Major International Business Headlines Brief ::: 17 April 2025

Thu Apr 17 13:38:14 CAT 2025

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Major International Business Headlines Brief :::  17 April 2025 

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ü  Rwanda Lifted 1.5m People Out of Poverty Since 2017 - Survey

ü  Liberia: Aggrieved Former Workers of Afcons Seize Three Company Buses in Grand Bassa

ü  Rwanda: Bralirwa Posts Rwf36.9 Billion Net Profit in 2024

ü  Kenya: Govt Seeks Public Input On New MSMEs Law

ü  Nigeria: Court Orders Final Forfeiture of N6.67bn Mortgage Bank Shares Linked to Ponzi Scheme

ü  South Africa: Urgent Action Required to Curb FMD Outbreak

ü  Kenya: Somali Envoy Urges Stronger Kenya Ties, Lauds Somali Businesses

ü  Rwanda: Can Aquaponics Transform Farming in Rwanda?

ü  Nigeria, South Africa Sign Mining Cooperation Deal

ü  Nigeria: Tariff War - Nigeria, Others May Face Budget Constraints - World Bank

ü  Nigeria: Dangote Refinery Reduces Petrol Price

ü  Nigeria: Strategic Collaboration With Ministry of Petroleum Will Accelerate Needed Results - Ojulari

ü  Nigeria: Govt Targets $74bn Agriculture Growth With New Livestock Policy

ü  Malawi Economic Crisis Deepens As U.S. Cuts $177 Million in Vital Aid, New Report Reveals

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Rwanda Lifted 1.5m People Out of Poverty Since 2017 - Survey

Rwanda has recorded a significant decline in poverty over the past seven years, lifting more than 1.5 million citizens out of poverty, averaging 214,000 individuals emerging from poverty each year, a new survey shows.

The seventh Integrated Household Living Conditions Survey (EICV 7), published by the National Institute of Statistics of Rwanda (NISR) on Wednesday, April 16, indicated that the national poverty rate fell from 39.8 per cent in 2017 to 27.4 per cent in 2024 - a drop of 12.4 percentage points.

ALSO READ: 1.5 million Rwandans out of poverty in seven years

Poverty in urban areas decreased from 18.8 per cent in 2017 to 12.7 per cent in 2024, a reduction of 6.2 percentage points, the report pointed out, adding that rural areas experienced a more significant drop, from 44 per cent to 31.6 per cent, indicating a reduction of 12.4 percentage points.

Prime Minister Edouard Ngirente described 1.5 million Rwandans who have been lifted out of poverty as an encouraging figure.

He said that poverty reduction and other achievements indicated by the survey report were realised over the seven years of implementing the first National Strategy for Transformation (NST1) - which was implemented from 2017 to 2024.

He stated that they were driven mainly by strategic investments made by the Government of Rwanda and its partners over the last seven years.

"Additionally, the long-standing social protection schemes played an important role in improving the well-being of our citizens," he said.

"These efforts have also effectively contributed to the creation of income-generating activities and job opportunities in Rwanda, and it is a clear demonstration of the impact that can be achieved through good planning and effective implementation," he added.

ALSO READ: Rwanda needs $1.5bn to achieve universal energy access by 2029

In particular, Ngirente said, the good speed of the country's post-Covid recovery has led to increased employment opportunities, especially for the active workforce, including the youth.

This recovery has been aligned to growth in economic activities, estimated at an average growth of 9.1 per cent in the last four years of post-Covid pandemic, Ngirente said, adding that this was supported by good performance in most of the country's major sectors.

"As we began our development agenda, we established a clear vision to ensure that every Rwandan benefits from our economic growth," he said.

"In this regard, one of the key findings we observe is the strong correlation between the increase in household consumption and economic growth," he said.

This relationship is a reflection of the steady improvement in income levels, employment opportunities, and social welfare initiatives, he pointed out.

"It also means that families are able to afford better nutrition, improved healthcare, quality education for their children, and an overall higher standard of living," he said.

ALSO READ: Over 500,000 jobs created in 3 years as economy recovers - PM Ngirente

Regarding social protection, the report indicated that the survey data found that the number of Vision Umurenge Programme (VUP) - an integrated programme meant to accelerate poverty eradication, rural growth, and social protection, had around 410,000 beneficiaries.

VUP provides varied assistance to its beneficiaries, including through wages as payment for public works; and direct support or safety net through provision of unconditional monthly cash transfers to the needy.

The support also includes financial services which consist of cheap loans charged at 2 per cent interest rate per year to help economically vulnerable people to run income-generating activities.

The analysis indicated that VUP interventions significantly target vulnerable populations, particularly women, pointing out that despite improvements, VUP households still lag behind in access to basic services compared to the general population.

Poverty rate remains high among VUP beneficiaries - 40.5 per cent, compared to the national poverty rate is 27.4 per cent - highlighting the need for enhanced strategies, particularly in employment-focused initiatives like Public Works, the report observed.

Much as the country has seen these good achievements, Ngirente said that it is mindful that it still has a lot do in its journey to become a poverty-free Rwanda.

Poverty indicators

While presenting the findings, NISR Director General Ivan Murenzi said that poverty measurement begins by establishing a poverty line. This includes both food and non-food needs--such as rent, housing, clothing, health, and education. But food is the key component.

In this regard, he said, experts set calorie requirements - to meet basic food needs - and corresponding costs.

The food poverty line, which determines extreme poverty, was set at Rwf356,000, while the general poverty line was set at Rwf560,000 per adult equivalent per year.

As such, 27.4 per cent and 5.4 per cent of Rwandans still live in poverty and extreme poverty, respectively as they fall below the corresponding lines. Those individuals are considered unable to afford life's basic necessities, according to Murenzi.

Murenzi explained that the poverty line represents the basic food to be able work, though "not necessarily to be so healthy."

Despite the impressive progress, Murenzi said that 27.4 per cent of Rwandans who still live in poverty represent "a tangible number" that calls for continued efforts and targeted policies to build on the country's gains.

Read the original article on New Times.

Liberia: Aggrieved Former Workers of Afcons Seize Three Company Buses in Grand Bassa

Buchanan — A tense standoff unfolded this morning as a group of aggrieved former workers of AFCONS Liberia seized three company buses in Buchanan. The buses are currently parked at the County administrative building compound, where the workers have gathered in protest.

The protest follows the company's refusal to remit the social security benefits owed to the workers. Some of the former employees, who have worked with AFCONS since 2010 and 2015, voiced their frustration after unsuccessful attempts to secure their long-overdue benefits.

According to the workers, they were previously treated fairly in regards to their social security contributions. However, their efforts to claim these benefits now have been met with resistance from the company. AFCONS reportedly informed the workers that their contributions were paid into a government account. The company further stated that since the workers are no longer employed, their benefits should be paid directly into their personal accounts.

Despite taking the matter to the Labor Commissioner of Grand Bassa, the workers have yet to receive any resolution. Feeling that their concerns have been ignored, the former employees have threatened to escalate their protest, vowing to block all entrances to AFCONS facilities until their demands are met.

In an interview with one of the workers, they expressed a deep sense of injustice, citing years of service and dedication to the company, which they feel have gone unrecognized.

"We worked hard for our benefits. We deserve what is rightfully ours," one of the protestors stated.

The ongoing dispute has drawn attention to the challenges faced by workers in securing their social security benefits, especially after leaving employment. With the workers now taking direct action, the situation has escalated, and many are calling on the national government to intervene and resolve the issue.

As the standoff continues, it remains to be seen how AFCONS Liberia and the government will respond to the workers' demands.

Read the original article on FrontPageAfrica.

Rwanda: Bralirwa Posts Rwf36.9 Billion Net Profit in 2024

Bralirwa Plc recorded Rwf36.9 billion net profit in 2024, representing a 25 per cent increase from the previous year, mainly driven by improved operating performance and revenue growth.

ALSO READ: Bralirwa's net profit grew 15% in HY1 2024

The local brewer saw a volume growth across its beer and soft drinks segments alongside strategic pricing and a shift towards premium products, which contributed to a 17.3 per cent increase in revenue to Rwf215 billion.

The financial statement indicates that despite the cost pressures of selling and distribution costs and administrative expenses in digital transformation efforts, which rose by 22.2 per cent and 30.2 per cent, respectively, the operating profit reached Rwf59 billion for the period under review.

Etienne Saada, Bralirwa's Managing Director, stated: "Our focus on delivering superior growth, balanced between volume and value, cost-saving initiatives significantly enhanced our operating results. During 2024, we invested in becoming the best digitally connected brewer, elevated our efforts in sustainability and responsibility, and evolved our people capabilities and culture."

Consequently, it is expected that the total profit for 2024 will be distributed in dividends for shareholders at Rwf35.9 per share, subject to approval during the annual meeting on June 25.

ALSO READ: Bralirwa inaugurates state-of-the-art production line as part of € 30m expansion project

This full payout signals strong confidence in the company's financial stability and its ability to balance reinvestment with shareholder returns, despite ongoing investments in digital transformation and operational expansion.

ALSO READ: Bralirwa records slight increase in profit margin in 2023

In March 2024, the local brewer which is part of Heinken Company, inaugurated a Rwf40 billion new production line at its brewery in Rubavu District, highlighting the company's commitment to customer satisfaction.

Over the past couple of years, the company has made strides in innovating and expanding its brand portfolio to meet evolving consumer preferences.

The company emphasised investments in sustainability and responsible business practices, along with developing its people and organisational culture, adding that such efforts are framed as critical enablers for Bralirwa's future growth strategy, supporting both productivity, improvement, and brand equity.

ALSO READ: Bralirwa's 'Dubai Twagiye' ceremony celebrates top Coca-Cola challenge winners

Looking ahead

According to Bralirwa's financial results, the management pointed to a strategic commitment to delivering superior growth, balanced between volume and value, with a focus on driving productivity and sustaining profitability in 2025.

The company plans to continue investing in its brands, accelerating innovation, and strengthening commercial execution. Operationally, it expects to improve its route-to-consumer capabilities and enhance efficiency across the value chain.

Despite acknowledging inflationary pressures and rising cost trends, Bralirwa maintains a confident outlook and remains centred on disciplined cost management, targeted investments, and a firm focus on meeting evolving consumer needs, positioning it to maintain momentum into the new financial year.

Read the original article on New Times.

Kenya: Govt Seeks Public Input On New MSMEs Law

Nairobi — The State Department for Micro, Small and Medium Enterprises (MSMEs) Development has launched nationwide public participation exercises on the draft MSME Policy 2025 and proposed amendments to the MSE Act 2012.

The engagement, which kicked off in Nairobi, aims to gather feedback from stakeholders across the country to help shape an inclusive and responsive policy and legal framework for the MSME sector.

Speaking during the launch, Principal Secretary Susan Mang'eni said the draft policy outlines key priorities such as strengthening regulatory and institutional frameworks, streamlining business processes, and enhancing access to finance, markets, and technology.

It also aims to promote innovation and build capacity to improve MSME competitiveness locally and internationally.

"Inclusivity is at the heart of this policy. We are committed to supporting women, youth, persons with disabilities, and marginalized communities through targeted interventions that address their unique challenges," PS Mang'eni said.

Kenya's MSMEs account for over 90 percent of all businesses, contribute about 30 percent to the GDP, and employ more than 15 million people.

Despite their critical role, they face persistent challenges, including limited access to credit, market linkages, and skills gaps.

Miss Khamati Mugala, Head of ILO East Africa (Tanzania, Rwanda, Burundi), emphasized the need to shift from quality to productivity to reduce underconsumption of MSME products.

MSEA Chairman James Mureu highlighted the need to formalize informal enterprises to combat stigmatization and enhance business sustainability. MSEA CEO Henry Rithaa was also in attendance.

Dr. Christopher Zipfel, Programme Director at GIZ, reiterated the agency's support for MSMEs through technical assistance and resource mobilization to strengthen public-private partnerships.

Participants called for the policy to reflect inclusive language and challenge stereotypes that label informal sector players as unskilled.

"These individuals have mastered practical skills that are equally valuable to our economy," said one stakeholder.

Key proposed amendments to the MSE Act include incorporating medium enterprises to complete the transition cycle, adopting a value chain approach, and integrating devolved governance through an intergovernmental working group.

The public participation forums, supported by GIZ and ILO, will continue in counties across the country to ensure diverse voices shape the future of Kenya's MSME sector.

Read the original article on Capital FM.

Nigeria: Court Orders Final Forfeiture of N6.67bn Mortgage Bank Shares Linked to Ponzi Scheme

In addition to the forfeited shares, the judge also ordered the final forfeiture of about N42.5 million (N42,461,096.66) and $26.44 in cash, both traced to Cititrust Holdings Plc and its subsidiaries.

The Federal High Court in Ikoyi, Lagos, has ordered the final forfeiture of about N6.67 billion worth of a mortgage bank's shares and other funds described as proceeds of a Ponzi scheme.

The 2,041,087,747 share units of Livingtrust Mortgage Bank Plc, formerly known as Omoluabi Mortgage Bank Plc, were traced to Cititrust Holdings Plc, a suspected Ponzi scheme operator, and its subsidiaries, a statement from the Economic and Financial Crimes Commission (EFCC), said Wednesday. The shares were valued at about N6.67 billion (N6,674,356,932.69).

The statement added that the judge, Friday Ogazi, issued the forfeiture order on Tuesday. In addition to the forfeited shares, the judge also ordered the final forfeiture of about N42.5 million (N42,461,096.66) and $26.44 in cash, both traced to Cititrust Holdings Plc and its subsidiaries.

The final forfeiture order followed the court's earlier order of interim forfeiture of the assets. In the earlier ruling, the court ordered the publication of the interim forfeiture order in a national newspaper inviting any interested parties to show cause why the assets should not be finally forfeited to the victims.

EFCC's lawyer, Ahmad Usman, informed the judge that the commission had published Cititrust Holdings Plc and some of its subsidiaries as part of the companies being prosecuted for operating as a Ponzi scheme.

In March, PREMIUM TIMES reported EFCC's publication of 58 Ponzi scheme operators, including Cititrust Holdings Plc.

Mr Usman said the mortgage bank's shares and the seized funds were found to be proceeds of several investors' funds.

Final forfeiture proceedings

Moving the application for the final forfeiture of the assets on Tuesday, EFCC's lawyer, Mr Usman, chronicled the history of the now forfeited shares until they were acquired by Cititrust Holdings.

"The shares were initially purchased from Osun State Government by Cititrust, using some Special Purpose Vehicles (SPVs) and later harmonised and transferred to the name of Cititrust Holdings Plc," he added.

The respondent, Cititrust Holdings Plc, however, filed a motion and an affidavit opposing the EFCC's application for the final forfeiture of the assets.

But the judge dismissed Cititrust's application and the affidavit, which it filed to show cause why the assets should not be permanently forfeited to the federal government.

In his ruling, the judge affirmed there was merit in EFCC's application and went on to order the permanent forfeiture of the assets. Adjudging EFCC's application meritorious, the judge ordered the final forfeiture of the assets to the victims.

The judge also ordered that the victims be paid what is due to them and the remainder, if any, be forfeited to the Federal Government of Nigeria.

The thriving scam

Ponzi schemes thrive in Nigeria, despite repeated warnings by law enforcement agencies and financial regulatory bodies against dealing with unregistered investment platforms offering too-good-to-be-true returns on investments.

Platforms like the Cryptocurrency Exchange (CBEX), which recently collapsed, prey on the allure of quick and high returns--offering as much as 100 per cent profit within a month.

CBEX, like many others, operated under the guise of legitimacy, using referral bonuses and promises of AI-powered trading to attract investors.

However, as with all Ponzi schemes, the system relied on a fragile balance of deposits and withdrawals, which inevitably tipped when withdrawals exceed deposits, leaving countless victims in financial distress.

PREMIUM TIMES reported on Wednesday how the recent crash of CBEX left many victims in tears.

This mirrors the infamous MMM crash in 2016, where Nigerians lost billions.

Read the original article on Premium Times.

South Africa: Urgent Action Required to Curb FMD Outbreak

Government has called for immediate action plans to ensure inroads are made to effectively curb the continued spread of Foot-and-Mouth Disease (FMD) in KwaZulu-Natal.

During a recent visit to affected areas in the province, Minister of Agriculture, John Steenhuisen, engaged with farmers and community leaders who sought clarification on the current situation and voiced their frustration at the perceived inaction by the Department of Agriculture.

"This lack of sufficient action is jeopardising farmers' livelihoods, the agricultural industry, and the economy. This needs to stop. Immediately," the Minister said.

In a statement issued on Wednesday, the department said KwaZulu-Natal has recorded 147 active FMD outbreaks.

Despite several containment efforts by the Department of Agriculture since the initial outbreak of the SAT2 FMD strain in 2021, recent infections have been reported outside the established Disease Management Areas (DMA).

To curb further spread of the virus, the Minister recently ordered the expansion of the DMA boundaries.

"The reports we continue to receive from KwaZulu-Natal regarding the persistent and, in some cases, expanding Foot-and-Mouth Disease outbreaks are of great concern. This, with the slow progress in strengthening our national biosecurity and acquiring vital vaccines, presents significant risks that this government views with serious concern.

"I have directed the department to identify and lift every single impediment standing in the way of vaccines being delivered in a timely manner," the Minister said.

Steenhuisen has instructed the department to urgently implement the following interventions:

· The South African Police Service (SAPS) and the Road Traffic Management Corporation (RTMC) will be contacted to prioritise and assist with roadblocks and the management of animals' movement;

· Prioritisation of alternative sites for the sale of livestock as well as the identification of an abattoir/s within the DMA to provide an alternative for farmers within the DMA;

· Procurement and provision of enough vaccines to meet demand for a comprehensive vaccine roll-out;

· Explore mechanisms to declare a state of disaster within the province; and

· Monitor the implementation of the permit system for animal movement control.

The Minister stressed the imperative for immediate and significant enhancements to national biosecurity.

He said the current control measures, while necessary, are clearly insufficient to contain these outbreaks effectively.

"The legislative requirement under the Animal Diseases Act, 1984 (Act No. 35 of 1984) for owners to stop the spread of disease must be supported by effective government leadership and enforcement. This includes intensified surveillance, firm enforcement and providing farmers with the support and know-how they need to implement effective biosecurity," the Minister said.

EC progress in containment of FMD

In its statement, the department also provided an update on the continued progress in the containment of FMD in the Eastern Cape. No new clinical cases have been reported since July 2024.

However, the lifting of DMA restrictions has been delayed due to recent suspect test results on two properties. Of these, one test result has returned negative, and the results from the second property are pending.

National biosecurity and movement controls

The department said the control measures implemented in October 2022 remain in effect:

· The movement of cloven-hoofed livestock across South Africa requires a health declaration from the owner.

· Newly introduced cattle, sheep, or goats must be isolated from resident herds for at least 28 days.

· Farmers are strongly advised to limit animal movements and exercise caution when procuring animals.

Section 11 of the Animal Diseases Act imposes a legal duty on any owner or manager of animals to take all reasonable steps to prevent their animals from becoming infected with any disease and to prevent the spread of any disease from their animals or land to other animals or other properties.

FMD is a controlled animal disease in terms of the Animal Diseases Act.

Any suspicious clinical symptoms (salivation, blisters in the mouth, limping or hoof lesions) must be reported to the local State Veterinarian immediately and such animals must not be moved under any circumstances. - SAnews.gov.za

Read the original article on SAnews.gov.za.

Kenya: Somali Envoy Urges Stronger Kenya Ties, Lauds Somali Businesses

Nairobi — Somali Ambassador to Kenya Jabril Ibrahim Abdulle has called for deepened partnerships between Kenya and Somalia, especially in the hospitality sector, where Somali entrepreneurs have made notable strides.

Speaking at the East Africa Somali Awards, Abdulle hailed the thriving Somali-owned restaurants in Nairobi as cultural ambassadors, saying they serve more than food -- they build bridges and promote Somali heritage.

"These establishments are not just feeding people; they are showcasing Somali culture and inviting others to experience the richness of who we are," he said.

The envoy praised Kenya for providing a conducive environment that has allowed Somali citizens to excel in various industries, from logistics and telecommunications to real estate, retail, and remittances.

"Whether in the Horn of Africa or across the diaspora, Somalis have consistently shown a rare ability to adapt, innovate, and rise -- no matter the odds," he added.

He highlighted Somali success in key cities including Nairobi, Mombasa, Cape Town, Kampala, Dar es Salaam, Dubai, and Minneapolis.

According to Ridwan Yusuf, founder of the East Africa Somali Awards, it is important to recognize successful entrepreneurs and experience huge business growth for the economic impact of the region.

At the event, 34 Somali-owned enterprises were recognized for their business excellence. Awarded firms included BBS Mall, Faras, Docol Construction, Signjet Print, Salbaar Media, Umma Insurance, and Dahab Plus.

On his part, BBS Mall CEO Munir Ahmed opined on the importance of governments in the region to create a conducive environment for business to thrive through facilitation of infrastructure and gazette policies that are favorable to entrepreneurs.

Read the original article on Capital FM.

Rwanda: Can Aquaponics Transform Farming in Rwanda?

Farming is central to life and the economy in Rwanda. However, limited land, unpredictable weather patterns, and increasing food demand are straining traditional agriculture.

In response, some farmers and innovators are exploring aquaponics--a modern, soil-free farming method that uses significantly less water than conventional agriculture.

Aquaponics combines aquaculture (fish farming) and hydroponics (growing plants in water) to create a closed-loop system. In this cycle, fish waste becomes a natural fertilizer for plants, while the plants help purify the water for the fish.

This eco-friendly model saves space, conserves water, and can be set up in urban areas, on rooftops, or in small plots.

How aquaponics works

Alpha Mumarungu, a farm officer in Kayonza, believes aquaponics can enhance food and income security for smallholder farmers. She oversees a coupled aquaponics system, where all water remains within the loop and none is wasted.

"The process begins with a fish tank and a hydroponic unit called deep water culture, where plants grow," she explains.

The fish tank water, rich in ammonia from fish waste, first passes through a solid filter that removes heavier waste. It then flows into a biofilter where nitrifying bacteria convert the ammonia into nitrates--nutrients the plants can absorb.

ALSO READ: Kayonza's hi-tech farmer grows vegetables without using soil

"Nitrates aren't harmful to fish in small amounts, but if they build up, they can affect them," Mumarungu notes. "Once the water is filtered, it moves into a sump tank and is pumped into a manifold, which directs it either back to the fish tank or to the hydroponic bed."

Affordability and Accessibility

While aquaponics offers several benefits, Mumarungu acknowledges that affordability remains a barrier.

"There are cost-saving options, like using crates or repurposing materials," she says, "but technical components such as biofilters often rely on imported items."

One critical component is bio media--materials inside the filter that promote oxygenation and support bacteria growth.

ALSO READ: Youth pursuing opportunities in cage fish farming

"We need bio media to ensure enough oxygen reaches the bacteria, which is essential for the system to function properly," she explains.

A climate-smart alternative

Agnes Niyonzima, a local agronomist and advocate for sustainable farming, sees aquaponics as a promising shift from labour-intensive, rain-dependent agriculture to a more climate-resilient model.

"It allows families to grow high-quality vegetables and fish using fewer resources," she says. "Aquaponics is about working with nature, not against it."

With the growing threat of climate change, Niyonzima adds, systems like aquaponics offer year-round production and reduced dependence on rainfall--aligning well with Rwanda's agricultural innovation goals.

Solange Uwituze, Deputy Director General at the Rwanda Agriculture and Animal Resources Development Board (RAB), says aquaponics is recognised as a sustainable model that combines aquaculture and hydroponics in a mutually beneficial way.

However, she points out that Rwanda has yet to conduct official studies or pilot programs to assess its viability.

"Aquaponics is still new here. Challenges include limited awareness among farmers, a lack of skilled technicians, and the absence of demonstration sites," she explains.

Despite these obstacles, Uwituze believes aquaponics holds promise for small-scale farmers by promoting organic food production, generating income, and encouraging resource efficiency.

Currently, only three companies in Rwanda have attempted aquaponics. Good Social Farm Ltd, which relied on water from Gaharwa Lake, halted operations due to water quality issues.

Ecobam Ltd, which plans to use Lake Muhazi, has received permits but has yet to launch. Only NjordFrey Ltd in Kayonza is actively running its aquaponics system.

"This shows there is potential for scale," Uwituze says, "but it will require trained technicians and investment to realize its full impact."

Read the original article on New Times.

Nigeria, South Africa Sign Mining Cooperation Deal

"The agreement on geology, mining, and mineral processing will foster knowledge exchange, promote investment, and encourage regional integration."

Nigeria and South Africa have signed a Memorandum of Understanding (MoU) to boost mining cooperation, focusing on investment, knowledge exchange, and technology transfer between both nations.

The agreement was signed in Abuja by Nigeria's Minister of Solid Minerals Development, Dele Alake, and South Africa's Minister of Mineral Resources and Energy, Gwede Mantashe.

Mr Alake's Special Assistant on Media, Segun Tomori, in statement on Wednesday, said the MoU was part of efforts to strengthen ties under the Nigeria-South Africa Bi-National Commission framework.

Mr Tomori noted that the agreement sets out specific areas of collaboration, alongside defined implementation timelines for joint activities and engagements in the mining sector.

"Both ministers pledged ongoing engagement to advance intra-African trade and implement practical steps outlined in the agreement," Mr Tomori said.

They also expressed optimism that the renewed partnership would significantly strengthen the mining industries of both countries through shared expertise and innovation.

Key highlights include capacity building in geological methods using UAVs, and application of spectral remote sensing technologies for mineral exploration and mapping.

Other areas cover geoscientific data sharing via the Nigeria Geological Survey Agency, training in mineral processing, and value addition initiatives.

The MoU also supports capacity building in elemental fingerprinting with LA-ICP-MS, and joint exploration of agro and energy minerals within Nigeria.

Mr Alake emphasised that the bilateral cooperation holds promise for industrialisation, employment generation, and sustainable economic development across the African continent.

"The agreement on geology, mining, and mineral processing will foster knowledge exchange, promote investment, and encourage regional integration," the minister affirmed.

He reiterated Nigeria's focus on developing its mining sector, noting mutual benefits through mineral wealth and South Africa's technological expertise.

According to Mr Alake, this synergy will attract investments, build skills, and help diversify Nigeria's economy for long-term growth and stability.

Read the original article on Premium Times.

Nigeria: Tariff War - Nigeria, Others May Face Budget Constraints - World Bank

With the rising uncertainties due to the ongoing tariff wars, Nigeria and other emerging economies who are reliant on commodity exports are likely to experience budgetary pressures, the president of the World Bank Group, Ajay Banga has cautioned.

Speaking during a virtual briefing ahead of the 2025 World Bank/ International Monetary Fund Spring Meetings, Ajay noted that the budgetary challenges may arise as global trade tensions escalate and economic growth slows.

The World Bank president warned that ongoing trade wars between major economies are injecting uncertainty into global markets, with uneven effects expected across developing countries, particularly in Sub-Saharan Africa.

In response to question on growth projections for emerging economies in Sub-Saharan Africa particularly in Nigeria due to the ongoing trade wars, he said: "Definitely there's uncertainty and vulnerability; you will get reductions in global growth.

"I think the impact on different countries will be different. It's a little difficult to predict exactly where that will go, country by country right now, because, for example, if you're exposed to commodity exports, and if the prices of commodities come down because of a reduction in global growth, then you will have a challenge with the budget of that country.

"On the other hand, if you're a smaller emerging market or a market that isn't as well integrated into the system, or your domestic consumption is a higher percentage of your of your GDP than your exports, and therefore different balance of growth in your country, then it's a different impact.

"We're kind of going to have to work our way through that over the coming weeks, depending on how this uncertainty plays out, but overall, for the global economy, certainly uncertainty will lead to a slower growth than it was a few months ago."

He also noted that uncertainty and volatility are contributing to a more cautious economic and business environment.

"I think that's going to affect our governments and businesses make their investment decisions right now.

"Developing economies are playing a far more central role in global trade than they did, say, two decades ago. And in that time, global trade has nearly quadrupled in nominal terms, and that share of the developing countries in that trade has nearly doubled from what a fifth to almost two fifths. And again, half of the exports now go to other developing countries. Time back in 2000, that was just one quarter. I think this shift brings both an opportunity and exposure.

"Countries with export led growth models, particularly those reliant on commodities or manufactured goods, they're much more vulnerable to disruption, but they also have policy levers to help manage the uncertainty and position themselves for a longer term resilience," he said.

Read the original article on Leadership.

Nigeria: Dangote Refinery Reduces Petrol Price

Mr Chiejina explained that these price reductions reaffirm the company's commitment to providing high-quality petrol at affordable rates, benefiting consumers across the nation.

The Dangote Refinery on Wednesday announced that it has reduced the price of petrol to retailers from N865 per litre to N835 per litre.

The company's Group Chief Branding and Communications Officer, Anthony Chiejina, in a statement, said the price adjustment will take effect from 16 April.

This, according to him, marks the second price reduction within a week.

"Dangote Petroleum Refinery is pleased to announce a reduction in the gantry price of Premium Motor Spirit (PMS), commonly known as petrol, from N865 to N835, effective from Wednesday, 16th April 2025. This marks the second price reduction within a week.

"High-quality Dangote petrol will now be available at the following prices across all our partner retail outlets: Key partners, including MRS, AP (Ardova), Heyden, Optima Energy, Hyde and Techno Oil, will offer petrol at N890 per litre, down from N920 in Lagos.

"In the South-West, the price will be N900 per litre, reduced from N930. In the North-West and North-Central, the price will be N910 per litre, lowered from N940. In the South-East, South-South, and North-East, the price will be N920 per litre, down from N950," Mr Chiejina said.

He explained that these price reductions reaffirm the company's commitment to providing high-quality petrol at affordable rates, benefiting consumers across the nation.

"In addition, we are working collaboratively with our partners to ensure equitable reflection of this price reduction," he added.

He said Dangote Petroleum Refinery has consistently worked to reduce the prices of petrol and other refined petroleum products, ensuring the continued benefit of Nigerian consumers.

"For example, in February, the refinery reduced prices twice by N125. In addition, products such as diesel and Liquefied Petroleum Gas (LPG) have also experienced significant price reductions due to the refinery's sustained efforts.

"We anticipate that this latest reduction in PMS prices will generate a positive ripple effect throughout various sectors of the economy, providing much-needed relief to consumers and contributing to broader economic growth, particularly during the Easter season."

He noted that the Dangote Petroleum Refinery remains steadfast in its commitment to ensuring a steady supply of premium-quality petroleum products, with sufficient reserves to meet domestic demand, along with a surplus for export.

This strategy, he said, is designed to support the stability of the domestic market while also contributing to the growth of Nigeria's foreign exchange reserves.

Dangote Petroleum Refinery called on marketers and distributors to continue sourcing their products from the refinery, ensuring that the benefits of these price reductions are fully realised across the country.

Read the original article on Premium Times.

Nigeria: Strategic Collaboration With Ministry of Petroleum Will Accelerate Needed Results - Ojulari

...Lokpobiri pledges unwavering support and strategic guidance to deliver national mandate

Mr Bashir Ojulari, Group Chief Executive Officer (GCEO), Nigerian National Petroleum Company Limited (NNPC Ltd.), has reaffirmed his commitment to partner with key stakeholders to deliver on his mandate.

Ojulari made the pledge when he visited the Minister of Petroleum Resources (Oil), Sen. Heineken Lokpobiri, on Wednesday in Abuja.

Ojulari, in a statement by Olufemi Soneye, Chief Corporate Communications Officer, NNPC Ltd., underscored the need for a shared vision of progress and performance for Nigeria's oil and gas industry.

He emphasised that his executive leadership team stepped into office with a spirit of collaboration and a deep resolve to make a lasting impact.

He said that the success of NNPC Ltd. would depend on close synergy with the Ministry of Petroleum Resources, the Ministry of Finance, and other relevant institutions, to break through bureaucratic barriers and accelerate results.

"We are here with a mindset of partnership; a partnership with the Ministry of Petroleum Resources, the Ministry of Finance, and all other critical stakeholders.

"Our goal is to bridge the gaps, foster alignment and move forward with a united front. Antagonism benefits no one; collaboration is how we win," Soneye quoted Ojulari as saying.

In response, Lokpobiri expressed strong confidence in the new leadership of NNPC Ltd., adding that he knew many members of the management team personally and had received outstanding reports about their professional capabilities.

"This is arguably the strongest leadership team NNPC Ltd. has ever assembled.

"Now is the time to translate that reputation into measurable results, especially in increasing crude oil production and ensuring the sector delivers optimal value to the Nigerian people," Lokpobiri said.

The Minister assured Ojulari of his unwavering support and strategic guidance, adding that his office would work closely with him to provide the enabling environment for NNPC Ltd. to thrive and deliver on its national mandate.

"This renewed spirit of partnership signals a new chapter for the oil and gas industry, marked by purposeful collaboration, operational excellence, and a shared commitment to national development," he said.

Read the original article on Vanguard.

Nigeria: Govt Targets $74bn Agriculture Growth With New Livestock Policy

The Federal Government has moved to validate the National Animal Feed and Fodder Policy as part of a broader strategy to grow Nigeria's agricultural sector from $32 billion to $74 billion by 2035.

Speaking at the official flag-off of the policy validation workshop in Abuja, the minister of livestock development, Idi Mukhtar Maiha, said the initiative is key to unlocking the country's livestock production potential.

"Animal feed and fodder are the lifeblood of any sustainable national livestock production system. I urge you to ensure that this document is not only visionary but practical--one that can be implemented at both national and sub-national levels," the minister said.

Maiha emphasised that the new policy will address long-standing challenges in feed quality, availability, and coordination, positioning Nigeria's livestock sector as a major contributor to national food security and economic diversification.

The Federal Ministry of Livestock Development organised the workshop, which brought together key players across the livestock value chain, including researchers, government officials, private sector stakeholders, and development partners.

The director of Monogastric and Ruminants at the ministry, Mrs Winnie Lai-Solarin, welcomed the participants and acknowledged their input during the drafting stages of the policy.

"It is gratifying that, with the establishment of the Ministry of Livestock Development, we are now validating this document. It is the right thing to do at this time," she said.

In a goodwill message, Professor Maikano Ari, President of the National Animal Feed and Fodder Participatory Platform, pledged the platform's full support for the implementation of the policy.

"We have been part of this journey from the beginning and will make this document a central part of our work plan," he said.

Professor Eustace Iyayi, special adviser to the minister and lead technical expert, outlined the policy's key objectives, including increasing feed and fodder production by 20 percent annually, establishing regulatory standards for quality and safety, and promoting commercial livestock practices among at least 50 percent of farmers within five years.

"This policy is designed to encourage a competitive feed and fodder industry, foster public-private partnerships, and establish a conducive regulatory environment. We must build an ecosystem that supports better nutrition, livestock productivity, and ultimately the well-being of our citizens," Iyayi said.

The National Feed and Fodder Policy also aims to address seasonal feed shortages, limited private sector involvement, and the need for inclusive participation--especially of women--in livestock development.

The final draft of the policy will be presented to the Federal Executive Council (FEC) for approval in the coming weeks.

Read the original article on Leadership.

Malawi Economic Crisis Deepens As U.S. Cuts $177 Million in Vital Aid, New Report Reveals

A shocking new report by the International Food Policy Research Institute (IFPRI) reveals how a sudden suspension of U.S. foreign assistance has sent Malawi spiraling into its worst humanitarian crisis in decades, with nearly half a million citizens expected to fall into extreme poverty by year's end and critical health services collapsing nationwide.

The devastating cuts - totaling $177 million, or 59% of annual American aid according to IFPRI's Policy Note 53 - have ripped away the fragile safety net supporting Malawi.

The report's findings expose the staggering human toll: 4,451 healthcare workers laid off, 18 HIV treatment centers shuttered, and life-saving maternal health programs nearly eliminated overnight.

"These aren't just numbers in a report - these are mothers who can't get prenatal care, HIV patients turned away from clinics, and children going hungry," said Dr. Grace Mwale, a physician in Lilongwe who has seen firsthand the impact documented in the IFPRI study. "We're watching years of progress unravel before our eyes."

The economic shockwaves detailed in the report are equally catastrophic. The aid suspension has slashed Malawi's foreign currency reserves by an amount equivalent to 6.3% of annual imports - enough to purchase 3.5 weeks' worth of essential goods. The local kwacha currency has plummeted on parallel markets, sending prices for fuel, medicine and food skyrocketing.

IFPRI economists project Malawi's GDP will shrink by 127 million this year alone with cumulative losses reaching 127 million this year alone, with cumulative losses reaching 1.3 billion by 2030. The most vulnerable bear the brunt - an additional 435,000 Malawians will sink below the poverty line in 2025, joining the half of the population already struggling to survive on less than $2 per day.

The health sector, which received 57% of U.S. assistance according to the report, faces particularly brutal cuts. HIV/AIDS programs have lost 36-39% of funding, while maternal and child health initiatives were virtually erased with 96-100% reductions. At Queen Elizabeth Central Hospital in Blantyre, once-busy AIDS wards now stand eerily quiet as patients are turned away.

Agricultural programs crucial to food security have been slashed by 59%, threatening next season's harvest in a nation where most families depend on subsistence farming. The report warns the double blow of health system collapse and looming food shortages could create a humanitarian catastrophe.

"This aid wasn't charity - it was keeping people alive," said report co-author Jan Duchoslav of IFPRI. "The data shows that without urgent intervention, we'll see needless deaths from preventable causes in the coming months."

As government officials scramble to find alternative funding sources, ordinary Malawians face impossible choices. In the village of Ntcheu, 32-year-old Esther Phiri must now choose between buying antiretroviral drugs for her HIV-positive son or food for her other children - a tragic dilemma documented in the report's case studies.

"I pray every night that someone will help us," Phiri said, clutching her son's medical records. "But the numbers in this report show that help is disappearing when we need it most."

Read the original article on Nyasa Times.

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