The Senate on Tuesday announced a new financier for the Kaduna-Kano railway modernisation project. The former financier, the China Exim Bank backed off the project making way for the China Development Bank (CDB) to take over. To this effect, the Senate harmonised the terms of the 2016-2018 Federal Government’s external borrowing plan for the project….
Raw sugar futures in the US surged above $22.4 per pound in early April, the most in over six years, supported by expectations of higher biofuel demand and lower output from key producers, data from Trading Economic has indicated. Crude oil prices soared after OPEC+ announced a surprise output cut, encouraging sugarcane producers to allocate…
Price jump comes after news oil producers will slash output by about 1.16 million barrels per day. Saudi Arabia and other OPEC+ producers have announced plans to cut oil production [File: Vivek Prakash/Reuters] Published On 3 Apr 20233 Apr 2023 Oil prices have surged after Saudi Arabia and other OPEC+ producers announced a surprise round of…
Nigeria’s Timipre Sylva has resigned as the country’s minister of state for petroleum to seek a new term as governor of oil-producing Bayelsa State in the southern Niger Delta, ministry and presidency sources told Reuters on Thursday. Sylva’s resignation comes at a time of political transition in Nigeria, with President Muhammadu Buhari serving his final…
The African Export-Import Bank (Afreximbank) in partnership has offered $350,000 to the Federal Government towards developing water transportation of goods and facilitation of intral-African trade. In a statement on Monday, Afreximbank explained: “The Charting project was made possible by the grant from Afreximbank in recognition of the importance of inland waterways transportation and by extension,…
The Executive Secretary of the Nigerian Investment Promotion Commission (NIPC), Hajiya Saratu Umar, has reiterated the federal government’s effort to partner with the Japanese government to explore areas of business partnerships to deepen the investment drive of both countries. Saratu stated this yesterday when the Japanese Ambassador to Nigeria, Matsunnaga Kazuyoshi, paid a courtesy visit…
WTI crude futures fell 2% to around $73 per barrel on Tuesday, closing in on the lowest level since December 12 and extending a 2.5% loss in the previous session as the collapse of Silicon Valley Bank raised concerns about a broader financial and economic crisis, triggering a selloff in risk assets. Investors also geared…
