Major International Business Headlines Brief ::: 08 Jul 2025

[Bulls n Bears]

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Major International Business Headlines Brief :::  08 Jul  2025 

 


 


 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  African Leaders Urge Nuclear Energy Adoption to Drive Growth

ü  Ethiopia: African Single Electricity Market Program Gains Momentum

ü  South Africa: Trump Imposes 30% Tariff on South African Goods

ü  Nigeria: Losses to Gas Flaring Up 17% to 15,400gwh in 5 Months

ü  Uganda: Focus On Wealth Creation, Not Just Infrastructure - Museveni
Tells Wakiso Residents

ü  Namibia Officially Launches First AfCFTA Export Consignment

ü  Uganda: Museveni Says Uganda Ripe for Investment, Cites Peace and
Infrastructure Growth

ü  Uganda: Govt Distributes Over 57,325 Land Titles to Boost Tenure Security
and Economic Empowerment

ü  Namibia Well Placed to Cash Inon Intra-African Trade - Expert

ü  Nigeria: Deceived By Fake News, Senator Vows 'Speedy Completion' of
Dilapidated Highway

ü  Nigeria: NCAA Approves Commencement of Enugu Air

ü  Africa: Dangote Fertiliser's Plant Expansion to Curb Africa's 6m Tonnes
Annual Import

ü  Nigeria: Lower-Middle-Income List - Nigeria Must Improve Productivity to
Exit Rank - Experts

ü  Nigeria's Push to Cash in On Lithium Rush Gets Off to Rocky Start

 


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African Leaders Urge Nuclear Energy Adoption to Drive Growth

Addis Ababa, — Participants of African delegates at the Nuclear Energy
Innovation Summit for Africa (NEISA 2025) underway in the Rwandan capital of
Kigali called for the accelerated adoption of nuclear energy to meet the
continent's rising energy demand, support industrialization, and drive
sustainable development.

 

As the continent's population is expected to exceed 3 billion in the next
four decades, leaders stressed the importance of clean, reliable and
scalable energy, particularly nuclear power.

 

"The future of the African energy landscape will continue to be driven by
increasing energy demand and population growth," said Rwandan Prime Minister
Edouard Ngirente during the opening ceremony.

 

The Prime Minister stressed the significance of uniting African nations in
adopting renewable and environmentally friendly energy sources.

 

He underscored their potential to fast-track development milestones while
preserving the environment.

 

Ngirente noted that 600 million Africans currently lack access to
electricity. He highlighted nuclear energy as a key sustainable and
non-polluting resource that can play a transformative role in boosting
energy access and addressing climate challenges.

 

The Prime Minister called on African leaders to seize the opportunities
offered by nuclear technologies, emphasizing the importance of establishing
frameworks that can accelerate growth and foster inclusive development
across the continent.

 

Running through Tuesday, the summit seeks to elevate nuclear energy as a key
pillar of Africa's sustainable development.

 

NEISA 2025 is organized in collaboration with key international
institutions, including the International Atomic Energy Agency, United
Nations Economic Commission for Africa, Nuclear Energy Agency, World Nuclear
Association, and leading regional financial institutions.

 

This summit brought together policymakers, energy leaders, and nuclear
experts from over 40 countries to discuss developing small modular nuclear
power plants (SMRs/MMRs).

 

These cutting-edge facilities aim to drive energy self-sufficiency, expand
access to clean electricity, combat climate change, and further industrial
growth across the continent.

 

Read the original article on ENA.

 

 

 

 

Ethiopia: African Single Electricity Market Program Gains Momentum

Addis Ababa, — The African Single Electricity Market (AfSEM), a continental
energy trading program that aims to interconnect all 55 African Union (AU)
members through an efficient and affordable electricity market, is well in
progress, AU officials remarked.

 

The remarks were made at the High-Level Technical Meeting on AfSEM and the
African Continental Power System Master Plan on Monday at the AU
headquarters in Addis Ababa, the capital of Ethiopia.

 

Speaking at the event, Kamugisha Kazaura, director of infrastructure and
energy at the AU Commission, said the institutional and operational
foundation has been laid for a unified African electricity market, which
delivers clean, reliable and affordable power to every corner of the
continent.

 

"Activities are progressing well to define a common path forward to address
critical technical and regulatory gaps and explore continental strategies
for renewable energy deployment, trading, and manufacturing," Kazaura said.

 

Noting that more than 600 million Africans are still without access to
electricity, Kazaura called for urgent and sustainable action to meet
Africa's rapidly growing energy demand through the full implementation of
the AfSEM.

 

Principal program officer at the African Union Development Agency-New
Partnership for African Development, Simbini Tichakunda said Africa is
standing on the brink of an energy revolution that promises to transform the
continent's economic future.

 

"The dream of AfSEM is coming to life. The 400 KV seamless power integration
between Kenya and Tanzania, linking the grids of Kenya and Tanzania and
synchronizing them with those of Uganda, Rwanda, Burundi and the Democratic
Republic of the Congo, is a major step forward," Tichakunda noted.

 

He said the Eastern African Power Pool will be connected to the Southern
African Power Pool by 2027.

 

The two day high-level technical meeting aims to operationalize AfSEM and
CMP, ensuring alignment of strategic, technical, regulatory, and financial
elements to achieve the African Union's energy transition goals.

 

Key stakeholders are participating at the conference to drive policy
harmonization, mobilize investments, and define implementation roadmaps. The
meeting will update Member States on progress and seek political support for
the energy transition.

 

Read the original article on ENA.

 

 

 

 

South Africa: Trump Imposes 30% Tariff on South African Goods

United States President Donald Trump is set to impose a 30% tariff on all
South African goods as he continues to enforce his reciprocal duties,
reports EWN. He informed President Cyril Ramaphosa that South Africa has
long benefited from trade deficits through non-tariff barriers. According to
Trump, the tariffs will create a more balanced trade system, and retaliation
could result in even higher tariffs. Despite South Africa's efforts to
reverse it, the new rate remains in place. Ramaphosa responded to the letter
by disputing the interpretation of the balance of trade between the US and
his country.

 

Trial of Alleged July 2021 Unrest Instigator Begins

 

The trial of Bonginkosi Khanyile, accused of instigating the July 2021
unrest, is set to begin today in the Durban Regional Court, reports SABC
News. Khanyile, out on R5,000 bail, faces charges of incitement to commit
public violence and breaching the Disaster Management Act. He allegedly
urged the release of former president Jacob Zuma, who had just begun serving
a sentence for contempt of court. The unrest started in KwaZulu-Natal and
spread to Gauteng, causing massive looting and property damage worth
billions. A report released last year by the South African Human Rights
Commission and the CRL Commission found the unrest had racial undertones,
particularly between Black and Indian communities.

 

Gun Control Failure Blamed for Mitchells Plain Gang Shootings

 

Gun Free South Africa has blamed a failure to control firearm access for the
recent rise in gang-related shootings in Mitchells Plain, reports EWN. Seven
people have been killed in suspected gang violence. Director Stanley Maphosa
said many illegal firearms originate from legal sources such as
manufacturers, police, and security services. He called for stronger
enforcement of the Firearms Control Act, community disarmament, and
investment in violence prevention.

 

Joburg Water Urges Patience as Supply Slowly Restored

 

Joburg Water has asked residents in Yeoville, Berea, and Hillbrow to be
patient as water pressure gradually returns after more than a week without
supply, reports EWN. The disruption was due to maintenance work, which has
now been completed. Technicians from Joburg Water and Rand Water were on
site at the Yeoville reservoir to implement final interventions and restore
normal water flow.

 

More South African news

 

 

 

 

Nigeria: Losses to Gas Flaring Up 17% to 15,400gwh in 5 Months

Despite Federal Government's efforts to curb the menace of gas flaring,
Nigeria lost 15,400 Gigawatts, GWh per hour of power generation potential in
five months, between January and May 2025.

 

This represents a 17.5 per cent increase, when compared to 12,700 GWh,
generation losses suffered in the corresponding period of 2024.

 

Data obtained from the latest report of the National Oil Spill Detection and
Response Agency, NOSDRA, put the monetary value of the 539.2 million mscf
flared gas during the period at $154.1 million.

 

According to NOSDRA, the defaulting companies, including the International
Oil Companies, IOCs, were liable to fines amounting to $308.1 million (about
N318.3 billion).

 

Providing a further breakdown of the volume of gas flared across oilfields,
NOSDRA disclosed that flaring by companies operating onshore rose by 10 per
cent to 102.4 mscf, against 51.7 mscf flared by companies operating
offshore.

 

According to NOSDRA, the volume of gas flared during the period under review
was equivalent to a carbon dioxide emission of 8.2 million tonnes.

 

NOSDRA lamented that despite efforts to reduce gas flaring, it has continued
in Nigeria since the 1950s, releasing carbon dioxide and other gaseous
substances into the atmosphere.

 

The Minister of State for Environment, Dr. Iziaq Salako, said NOSDRA plans
to ensure alignment with this aspiration as it begins stakeholders'
engagement on methane mitigation and reduction in Nigeria's oil and gas
sector.

 

Meanwhile, Gbenga Komolafe, Chief Executive Officer (CEO) of the Nigerian
Upstream Petroleum Regulatory Commission (NUPRC), said the country's gas
flare commercialisation programme (NGFCP) has the potential to unlock $2.5
billion investment in the oil and gas sector.

 

Komolafe said in addition to huge revenue generation, the NGFCP would create
a significant amount of jobs.

 

He stated further: "As the global focus shifts towards a low- carbon future,
NUPRC is embedding sustainability into seven upstream operations, mitigating
environmental risks and protecting communities.

 

"Key actions include: managing methane and GHG emissions; fostering energy
efficiency and carbon credits, promoting investments in Carbon Capture
Utilisation and Storage (CCUS) and enforcing Environmental Social and
Governance (ESG) goals.

 

"Through the Nigeria Gas Flare Commercialisation Programme (NGFCP),
approximately $2.5 billion in investment will potentially be unlocked,
generating huge revenue, and creating a significant number of jobs. "We have
been deliberate in efforts at social inclusiveness for enhancing host
community development."

 

Read the original article on Vanguard.

 

 

 

 

 

Uganda: Focus On Wealth Creation, Not Just Infrastructure - Museveni Tells
Wakiso Residents

President Museveni has urged residents of Wakiso and Kampala to prioritize
personal wealth creation over merely admiring visible infrastructure
developments such as roads, electricity, schools, and factories.

 

Speaking at a public rally held on Monday, at Wampewo Community Playground
in Wakiso District, President Museveni acknowledged the infrastructural
progress in the area but stressed that true transformation must begin at the
household level.

 

"If you are living in Kampala and you don't want to work in a factory, then
do something productive that you can sell to others. These factory workers
buy milk, meat, food, and other products. So, you can either work in the
factory or supply them," Museveni said.

 

He emphasized that government investments in roads and other public
infrastructure are meant for everyone, but individual wealth remains a
personal responsibility.

 

"That's why we have been sending you money through these programs and
cautioning you not to be misled by tarmac roads. Developments are for the
entire community, but personal wealth creation depends on your effort," he
added.

 

Wealth Creation Drive Underway

 

The rally marked the start of President Museveni's wealth creation and
Parish Development Model (PDM) assessment tour in Wakiso District, home to
3.4 million people, according to the 2024 Uganda Bureau of Statistics (UBOS)
Population Census. The district comprises four municipalities--Entebbe,
Nansana, Kira, and Makindye-Ssabagabo--as well as Wakiso Rural.

 

Museveni's first day on the tour was packed with engagements. He visited
Kagoma Skilling Metal Fabricators in Nansana Municipality, interacted with
carpenters and metal fabricators in Kawanda, and met Isaac Luzze, a PDM
beneficiary involved in piggery and poultry farming in Gombe Division. These
visits aimed to inspire locals through practical examples of successful
income-generating projects.

 

Uganda's Shift Since 1986

 

Reflecting on Uganda's progress since 1986, Museveni recalled a time of
scarcity, when basic items like paraffin, salt, sugar, and clothing were in
short supply. Today, he noted, local factories produce many of these
essentials.

 

"I was driving from Kampala to Migadde. This is an area I know very well,
inch by inch. It used to be covered with farms, banana plantations, and
forests. Now, it's filled with factories and shopping centers. That didn't
happen by accident," Museveni remarked.

 

He highlighted that Uganda's factories have so far created 1.2 million jobs,
compared to just 480,000 jobs in the public sector. He added that the
agricultural sector accounts for 3.6 million jobs, while the services
sector--including transport and hospitality--has created about 5 million
jobs.

 

The president revealed government efforts to further improve workers'
earnings by reducing the cost of doing business. He cited projects like the
rehabilitation of railway lines from Kenya and Tanzania to cut transport
costs, alongside reduced electricity tariffs for factories.

 

"Once we bring down production costs, we shall compel factories to pay
workers better salaries," he assured.

 

Museveni also expressed frustration over the slow uptake of youth-focused
programs, blaming it on misinformation and political distractions. He
encouraged young people to fully utilize government initiatives like the
PDM, which aims to shift households from subsistence farming to
market-driven production.

 

"The problem of youth unemployment should have been solved already if people
were listening. The structures are there, but they're not being used
effectively," he said.

 

Wakiso's PDM Progress

 

Under the Parish Development Model, Wakiso District has so far received UGX
30.7 billion, disbursed to 31,952 households across eight constituencies, 27
sub-counties, 147 parishes, and 363 villages. The funds are intended to
boost household incomes and improve living standards.

 

Despite the disbursement, Museveni raised concerns about poor follow-up by
local leaders.

 

"Since 1996, we've been sending money to sub-counties for wealth
creation--starting with NAADS, then Operation Wealth Creation, and now PDM.
The problem is weak follow-up," he observed.

 

President Museveni's wealth creation campaign in Wakiso District will run
until Friday this week, with further engagements planned to monitor program
implementation and encourage residents to embrace enterprise.

 

Read the original article on Nile Post.

 

 

 

 

Namibia Officially Launches First AfCFTA Export Consignment

Today marks a truly historic moment for Namibia as we officially launched
our participation in the African Continental Free Trade Agreement (AfCFTA).
The first consignment departed from the Port of Walvis Bay this morning,
signaling our active engagement in Africa’s continental free trade area.

 

Providing the keynote address, Hon. Amb. Selma Ashipala-Musavyi, the
Minister of International Relations and Trade (MIRT), underscored Namibia’s
commitment to turning the promise of AfCFTA into real economic
opportunities. “The African Continental Free Trade Area is more than an
agreement; it is a bold step towards Africa’s economic unity, offering
Namibia and the continent a chance to unlock untapped markets and shared
prosperity.”

 

Hon. Amb. Ashipala-Musavyi further emphasised that AfCFTA is not just about
goods but also services, including financial and professional sectors,
opening new avenues for Namibian businesses and professionals across Africa.

 

What does this mean for Namibia?

 

Expanded Market Access: With AfCFTA, Namibia gains the opportunity to extend
its reach far beyond regional borders, accessing markets across West, North,
and Central Africa. Namibia is now able to trade with a consumer base of
over 1.3 billion people and a combined GDP of approximately US$3 trillion.

Economic Diversification: This launch is a clear call to action for our
businesses to explore new markets, focusing on the diversification of both
markets and products. It encourages increased production through enhanced
economies of scale in existing sectors, enabling Namibia to strengthen its
industrial base and reduce dependence on traditional markets and
commodities.

Job Creation and Youth & Women Empowerment: This launch also calls on our
women and youth in trade to innovate increasingly, through initiatives such
as African Continental Free Trade Area (AfCFTA) Protocol on Women and Youth
in Trade. Adopted in February 2024, the protocol aims to ensure the full,
equal, and meaningful participation of women and youth in the AfCFTA's
economic landscape by addressing trade-related barriers and creating
supportive policy environments

Empowering Namibian Businesses: Namibian businesses of all sizes  are
essential for the successful implementation of AfCFTA. Entrepreneurs,
manufacturers, service providers and MSMEs form the backbone of this effort,
driving trade, innovation, and job creation. Government support is thus
critical in tracking performance to be followed by necessary policy reforms,
avail manufacturing incentives, implement special economic zones policy, and
localisation. Additionally, identifying and integrating into regional value
chains will strengthen the private sector’s capacity to compete and grow.
Together, these measures will enable Namibia’s private sector to lead
economic transformation and build a more resilient, diversified economy.

National resilience: By trading more within the continent through the
AfCFTA, Namibia can reduce dependence on distant or traditional markets and
build better resilience against external shocks.

This launch is the culmination of years of dedication, including Namibia’s
early ratification of AfCFTA and the gazetting of its tariff offer in
December 2024, positioning the country for seamless intra-African trade.

 

Namibian companies are encouraged to seize this historic opportunity by
leveraging AfCFTA to expand their exports and enter new African markets.

 

 

 

 

 

Uganda: Museveni Says Uganda Ripe for Investment, Cites Peace and
Infrastructure Growth

President Museveni has said Uganda is ready for large-scale investment,
saying the country now has the peace, security, and infrastructure needed to
support profitable business growth.

 

Addressing the 14th Africa Public Service Day through Prime Minister Robinah
Nabbanja, Museveni said the NRM government's focus since 1986 has been to
rebuild state institutions and modernize the economy.

 

"Factories have increased across the country. Industrial parks have been
established in all regions. Agricultural production has increased to create
surpluses for some commodities," Museveni said, citing maize, milk, sugar,
and bananas as examples.

 

He noted that improvements in transport and energy infrastructure have
lowered business costs and boosted production.

 

Cheap credit from the Uganda Development Bank and wealth creation funds is
also helping to address the challenge of expensive financing.

 

Museveni emphasized that Uganda must tap into regional markets, including
the East African Community and the African Continental Free Trade Area,
which together offer a consumer base of 1.3 billion people.

 

"Uganda is ripe for investment; all the conditions for a favourable
investment climate are in place. Peace, security and stability are
guaranteed, the infrastructure is in place, and the market is available," he
said.

 

He called on the public service to continue modernizing infrastructure,
eliminate subsistence farming, and support inclusive economic growth across
all Ugandan households.

 

Read the original article on Nile Post.

 

 

 

 

 

Uganda: Govt Distributes Over 57,325 Land Titles to Boost Tenure Security
and Economic Empowerment

The Minister of Lands, Housing, and Urban Development, Judith Nabakooba, has
announced the distribution of over 57,325 land titles to citizens across all
regions of Uganda, including Bukedea, Serere, and Soroti in the Eastern
Region, as well as the Western and Northern Regions.

 

The announcement was made during an address at the Data Processing Centre at
the Mapping and Surveys Department in Entebbe, where the Minister officially
dispatched the titles.

 

This initiative is part of the government's commitment to enhancing land
tenure security, reducing land conflicts, and curbing land grabbing.

 

It also aims to empower citizens economically by enabling them to use their
land titles as collateral to access credit from Savings and Credit
Cooperative Organizations (SACCOs) and other financial institutions.

 

This complements the government's Parish Development Model (PDM), which
provides one million shillings to support community development.

 

Minister Nabakooba emphasized that the registration of land will
significantly increase its value, create millions of jobs in the real estate
sector, and generate billions in government revenue from subsequent
transactions.

 

"In a special way, I thank the President of the Republic of Uganda for the
efforts he has put to allow this project to move under the Ministry. This
ministry has processed free hold land titles. The systematic land
adjudication is an innovation of the NRM government that makes sure no is
left behind as part of resolving the uncertainty of land rights in the
country" Nabakooba noted.

 

The initiative is designed to eliminate fraud and irregularities, such as
double titling, in land matters.

 

To ensure the smooth handover of titles, the Minister has directed district
officials, including Resident District Commissioners (RDCs) Under the
Ministry Zonal Offices, to sensitize communities and supervise the
distribution process.

 

"We all know very well that processing a title is costly ,particularly
processing a title is estimated at Shs 5M to 10M which is expensive to the
ordinary citizen thats why President Museveni saw it wise to introduce this
initiative to citizens in realizing the land rights"

 

Maracha District alone will receive over 20,000 land titles, with
approximately 100,000 titles already dispatched nationwide.

 

Supported by the World Bank, this program targets the top 10 districts for
immediate distribution, ensuring that those without titles benefit promptly.

 

The titles come with a modest tax of Shs 80,000 shillings, with no
additional fees or requirements to encroach on others' land.

 

"This is a transformative government initiative that not only secures land
ownership but also unlocks economic opportunities for Ugandans," said
Minister Nabakooba.

 

Read the original article on Nile Post.

 

 

 

 

 

Namibia Well Placed to Cash Inon Intra-African Trade - Expert

Namibia's early support for the African Continental Free Trade Area
(AfCFTA), its stable policy environment, and strong institutional frameworks
put it in a good position to benefit from rising intra-African trade.

 

This comes as intra-African trade is poised to increase despite global
tensions.

 

The AfCFTA, a flagship project of the African Union's Agenda 2063, aims to
create a single continental market of over 1.4 billion people with a
combined gross domestic product (GDP) of about US$3.4 trillion.

 

African Export and Import Bank (Afreximbank) economist Femi Kale says
there's enormous potential for Namibia to expand its role in value-added
exports, green hydrogen, and regional services, particularly in logistics
and warehousing.

 

He said this following the conclusion of the 32nd Afreximbank annual
meetings in Abuja almost a fortnight ago.

 

"Namibia plays a strategic role, especially through its regional logistics
infrastructure. For example, the Port of Walvis Bay is a key gateway for
trade with landlocked Southern African Development Community (SADC)
countries, offering access to markets like Botswana, Zambia, and the
Democratic Republic of Congo," the economist said.

 

Kale said Africa's sluggish participation in global trade turned out to be a
buffer against the full force of economic shocks resulting from United
States president Donald Trump's trade war with China and the wars in the
Middle East.

 

Despite global headwinds, Africa's trade rebounded strongly in 2024, with
trade between African countries growing by 12.4% to reach US$220.3 billion
from a contraction of 5.9% in 2023.

 

The African Trade Report 2025, launched on Wednesday, showed that Africa's
total merchandise trade recovered, surging by 13.9% in 2024, to US$1.5
trillion, following a 5.4% contraction in 2023.

 

The report is themed 'African Trade in a Changing Global Financial
Architecture'.

 

Kale said the continent's growth will be stronger this year than the last.

 

"Absolutely. Africa's limited integration has acted as a buffer during
global economic disruptions - such as rising interest rates, inflation, and
geopolitical fragmentation - but it is not a sustainable growth model in the
long run.

 

"For Africa to industrialise, attract meaningful investment, and fully
leverage its demographic dividend, deeper integration into global value
chains will be essential," he said.

 

Kale said it should be a strategic and selective integration that focuses on
areas like green industrialisation, technology transfer, and value-added
manufacturing rather than just exporting raw commodities.

 

"Our aim should be to plug African economies into parts of the global
economy that enhance productivity, create jobs, and build resilience - not
those that expose us disproportionately to shocks.

 

"Countries like South Africa, Nigeria, Egypt, and Kenya have deeper economic
links with the global system, giving them a more influential role.

 

Their influence stems from their market size and dominance in their
subregions, as well as for Egypt and South Africa - in particular their
relatively diversified export bases, relatively developed capital markets,
and regional leadership roles.

 

"For instance, South Africa participates in the global automotive value
chain and hosts some of the continent's most sophisticated financial
systems. Nigeria, despite challenges, remains one of Africa's largest
economies and is integrated into global oil and capital markets.

 

"Kenya is at the forefront of digital finance and fintech. These
characteristics create both influence and exposure to global financial and
trade dynamics," he said.

 

Namibia last week officially launched its inaugural export consignment under
the AfCFTA framework.

 

SALT BREAKS GROUND

 

The event marked a major step for the country's economic integration into
the continent, with Namibian salt being the first commodity to be exported
under the new agreement.

 

"Today marks the beginning of a journey that seeks to position Namibia to
take full advantage of Africa's single market.

 

Traditionally, Namibia has relied on the Southern African Customs Union and
the SADC as its primary trade blocs," minister of international relations
and trade Selma Ashipala-Musavyi said at the event.

 

She said under the AfCFTA, Namibia now has the opportunity to expand its
reach well beyond these regional borders, accessing new markets across
western, northern and central Africa.

 

Namibia signed the AfCFTA agreement on 2 July 2018 before ratifying it on 1
February 2019.

 

Ashipala-Musavyi said the agreement offers Namibian businesses the
tremendous opportunity to expand their market reach, enhance
competitiveness, and contribute to economic growth and diversification.

 

Read the original article on Namibian.

 

 

 

 

Nigeria: Deceived By Fake News, Senator Vows 'Speedy Completion' of
Dilapidated Highway

The senator said he realised the story was fake when he "made efforts to
investigate further and offer any forms of assistance" to the supposed
victims of the 'tragic accident'.

 

A Nigerian senator, hoodwinked by a fake photo of a road accident, vowed to
ensure the "speedy completion" of a dilapidated federal highway on which the
peddlers of the fake photo claimed the accident occurred.

 

The photo, shared on Facebook on Friday, depicts an accident scene where a
container fell on a passenger bus.

 

Facebook users who shared the photo said the accident happened along
Calabar-Itu Highway, a dilapidated road meant to connect the two southern
states of Akwa Ibom and Cross River. They claimed that the accident killed
17 people.

 

The Calabar-Itu Highway has remained dilapidated for decades and sometimes
almost impassable despite successive administrations' promises to fix it.

 

'Deeply saddened'

 

The senator, Asuquo Ekpenyong, representing Cross River South District,
issued a statement on Friday, 4 July, saying he was "deeply saddened" by the
"tragic accident".

 

The senator's statement was published on his Facebook page.

 

"My thoughts and prayers are with the families and loved ones of the victims
during this moment of grief. I also extend sincere sympathies to those who
sustained injuries and are currently receiving medical attention. May God
grant them healing, strength, and comfort," Mr Ekpenyong stated.

 

"This painful event is yet another reminder of the long-standing
infrastructural decay of the Calabar-Itu Road, a major corridor between
Cross River and Akwa Ibom States that continues to endanger lives.

 

"In response, I will intensify another round of legislative and oversight
efforts to ensure the speedy completion of key sections of this highway. I
will engage directly with the Federal Ministry of Works and the contractors
handling the project to ensure timelines are met and safety standards are
upheld.

 

"No family should have to suffer this kind of loss because of failed
infrastructure. We owe it to the victims and to all Nigerians to make our
roads safer," the senator added.

 

The next day, 5 July, Senator Ekpenyong informed the public, through another
statement, that the news of the road accident was fake.

 

He said, "Several news organisations such as Daily Post, CrossRiverWatch
carried the story, including pictures of the alleged accident."

 

He said he realised the story was fake when he "made efforts to investigate
further and offer any forms of assistance" to the supposed victims.

 

"It is unsettling to see how easily misinformation can spread and its
attendant negative consequences.

 

"While we are immensely grateful to God Almighty that no lives were lost, we
do not take such matters lightly. The thought of losing 17 lives was deeply
distressing, and I must admit I was distraught upon encountering the report
online yesterday," said the senator, who still vowed that he would get the
federal government and the contractors to complete the rehabilitation of the
Calabar-Itu Highway "within timelines".

 

FRSC speaks

 

The Sector Commander of the Federal Road Safety Commission (FRSC) in Cross
River, Innocent Etuk, told PREMIUM TIMES, Sunday, that immediately his
attention was drawn to the photos on Facebook, he sent officials of the
commission to the Calabar-Itu Highway, He said they came back with a report
that there was no such incident.

 

"I had to call the sector commander in Akwa Ibom... There was nothing like
that," Mr Innocent said, adding that the photo was first published in 2016.

 

He said he would take up the matter with the Nigeria Union of Journalists.

 

PREMIUM TIMES did a Google reverse image search on the photograph. The
search shows that the photograph first appeared on Nairaland on 5 July 2016,
although it was used alongside other seemingly unrelated photographs. The
photograph was re-shared on Facebook on 29 November 2019.

 

The Editor of Daily Post, Emmanuel Ugwueze, spoke to PREMIUM TIMES, Monday,
about the story, which is still up on the paper's website.

 

"We have just discovered our correspondent could not authenticate the
report," Mr Ugwueze said. "We have commenced disciplinary proceedings
against the reporter."

 

The story is still up on the CrossRiverWatch website as of 7 July. The
paper's News Editor, Patrick Obia, said they were "digging into" the matter.

 

Read the original article on Premium Times.

 

 

 

 

 

 

Nigeria: NCAA Approves Commencement of Enugu Air

The NCAA said ticket sales for Enugu Air flights are facilitated via the
XEJET platform, accessible through a redirect on the Enugu Air official
website.

 

The Nigeria Civil Aviation Authority (NCAA) has officially announced the
approval for the initiation of domestic flight operations by Enugu Air.

 

This decision, the authority said, aligns with the 5-Point Agenda of the
Minister of Aviation and Aerospace Development, Festus Keyamo, which is
designed to foster the growth of indigenous airlines and enhance reforms
within the aviation sector.

 

In a statement issued Monday by the NCAA's spokesperson, Michael Achimugu,
it said Enugu Air has designated XEJET as its operational partner pending
the conclusion of its Air Operator Certificate (AOC) process.

 

"Pursuant to this partnership, XEJET has completed a full variation process
to integrate the EMB 170 aircraft into its Operations Specifications
(OpsSpecs), in accordance with NCAA'S five-phase certification procedure,"
the NCAA said.

 

According to the statement, XEJET is duly authorised to operate scheduled
commercial flights on behalf of Enugu Air under current NCAA guidelines.

 

In the interim, it said ticket sales for Enugu Air flights are facilitated
via the XEJET platform, accessible through a redirect on the Enugu Air
official website.

 

"The NCAA remains committed to enabling a supportive regulatory environment
for indigenous carriers, ensuring fair competition, and upholding the
highest standards of safety, security and consumer protection in Nigeria's
air transport industry," the statement said.

 

Launching of Enugu Air

 

On Monday, Mr Keyamo, announced that he has inaugurated Enugu Air in Enugu
State. During the event, he promised that the airline will soon commence
regional flights to other African countries, emphasising that the
development aligns with the federal government's agenda to support the
growth and sustainability of indigenous airlines.

 

"This is one of our dreams to come true here today in Enugu State, powered
by the incredible governor of Enugu State," the minister said.

 

He explained that obtaining an air operator certificate (AOC) to float an
airline typically takes up to two years, but Peter Mbah, governor of Enugu
state, opted to partner with XE Jet, an existing airline, to fast-track the
process.

 

 

The minister said the NCAA approved the partnership, allowing Enugu Air to
commence operations without delay.

 

The minister commended efforts of the state governor applauding him for
bringing private sector investment into the management of the Enugu airport.
He noted that discussions are already underway to concession the airport to
a consortium of top private investors.

 

Mr Keyamo urged the state government and residents to run Enugu Air
professionally, warning against political interference, bureaucracy, and the
culture of free tickets.

 

"Do not let Enugu go the way of the Nigerian Airways. I beg you, run it
professionally. Do not let bureaucracy kill Enugu Air. Be prompt in your
departures and arrivals. If the governor is two minutes late, close the door
of the aircraft and take off," the minister said.

 

"Do not say three of my friends are coming, they are friends of Enugu, give
them three free tickets. If you want it to survive, Enugu people, support
the airline. He has made it available; there will be flights from Enugu now.
Enugu will be a bigger international hub now.

 

"I just whispered to him that we are going to approve regional operations
from here very soon. To African states, bring your letter tomorrow, we are
going to approve regional operations from here."

 

He also promised to support the growth of the airline by facilitating the
acquisition of additional aircraft.

 

"I will make this pledge: I will support Enugu Air. I will stand by Enugu
Air. I will go around the world with you, looking for aircraft to lease for
Enugu Air. Personally, I will give personal guarantees for you to get
aircraft to run Enugu Air," he added.

 

State Govt Speaks

 

In his remarks, Mr Mbah said the airline's launch is part of efforts to
position Enugu as a premier destination for investment and tourism in
Nigeria.

 

"Today, we have our own airline. And with it, we're opening doors to a
sector that once felt out of reach. Enugu Air has given more wings to our
dreams, and today, we take that first flight together," he said.

 

"A giant leap for Enugu State, a gold standard for government and private
partnership. In the euphoria of the moment, however, we must never forget to
give compliments where it is due."

 

The governor said the chosen operator, XE Jet Airlines, is a 100 percent
Nigerian-owned entity with a solid record of reliable, sustainable and
successful aviation operations.

 

He said the project was designed to create jobs, promote tourism, and offer
more efficient travel options for residents, businesses, and the diaspora.

 

"We are starting with three Embraer aircraft, efficient and elegant birds
made for our terrain," he said.

 

"Our routes begin with Enugu-Abuja-Lagos, then extend to Port Harcourt,
Owerri, Benin, Kano, and other cities."

 

Additionally, the governor said the next phase of Enugu Air will expand
operations to African destinations before flying to China, Europe, the
United Kingdom, the United States, and other global business hubs.

 

Read the original article on Premium Times.

 

 

 

 

 

 

Africa: Dangote Fertiliser's Plant Expansion to Curb Africa's 6m Tonnes
Annual Import

Dangote group is set to expand its $2.5 billion fertiliser plant located in
Lagos, which will make Africa self-sufficient in fertiliser supplies and
significantly reduce import costs.

 

Aliko Dangote said on Friday that the planned production capacity would
boost supply needs of the continent in the next 40 months.

 

If the plan is successfully completed Africa will end or curtail current
imports over 6 million metric tons of fertiliser annually as it struggles to
produce enough food in often challenging growing conditions.

 

The benefits of increasing domestic production would include reduced foreign
exchange expenditure, which has been a major economic burden in Nigeria
because of the weakness of the local currency.

 

"In the next 40 months, Africa will not import fertiliser from anywhere. We
have a very aggressive trajectory right now. We want Dangote to be the
highest producer of urea, bigger and higher than Qatar - give me 40 months,"
Dangote said at the annual Afreximbank meeting in Abuja.

 

Dangote runs Africa's largest granulated urea complex, which has an annual
capacity of 3 million tons, 37 per cent of which it exports to the United
States. It will need to double current output to achieve his ambition.
Dangote has said he is not worried about the impact of Trump tariffs.

 

Analysts say the market outlook for fertiliser is bullish, but there are
also challenges and the kind of expansion Dangote seeks requires
infrastructure to be built.

 

"Any new fertiliser plant or expansion project faces cost overrun risks to
the producer," Seth Goldstein, senior equity analyst at Morningstar
Research, said.

 

Mikolah Judson, an analyst at global risk consultancy, Control Risk, cited
the need for "transport infrastructure and port capacity," saying
"bottlenecks routinely delay various import and export projects in Nigeria".

 

Dangote has a track record for delivering big projects. He also owns the
Dangote Petroleum Refinery, Africa's largest, although its launch was
repeatedly delayed and it exceeded its initial budget.

 

He has said he intends to list the 650,000 barrels-per-day refinery next
year and on Friday he also confirmed plans to list his fertiliser plant on
the local stock exchange this year.

 

Read the original article on Leadership.

 

 

 

 

 

Nigeria: Lower-Middle-Income List - Nigeria Must Improve Productivity to
Exit Rank - Experts

Despite an uptick in remittance inflows and growing investor appetite for
its debt and equities, Nigeria remains firmly categorised as a
lower-middle-income country by the World Bank a status largely shaped by the
country's gross national income (GNI) per capita, which remains below the
required threshold for an upgrade.

 

This is as economists say unless the fortunes of the country and its
citizens change, the country may be stuck at that level for a long time. The
World Bank had in its income classifications for 2026 left Nigeria on the
lower-middle-income economies classification.

 

Each year, the World Bank classifies countries into income groups low,
lower-middle, upper-middle, and high-income, based on their GNI per capita
using the Atlas method.

 

For the World Bank's 2026 fiscal year, countries with GNI per capita between
$1,146 and $4,515 fall into the lower-middle-income category.

 

Trading Economics projects Nigeria's GDP per capita to be around $2,521 by
the end of 2025 according to their global macro models and analysts
expectations.

 

To move into the upper-middle-income group, Nigeria would need to cross the
$4,516 threshold, a significant gap from current levels.

 

According to developmental Economist at Adeleke University, Professor Tayo
Bello, Nigeria is still at the same level due to low productivity as well as
per capita income. He also attributes it to the low value of the naira.

 

He noted that while the country might be recording progress in naira terms,
once converted to dollars, the progress becomes minimal or non existent.

 

"Our productivity is also very low. Nigeria's per capita income is
significantly lower than that of many other countries, even among African
and West African nations. That might be one of the main reasons we're still
stuck. In fact, we may even be sliding backward."

 

Aside that, he said, "compared to other countries, the poverty rate in
Nigeria is alarming. It's worsening, not improving. When we talk about food
security, it is not a positive picture either. Security is another issue
that cannot be overlooked. Nigeria lacks the basic structure and
coordination to effectively tackle insecurity."

 

Professor Bello furthered that the lack of accuracy in economic data is
another disadvantage that pulls the county down in economic ranking as he
said, "there's no way the World Bank can upgrade Nigeria from its current
level.

 

We're a developing nation, yes, but we're gradually sliding into the ranks
of the world's poorest."

 

Nigeria's current GNI per capita remains well below the cutoff due to a
combination of slow economic growth, a large and rapidly growing population,
persistent inflation, and underwhelming productivity gains. While GDP growth
has rebounded post-pandemic, it has been outpaced by population growth,
keeping per capita income stagnant.

 

Additionally, foreign direct investment (FDI), which contributes to income
earned from abroad, a key GNI component, has remained sluggish in recent
years. Although there was a notable rebound in foreign portfolio investment
in 2024, much of it was short-term inflows attracted by rising yields and
undervalued assets rather than long-term commitments that drive income
growth.

 

On the positive side, remittances, another major component of GNI, rose by
8.9 per cent in 2024, reaching $20.93 billion, according to the Central Bank
of Nigeria. the rise in foreign inflows was largely driven by reforms that
unified foreign exchange windows, making formal channels more attractive.

 

There had been a 43.5 per cent increase in remittances via International
Money Transfer Operators (IMTOs). These inflows helped push the country back
into a balance of payments surplus of $6.83 billion in 2024.

 

Read the original article on Leadership.

 

 

 

 

 

Nigeria's Push to Cash in On Lithium Rush Gets Off to Rocky Start

The Nigerian government wants to refine its resources domestically so they
can fetch a higher price on the international market.

 

Abdulsalam Musa squats as he chips away at lithium-rich rocks with a chisel
and hammer in a mining pit in Nigeria's northwestern state of Kaduna.

 

The work is dangerous and backbreaking and the 19-year-old is covered in
sweat, but he will earn about N4,000 ($2.50) for the day - enough to cover
his food costs.

 

"Sometimes, the pits collapse and if someone is trapped inside, that's his
end," said Mr Musa, resting his back on the edge of the 250-metre-deep hole
he had just been mining.

 

Lithium is a key ingredient of rechargeable batteries for electric vehicles
(EVs) and energy storage that are critical for the clean energy transition.
The surging global demand for the light and silvery metal has opened a new
mining frontier in Nigeria's central and northern states, where significant
reserves have been found.

 

To benefit from the global lithium rush, the Nigerian government has
embarked on a programme of reforms to formalise the sector - aiming to bring
artisanal miners like Mr Musa, who dig most of the country's minerals out of
the ground, into regulated cooperatives and add value to its lithium
resources by processing them domestically.

 

The government also wants to attract foreign investors to the nascent sector
as it seeks to diversify its economy away from oil.

 

The push to benefit more from natural mineral deposits is a priority for a
growing number of African countries seeking to pull their people out of
poverty - from the Democratic Republic of Congo to Zambia - but they face
common challenges to modernise their mining industry and add value to their
resources.

 

In Nigeria, Climate Home found that one of the country's first lithium
processing plants has struggled to deliver on its early promises,
highlighting the challenges the West African nation faces in adding value to
its mineral wealth and reaping the benefits of the global transition from
fossil fuels to cleaner energy sources.

 

Experts told Climate Home News that outdated and poorly enforced regulations
have fostered an informal economy of small-scale miners and middlemen,
exacerbating the risk of exploitation and environmental degradation in
mineral-rich communities.

 

Early processing efforts

 

The lithium processing plant inaugurated in the remote village of Kangimi in
Kaduna State in May 2024 is a joint venture between the state government and
the Chinese company Ming Xin Mineral Separation Nigeria Ltd.

 

In a speech marking the plant's opening, Kaduna State Governor Uba Sani said
the state government would hold a 30 per cent stake in the project through
the state-owned Kaduna Mining Development Company (KMDC).

 

KMDC, which oversees mining activities in the state, would handle "community
engagement, all security issues as well as the provision of land" while Ming
Xin would run the project, Mr Sani said in a speech.

 

But a year on from the processing plant's trumpeted inauguration, it is
still not fully operational. Local people said they have yet to see any of
the promised benefits materialise, including jobs and improved health and
education infrastructure, and are worried about possible pollution.

 

It is also unclear where the lithium being processed at the site comes from,
raising concerns the plant could end up incentivising the informal mining
the government wants to regulate.

 

KMDC officials told Climate Home the refinery remains in its initial phase
of development and is awaiting the necessary approval from the federal
government to begin operating at full commercial scale. They added that the
state company was not directly involved in the plant's operations.

 

Ming Xin did not respond to repeated requests for comment.

 

The Chinese Embassy in Abuja told Climate Home it had contacted Ming Xin,
which said it "holds valid mining licenses and community agreements, has
consistently contributed to local communities, created employment
opportunities, and always paid rapt attention to protect the local
environment."

 

"The embassy is willing to work together with the Nigerian side to further
strengthen mining cooperation and promote a sound, orderly and sustainable
development of China-Nigeria mining partnership, so as to safeguard the
common interests of companies from both sides and benefits of both peoples,"
the embassy's statement added.

 

Nigeria's burgeoning lithium market has gained the attention of several
other Chinese companies and investors. Jiuling Lithium Mining Company and
Canmax Technologies are major investors in two new lithium processing plants
in Nigeria, worth over $800 million together, which are due to open later
this year.

 

An informal mining sector

 

Nigeria's overwhelmingly informal mining sector makes it difficult to trace
the lithium produced as it moves along the supply chain.

 

The ore mined by workers like Mr Musa is bagged in 50 kg sacks and sold to
middlemen - some of whom operate illegally without the required licences -
who then sell it on to larger traders or exporters.

 

Some miners and traders use social media platforms, like TikTok and
Facebook, to buy and sell minerals, making it even harder for authorities to
regulate the trade.

 

One Facebook group called Nigeria mineral hub, which has over 70,000
members, is described as "a verified open market for mineral trade -
connecting miners, buyers, and investors across Nigeria and beyond."

 

Members advertise various minerals and gemstones they want to sell or buy,
including lithium.

 

Nigeria's value-added dreams

 

To break from the pit-to-port model of the past and capture a slice of the
battery-driven lithium boom, the Nigerian government now wants to refine its
resources domestically so they can fetch a higher price on the international
market and create more jobs for citizens of Africa's most-populous country.

 

Last year, President Bola Tinubu directed the Ministry of Solid Minerals
Development to only issue mining licences to companies that establish
processing plants to refine minerals in the country first.

 

"We must transition from being merely suppliers of raw materials to becoming
globally competitive participants in high-value mineral supply chains,"
Nigeria's Minister of Solid Minerals, Oladele Alake, told a transition
minerals conference at the Organisation for Economic Co-operation and
Development (OECD) in Paris in May.

 

In 2022, the Kaduna State Government announced the construction of the
lithium processing plant, months after the Nigerian government said it had
rejected a proposal from EV giant Tesla to purchase raw lithium from the
country for its batteries.

 

In contrast, Kaduna State hailed Ming Xin's lithium plant as a flagship
value-addition project.

 

It said the plant would produce 1,500 metric tons of lithium concentrate per
day, raise revenue of between N1 billion and N1.5 billion ($645,000) per
year and create thousands of jobs in a rural farming area that has
previously been targeted by violent armed gangs.

 

The lithium concentrate is destined for export to China, which refines most
of the world's lithium and produces most of its lithium-ion batteries, for
further processing into battery-grade lithium.

 

The processing plant

 

Speaking to Climate Home by phone, Isah Suleiman, special assistant to
KMDC's managing director, said he didn't know who was mining the lithium
supplying the processing plant or whether the company was already exporting
refined lithium.

 

He said Ming Xin sources some of its lithium from the northwestern state of
Kebbi as well as from sites under mining licenses from the Kaduna State
Government.

 

Ibrahim Adam, who said he was the processing plant's site manager, told
Climate Home by phone that the company had started sourcing lithium from
Kebbi after a bandit attack killed security personnel at a major Kaduna
government mining site in 2023.

 

Two employees at the plant, speaking on condition of anonymity, said refined
lithium was leaving the processing plant in trucks.

 

While Climate Home found no evidence that Ming Xin's plant buys its raw
lithium from unregulated sources, increasing transparency along the
country's lithium supply chain is a growing concern for the government.

 

Amira Waziri, senior advisor on mining and policy to Nigeria's minister of
solid minerals development, told the OECD in May that the lack of
traceability in supply chains resulted in loss of government revenues and
posed "a reputational risk" as "many transactions tend to bypass formal
oversight."

 

Meanwhile, local people told Climate Home they had so far seen little
benefit from the plant.

 

'We were failed'

 

The processing plant sits a few hundred metres away from a dilapidated
school building on the edge of Kangimi, a deprived farming village.

 

Local residents told Climate Home that no community development agreement
had been negotiated with local people, despite it being a requirement under
Nigerian law.

 

Danjuma Husseini, Kangimi village head, told Climate Home that Ming Xin made
verbal commitments to create jobs for local people, renovate the decrepit
school and build a local health facility and a tarred road. But none of the
promises have yet begun to materialise.

 

In a video statement shared with Climate Home, KMDC's managing director
Shuaibu Bello said the plant would create 1,500 direct and 5,000 indirect
jobs. But during a visit to the site in March, only 17 local youths were
employed to work in roles such as security guards, one employee told Climate
Home.

 

Local people also expressed concerns about pollution. Pits used to wash the
lithium ore with acidic chemicals before it is processed are located next to
a dam on which residents depend for their sole source of water. During heavy
rains, polluted water from the pits overflows and contaminates the water in
the dam, according to another employee.

 

"The company failed us. Their promises were not kept," said local resident
Gambo Abdul, who told Climate Home he had initially been optimistic the
processing plant would help improve Kangimi's infrastructure, including
ensuring his 12 children could attend a better school.

 

In the video statement, KMDC's Mr Bello said the company had "closely
monitored" and helped develop "the proper community development agreement
between the company and the community," including for local people to be
first in line for jobs and to ensure the company delivers corporate social
responsibility projects.

 

His special assistant, Mr Suleiman, added that a committee is being set up
to oversee the delivery of community benefits but did not spell out what the
agreement with the Kangimi community entails.

 

Nigeria's federal government did not respond to specific questions about the
processing plant's operations but it said that Kaduna State, as a partner in
the project, was responsible for the plant's operations.

 

Segun Tomori, spokesperson for the Ministry of Solid Minerals, told Climate
Home that requiring companies to process minerals in Nigeria will develop
the mining industry, create employment and generate better export prospects.

 

Combatting illegal trade

 

Meanwhile, the government continues to crackdown on illegal mining.

 

Minister Alake told the OECD in May that the government had formalised over
1,200 small-scale mining cooperatives and boosted revenue generation from
mining fees in the first quarter of 2025.

 

In addition, the government tasked more than 2,000 mine "marshals" to police
the sector. Drawn from the Nigeria Security and Civil Defence Corps, a
para-military government agency, the marshals have arrested 327 "illegal
miners" and recovered 98 mine sites that had been occupied by illegal miners
in the past year.

 

"Over 150 illegal operators are undergoing prosecutions and we've secured
conviction, which is sending a very poignant message to the industry that
there is a new sheriff in town. We no longer tolerate illegal operations in
Nigeria," Mr Alake added.

 

Uche Igwe, governance expert at the London School of Economics's Firoz Lalji
Institute for Africa, said that the success of the government's policies
will depend on how strongly they are put into practice.

 

"If you don't regulate [the mining sector], you create an opportunity for
all kinds of actors and all kinds of interest to come and play. So the buck
stops at the federal government...to enforce the regulation," he said.

 

This story was initially published by Climate Home News' Clean Energy
Frontier series. We have their permission to republish.

 

Read the original article on Premium Times.

 

 

 

 

 

 

 

 


 


 


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Bulls n Bears 

 

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Companies under Cautionary

 

 

 


 

 

 

 


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Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


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