Surge

US Dependency on Jet Fuel Imports: The Nigerian Shift The ever-evolving landscape of global trade has led to some noteworthy shifts, especially in the energy sector. This March, a fascinating development unfolds as the U.S. is poised to see its highest jet fuel imports in two years, with a significant portion arriving from Nigeria's renowned Dangote refinery. The Rise of Dangote Refinery Picture this: a sprawling industrial marvel standing as the largest refinery on the African…

In a significant pivot, Dangote Refinery has announced a temporary halt to the sale of petroleum products in Naira. This decision appears to be a strategic move to sidestep the complexities arising from a disparity between revenues generated in Naira and the obligations tied to dollar-denominated purchases of crude oil, as reported by Premium Times. Without a doubt, this shift means that oil marketers will now be compelled to transact in dollars for crucial commodities, such as petrol and diesel. The implications are…

Refinery's Bold Move: Selling Petrol in Dollars In a world where the economic waves are as unpredictable as ocean tides, businesses must navigate carefully. Recently, the Dangote Petroleum Refinery, a powerhouse in the energy sector of West Africa, unveiled a striking decision to sell petrol not in the local currency, the naira, but rather in U.S. dollars. This development has certainly sent ripples through the economic waters. Why such a bold move,…

During a recent Stanbic Economic Series webinar, cloaked under the theme of "The Economy under a New Era", Mr. Qureishi unfolded a tapestry of insightful analysis and bold predictions about Ghana’s economic landscape. The discussion was a captivating dive into key growth drivers and structural risks that hover like spectres over the country's economic future. One might wonder, amidst global uncertainties, what fuels this optimism? Strong Recovery in 2024 Sets Stage for 2025 Ghana's…

Picture this: Warren Buffett, the legendary CEO of Berkshire Hathaway, has climbed his way up to the sixth spot on a list of the world's wealthiest individuals. As of now, his net worth stands at a staggering $161 billion, surpassing his longtime friend and fellow billionaire Bill Gates by $1 billion. It's a fascinating turnaround in the saga of wealth and finance, as Buffett emerges as the leading wealth gainer of 2025. In comparison, Jeff Yass, a prolific investor in TikTok among other ventures, saw a…

Nigeria's economy is continuing to grow, with fresh data from the National Bureau of Statistics showcasing a notable 3.84% year-on-year increase in real GDP terms in the fourth quarter of 2024. It's intriguing, isn't it? When considering economic growth, the numbers certainly speak volumes. Compared to the same period last year, there’s been a significant upward trajectory, makings it fascinating to question: what factors are fueling this economic dynamism? Let me walk you through these details. "Nigeria’s…

In a poignant gathering at Mogadishu, officials from the United Nations Mine Action Service (UNMAS) and the Somali government assembled for a handover ceremony that transpired as a beacon of hope amid a sea of challenges. With life-saving equipment being transferred to Somali security forces, the event underscored a critical leap towards fortifying the nation's counter-IED operations. The atmosphere was one of solemn determination and cautious optimism, reflecting the daunting yet surmountable challenges ahead.…

Uncertain Paths: The Stories Behind Migration Ahmed Abdulqadir Ahmed, better known as Baaba Jeey, sits in a wheelchair, the winter sun casting a bright glow over his hopeful gesture—a thumbs-up. For months now, this Somali asylum seeker has called Germany home, but with recent election results stirring the pot of anti-immigration sentiment, his future teeters on a precipice. Despite the cloudy horizon, Baaba Jeey clings to hope, a lifeline threaded through his challenging journey. Political Shift and Its…

Inflation, a relentless specter haunting the African continent, burdens both individuals and enterprises. Though inflation is not unique to Africa, the continent's fragile economies, heavy import dependence, and capricious global influences exacerbate its impact manifold. This situation makes it exceedingly arduous for citizens to afford essentials and maintain business sustainability. But why does this happen with such intensity in Africa? Several factors contribute…

MOGADISHU, Somalia – Imagine the unforgiving depths of the ocean, where shadows of ships have danced for centuries. On a tranquil Monday, a slice of maritime turmoil reared its head off the Horn of Africa. Somali pirates, long-silent ghosts of the sea, have reportedly captured a Yemeni fishing vessel. As the sun dipped below the horizon, authorities confirmed the maritime upheaval with a shiver of uncertainty. EUNAVFOR Atalanta, representing a European naval initiative in these turbulent waters, assured that…