Major International Business Headlines Brief ::: 05 November 2025

[Bulls n Bears]

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Major International Business Headlines Brief :::  05 November  2025 

 


 


 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  Nigeria: Patients Bear Brunt As Resident Doctors' Strike Enters Fourth
Day

ü  Uganda: When You Remain Poor, You Cheat the Country - Museveni

ü  Nigeria: Economic Impacts of U.S. Military Threat to Nigeria

ü  Nigeria: Manufacturing, Trade Drive 11 Months Streak of Economic
Expansion - NESG

ü  Nigeria: Senate Probes Loans, Railway Projects Executed Under Buhari

ü  Nigeria's GDP Growth Not Reflecting in Citizens' Living Standards -
Sanusi

ü  Nigeria: Govt Seeks IMF Support for Transparent Fuel Price Framework

ü  Kenya: Govt Exploring Investment Pathways for Kenyans in Diaspora to Send
Money Home

ü  Kenya: Ruto Oversees Landmark Kenya-Qatar Financial Cooperation Agreement

ü  Nigeria: Tinubu's 15% Import Tariff Marks Bold Step Toward $1 Trillion
Economy - Otedola

ü  Nigeria: National Petroleum Company Plans Raising Stake in Dangote
Refinery to 20%

ü  Rwanda: Why Rwanda's Micro-Enterprises Struggle to Create Decent Jobs

ü  Nigeria: Dangote Refinery to Receive 5 Cargoes of Crude From NNPCL

 


 <mailto:info at bulls.co.zw> 

 


 

 

Nigeria: Patients Bear Brunt As Resident Doctors' Strike Enters Fourth Day

The strike, which began on 1 November, followed what NARD described as years
of unmet demands and broken promises by the federal government.

 

Hospitals across Nigeria remained in partial shutdown as the nationwide
strike by the Nigerian Association of Resident Doctors (NARD) entered its
fourth day, leaving patients stranded and many departments operating at
minimal capacity.

 

Visits by PREMIUM TIMES reporters to health facilities in Lagos, Abuja, and
Kaduna revealed that while emergency and critical units were operating
partially, most outpatient and specialised services were shut down.

 

Lagos hospitals run skeletal services

 

At the Lagos University Teaching Hospital (LUTH), Idi-Araba, a few nurses
were seen attending to already-admitted patients while new admissions had
stopped.

 

 

A patient at the Labour Ward, who identified herself as Mrs Nafisat, told
PREMIUM TIMES she was still receiving attention.

 

"I am receiving care despite the strike, but I have not seen any new
patients," she said.

 

A student nurse in the Oncology Unit also confirmed that nurses were "still
rendering services to all patients already admitted," though she was unsure
whether new cases were being taken in.

 

The Association of Resident Doctors (ARD) Secretariat at the hospital was
empty when PREMIUM TIMES visited. A staff member, however, said some
resident doctors "still come around mostly in the morning," but only
briefly.

 

At the Lagos State University Teaching Hospital (LASUTH), Ikeja, patients
arriving for appointments met locked consulting rooms and empty waiting
halls, and major departments like the Medical Emergency Unit were deserted.

 

 

Adekemisola Dike, a mother who came for her baby's check-up at 12 noon, said
she was unaware of the strike and had to leave immediately.

 

"On getting here, I was informed that they were on strike. I am not happy,"
Mrs Dike said. "I came for my baby's check-up after struggling to get a
ride."

 

Another patient, an elderly man, said he had an endocrinology appointment
but was told to return in two weeks. Rebecca Onasanwo, who accompanied her
husband to the Surgical Outpatient Department, also left without seeing a
doctor.

 

"We had an appointment for 11 a.m., but they said the doctors are not
available," she said.

 

Meanwhile, some sections, such as paediatrics, continued to operate on
limited scale. David Mfonobong, who visited with his wife and infant, said
their child's tests had been done, but most patients were turned back.

 

 

Mr Mfonobong said about 30 parents were waiting this morning, but 80 per
cent were sent home. Only emergency cases were attended to.

 

LASUTH's Director of Clinical Services and Training, Adebowale Adekoya,
confirmed that the hospital was concentrating on "critical cases in the
intensive care and emergency units," explaining that some services continued
under Public-Private Partnership (PPP) arrangements.

 

"Patients from the critical care unit are referred to other hospitals once
they are stable," Mr Adekoya said.

 

Skeletal services in Abuja

 

At the Federal Medical Centre (FMC), Jabi, services were partially
disrupted. Resident doctors were absent, leaving nurses and consultants to
handle emergency and maternity cases.

 

A pregnant woman, Adaeze, said she arrived early for an appointment but left
disappointed.

 

"I came very early to see a doctor, but no one has attended to me. They said
the strike is indefinite," she said.

 

At the hospital's emergency unit, nurses were seen working around patients,
while a resident doctor who spoke on condition of anonymity said the
department was "running with very limited manpower."

 

"We can't abandon emergencies entirely. I came around to help on
humanitarian grounds. Many of us are staying away because of the strike, but
some of us come to assist in emergencies," he said.

 

At the Antenatal Department, a member of the hospital's SERVICOM unit said
consultants are available and have attended to patients who came for
antenatal sessions.

 

She said, "Consultants are around and they have attended to the pregnant
women who had come earlier in the morning."

 

A nurse on duty at the consulting area also confirmed that the rooms are
open to patients, though without the presence of resident doctors.

 

"Patients are being attended to, but none of the resident doctors are
around," she said.

 

At the National Hospital, Abuja, wards such as Oncology and the General
Outpatient Department were filled with patients waiting to be called in
small batches.

 

One patient's relative, who came from Gwarimpa with his mother, said only 10
patients were being attended to in the oncology section each day.

 

"I came all the way from Gwarimpa. My mother needs attention, but because of
the strike, she's not getting it," he said. I explained her condition to
them, and they are aware, but they just don't want to attend to us."

 

Another woman at the oncology department said her mother was among the few
fortunate patients being attended to after arriving very early in the
morning.

 

"We've been here since 6:30 a.m. They are attending to those whose names
were listed among the first 10. My mother was given a number, and that's why
she's seeing a doctor now," she said.

 

Kaduna hospitals affected

 

At the Ahmadu Bello University Teaching Hospital (ABUTH), Shikka-Zaria,
Kaduna State, a senior consultant in the Accident and Emergency Unit, who
requested anonymity, said the strike had severely affected operations.

 

"We only treated four patients today with minimal cases and didn't admit
them," he said. "The patients on admission before the strike are still here,
but we can't move them to the wards."

 

He said only a few resident doctors were on duty "because I begged them,"
adding that those who refused to work risked being replaced.

 

The consultant urged the government to engage hospital professionals
directly to understand the challenges they face.

 

"It's not enough to talk to the heads of medical associations. They should
also hear from departmental heads to know the true problems of health
workers and how best to solve them," he said.

 

He also called on the government to increase workers' salaries and
allowances that is being paid to doctors and other health workers.

 

However, at the Major Ibrahim Abdullahi Hospital in Zaria, a general
hospital, services continued largely uninterrupted. Hulera Abdullahi, who
brought her baby for immunisation, said she was not aware of the strike.

 

A patient identified as Cornelius Ndubisi, who came for his HIV medication,
said he experienced only minor delays due to staff shortage.

 

"I've been here since 8 a.m. and just got my drugs at 11 a.m. The place was
crowded, but they attended to us," he said.

 

The hospital's Medical Director, Olawumi Waheed, confirmed that none of
their doctors were on strike since they are not NARD members.

 

"We're even getting more patients now because of the strike in teaching
hospitals," he said.

 

Background

 

The strike, which began on 1 November, followed what NARD described as years
of unmet demands and broken promises by the federal government.

 

The association listed unpaid arrears from the 25 and 35 per cent CONMESS
review, unpaid allowances, delayed promotions, and poor working conditions
among its grievances.

 

The Federal Ministry of Health and Social Welfare recently announced the
approval of N11.9 billion to settle outstanding arrears and pledged mass
recruitment of health workers across federal institutions.

 

The ministry said N10 billion was already paid in August for part of the
seven months' arrears from the 25 to 35 per cent upward salary review. It
added that N10.6 billion had also been released for the 2025 Medical
Residency Training Fund (MRTF).

 

But NARD, in a statement signed by its president, Mohammad Suleiman,
dismissed the government's claims of progress, describing them as "fiction
detached from reality."

 

The association accused the health ministry of misinforming President Bola
Tinubu and the public, saying that most of its 19 longstanding demands
remain unmet.

 

These include arrears of allowances, promotion delays, irregularities in
salary payments through the Integrated Payroll and Personnel Information
System (IPPIS), and poor working conditions.

 

"Our struggle transcends money. It is about dignity, safety, and survival,"
the statement said. "Industrial peace cannot be achieved through press
statements but through justice, sincerity, and respect for agreements."

 

Read the original article on Premium Times.

 

 

 

 

 

Uganda: When You Remain Poor, You Cheat the Country - Museveni

President Museveni has emphasised the role of wealth creation in the
development of the country.

 

Addressing journalists as he winds up campaigns in Teso sub-region, Museveni
said it is high time all Ugandans got involved in wealth creation, not only
for their individual benefits but also for the country at large.

 

"Don't mix development with wealth creation with development. Take an
example of Kampala which has the best roads, some of which go over each
other but you find there are ghettos and poor people there. Everybody must
understand importance of wealth and even for development to continue, you
must have wealth," Museveni said on Tuesday evening.

 

He insisted that the wealthy greatly contribute to the development of the
country by paying taxes, noting that the poor cheat the country since they
don't have purchasing power.

 

"When you remain poor you are cheating us because you are not buying
anything. On the other side, when you buy sugar or cement, there is a tax
you are paying. If you are economically active you contribute by paying tax.
When you are poor, you are boycotting paying tax but you want medicine,
roads and yet not contributing. Poverty will in the end affect development,"
he said.

 

"When purchasing power of the population goes up, even the economy goes up.
If people don't have purchasing power, the economy goes down. They don't
have purchasing power because they don't have wealth."

 

Museveni said wealth comes from commercial agriculture, artisanship and
manufacturing, services and ICT that he said everyone must be part of if the
country is to develop.

 

Read the original article on Nile Post.

 

 

 

 

Nigeria: Economic Impacts of U.S. Military Threat to Nigeria

The recent threat by President Donald trump to intervene in Nigeria in
response to the alleged 'killing of Christians' has serious implications for
Nigeria-Us relations, especially in terms of its drawbacks to the current
economic reforms, the recent 15% import duty on petroleum and diesel import
and the possibility of boosting the economic relationship between Nigeria
and China.

 

This shift towards BRICS in general and China in particular will primarily
affect the US by fueling competition for influence in Africa, challenging
the economic standing of the dollar, and creating vulnerabilities related to
trade imbalances and debt.

 

The weakening of Nigeria-US relationship due to the recent intervention
threat is therefore a direct manifestation of the broader struggle for
global economic dominance. Its potential negative effects on Nigeria
include:

 

A decline in foreign direct investment (FDI) through which U.S. investors
will adopt a careful approach toward emerging markets like Nigeria, focusing
instead on domestic opportunities. Foreign direct investment may also be
more vulnerable than before because the severity of the allegations creates
reputational risk, prompting multinational firms to delay or suspend
investment decisions across sectors such as energy, telecoms, agribusiness
and fintech.

 

Keep up with the latest headlines on WhatsApp | LinkedIn

 

On Trade Issues, the United States remains a vital economic partner for
Nigeria and bilateral trade in goods and services reached approximately $13
billion in 2024, according to official data from the Office of the U.S.
Trade Representative.

 

Trump's threat to cut "aid and assistance" could therefore ripple through
multiple channels such as trade finance, energy exports, defense procurement
and humanitarian programs. More risky still would be a suspension of
Nigeria's eligibility under the African Growth and Opportunity Act (AGOA),
which offers duty-free access to US markets for African goods. Such a move
could cripple Nigeria's drive towards expanding non-oil exports,
particularly in textiles, agro-processing, and light manufacturing. The
country's export council recently reported a nearly 20% rise in shipments
during the first half of 2025, driven by global demand for cocoa, urea, and
cashew. If Western importers begin to hesitate or reroute orders, these
fragile gains could diminish. Higher insurance premia and costlier trade
credit would also make Nigerian goods less competitive, even before a single
sanction is imposed.

 

Drop in portfolio inflows because the remarks of the US President could have
a significant impact on Nigeria's plans to issue Eurobonds worth about $2.3
billion later this year as investors may perceive the country as one with
high risk. Fiscal stability may also weaken as outflows push domestic yields
higher, raise borrowing costs, and worsen the currency-debt service dynamic.
The international amplification of Trump's remarks may therefore further
damage Nigeria's image and negatively influence multilaterals and rating
agencies.

 

Zespite efforts to diversify the Nigerian economy, Oil & Gas remain the
lifeblood of its economy, feeding both foreign exchange reserves and
government coffers. Any escalation that disrupts production, shipping, or
insurance coverage would squeeze dollar inflows at a point Nigeria struggles
to narrow its fiscal deficit. Although the International Energy Agency (IEA)
predicts that OPEC+ supply is expected to rise in 2025, a Nigeria-specific
disruption could tighten the global market for light-sweet crude,
potentially lifting prices but leaving Nigeria paradoxically poorer since
its output will drop due to the intervention or because buyers demand steep
discounts. For Nigeria, this means reduced revenue and heightened economic
vulnerability and in such a scenario, the country's budgetary gaps could
widen, forcing deeper austerity or additional borrowing at punishing rates.

 

If the threat is carried through, there will be increased inflationary
pressures, and reduced foreign reserves due to capital outflows. The
escalation may also complicate the efforts of the Central Bank of Nigeria
(CBN) to stabilize the naira and anchor inflation expectations.

 

The regulator has been courting portfolio inflows through high-yield
securities and reforms in the FX window, but heightened global risk aversion
could limit the impact and the naira may consequently face notable downward
pressure as outflows intensify, potentially forcing heavier CBN
intervention.

 

Muhammed Muttaka Usman is a Professor of Economics, Department of Economics,
Ahmadu Bello University, Zaria and member, Daily Trust Board of Economists

 

Read the original article on Daily Trust.

 

 

 

Nigeria: Manufacturing, Trade Drive 11 Months Streak of Economic Expansion -
NESG

The Nigerian Economic Summit Group (NESG) has reported sustained expansion
in economic activities for the 11th consecutive month, driven largely by
improved performance in the manufacturing and trade sectors.

 

The report stated: "In October 2025, Nigeria's business environment
maintained its positive trajectory, with the Current Business Performance
Index remaining in the expansion zone. The NESG Stanbic IBTC Business
Confidence Monitor (BCM) recorded a marginal increase to 111.3 points from
107.9 points in September 2025 and 76.8 points in the same period of 2024.
This improvement reflects a mix of sectoral dynamics, particularly
strengthened business performance across sectors and a surge in growth
within the manufacturing sector.

 

 

"A sectoral review showed that all five broad economic activities remained
in the expansion region. The Manufacturing and Trade sectors recorded the
strongest gains, rising by 8.8 and 7.8 points to 111.3 and 115.4,
respectively, during the month. Non-Manufacturing (115.0), Agriculture
(111.4), and Services (111.0) also expanded, albeit at a slower pace than in
September 2025.

 

Commenting, Muyiwa Oni, Regional Head of Equity Research for West Africa at
Standard Bank Group, said: "Broad sectoral improvement in activities
influenced an increase in Nigeria's business conditions for the third
consecutive month, extending the expansion in general activities for the
11th month running.

 

 

 

More Notably, the Manufacturing sector improved the most in October, amid
higher production, improved demand, and increased access to credit. We
believe lower inflation and a stable exchange rate supported an improvement
in demand and production.

 

 

"Indeed, the breakdown of the Manufacturing sector showed better performance
across the food & beverage; cement; and plastic & rubber products
sub-sectors. Nonetheless, the level of optimism in October was lower than
that seen in September, reflecting weaker optimism levels across the
Manufacturing sector; Non-manufacturing industries; and Services. Where
future sentiments increased, survey participants linked it to ongoing policy
reforms, stable exchange rate, gradual recovery in consumer demand, and
seasonal economic activity."

 

Read the original article on Vanguard.

 

 

 

 

 

Nigeria: Senate Probes Loans, Railway Projects Executed Under Buhari

The Senate has launched an investigation into the persistent derailments on
Nigeria's rail lines and the contracts, funding, and implementation of
railway projects executed during former President Muhammadu Buhari's
administration.

 

An ad hoc committee chaired by Senator Adams Oshiomhole (APC, Edo North) was
constituted to carry out the probe and submit its report within four weeks.

 

The motion, sponsored by Senator Ede Dafinone (APC, Delta Central), followed
repeated technical breakdowns on the Itakpe-Warri rail corridor.

 

Dafinone expressed concern that the line, inaugurated only a few years ago,
has suffered over 10 derailments and multiple mechanical failures between
2023 and 2025, posing grave risks to passengers and eroding public trust.

 

 

 

Senate President Godswill Akpabio expressed outrage over the state of the
infrastructure, accusing those who supervised the projects under Buhari of
"incompetence and deceit."

 

 

He questioned how rail projects costing "trillions of naira" could fail
within months of commissioning, likening the situation to "refurbished
scraps repainted as new."

 

The Senate directed the Ministry of Transportation and NRC to immediately
repair the Itakpe-Warri line, enhance safety standards, and deploy
additional rolling stock.

 

It also resolved to probe all railway projects executed under Buhari --
including funding sources, contract awards, and standards -- while
establishing a National Rail Safety and Standards Unit.

 

UPDATE NEWS: As a Nigerian, do you need access to US Dollars? It is now
possible to live in Nigeria or Diaspora and constantly get paid in US
Dollars. Find out how thousands are doing it daily.

 

Read the original article on Daily Trust.

 

 

 

Nigeria's GDP Growth Not Reflecting in Citizens' Living Standards - Sanusi

The Emir of Kano and former Governor of the Central Bank of Nigeria (CBN),
Muhammadu Sanusi II, has warned that Nigeria's economic growth may not be
translating into improved living standards for its citizens.

 

Sanusi said this yesterday in Lagos while delivering the keynote address at
the 7th African International Conference on Islamic Finance (AICIF), themed
"Africa Emerging: A Prosperous and Inclusive Outlook."

 

The conference was organised by Metropolitan Law and Metropolitan Skills Ltd
in collaboration with the Securities and Exchange Commission (SEC).

 

 

 

Sanusi noted that while headline economic indicators such as Gross Domestic
Product (GDP) growth and inflation figures may appear impressive, they often
mask worsening living conditions for ordinary Nigerians.

 

 

"Economists tend to take a helicopter view of GDP and inflation numbers.
These are beautiful statistics, but too often we lose sight of the small
numbers that are absolutely crucial.

 

"A GDP growth rate of 5% or 6% may look good, but if it comes from one niche
sector, the vast majority of the population could be getting poorer while
GDP is growing. Inflation may decline, but the prices of basic food and
medicines consumed by the poor may still be rising," he said.

 

The emir called on Islamic financial institutions to drive inclusive growth
by targeting the informal and rural sectors.

 

"Islamic financial institutions need to go to the bottom of the pyramid. You
cannot talk about inclusivity if you are not where the people are. Sitting
in Lagos or Abuja and booking loans does not improve the lives of people in
rural areas," he said.

 

 

He urged the sector to support small and medium enterprises
(SMEs)--including artisans, tailors, and small business owners--who employ
the majority of Nigerians.

 

Sanusi also challenged Islamic finance operators to be more ambitious in
mobilising capital and expanding their reach, saying, "That is the only way
these instruments can truly reach the grassroots."

 

Citing global projections, he said by 2050, 85% of the world's poor will
live in Africa, with Nigeria and the Democratic Republic of Congo accounting
for half of that figure, and 70% of Nigeria's poor residing in the North.

 

He further urged Islamic finance practitioners to address cultural practices
that marginalise women, noting that empowering women is key to achieving
shared prosperity in Africa.

 

Read the original article on Daily Trust.

 

 

 

 

 

Nigeria: Govt Seeks IMF Support for Transparent Fuel Price Framework

The Federal Government has sought the technical support of the International
Monetary Fund (IMF) to design a transparent fuel price modulation framework
that will cushion domestic price shocks and strengthen Nigeria's fiscal
stability.

 

Permanent Secretary, Ministry of Petroleum Resources, Dr. Emeka Vitalis Obi,
disclosed this in Abuja during a joint engagement between the Ministry, its
regulatory agencies -- the Nigerian Upstream Petroleum Regulatory Commission
(NUPRC) and the Nigerian Midstream and Downstream Petroleum Regulatory
Authority (NMDPRA) -- and the IMF Fiscal Affairs Department (FAD) Technical
Assistance Mission on Climate Policy.

 

 

Dr. Obi said the collaboration is part of ongoing efforts to build a
resilient and transparent fiscal system capable of withstanding global
energy market volatility while maintaining economic discipline.

 

"The Federal Government is seeking the continued technical support of the
IMF's Fiscal Affairs Department in designing a transparent and resilient
price modulation mechanism that will help cushion domestic price shocks,
insulate markets from extreme global volatility, and preserve fiscal
discipline," he stated.

 

 

He described the IMF mission as timely and strategic, aligning with
government efforts to consolidate post-pandemic recovery, manage
climate-related fiscal pressures, and sustain ongoing energy reforms.

 

Dr. Obi reaffirmed that removing the general fuel subsidy was a necessary
step to restore fiscal stability and redirect public spending toward
infrastructure, social welfare, and sustainable energy development.

 

 

Highlighting Nigeria's environmental responsibility, he cited the Nigeria
Gas Flare Commercialisation Programme (NGFCP) and emerging carbon-credit
frameworks as part of efforts to end routine gas flaring, reduce methane
emissions, and promote gas utilisation in power generation, fertilizer
production, and Compressed Natural Gas (CNG) markets.

 

"These initiatives align with Nigeria's Nationally Determined Contributions
(NDCs) under the Paris Agreement and global ESG standards," he said.

 

Dr. Obi called for sustained IMF partnership -- both technical and financial
-- to strengthen fiscal analytics, climate policy modelling, and carbon
pricing readiness.

 

Leader of the IMF Technical Team, Mr. Diego Mesa, commended the Ministry for
providing a detailed overview of Nigeria's energy and fiscal landscape,
noting that the mission focused on fiscal reforms, sustainable development,
and climate policy, with emphasis on fossil fuel and carbon taxation.

 

Officials of NUPRC and NMDPRA reaffirmed their commitment to eliminating gas
flaring, refining tariff frameworks, and ensuring balance between investor
returns and consumer protection.

 

Read the original article on Vanguard.

 

 

 

 

Kenya: Govt Exploring Investment Pathways for Kenyans in Diaspora to Send
Money Home

Nairobi — The government is empowering Kenyans in the diaspora to thrive and
contribute to national growth.

 

President William Ruto says the government has streamlined diaspora
services, reduced passport processing time from three months to just three
days for those with job offers, and is facilitating their travel to take up
these opportunities.

 

The President further said that to safeguard Kenyan workers, more than 600
rogue labour agencies have been deregistered adding that deployment is now
limited to countries with formal bilateral labour agreements with Kenya.

 

He further announced that the government is also pursuing new agreements to
secure skilled and professional job opportunities for Kenyans abroad,
enabling our youth to access better-paying roles, gain advanced skills, and
bring valuable experience back home.

 

At the same time, the government is exploring ways to make it cheaper and
easier for Kenyans to send money home and creating more investment pathways,
including through instruments such as the proposed diaspora bond, to
strengthen their contribution to our economy.

 

The President spoke in Doha, Qatar when he engaged the Kenyan diaspora
community on the sidelines of the United Nations Social Development Summit.

 

Read the original article on Capital FM.

 

 

 

 

Kenya: Ruto Oversees Landmark Kenya-Qatar Financial Cooperation Agreement

Nairobi — President William Ruto presided over the signing of a landmark
agreement between the Nairobi International Financial Centre Authority
(NIFCA) and the Qatar Financial Centre (QFC), marking a major step towards
strengthening financial cooperation between Kenya and Qatar and positioning
both nations as gateway hubs for global capital flows.

 

The partnership establishes a strategic framework to integrate financial
markets, expand cross-border investment opportunities, and accelerate the
growth of Islamic finance and fintech innovation across the Africa-Gulf
corridor.

 

Signed in Doha, the agreement focuses on reducing regulatory barriers to
allow firms licensed in either jurisdiction to operate more seamlessly in
both markets, paving the way for greater investment mobility and business
expansion.

 

 

A key pillar of the cooperation will be the joint development and promotion
of Sharia-compliant financial instruments, including Sukuk and green Sukuk,
aimed at unlocking sustainable capital for long-term infrastructure and
climate-resilient development in Africa.

 

Keep up with the latest headlines on WhatsApp | LinkedIn

 

The move positions Nairobi as an emerging hub for Islamic finance innovation
on the continent, leveraging Qatar's global leadership in the sector.

 

The deal also establishes NIFCA as a launchpad for Qatari investment into
Africa while enabling Kenyan firms to leverage the Qatar Financial Centre
platform to access Gulf and international markets.

 

Efforts will include the creation of an investment facility to channel
capital into strategic sectors in Kenya and the wider region.

 

 

In addition, both sides committed to collaborating on fintech regulation,
digital-assets policy frameworks, and financial innovation sandboxes to
support emerging technologies and cross-border digital finance solutions.
Executive training, leadership exchanges, and institutional
capacity-building programmes will further support knowledge transfer and
talent development.

 

President Ruto welcomed the agreement as a milestone in strengthening
economic ties and unlocking new avenues for investment and financial
cooperation, noting that it aligns with the country's vision to position
Nairobi as a premier regional financial hub.

 

Read the original article on Capital FM.

 

 

 

 

Nigeria: Tinubu's 15% Import Tariff Marks Bold Step Toward $1 Trillion
Economy - Otedola

I commend President Bola Ahmed Tinubu for his bold and decisive step in
implementing a 15 per cent import tariff on petrol and diesel. This policy
represents a crucial move towards safeguarding local industries that have
made substantial investments in domestic production and refining capacity.

 

For decades, Nigeria's industrial base has suffered from the unchecked
importation of cheaper and often substandard goods, a practice that crippled
once-thriving sectors such as textiles, local vehicle assembly, and
manufacturing. We cannot afford to allow history to repeat itself within the
energy sector, particularly now that Nigeria possesses the capacity to meet
its petrol and diesel requirements locally.

 

This tariff not only protects the billions of dollars already invested in
refining infrastructure but also underscores the government's commitment to
driving industrialisation, creating employment, and building a sustainable
energy future for our nation.

 

This policy will also help establish a stable and sustainable pricing
regime, contributing to greater control of inflation and long-term economic
stability.

 

President Tinubu's ability to deploy policy as a catalyst for economic
transformation is truly commendable.

 

His focus on empowering local producers and promoting value addition within
Nigeria exemplifies the type of visionary leadership required to steer our
nation towards realising its ambition of becoming a $1 trillion economy.

 

Read the original article on Leadership.

 

 

 

 

 

Nigeria: National Petroleum Company Plans Raising Stake in Dangote Refinery
to 20%

The Nigerian National Petroleum Company Limited (NNPCL) has announced plans
to increase its stake in the Dangote Petroleum Refinery to 20 per cent.

 

This move aims to strengthen the nation's refining capacity and deepen the
strategic partnership between Nigeria's state oil company and Africa's
largest refinery.

 

This development was revealed by the NNPC group chief executive officer,
Bayo Ojulari, on Tuesday at the Abu Dhabi International Petroleum Exhibition
and Conference (ADIPEC 2025).

 

 

 

The NNPC currently holds a 7.2 per cent stake in the Dangote Petroleum
Refinery, down from an earlier commitment of 20 per cent.

 

 

The reduction followed NNPC's decision to cap its investment at the amount
already paid, as it did not fulfil the full funding obligations initially
agreed upon.

 

NNPC is now seeking to increase its shareholding from 7.2 per cent back up
to 20 per cent, aiming to deepen its participation in Africa's largest oil
refinery once the refinery's next growth phase is well underway.

 

Speaking with Reuters, Ojulari said the NNPC had been improving transparency
about its performance in preparation for a long-awaited initial public
offering.

 

Nigeria's oil law requires NNPC to list within six months after the law was
passed in 2021. It has yet to do so, although its finance chief said in
March it was in the final stages of preparations.

 

"The IPO journey is by law. The PIA (Petroleum Industry Act) prescribes that
NNPC should journey towards achieving Initial public offer (IPO). It's not
an option for us", Ojulari told Reuters.

 

 

He added that the preparations required the company to become more
transparent.

 

"We have begun to publish our monthly performance since May this year, and
that has continued", Ojulari added, without giving a timeline for the IPO.

 

The Dangote Petroleum Refinery, Africa's largest oil refinery, launched
operations last year but has struggled amid competition from cheap imports.

 

Last week, the NNPC CEO said it was seeking technical equity partners to
help revive three of its refineries that have remained idle despite
significant investments.

 

Furthermore, NNPC is actively seeking technical equity partners to revive
three of its refineries, which have been inactive despite substantial past
investments. This strategy aligns with Nigeria's broader energy security
agenda, which aims to boost local refining capacity and decrease the
country's heavy reliance on imported fuels.

 

The Dangote refinery had earlier announced that it planned to gradually sell
between five and 10 per cent of its shares on the Nigerian Exchange (NGX)
within the next year as part of a phased public listing, targeting a
shareholding structure where Dangote Group retains around 65 to 70 per cent.

 

This move to increase NNPC's stake will come as the refinery continues its
expansion plans, including increasing refining capacity to 1.4 million
barrels per day, making it the world's largest refinery by capacity.

 

The refinery's link with NNPC is integral to Nigeria's strategy to boost
domestic refining capacity and reduce dependence on imported refined
petroleum products.

 

The Dangote Refinery, which began operations last year, is critical in
Nigeria's ambition to reduce dependence on imported refined petroleum
products.

 

Meanwhile, Ojulari led a high-level delegation to the NNPC booth at the
ongoing ADIPEC 2025, reinforcing the company's commitment to global
partnerships, energy equity, and sustainable investment.

 

The GCEO's visit, which was welcomed by the executive vice president of
Business Services, Sophia Mbakwe, and other senior executives, underscored
NNPC's strategic presence at one of the world's most influential energy
gatherings.

 

Read the original article on Leadership.

 

 

 

Rwanda: Why Rwanda's Micro-Enterprises Struggle to Create Decent Jobs

A new study by the Institute of Policy Analysis and Research (IPAR-Rwanda)
has revealed that most businesses in Rwanda operate on a small scale,
constrained by limited capital and basic tools, factors that restrict their
ability to grow, hire more workers, and create decent jobs.

 

The study, which examined the inclusion of Micro, Small and Medium
Enterprises (MSMEs) in the labour market, surveyed 857 businesses across
seven districts--Kigali, Musanze, Rubavu, Rusizi, Nyagatare, Muhanga, and
Huye.

 

MSMEs account for more than 90 per cent of enterprises in Rwanda and employ
most of the non-farm labour force. Yet, the study found that "because of the
constraints, their productivity and profits tend to be low, limiting their
ability to offer stable and decent jobs."

 

 

 

Most MSMEs are very small, with one to three employees making up nearly
three-quarters of all enterprises. Small businesses with 4-30 workers
represent less than a quarter, while medium-sized firms (31-100 employees)
make up under 10 per cent.

 

Eugenia Kayitesi, IPAR-Rwanda's Executive Director, said that while tourism
and construction lead in job creation, the findings underscore the
importance of business formalisation, experience, and participation in
government support programmes.

 

"Policy interventions must enhance access to finance, skills upgrading, and
formalisation to promote inclusive and sustainable job creation," she noted.

 

 

Low-skill, low-wage jobs dominate

 

The analysis shows that MSMEs are concentrated in trade (39 per cent) and
services (28 per cent), followed by arts (12 per cent), agriculture (9 per
cent), construction (7 per cent), and tourism (5 per cent).

 

 

Most jobs in these sectors are low- to medium-skilled: 43 per cent are
manual labour, 24 per cent technicians, and only 12 per cent
professionals--highlighting a mismatch with Rwanda's vision for a
knowledge-based economy.

 

Tourism was found to be the most dynamic sector for job creation, hiring an
average of 56 new workers in the past year, followed by construction with
25. However, both sectors face high turnover due to reliance on short-term
or seasonal labour.

 

Access to finance a key barrier

 

 

About 36 per cent of MSMEs find it "difficult" or "very difficult" to access
loans.

 

High collateral requirements and lending rates remain major obstacles, while
few firms manage to secure loans from commercial banks.

 

Skills and infrastructure gaps

 

The study also highlights a shortage of qualified workers and a mismatch
between education and market needs. "Employability is a key factor in job
creation. The question is whether we have the right skills to meet the
demands of the sector," said Angelina Muganza, Executive Secretary of the
National Public Service Commission.

 

Outside Kigali, unreliable electricity, poor roads, and limited internet
connectivity further constrain operations.

 

Low wages and limited social protection

 

Most MSMEs provide low-wage jobs, with average monthly salaries below
Rwf200,000. While 74 per cent of firms offer written contracts and 82 per
cent pay the minimum wage, compliance with broader labour standards such as
pension and health insurance remains low.

 

Formalisation and experience

 

The majority (72 per cent) of MSMEs operate as sole proprietorships,
limiting their collective capacity and scalability. However, 90 per cent are
formally registered with the Rwanda Development Board (RDB) or the Rwanda
Cooperative Agency (RCA), although informality persists in sectors such as
art and agriculture.

 

The report recommends promoting MSME upgrading into higher-value sectors
such as manufacturing, agro-processing, and ICT; expanding affordable
financing; and investing in modular, demand-driven TVET training.

 

Other proposals include linking tax incentives to decent work outcomes,
strengthening labour inspection, expanding digital market access, and
promoting gender-inclusive job creation.

 

Bernard Nsanzimana, a researcher at the University of Rwanda, said gender
data would help assess women's participation in job creation.

 

Dickson Malunda, a senior researcher, emphasised the need for affordable
finance, regional inclusivity, and practical skills development, while
Cyprien Sikubwayo, Vice-Chancellor of ULK University, said the findings
offer "a clearer picture of how universities can better align graduates with
labour market demands."

 

Read the original article on New Times.

 

 

 

Nigeria: Dangote Refinery to Receive 5 Cargoes of Crude From NNPCL

The Nigerian National Petroleum Company Limited (NNPC Ltd) is expected to
supply the 650,000 barrels-per-day Dangote Petroleum Refinery with five
shipments of December-loading crude, according to a report by
petroleumprice.ng.

 

Quoting industry traders, it was revealed that one of the consignments is
expected to be delayed into early January.

 

According to market sources, the refinery will lift one cargo each of light
sweet Amenam and Bonny Light crude, as well as medium sweet CJ Blend and
Forcados.

 

 

 

A fifth consignment of light sweet Qua Iboe will load in late December but
arrive about ten days later, in January.

 

 

The allocation follows similar term deliveries in October and November, when
Dangote also received five monthly cargoes from NNPC.

 

Tracking data show that Nigerian crude accounted for a larger share of
Dangote's 445,000 b/d processed feedstock in October, overtaking imports of
U.S. West Texas Intermediate (WTI).

 

The company reportedly purchased three additional October spot-market
cargoes, up from just one in September.

 

While WTI often presents a cost advantage even after the longer voyage to
Nigeria, local grades become more competitive when transatlantic freight
costs rise or when European demand for Nigerian barrels softens.

 

Daily Trust reports that Dangote Group had unveiled plans to double its
refining capacity by increasing the production from 650,000 bpd to 1.4m bpd.

 

 

There have been mixed feelings over the availability of crude feedstock to
meet the capacity; the fear dismissed by the President of Dangote Group,
Alhaji Aliko Dangote during a recent press conference to unveil the new
plan.

 

Our correspondent reports that the Federal Government had unveiled a
naira-for-crude arrangement to improve crude supply for domestic refineries
by paying in naira instead of dollars.

 

However, since the naira-for-crude programme commenced, Dangote Industries
has repeatedly stated that it is yet to receive sufficient volumes of
Nigerian crude to run at full capacity, even under the federal government's
crude-for-naira arrangement.

 

Meanwhile, experts at the recent panel discussion on "Dangote, Oil and Power
in Nigeria" convened virtually under the Toyin Falola Interview Series
called for support for Dangote refinery and other local players in the
downstream sector to promote industrialization.

 

 

'Nigeria's 4 refineries have only churned out 144,000 barrels'

 

One of the panelists, Dr. Mobolaji Aluko said Dangote had done what Nigeria
has not been able to do for decades.

 

He disclosed that Nigeria in the last 65 years had only been able to refine
144,000 barrels of crude oil with the four state-owned refineries in Port
Harcourt, Warri and Kaduna.

 

Aluko who stated that he worked in a refinery Port Harcourt in the 70s when
the refineries were working stated that the Dangote Refinery is a strategic
asset that must be protected.

 

"It's a strategic asset and it must be protected for the nation to move
forward, if you don't have it you must buy it, and if you have it, it is
ridiculous for you again to have to import.

 

"As far as Dangote Refinery is concerned, the fact of the matter is that for
60 years, 65 years that we have been a country, we only tried to refine
144,000 barrels of oil per day in four refineries and we've been struggling
to have that, and here comes the person who invested $20 billion to do
650,000 barrels per day, that is four times what our four refineries are
trying to do and the fact that they've recently announced plans to double
that to 1.4 million barrels per day that is to be commended."

 

The expert advised the regulator not to regulate a new baby with "a heavy
hand," adding, "I think the best that we can do as a nation is to support
him by all means necessary. There is no doubt that there is fear of
monopoly, there is no doubt that there is fear of worker's abuse, there is
no doubt that all the issues of monopoly are there but we have to look at
other industries whether he has not allowed other players to participate..."

 

On his part, Prof. Jibrin Ibrahim stated that such an industry must not be
sabotaged and at the same time must be supported because it is the pathway
to Nigeria's industrialization.

 

"It is really important having gone through decades of struggling to get the
Nigerian state to fix the refineries," he stated, adding that he had joined
others in protest against the bad state of the state-owned refineries.

 

"My position is that I am a Dangote fan and I have not always been a Dangote
fan. I had a long transition from being a Dangote hater to a Dangote fan and
that transition took 40 years," he stated.

 

On his part, Labour leader, Owei Lakemfa said, "We would not allow a
situation where workers become slaves. Let Dangote face his business and let
the workers face their business."

 

UPDATE NEWS: As a Nigerian, do you need access to US Dollars? It is now
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Dollars. Find out how thousands are doing it daily.

 

IDEAL FOR Civil/Public servants, Engineers, Doctors, Entrepreneurs, IT
Experts/Software Developers, Top Bankers and more.

 

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Read the original article on Daily Trust.

 

 

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2025

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


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for guideline purposes only and d from third parties.

 


 

 


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