Major International Business Headlines Brief::: 02 April 2025
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Major International Business Headlines Brief::: 02 April 2025
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ü Massive layoffs begin at top US health agency
ü Trump-endorsed news channel sees shares surge 2,200%
ü Three big unknowns ahead of Trump's 'Liberation Day' tariffs
ü Uganda: Kampala Floods - Road Construction Under Scrutiny
ü Nigeria: Govt, EU Move to Strengthen 1.3bn Euro Trade Investments
ü Nigeria: AfDB Unveils Country Strategy Paper for Nigeria's Agriculture, Infrastructure Growth
ü Nigeria: We'll Deliver Sustainable Clean-Up Project in Ogoni, Says HYPREP Coordinator
ü Nigeria: Govt Recovers $4.85bn From $8.26bn Tax Liability By Oil Firms - NEITI
ü Bitcoin Price Trends and the Future of Digital Transactions in Africa
ü Nigerians to Pay More for Petrol Amid Domestic Dispute, Crude Price Hike
ü Rwanda Expands Solar Power to Electrify Close to 1,000 Schools By 2025
ü South Africa: Medium-Term Development Plan 2024-2029 Finalised
ü AI was enemy No. 1 during Hollywood strikes. Now it's in Oscar-winning films
ü Starmer and Trump discuss 'productive negotiations' on economic deal
ü Primark boss quits after complaint about behaviour
ü Global shares slide as Trump tariffs loom
ü Liberia: Power Outage Disrupts Operations At Roberts International Airport
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Uganda: Kampala Floods - Road Construction Under Scrutiny
Heavy floods hit Kampala on Wednesday, leaving a trail of destruction and disruption across the city.
While many residents attributed the flooding to the rains, experts suggest that ongoing road construction could be a significant contributing factor.
Engineer Apollo Sserwanga, a water resources expert, noted that extensive road construction has altered Kampala's natural drainage system.
"The roads are blocking the natural flow of water, causing it to accumulate and overflow," he said.
"This is exacerbated by the fact that many of the city's drainage channels are either blocked or inadequate."
The construction of new roads and the expansion of existing ones have changed the city's landscape, disrupting water flow.
"The roads are acting as barriers, preventing water from flowing freely," Sserwanga explained. "This is causing water to accumulate in certain areas, leading to flooding."
Dr. Sarah Nalule, an environmental scientist, echoed these concerns, emphasizing the need for better urban planning.
"We need to reconsider our urban development strategies and account for the environmental impact of infrastructure projects," she said. "We can't keep building roads without thinking about the consequences."
As Kampala recovers from the floods, experts are calling for a more sustainable approach to urban development.
"We need to find a balance between development and environmental protection," Sserwanga urged. "Sacrificing our environment for the sake of development will only lead to more problems in the future."
Read the original article on Nile Post.
Nigeria: Govt, EU Move to Strengthen 1.3bn Euro Trade Investments
The Federal Government and the European Union (EU) have commenced high-level discussions on ways to strengthen EU-Nigeria economic cooperation.
A statement issued by the Finance Ministry on X noted that the Minister of Finance and Coordinating Minister of the Economy, Wale Edun and the EU Ambassador to Nigeria, Gautier Mignot, engaged in the discussion at a meeting in Abuja, adding that Amb. Mignot underscored the EU's position as Nigeria's largest trading partner and a major source of foreign direct investment.
He proposed the creation of a formal trade and investment dialogue framework to unlock further opportunities through enhanced collaboration, particularly in infrastructure, green finance, and sustainable development.
The meeting spotlighted the EU's 1.3 billion euro investment portfolio in Nigeria, recent engagement by the European Bank for Reconstruction and Development (EBRD), and the Global Gateway Investment Strategy aimed at deepening Africa- Europe economic ties.
The minister welcomed the initiative, reaffirming Nigeria's commitment to macroeconomic stability, investor-friendly reforms, and digital transformation.
He emphasised ongoing reforms to improve the ease of doing business, projected a GDP growth of 4.6% by 2025, and rising trade surplus as key indicators of Nigeria's economic progress.
The discussions also highlighted strategic projects such as the Trans-Saharan Gas Pipeline and the National Single Window trade system, further aligning with Nigeria's fiscal consolidation and infrastructure modernisation agenda.
Read the original article on Vanguard.
Nigeria: AfDB Unveils Country Strategy Paper for Nigeria's Agriculture, Infrastructure Growth
The African Development Bank Group (AfDB) has unveiled a new Country Strategy Paper to boost agriculture and enhance economic growth in Nigeria.
A delegation led by the Director General of AfDB's Nigeria Country Department, Dr. Abdul Kamara recently met with Finance Minister Wale Edun to deepen collaboration in key sectors of the economy.
Kamara announced the launch of a new Country Strategy Paper, reaffirming AfDB's commitment to transformative projects in Nigeria.
These include the second phase of the National Agricultural Growth Scheme (NAGS), which focuses on food security and rural development. He also highlighted infrastructure progress in the Special Agro-Industrial Processing Zones (SAPZ), with advancements in Sokoto and planned expansions in Cross River and Kaduna States.
Speaking during the Conference on Scaling Finance for Smallholder Farmers in Nairobi, Dr. Adesina outlined the Bank's innovative approach, which includes trade credit guarantees, blended finance mechanisms, and first-loss coverage to close the financing gap for farmers.
These instruments aim to reduce the high transaction costs of supporting enterprises, with the backing of technical assistance.
The conference, organised in partnership with the Pan African Farmers' Organization (PAFO), addressed Africa's critical $75 billion annual financing gap for farmers and agribusinesses.
Adesina, who recently received Kenya's highest national honor from President William Ruto, called for global action to unlock Africa's agricultural potential.
Read the original article on This Day.
Nigeria: We'll Deliver Sustainable Clean-Up Project in Ogoni, Says HYPREP Coordinator
Port Harcourt — The project coordinator of Hydrocarbon Pollution Remediation Project (HYPREP), Prof. Nenibarini Zabbey has assured that the federal government agency will deliver a sustainable clean-up project in Ogoniland.
The HYPREP project coordinator made the assurance at the weekend, during a courtesy visit of members of the 17th Governing Council of the University of Port Harcourt, led by the Pro-Chancellor and Chairman, Governing Council, Senator Mao Ohuabunwa, and the Vice Chancellor, Prof Owunari Georgewill, at the agency headquarters in Port Harcourt.
Addressing the visitors, Prof. Zabbey explained that HYPREP is a project under the Ministry of Environment, charged with responsibility of remediating oil impacted lands and wetlands in Ogoni land and also to restore the livelihoods of the people.
He said so far, the agency has provided potable water to 30 communities, assuring that at the end of this year it will provide clean water for additional 60 communities. "We are also straightening the health care system in Ogoni. We have straightened four hospitals; this year we will add four hospitals".
Speaking further on their achievements, the project coordinator said "We are building cottage hospital and Ogoni Specialists Hospital. It is important to state that the specialist hospital will have an oncology unit, because the key findings of UNEP is that the Ogoni population has been exposed to casino-genic contaminants from carbon pollution over the years. So, there is the need to monitor them and take them off cancer and cancer related ailments.
"We are also carrying out our environmental remediation and restoration which we divide into three components: shoreline clean-up, soil and ground water remediation and mangrove restoration."
He said: "For the first time in this region, we are restoring different species of mangroves. Before now, it was usually the red mangrove, but now we are planting red, white and black mangroves. We have also provided knowledge legacy in the Ogoni land and for the general public.
"We are constructing the Ogoni power project and we are constructing the Centre of Excellence for environmental restoration. We have over 100 projects going on in Ogoni at the moment.
"Last year we provided an educational support grant to 250 Ogoni undergraduate students. This year we issued 300 scholarships to 300 post graduate students from Ogoni extraction, 100 are doing PhD, while 200 are doing Masters."
Noting that the University of Port Harcourt is the technical backbone of the Ogoni cleanup, Prof Zabbey said "We appreciate this visit because it is a major encouragement for the entire team in implementing this project for me and all my colleagues. We appreciate this visit and even the promise to support the bill that will elevate the project to an agency".
Earlier in his remarks, Senator Mao Ohuabunwa, noted the agency's effort in ensuring the remediation and restoration of the Ogoni land.
Senator Ohuabunwa who represented Abia North Senatorial District at the National Assembly said: "This is a new agency, a child of necessity, but within a short period what we are hearing shows that you are doing well. And we are here to solidarise with you to assure you that as our own we will continue to partner with you".
He said: "We need a permanent structure like this. When you talk about remediation, it is not only in Rivers or Ogoniland, even in the north we have issues of pollution that require immediate attention in areas of remediation.
"So, if this institution by law is made a permanent agency under the federal ministry of environment, it will be correct to do that. And I think as an alumnus of the national assembly, I will propose that bill and support, because the national assembly."
He added that the reason for their visit was to congratulate the project coordinator on his appointment, collaborate with him and inform him of the forthcoming 50th anniversary of the university.
In another development, the HYPREP has inducted 100 trainees of its seafaring training at the Charkin Maritime & Offshore Safety Training Ltd, Port Harcourt.
Prof. Zabbey, represented at the induction ceremony by Prof Damian-Paul Aguiyi, said the selection process was transparent and the commencement of the training attests to the Project's commitment to keeping to its promises.
Zabbey added that the choice of Charkin Maritime Academy for the training further confirms HYPREP's commitment to giving Ogoni youths a better leverage to benefiting from the enormous opportunities the maritime sector offers, urging the trainee to make the most of the training and skills acquired.
Read the original article on This Day.
Nigeria: Govt Recovers $4.85bn From $8.26bn Tax Liability By Oil Firms - NEITI
The Nigeria Extractive Industries Transparency Initiative (NEITI) said the federal government was able to recover over $4.85bn out of the $8.26bn oil and gas companies were owing the country as contained in its 2021 report.
Speaking during a press briefing, the Executive Secretary of NEITI, Orji Ogbonnaya Orji, said in the 2023 industry report released in September 2024, NEITI had disclosed liabilities of $6.175 billion and N66.378 billion, showing a significant decline from the liabilities of 2021 reports.
He said the liabilities were still worrisome because of the need for the government to find resources to fund its 2025 budget.
He noted that analyses of how these liabilities were paid could support the federal government's domestic revenue mobilisation revealed that the liabilities, when converted at N1,500 to one dollar, would amount to N9.33 trillion. He said the sum was more than the federal government's total budget for health, education, agriculture and food security which totalled N8.73 trillion.
"Further analyses show that the sum is also more than the total budget for national security at N6.11trillion, health at N2.48 trillion and social welfare of N724 billion all put together.
"The liabilities can also knock off about 72 per cent of the federal government's budget deficit of N13 trillion for 2025. NEITI is therefore calling on relevant agencies responsible for collecting these revenues to do the needful and support our governments at all levels to provide the much-needed infrastructure for our citizens," he said.
Orji said the 2024 report would be released in October while the agency would also focus on divestment by international oil companies.
He added that between 1999 and 2023, Nigeria has earned $831bn in the oil and gas industry while for the solid mineral sector, the 17 years data has shown Nigeria earned N1.55tr.
Read the original article on Daily Trust.
Bitcoin Price Trends and the Future of Digital Transactions in Africa
There’s an increasing acceptance of Bitcoin on the African continent. More businesses, individuals and even financial organizations are using cryptocurrency to transact as an alternative to traditional banking systems. With the economies of the continent experiencing a lot of currency instability, poor banking infrastructure and exorbitantly priced remittances, Bitcoin is coming up as a viable solution financially. Analyzing Bitcoin price trends is crucial for investors, traders and businesses in Africa who want to implement digital assets in their operations.
The Impact of Bitcoin on the African Economy
North American nations have been at the forefront of Bitcoin adoption; however, Nigeria, Kenya and South Africa have recently emerged as leaders in Africa. Peer-to-peer cryptocurrency trading across the continent reached over $100 billion in 2023, making Africa one of the fastest-growing markets for blockchain technology, according to a report by Chainalysis. Several factors that fuel this growth include:
Less Dependable Fiat Currency - Zimbabwe and Nigeria have poor liquidity currencies, which makes it prudent for citizens to invest in Bitcoin to minimize losses due to devaluation over time.
Payments for Foreign Worker Remittances – Bitcoin is useful for relocating payments since it eliminates the need for using bitcoin remittance centers that charge ridiculous fees for payment processing.
Financial Inclusion – A large portion of the African population does not use banks. This makes bitcoin an ideal alternative, as it offers a decentralized and unbanked-friendly option for conducting transactions.
How Bitcoin’s Price Trends Affect the African Market
Businesses and individuals’ activities with bitcoin are directly proportional to its price trends and different nations have different ways through which they analyze this. Take Nigeria, for instance, where the e-commerce platform Patricia and several local sellers on Jumia have had to change their prices multiple times a day to keep in line with the fluctuating value of bitcoin. This has led to the platform’s volatility driving the pricing strategy of freelancers and remote workers who are paid in bitcoin and the currency has to be converted before being spent. As investor sentiment increases, so too does Bitcoin’s value, reaching 71,333 dollars in April of 2024, according to estimates from CoinMarketCap. The volatility, however, remains high and so there is a lot of uncertainty for African investors and businesses hoping to capitalize on the price movement.
Amongst the factors that impact the price movement of bitcoin, these are the most significant:
Global Adoption and Institutional Investments – An increase in spending by corporations leads to a higher demand and price for bitcoin.
Regulatory Changes – The law about cryptocurrency in different African countries is a vital influencer of regard and value for bitcoin.
Market Speculation and Trading Activity – The volatility of Bitcoin's price remains dependent on investor sentiment, especially in the emerging markets.
African Governments and Cryptocurrency Regulation
The policies for regulating Bitcoin are different in various countries in Africa. While countries like South Africa and Kenya are skeptical but working towards adjusting their policies to incorporate cryptocurrency into their economies, other nations remain hesitant. The following is a summary of the most important changes:
South Africa - The Financial Sector Conduct Authority (FSCA) offered more structured regulations by classifying crypto assets as financial products. This is a notable development towards more stringent regulations.
Nigeria - The Central Bank of Nigeria has previously restricted banks from supporting the facilitation of crypto transactions but is in the process of allowing it due to newly offered licenses to cryptocurrency exchanges, which under certain guidelines allow them to conduct regulated crypto activities.
Kenya - The Capital Markets Authority is seeking ways to regulate the security features of Bitcoin to enable it to reduce fraud.
Bitcoin’s Impact on E-commerce and Small Businesses in Africa
With the rise of cryptocurrency acceptance, small-scale businesses and e-commerce businesses are increasing the option of paying for goods and services in Bitcoin. Businesses can reduce costs by:
Decreased Transaction Fees - Payments made using Bitcoin are usually cheaper than those made through credit cards. For example, some merchants in Ghana are beginning to use Bitcoin to bypass high fee payment processing, increase their profit margins and improve overall business profitability.
Reduced Transaction Delays – Banking transactions processed through the blockchain do away with delays associated with traditional banking.
Access to Global Markets – Businesses in Africa have no issues engaging with foreign clients because there is no currency conversion needed.
For instance, Yellow Card is a cryptocurrency exchange that operates in several countries in Africa and allows the trading of Bitcoins. In 2024, Yellow Card received more compliance approvals, which allowed the business to serve more than 20 countries in Africa. It now stands as a central player in the regional ecosystem of crypto. The platform allows businesses or individuals to transact efficiently with Bitcoin.
Challenges and Risks of Bitcoin Adoption in Africa
Unlike the advantages, there are several challenges regarding the adoption of Bitcoin in Africa:
Regulatory Uncertainty: The considerable flux of policies is difficult for businesses and investors to navigate, although some countries are beginning to put clearer policies into place, such as South Africa and Nigeria. As an example, Nigeria has plans to regulate the exchange of digital assets and put some control over it through the issuing of licenses for crypto exchanges, which are expected to be released in 2024.
Price Volatility: Changes in the price of Bitcoin can affect savings and transactions for businesses.
Limited Infrastructure: Internet and computer skills are primary requirements for greater acceptance.
Conclusion
Bitcoin is increasingly becoming a key component of Africa’s financial ecosystem by providing banking services or alternatives, facilitating financial remittances and supporting inclusion. Experts expect that Africa will increasingly adopt Bitcoin as a major tool of payment and remittance service across borders and for digital financial transactions. This will be the case if the regulations supporting its growth are put in place. While price volatility and regulatory challenges persist, knowing how prices behave and the developments within the Bitcoin ecosystem will help investors and businesses understand the new economy Africa is adopting. Africa indeed has the chance to use strategic adoption of technology to improve economic development and innovation through Bitcoin if action is taken.
Nigerians to Pay More for Petrol Amid Domestic Dispute, Crude Price Hike
The Federal Government's failure to renew the Crude for Naira agreement between NNPC Limited and Dangote Refinery, along with rising global crude oil prices, is set to push petrol pump prices higher across Nigeria in April and beyond.
The six-month agreement, which expired in March, was initially brokered by the government last year. It allowed the national oil company to supply crude oil to the 650,000-barrel-per-day Dangote Refinery, with payments made in Naira.
Despite initial challenges, the deal gradually reduced petrol prices from over N1,000 per litre to around N820, depending on location. Following the failure of the two companies to renew the agreement, Dangote Refinery had two weeks ago announced that it was halting sale of petrol products to the domestic market in Naira.
The decision has raised concerns that the price of petroleum products, especially premium motor spirit also known as petrol will rise.
As an indication of what is coming, petrol has risen across the country, with new pump prices reaching up to N960 per litre, according to the latest price list, obtained from MRS Oil and Gas by Financial Vanguard.
This was even as private oil depots have increased the price of petrol to N900 per litre from more than N890 per litre, weekend, due to rising prices of crude oil and other factors in the global market.
The adjustments, which became effective from March 28, 2025, indicated higher prices across major cities, with Lagos having the lowest rates and northern states recording the highest.
In Lagos, petrol will sell for N930 per litre, while states in the South West, including Ogun, Oyo, Osun, Ekiti, Kwara, and Ondo, will pay N940 per litre.
Also, in the South South and South East regions, including Edo, Abia, Akwa Ibom, Bayelsa, Rivers, Cross River, and Enugu, the product would be sold at N960 per litre.
In Abuja, Kaduna, Benue, Kogi, Niger, Sokoto, Kebbi, and Nasarawa will pay N950 per litre, while Zamfara, Kano, Jos, Bauchi, Taraba, Adamawa, Borno, Katsina, Jigawa, Gombe, and Yobe will pay N960 per litre.
Free Carrier Agreement (FCA) price, which determines how much marketers pay before selling fuel, also differs from one part of the nation to another.
While FCA price stood at N905 per litre, Borno, the FCA prices of Taraba, Adamawa, and Yobe stood at N888 per litre.
Private depots raise prices to N900 per litre
Already, private oil depots have increased the price of petrol to N900 per litre from more than N890 per litre, due to rising prices of crude oil and other factors in the global market.
Checks by Financial Vanguard, weekend, showed that oil marketers with N900 per litre depot prices included Rainoil, Prudent, A.Y.M Shafa and Mainland.
The checks also indicated that the pump prices of petrol would likely be adjusted upwards when the product gets to the filling stations.
The price of crude oil, a major feedstock involved in refining rose $75 per barrel from $70 per barrel, thus causing refineries, including the $650,000 barrels per day Dangote refinery to incur additional costs.
Checks by Financial Vanguard indicated that in line with its pronouncement, the $20 billion Dangote refinery did not load trucks based on the nation's Naira for Crude programme, weekend.
The checks showed that lifting through ships that charged dollar rates were ongoing to enable it cover costs, especially as a bulk of its crude oil was still sourced in dollars from the international market.
Petrol price likely to increase further -- Marketers
Petroleum products marketers have cautioned that pump prices would likely increase in the coming days unless the Federal Government resolves the dispute between NNPC Limited and Dangote Refinery over the crude for Naira deal.
Speaking to Vanguard on the impact of Dangote's decision, the Public Relations Officer, Independent Petroleum Marketers Association of Nigeria, IPMAN, Chinedu Ukadike said pump price would likely go up due to the cost of sourcing foreign exchange to pay for the product.
He pointed out that marketers may also resort to selling their petroleum products in dollars as the currency has now become the means of exchange in Nigeria.
"The pressure on the dollar will increase because it has become the means of exchange. Marketers will begin to sell petrol at filling stations in dollars. And this will have a negative impact on the prices of petroleum products across the country.
"We don't want to cause panic in the energy industry but what we are seeing now is not encouraging. Any increase in cost will be passed on to consumers eventually", he added.
He said the marketers were informed that the crude for Naira deal ended March 1, 2025, contrary to claims made by government officials.
Price hike impacts operations -- Platform
Commenting on the development, petroleumpriceng.com stated: "The development has impacted the operations of oil marketers, including MRS., Ardova. They had to source their ship supply in dollars, that would culminate in increasing the pump prices of petrol in Lagos and other parts of the nation.
"Already, private depots have raised their prices to 900/L, independent retail outlets are selling between 930-950/L from below N900 per litre. The inability of the federal government to resolve all issues that hinder the execution of Naira-crude policy will keep the petrol price rising."
Landing cost hits N885 per litre -- MEMAN
Similarly, the Major Energies Association of Nigeria (MEMAN) said that the landing cost of imported petrol has increased by N88 per litre in one week.
In its daily energy bulletin on Wednesday, March 26, 2025, MEMAN said the increase was from N797 per litre last week to N885 per litre this week.
MEMAN, stated: "As the market stabilises, challenges will arise, and resistance from those accustomed to price control is inevitable. But with robust regulation, industry collaboration, and public transparency, Nigeria can fully realise the benefits of this transformation."
It added that a well-functioning, deregulated market will attract more investment, improve efficiency, and create a more competitive landscape that benefits both businesses and consumers.
Expect rise in fares, goods, others --PETROAN
In a telephone interview with Financial Vanguard, weekend, the President of Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, Billy Gillis-Harry, said the increase in petrol prices would culminate in higher transport fares and rising prices of goods and services.
He said the plights of many marketers struggling to meet foreign exchange rates and distribution expenses, affecting fuel availability in some areas, would worsen.
Gillis-Harry said: "The market situation has started to affect operations in the sector. Some have the resources to buy in dollars but others do not. This means that it could affect the provision of adequate products to the domestic market on a sustainable basis.
"There is no doubt that the upward adjustment of petrol prices would impact on transport fares, food, clothing and other basic necessities. We need to be careful because petrol is not like other commodities. It is an important source of energy and relevant to all sectors of the economy.
"Ordinarily, petrol should be made available on a sustainable basis in all parts of the nation. This means that refiners should refine adequate petrol. Depot owners should have the capacity to keep huge stocks. Marketers should have the retail outlets to distribute it and other products.
"PETROAN members have more than 7,000 retail outlets. We would like to have a more stable environment. Pushing up prices is not the best at this time. Some of our members have started buying products in dollars. Everyone does not have dollars to buy.
"It is a work in progress that should be carefully watched and monitored. The Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, should be up and doing as effective regulation is required. There should be adequate stakeholders' engagements to ensure that no single party dominates the space while others suffer.
"We are currently discussing with some foreign companies to bring in petrol at a more favourable terms for our members without necessarily paying in dollars. We can achieve a lot if we work together."
Instability to worsen inflation, welfare, poverty -- CPPE
Similarly, the Managing Director/CEO, Center for the Promotion of Private Enterprise, CPPE, Dr. Muda Yusuf, said: "First, I believe that the new pressure on global crude price is obviously a key factor in the price of petrol and other petroleum products. There is a strong correlation between crude oil and the prices of petroleum products. It is a major factor playing out here.
"Second, the government's Naira for Crude arrangement which protected the sector has not been sustainable. The arrangement, targeted at enhancing the operations of domestic refineries, has not been working properly. We are going back to benchmark domestic prices with global rates.
"Third, there is also the foreign exchange factor. The exchange rate has been stable for about eight months. But there are concerns about speculated pressure on our reserves.
"These are the critical factors influencing the current dynamics. They could fuel inflation because of the important role of petrol and other petroleum products. In fact, once energy prices start to go up, the costs of production, distribution and others also rise.
"But our immediate concern is its impact on inflation. It has implications for welfare, poverty and profitability of investments. It also has an impact on investors' confidence in the nation, meaning that the macro-economic stability is at risk.
"We shall see how it goes. If Russia brings in products into the international market with supplies, it can assist to bring down energy prices. If there is a better understanding between the United States and Iran and if there is a better understanding between Russia and Ukraine, then things would be better. They had optimism towards the eventual end of the Ukraine war. We are not seeing the end to the Russia - Ukraine conflict that President Donald Trump promised, which should impact on global trade and businesses with Nigeria and others."
He added: "Also, before now, many of us celebrated that things had started to get better and prices were coming down. But we are seeing a reversal at this time. We hope the government can adopt measures to achieve moderation."
FG should revive Naira for Crude programme -- IPMAN
On his part, the National Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria, IPMAN, Okanlawan Olanrewaju, in another interview with Financial Vanguard, called for the strengthening and repositioning of the Naira for Crude programme.
He said: "The Naira for Crude programme started well and was very useful in stabilizing the sector because oil marketers were able to buy products directly from the refineries.
"The programme should be revived. If the programme is not revived, the current instability would encourage massive importation of petrol and other petroleum products. The depot owners would start to play active roles as in the past. Many middlemen should be expected while hoarding would likely be experienced."
He called on operators, especially the International Oil Companies, IoCs, to invest in domestic refineries, adding "We need more investors to invest in refineries in order to increase our domestic capacity. If we refine more, it would impact the sector and Nigeria's economy despite our challenges."
Consumers react
Speaking to Financial Vanguard, at an AYM Sharfa filling station in Karu, an Abuja suburb, Marcus Ojie, who identified himself as a Bolt driver, said a rise in pump would increase the fare paid by clients.
According to him, "We have seen gradual increase since last week but it is still below N1,000 a litre. Last week it was N930, today it is N946 a litre which is not good for both the drivers and the passengers. Any increase in cost will be transferred to the passengers because that is the way it is.
"I want to appeal to the government to renew the agreement with Dangote Refinery because it is good for the country. By now we were expecting the price in Abuja to fall below N900 a litre in all the petrol stations, not just at MRS or Adova stations", he added.
Also speaking at the retail outlet, John Yangabe, a civil servant, expressed dissatisfaction over government failure to resolve the dispute, pointing out that the operation of local refineries is a big boost for the Nigerian economy.
"The coming of Dangote Refinery removed shame from the country because it is disgraceful for an oil producing country like Nigeria, the giant of Africa, to be importing petrol from countries which do not even have crude oil in their ground.
"When deregulation started I stopped using car to go to work because of the high cost of petrol. Now I drive only on weekends and I was hoping that the price will go below N700 per litre so that I can start going to work in the comfort of my car. The recent reversal that has seen price begining to go up is not encouraging. The government must do something because price of petrol affects the cost of transportation and prices of goods and services", he stated.
Read the original article on Vanguard.
Rwanda Expands Solar Power to Electrify Close to 1,000 Schools By 2025
Schools in remote areas of Rwanda have welcomed the government's initiative to deploy solar power, aiming to connect nearly 1,000 schools by the end of 2025. The effort is part of a new energy policy introduced in February.
Cyamburara Primary School, located in the remote Buhabwa Village, had operated without electricity since its founding in 2003. The lack of power hindered teaching and learning, forcing teachers to travel 35 kilometers to print exam papers and essential documents. The cost of transportation, over 3,000 Rwandan francs per trip, further strained the school's limited resources.
ALSO READ: Rwanda's new $300 million clean energy project unveiled
"Every week, students take tests, and we had to make these long trips for printing," explained Ladislas Marora, the school headteacher.
The absence of electricity also delayed government initiatives such as the "laptop-per-child" program and teacher laptop distribution. Before the solar installation, students learned about computers only through textbook illustrations.
"We don't know how to use computers, and we haven't seen any in our school. We only know about them in theory," said Odile Abanabayo, a Primary five pupil.
ALSO READ: Renewable energy's share in Rwanda reaches 52%
Impact beyond the classroom
The benefits of solar power extend beyond schools. Local residents, like Claudette Nyirabaributsa from Kayonza District, highlighted the financial relief of having access to electricity.
"Our family was spending 1,200 Rwandan francs weekly on phone charging in distant urban centers. With solar power at the school, we're saving both money and time," she said.
Other rural schools face similar challenges. Emmanuel Nzasingizuhoraho, a teacher at GS Ruhanga in Gakenke District, noted that while his school recently received solar panels, the lack of a computer lab and consistent internet access continues to affect teaching quality and student retention.
ALSO READ: Women's week: Solar energy has the power to empower
"We can now download books, songs, and plays, enriching our teaching," he said, emphasising the importance of expanding digital resources.
Community calls for expansion
Parents and students are advocating for solar power to be extended to homes, enabling children to study at night and improve their academic performance.
"If we had electricity or solar power, our children could study at night, improving their grades," said Felicien Nkundakozera, a resident of Muyira Sector, Nyanza District.
According to the Rwanda Education Statistical Yearbook, approximately 20 percent of schools still lack electricity. This equates to nearly 1,000 schools struggling without power. The Ministry of Education has identified 551 schools without electricity and is exploring solar power solutions.
ALSO READ: Solar power is changing millions of lives; testimonials from the most remote villages in Rwanda
Rwanda aims to achieve 95 percent electricity access in schools by 2029, up from the current 80.7 percent. The government's education sector strategic plan (2024-2029) emphasizes ICT integration, targeting an increase in schools using digital learning from 41.1 percent to 65 percent.
Investing in renewable energy
A study published in Joule, a monthly journal that publishes research on renewed energy highlighted that across Sub-Saharan Africa, 32 percent of primary schools and nearly half of secondary schools lack electricity. Experts argue that expanding solar power is critical to bridging this gap.
Octave Idrissa, Operations Director at Ignite Power Rwanda, stressed the importance of integrating internet connectivity with solar installations.
ALSO READ: Off-grid energy sources key to Rwanda's push for universal power access
"We are deploying solar systems and Starlink internet in government-aided schools. The government should subsidize the cost for all schools that want to purchase these systems," he said. So far, Ignite Power has electrified 30 schools, with a target of 241.
Rwanda's energy policy aims to enhance solar energy use, with plans to generate 30 megawatts of solar power by 2029-2030 and an additional 20 megawatts by 2034-35. Currently, Rwanda's total electricity generation capacity stands at 556 MW, with hydropower (50%), methane gas (30%), peat (14%), and solar energy (4%).
Innocent Hakizimana, an electrical engineer, emphasised the need for long-storage solar systems in remote schools, particularly in the Western and Northern regions.
As Rwanda advances its renewable energy strategy, expanding solar power in schools is set to play a crucial role in bridging educational disparities and fostering digital literacy across the country.
Read the original article on New Times
South Africa: Medium-Term Development Plan 2024-2029 Finalised
The Department of Planning, Monitoring and Evaluation has announced that the Medium-Term Development Plan (MTDP) 2024-2029 has been finalised, providing a strategic framework to guide South Africa's development priorities over the next five years.
"Announced as the foundation of government's programme of action in the recent State of the Nation Address, the MTDP 2024-2029 integrates the Government of National Unity's (GNU) Statement of Intent with the National Development Plan 2030 (NDP 2030) to drive inclusive growth, improved service delivery, and better living conditions for all citizens," the department said.
The MTDP 2024-2029 was developed through an extensive participatory process involving government, experts, and stakeholders to ensure evidence-based planning and effective implementation.
It follows a whole-of-government approach, ensuring that national, provincial, and local government structures are aligned in their priorities, budgets, and delivery mechanisms.
"The plan is now available for stakeholders and the public to engage with, as government moves towards implementation and monitoring progress. Collaboration from all sectors of society is encouraged to ensure the successful execution of the plan's priorities and targets," the department said.
For more information and to access the MTDP 2024-2029, visit www.dpme.gov.za or scan the QR code below:
-SAnews.gov.za
Read the original article on SAnews.gov.za.
Liberia: Power Outage Disrupts Operations At Roberts International Airport
Monrovia — A temporary power outage has caused significant disruption to operations at Roberts International Airport (RIA) on Sunday evening.
The Liberia Airport Authority (LAA) confirmed that the outage, which occurred around 5:00 PM, was due to an electrical issue originating from the Liberia Electricity Corporation (LEC) power grid.
The disruption led to operational challenges at the airport's terminal, affecting both passengers and staff. LAA officials have apologized for the inconvenience caused and assured the public that efforts to restore full power are underway, with LAA working closely with LEC technicians to resolve the issue.
"The Liberia Airport Authority deeply regrets any inconvenience caused by this disruption and is fully committed to resolving the situation as swiftly and safely as possible," the LAA said in a statement.
Despite the challenges, the LAA reassured passengers and visitors that all necessary measures were being taken to restore normal operations quickly and minimize delays.
Read the original article on FrontPageAfrica.
Global shares slide as Trump tariffs loom
Stock markets have fallen in Asia and Europe after President Donald Trump suggested that new tariffs he is set to announce this week will hit all countries, not just those that have the biggest trade imbalances with the US.
Trump made the comments as he prepares to unveil a massive slate of import taxes on Wednesday, in what he has called America's "Liberation Day".
The measures will come on top of tariffs already imposed by Washington on aluminium, steel and vehicles, along with increased levies on all goods from China.
"You'd start with all countries," Trump told reporters on Air Force One. "Essentially all of the countries that we're talking about.
But he said his administration would be "far more generous" and "kinder" than the countries had been to the US.
With 48 hours to go before the tariffs come into force, the UK is still locked in talks with the US about an exemption.
On Sunday, Downing Street said that Prime Minister Sir Keir Starmer had had "productive negotiations" with Trump in a phone call, adding that talks would "continue at pace".
On Saturday, government sources had said that the UK would not hesitate to impose its own tariffs on the US if needed.
Other jurisdictions, such as the European Union and Canada, have already said that they are preparing a range of retaliatory trade measures.
Kevin Hassett, director of the National Economic Council, recently told the Fox Business channel the tariffs would focus on 10 to 15 countries that have the worst trade deficits with the US, but did not name them.
Trump sees trade taxes - which in this case would be paid by the US companies importing goods - as a way of protecting the American economy from unfair competition and as a bargaining chip for getting better trading terms.
Concerns about a trade war are unsettling markets and creating fears of a recession in the US.
What are tariffs and why is Trump using them?
Japan's Nikkei 225 benchmark share index closed more than 4% lower on Monday, while the Kospi in South Korea ended down 3%.
In the UK, the FTSE 100 index was down about 0.8% in morning trade, while Germany's Dax index and France's Cac 40 were both down 1%.
The price of gold rose to another record high, hitting $3,128.06 an ounce. Gold is often seen as a safer investment when the economic backdrop is unstable and share prices are falling.
Over the weekend Trump's advisers echoed his view that the planned tariffs could raise trillions of dollars and help create jobs in the US.
His top trade adviser, Pete Navarro, pointed to huge revenues he said the tariffs would raise.
The tax on all car imports could raise $100bn (£77.3bn) a year, Mr Navarro said. All the planned tariffs could raise $600bn annually, about a fifth of the value of total goods imports into the US, he added.
A White House fact sheet published last week suggested a 10% tariff on every import could create nearly three million US jobs.
However, there are concerns that tariffs could fuel inflation - something Trump pledged to reduce during his presidential campaign - if companies choose to pass on the higher cost of importing goods to their customers.
If companies absorb the cost, if could hit profit which in turn could affect investment.
'Counter-productive'
Will Butler-Adams, chief executive of Brompton Bicycle, which makes folding bikes, said US tariffs were creating uncertainty.
While, at the moment, Brompton's products are not facing additional taxes, he said the people interpreting the tariffs are trying to establish how much steel in products might have come from outside the US, which might therefore lead to tariffs.
"The reality is we don't [know] actually and the people who are on the borders importing goods into the US don't actually entirely understand how some of these tariffs might be put in," Mr Butler-Adams said.
Getty Images Will Butler-Adams, chief executive at Brompton Bicycle, in a black polo shirt leaning on an orange bikeGetty Images
Brompton's Will Butler-Adams says tariffs might deter it from investing in the US
About 10% of Brompton's sales come from the US, where it has grown from a staff of four to 40 people and has shops in New York and Washington.
But Mr Butler-Adams said tariffs might prove to be "counter-productive".
"Ironically, if he puts taxes on, it is going to make our product less competitive," he said.
"We won't continue to invest in the same way that we are now. We may even shrink, in the extreme we might pull out."
TikTok sale
Separately, Trump said a deal with TikTok's Chinese owner ByteDance to sell the app would be agreed before a deadline on Saturday.
He set the 5 April deadline in January for the short video platform to find a non-Chinese buyer or face a ban in the US on national security grounds.
It had been due to take effect that month to comply with a law passed under the Biden administration.-BBC
Primark boss quits after complaint about behaviour
Primark boss Paul Marchant has resigned following an allegation by a woman about "his behaviour towards her in a social environment".
Associated British Foods (ABF), which owns Primark, said following an investigation by external lawyers, Mr Marchant "acknowledged his error of judgement and accepts that his actions fell below the standards expected" by the business.
Mr Marchant co-operated with the investigation and apologised to the individual, said ABF.
George Weston, chief executive of ABF, said: "I am immensely disappointed. Colleagues and others must be treated with respect and dignity. Our culture has to be, and is, bigger than any one individual."
He added: "At ABF, we believe that high standards of integrity are essential. Acting responsibly is the only way to build and manage a business over the long term."
The company said it remains in contact with the individual "who rightly raised her concerns and have offered her our support".
ABF's share price fell by nearly 4% to £18.64 each after the announcement.
Mr Marchant became chief executive of Primark in 2009, taking over from the firm's founder Arthur Ryan. He previously worked at a number of retailers including Debenhams, Topman, River Island and New Look.
Primark is known for its low-priced clothing and ubiquitous presence on the High Street.
During Mr Marchant's time at the company, Primark has expanded internationally into Europe and the US, where it plans to continue opening stores.
Primark is a key part of the wider ABF business, contributing nearly half of the group's overall sales of £20bn.
However, in its most recent trading update covering the Christmas period, Primark reported a fall in sales for the UK and Ireland, which accounts for 45% of the retailer's revenues.
Susannah Streeter, head of money and markets at Hargreaves Lansdown, said Mr Marchant's departure came at a trying time for Primark.
''The change at the top will be unsettling particularly given that Primark delivered a very mixed bag of results at the last count," she said.
"This leadership upset comes amid weaker consumer sentiment which has meant footfall at its stores has fallen - and the chain has been losing market share in the UK.
She said that internationally the company has performed well, but added: "There could be uncertainty ahead about the speed of expansion given the change of boss."
Following Mr Marchant's "immediate" departure, ABF's finance director Eoin Tonge will become Primark's interim chief executive.
The firm's financial controller, Joana Edwards, will step into Mr Tonge's role. The company said: "Both executives have the experience to perform these roles well."-BBC
Starmer and Trump discuss 'productive negotiations' on economic deal
Sir Keir Starmer and Donald Trump have agreed "productive negotiations" about an economic deal between the UK and US will "continue at pace", Downing Street has said, ahead of a looming deadline on US tariffs.
The Sunday night phone call between the pair comes after sources at No 10 said the government was prepared to retaliate against US trade taxes if needed.
British negotiators are trying to win a last-minute exemption ahead of Trump's 25% levy on car imports, which is expected to come in on Wednesday.
Trump has imposed a series of tariffs targeting goods from other countries in the first few months of his second term in the White House, with threats of wider taxes also being imposed.
The prime minister has previously said he does not want to jump into a trade war with the US. But Sir Keir has also said the UK "reserves the right" to introduce reciprocal tariffs on the US if a deal to exempt the UK cannot be reached.
The government has argued the UK has a relatively equal trading relationship with the US, compared to its other partners.
The independent Office for Budget Responsibility (OBR) has warned a reciprocal trade war would wipe billions off economic growth and all but eliminate the headroom Chancellor Rachel Reeves has to stay within her self-imposed fiscal rules.
The OBR's latest economic forecast, published on Wednesday, said GDP would be 0.6% lower than forecast this year and 1% lower next year in the most "severe" scenario, in which the UK and other nations retaliated to Trump's tariffs.
This scenario would "almost entirely eliminate" Reeves' £9.9 billion headroom against her fiscal rules, which could lead her to implement tax rises or further spending cuts if she wanted to stay within them.
In an alternative scenario where the UK does not retaliate, the OBR has forecast a smaller reduction in growth, with GDP 0.4% lower than expected this year and 0.6% lower next year.
It is unclear how the UK would retaliate if tariffs do come into effect. There are a range of options available, from duties on sectors where British products are particularly important to the US, to focusing on specific products like Harley Davidson motorcycles.
UK car exports are worth about £7.6bn per year, and the US is the second largest market for UK cars after the European Union, according to car industry body the Society of Motor Manufacturers and Traders (SMMT).
Trump's plan is expected a to hit British luxury car makers such as Rolls-Royce and Aston Martin.
The US president argues his measures will help American manufacturers and protect jobs, despite warnings prices could go up for consumers.
Earlier on Sunday, Trump said that he "couldn't care less" if carmakers raise prices as it meant "people are gonna buy American-made cars".
During a meeting between the prime minister and president at the White House last month, Trump hinted at "a real trade deal", which could see the UK avoid the kind of tariffs he has been threatening other countries with.
Also in their call on Sunday, the two leaders discussed continuing to pressure Russia over the Ukraine war, Downing Street's spokesperson said.
"Discussing Ukraine, the prime minister updated the president on the productive discussions at the meeting of the Coalition of Willing in Paris this week," they said.
"The leaders agreed on the need to keep up the collective pressure on Putin."
No 10 said Trump began the call by sending King Charles III his best wishes, after the monarch experienced temporary side effects during cancer treatment earlier in the week.
The two leaders agreed to stay in contact in the coming days, No 10 added.-BBC
AI was enemy No. 1 during Hollywood strikes. Now it's in Oscar-winning films
Inside a soundstage once used by silent film stars Charlie Chaplin and Mabel Normand, Hollywood executives, actors and filmmakers sipped cocktails as they marvelled at what some say is the biggest breakthrough since the talkies: AI-generated video.
But whether AI will be the future, or the end, of cinema is still up for debate.
It was only two years ago that actors and writers shut down Hollywood with strikes demanding protections from AI. Now the technology is controversially creeping into TV, movies and video games. Two films honoured at the Oscars even used the technology.
As a DJ played '90s hip hop, computer developers rubbed shoulders actors and executives, in a sign of the changing power players in the industry.
AI in Hollywood is "inevitable", says Bryn Mooser, the party's host and the co-founder of Moonvalley, which created the AI generator tool "Marey" by paying for footage from filmmakers with their consent. Mr Mooser says that while AI may still be a dirty word, their product is "clean" because it pays for its content.
Courtesy of Joelle Grace Taylor for Asteria People crowd in a dimly lit room with beer bottles with the name "Moonvalley" lit in neon on a sign hanging in the background. Courtesy of Joelle Grace Taylor for Asteria
Filmmakers, executives and actors rubbed shoulders at the new AI production company
AI may be a dirty word in Hollywood, but Mr Mooser says their version of the technology is "clean."
"Artists should be at the table," he says, adding that it's better to build the tool for filmmakers rather than get "rolled over by big tech companies".
Artificial Intelligence has long been depicted as a villain in Hollywood. In "The Terminator," AI used by the US military decides it must destroy everyone on Earth.
But it's AI's creators, and not the technology itself, that has received the brunt of real-life criticism. Companies use publicly available data to build their AI models - which includes copyrighted material shared online - and creators say they're being ripped off.
OpenAI, Google and other tech companies are facing multiple lawsuits from writers, actors and news organizations, alleging their work was stolen to train AI without their consent. Studios like Paramount, Disney and Universal who own the copyright on movies and TV shows have been urged by writers to do the same, though none have taken legal action.
"We've all fought very hard for copyright laws, and nobody wants to see their work stolen to have somebody else profit from it," Mr Mooser says.
Hollywood has begun toying with the new technology. The Oscar-nominated films Emilia Perez and The Brutalist used AI to alter voices. Adrian Brody won the Academy Award for best actor, even with the help of AI to fine tune his accent when he spoke Hungarian in his starring role in The Brutalist. AI has even been used to de-age actors like Tom Hanks and Harrison Ford.
Getty Images Adrien Brody, winner of the Best Actor award for “The Brutalist”, poses with his gold award in front of a backdrop that includes the Oscars logoGetty Images
Generative AI was used to fine tune Adrian Brody's accent when he spoke Hungarian in The Brutalist.
The technology is seemingly everywhere. OpenAI hosted an AI film festival in Los Angeles earlier this month. Marvel directors Joe and Anthony Russo told the Wall Street Journal they plan to invest $400 million to craft AI tools for filmmakers.
But the impacts on how it will alter the future of the entertainment industry remain unclear. Generative AI, for instance, allows computers to learn and solve problems in ways that can seem human – albeit much faster. And many worry about the technology replacing their jobs as AI is used to generate scripts, animation, locations, voices and human actors.
If you ask OpenAI's popular chatbot, ChatGPT, which Hollywood jobs are most easily replaced by AI, background actors are top of the list as "most vulnerable" with "A-List actors & directors" considered safest because "star power and brand recognition keep top talent irreplaceable".
At the Moonvalley party, everyone was talking about new AI technology though few wanted to speak with a reporter on record about it. But dozens of powerful people made the trek east to the hip Silver Lake neighbourhood from West Los Angeles even though it was raining. In LA, that's remarkable.
"We're here to learn," said one executive who spent an hour in traffic getting to the party. "We're not signing anything or buying anything, but we're interested."
Mooser and his co-founder Naeem Talukdar speak passionately about how AI will transform Hollywood and allow filmmakers to create blockbuster style epics on much lower budgets. It could lead to many bad films - but it could also help discover the next Quentin Tarantino or Martin Scorsese, even if they don't have the backing of a big studio.
"This technology is utterly meaningless without the artist at the centre of it; the technology needs to ultimately be subservient to the artist," says Mr Talukdar.
Getty Images A scene from the Terminator, where Arnold Schwarzenneger is dressed in a beige trench coat and points a gunGetty Images
Arnold Schwarzenneger played a murderous AI in the Terminator
Hollywood's foray into using AI comes as the Trump administration prepares a new AI plan for the United States.
Tech companies say they can't compete with China under existing US copyright laws and that they need unfettered access to art - from Mickey Mouse to Moana to The Matrix - to train their AI models as a matter of national security.
Google and OpenAI want the US government to designate copyrighted art, movies and TV shows as "fair use" for them to train AI, arguing that without the exceptions, they will lose the race for dominance to China.
Hollywood filmmakers say tech companies are attempting to undermine the entertainment industry, which they point out supports more than 2.3 million US jobs.
"We firmly believe that America's global AI leadership must not come at the expense of our essential creative industries," a group of more than 400 Hollywood A-listers - led by actress/writer Natasha Lyonne who helped develop Moonvalley - wrote in an open letter to the Trump administration, which has been soliciting public comment for its AI Action Plan.
The letter's signatories included A-List stars like Ben Stiller, Paul McCartney, Cate Blanchett and Lilly Wachowski, who co-created "The Matrix," which depicts a dystopian simulated reality where humans are enslaved by intelligent machines.
Many in Hollywood remain terrified of what AI means for their futures.
Outside a Disney Character Voices office earlier this month, dozens of actors picketed against video game companies for refusing to come to an agreement on using AI in video games.
"Using actual actors is the key to a lot of the drama and enjoyment that people get from video games," actor DW McCann said. "People have lived experiences that AI just can't understand."
The actors want a contract that guarantees their voices and likeness will not be used without their consent to train AI models that replace them in the future.
Mr Mooser says AI will allow filmmakers to create amazing art – if it's done right. With humans calling the shots, he says, AI could help them create sets and worlds they couldn't easily access or invent – and to do so much faster than what they could traditionally do with computer graphics and visual effects.
"We're trying to say look, technology is going to be in everything. Let's make sure that we try to fight as hard as we can to make sure that it's done in the right way, and that artists aren't run over by big companies."-BBC
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