Author: Mujeedat

Nigeria’s private sector recorded an increase in output at the end of the second quarter of 2026, supported by stronger demand and the launch of new products, according to Stanbic IBTC Bank Nigeria. The bank’s Head of Equity Research West Africa, Muyiwa Oni, said improving demand conditions helped drive further increases in output and new orders, while rising workloads encouraged firms to expand staffing, raise purchasing activity and build up inventories. He noted that the headline PMI reading of 53.4 in June, though slightly lower than May’s 54.1, remained above the 50.0 level that signals improvement in business…

The Nigeria Deposit Insurance Corporation has taken over the liquidation of 46 microfinance banks after the Central Bank of Nigeria revoked their operating licences on July 1, 2026. According to NDIC, the affected institutions are no longer allowed to carry on banking business in Nigeria. The corporation warned the public against carrying out any unauthorized transaction with the closed banks or tampering with their assets, records or property, noting that such actions could attract legal sanctions. NDIC said it has already begun the orderly winding-up process, which includes immediate takeover of the banks, verification of records and payment…

The management of the Nigeria Customs Service has welcomed Comptroller-General Bashir Adewale Adeniyi back to Abuja after what it described as a major boost to both his national and international leadership roles. Adeniyi returned to the Service’s headquarters in Maitama on Monday, June 29, 2026, where officers and senior management received him warmly following his trip to Brussels. His visit to Belgium had marked the 147th and 148th sessions of the World Customs Organisation Council. At the meeting, Adeniyi’s chairmanship of the WCO Council was renewed for another year, even though he had gone there expecting to hand…

Tanzania’s President Samia Suluhu Hassan has held high-level talks with Aliko Dangote on a new wave of potential Dangote Group investments in the country, covering transport infrastructure, fertilizer production, power generation, ports and regional trade. The meeting, held at State House in Dar es Salaam, highlighted the long-standing relationship between Tanzania and the Dangote Group while opening discussions on projects tied to the country’s industrialisation and economic transformation plans. Dangote said Tanzania remains a highly attractive investment destination for the group, adding that several areas had been identified for possible development in ways that would benefit both sides.…

The Comptroller-General of Customs, Bashir Adewale Adeniyi, has announced the handover of seized narcotic drugs and expired pharmaceutical products intercepted by the Apapa Area Command, with a combined Duty Paid Value of ₦53.39 billion. Speaking at the briefing in Lagos on Wednesday, Adeniyi said the seizures were made through intelligence gathering, scanning analysis, physical examination and collaboration with the NDLEA and other agencies. He said the operation reflects Customs’ commitment to protecting society through vigilance, intelligence-driven border management and inter-agency cooperation. He listed the seizures to include containers of Cannabis Sativa, Codeine Syrup, expired pharmaceutical products such as…

Delta State Governor Sheriff Oborevwori has expressed strong dissatisfaction over the slow pace of work at the Technical College, Irri, in Isoko South Local Government Area, describing the delay in completing the project as unacceptable. The governor made the remarks on Monday during an unscheduled inspection visit to the site, where he noted that the contract, awarded in 2019, had remained unfinished after seven years. He said the level of work on ground did not reflect the seriousness expected of a project of such importance to the state. Oborevwori, who was received at the project site by the…

The African Development Bank says a new set of project implementation contracts under its Desert to Power initiative will help accelerate the 225 kV Mauritania-Mali Power Interconnection Project and strengthen electricity access across the Sahel. The contracts were signed with the Manantali Energy Management Company, known as SOGEM, and are part of efforts to improve electricity supply, facilitate cross-border energy trade, and support the stability of national power grids in Mauritania and Mali. The project is designed to link strategic areas in both countries through a high-voltage transmission line. According to the report, the broader Desert to Power…

The Baltic and International Maritime Council (BIMCO) has urged the United States and Iran to reach a clear and unambiguous arrangement on maritime traffic through the Strait of Hormuz after a reported attack on a crude-carrying vessel disrupted shipping plans in the region. The shipping association said the incident has set back efforts to evacuate vessels and resume normal transits through the strait, although some movements are still expected to continue. BIMCO’s chief safety and security officer, Jakob Larsen, said the situation shows the need for a clearly defined agreement between Washington and Tehran to guide the reopening of…

Saudi Arabia to Cut August Crude Prices as Market Pressures Mount Saudi Arabia is expected to lower its official selling prices for crude oil loading in August to Asia as Middle East benchmarks weaken and supply from the region begins to recover. Industry sources cited in the report say state oil giant Aramco is likely to cut the price of its flagship Arab Light crude by between $6.50 and $8.00 per barrel. Other Saudi grades, including Arab Extra Light, Arab Medium and Arab Heavy, are also expected to be reduced by a similar margin compared with July…

Sub-Saharan Africa is heading toward a major clean cooking crisis, with the number of people without access to clean cooking fuels and technologies expected to rise above 1 billion by 2027. The International Energy Agency said in its Tracking SDG 7: The Energy Progress Report 2026 that nearly 970 million people in sub-Saharan Africa lacked access to clean cooking in 2024, out of about 2 billion people worldwide without such access. The region is now projected to account for 58 percent of the global clean cooking access gap by 2030. The report said progress across the region is…