from individuals who first entered the UK legally on study visas. Official statistics reveal that asylum…

Landslide at Rubaya Coltan Mine Claims Over 200 Lives in Eastern DR Congo In a tragic turn of events, a landslide triggered by heavy rains at the Rubaya coltan mine in eastern Democratic Republic of the Congo has resulted in the deaths of at least 200 individuals, with reports indicating that around 70 of the victims were children. The catastrophic incident has raised serious concerns about safety regulations in the mining sector and the ongoing conflict in the region. The Congolese Ministry of Mines confirmed the…

Tinubu Suspends Cashless Payment System at Nigerian Airports President Bola Tinubu has directed Aviation Minister Festus Keyamo to suspend the cashless payment system recently implemented by the Federal Airports Authority of Nigeria (FAAN) at major airports, including those in Lagos and Abuja. The decision comes in response to widespread complaints from travelers who reported long queues and delays caused by the new system. Reflecting on the situation, Keyamo stated that the president emphasized the importance of…

Zimbabwe imposes immediate, indefinite ban on export of lithium concentrates Zimbabwe announced an immediate and indefinite ban on the export of lithium concentrates and other unprocessed ores on Wednesday, saying mining companies rushed to ship raw lithium ahead of a planned 2027 restriction and that large volumes of the mineral have been illegally stockpiled outside the country. Mines Minister Polite Kambamura said the decision followed reports that some firms accelerated extraction and exports instead of investing in…

The Federal Airports Authority of Nigeria's (FAAN) newly launched cashless payment system has triggered massive congestion at the country's major airports, leaving motorists and travelers stranded for hours. The policy, which took effect on March 1, aims to curb revenue leakages but has instead resulted in significant delays and frustration. Heavy gridlock was reported at Murtala Muhammed International Airport in Lagos and Nnamdi Azikiwe International Airport in Abuja as drivers scrambled to obtain the new toll payment…

A new scramble for Africa is underway — not with warships or colonial flags, but with battery supply chains, green-transition targets and high-level trade delegations. Governments and corporations are hunting lithium, cobalt, graphite, manganese, platinum-group metals and rare earth elements that power electric vehicles, wind turbines and digital infrastructure. The race promises opportunity for African states; it also risks renewing old patterns of extraction without local benefit or environmental safeguards. The global…