Major International Business Headlines Brief ::: 11 September 2025

[Bulls n Bears]

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Major International Business Headlines Brief :::  11  September  2025 

 


                                                                                  

 


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ü  Nigeria: EFCC Interrogates Mele Kyari Over Turn Around Maintenance of Refineries

ü  Nigeria: After Another Grid Failure, NLC Demands Audit of Power Sector Infrastructure

ü  Nigeria: Dangote, NUPENG Face-Off - Lessons for Stakeholders

ü  Nigeria: Blackout - Businesses Suffer As National Grid Collapses Again

ü  Nigeria: NCAA Warns Airlines About Unruly Passengers, Outlines Reforms

ü  Nigeria: How CBN Reforms, Stable Economy Is Opening Domestic Markets for FDI Inflows

ü  Nigeria: Again, Nigeria's Power Grid Collapses, Plunges 30 States Into Darkness

ü  Ethiopia Inaugurates Africa's Biggest Dam, Despite Concerns in Egypt and Sudan

ü  Liberia: Bility Accuses Govt of Sabotaging Petroleum Firms - Moye Defends Fee Cuts

ü  Africa's Infrastructure Loses $12.7 Billion to Disasters Annually - Report

ü  Egypt's Al-Mashat Witnesses Signing of Multi-Year Development Partnership

ü  Namibia: Health Ministry Tender Reform Sparks Debate Over Job Losses

ü  Nigeria: NUPRC Secures Over $400 Million for Decommissioning Liabilities - Official

ü  Nigeria: We've Achieved Implementation of 2024 Budget By 80 Percent - Finance Minister

ü  Namibia, South Korea Talk Green Hydrogen Partnership

 


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Nigeria: EFCC Interrogates Mele Kyari Over Turn Around Maintenance of Refineries

Abuja — The Economic and Financial Crimes Commission (EFCC) is currently interrogating the immediate past Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari, over finances related to Turn Around Maintenance of refineries during his tenure as NNPCL GCEO.

 

According to a source, Kyari had reported at the headquarters of the anti-graft agency, on Wednesday to answer questions about the management of the TAM funds.

 

"We're questioning him on allegations of financial misappropriation relating to the refineries' maintenance while he was in office.

 

"This is part of an ongoing investigation. He was invited, and he honoured the invitation", the source said, adding that, "He is still with us." as at very late yesterday. THISDAY could not confirm whether he was eventually released as at the time of going to press.

 

Recall that a Federal High Court in Abuja, had last month made an order temporarily freezing four accounts in Jaiz Bank, linked to Kyari over suspected fraud.

 

The order by Justice Emeka Nwite was sequel to an ex-parte application brought and argued by the EFCC.

 

Read the original article on This Day.

 

 

 

Nigeria: After Another Grid Failure, NLC Demands Audit of Power Sector Infrastructure

The Nigeria Labour Congress (NLC) yesterday asked the federal government to carry out a comprehensive audit of power sector infrastructure and review of the entire privatisation model.

 

While reacting to the reported collapse of the national grid which threw most states of the country into darkness, the labour movement called on government to stop further deployment of public resources to support the privatised entities

 

In a statement signed by its President, Joe Ajaero, NLC said that the federal government should undertake a fundamental review of the privatisation model itself, with a view to reviving this critical sector.

 

NLC said: "Since the government has N4 trillion to invest in the sector, we suggest that the funds must be redirected towards a public-led initiative to build new generation capacity and revitalise the transmission infrastructure instead of handing it over to the Generation Companies (Gencos) and Distribution Companies (Discos).

 

 

"This is not a plea; it is a declaration of intent. The light must come on, by any means necessary. Once again, we call for a comprehensive public audit of the entire power sector. We call for a fundamental review of the privatisation model itself, with a view to reviving this critical sector. This has become an imperative.

 

"The working class and the suffering masses of Nigeria will no longer tolerate this darkness. We will no longer accept explanations for a crisis that is manifestly man-made. That government has continued on this path of deliberate failure demonstrates its unseriousness in getting the sector fixed."

 

Earlier, the Nigerian Independent System Operator (NISO) announced that it had begun the restoration of the national electricity grid, hours after a system disturbance led to blackouts in several parts of the country.

 

The latest incident took place around 11.20 am, THISDAY learnt, leaving just 20MW supply to Ibadan Distribution Company (Disco), out of the 12 power distributors currently in existence in the country.

 

 

But at the initial time of putting this report together around 3.05pm, data from the Independent System Operator showed that about 495MW out of the over 4,000MW which was available earlier, had been restored.

 

However, as of 8.21pm, electricity had been restored to the tune of 1,583MW, as Abuja Disco had the lion's share of 243MW; Ikeja Disco had 239MW, while Eko Disco was supplied 204MW, according to the data available.

 

A statement released by the newly created NISO said that the latest incident was due to the tripping of a Generation Company (Genco) facility, resulting in a significant load drop, which cascaded to other Gencos, leading to a system disturbance.

 

"The Nigerian Independent System Operator (NISO) informs the general public that the national grid experienced a system disturbance at 11:20 hrs on 10/09/2025. The disturbance was caused by the tripping of a Genco, resulting in a significant load drop, which cascaded to other GenCos, leading to a system disturbance.

 

 

"NISO immediately commenced restoration of the grid at 11:45 hours, beginning with supply to Abuja from the Shiroro power plant, and substantial restoration has been achieved across the country. A full investigation into the immediate and remote causes is underway.

 

" The outcome (s) of the investigation report would determine the remedial and proactive actions to be taken to forestall future occurrences. We crave your indulgence to bear with us as restoration is still ongoing," the statement added.

 

However, before then, the Abuja Electricity Distribution Company (AEDC) and several other Discos had announced a power outage affecting their franchise areas via their different social media handles.

 

AEDC, in a public notice posted via its official X handle afternoon, confirmed that the outage was due to a loss of supply from the national grid, which occurred at 11:23 a.m.

 

Besides, Kano Disco stated: " Dear Valued Customer, We regret to inform you that at 11:20hrs today, we experienced a widespread power outage affecting our entire network, resulting in a loss of supply to our customers.

 

"At present, the exact cause of this interruption is unknown, and we are actively working to determine the root cause of the issue. Meanwhile, we are pleased to report that restoration efforts are underway, and we have begun receiving supply across some of our feeders. Our teams are working diligently, in collaboration with our Transmission Company of Nigeria (TCN) partners, to expedite the restoration of power supply across our network as swiftly as possible. Thank you for your patience and understanding," it stated.

 

Also, Ikeja Electric said: "Dear esteemed customer, please be informed that we experienced a complete loss of supply to all our feeders at 11:20 hrs today (10/09/2025). We regret any inconvenience this may have caused and appreciate your understanding as we work in collaboration with our critical stakeholders to restore supply promptly."

 

In the same vein, Kano Disco expressed regret over the incident, urging its customers to remain vigilant and safeguard electricity infrastructure from vandals' activities during this time.

 

"Dear Valued Customers, we regret to inform you that a system disturbance occurred at 11:20am today, 10th September 2025. This has resulted in our inability to distribute electricity to our esteemed customers across our franchise area.

 

"We are appealing to our valued customers to kindly bear with us as we monitor the situation for quickest restoration. Additionally, we urge you to remain vigilant and safeguard electricity infrastructure from vandals' activities during this time. Thank you for your patience and continued support,"Kedco stated.

 

Read the original article on This Day

 

 

 

 

 

Nigeria: Dangote, NUPENG Face-Off - Lessons for Stakeholders

The recent dispute between the Nigeria Union of Petroleum and Natural Gas Workers, NUPENG, and Dangote Refinery, may have ended for now, but the fallouts should provide critical lessons for stakeholders in nation's industrial relations space, particularly on unionisation, industrial relations, and rule of law.

 

The conflict arose after the Dangote management allegedly created the Direct Trucking Company Drivers Association, DTCDA, a parallel drivers' association intended to act as a substitute for NUPENG.

 

NUPENG condemned the move as illegal, asserting that it violated workers' rights to unionise and engage in collective bargaining. The Ministry of Labour had earlier declared the DTCDA unlawful, affirming that only NUPENG is legally recognised to represent refinery employees.

 

 

The dispute escalated when oil workers embarked on a strike, demanding recognition of NUPENG and the disbandment of the DTCDA. The strike disrupted petroleum product loading.

 

An agreement was signed on Tuesday at the Department of State Services (DSS) headquarters in Abuja, in the presence of the Minister of Finance and other officials. Minister of Labour and Employment, Muhammadu Dingyadi, said the DSS venue was deliberately chosen to provide a neutral and secure environment for negotiations.

 

Addressing journalists, Dingyadi remarked: "The intervention of the Ministry was necessary to protect the rights of workers and ensure compliance with Nigerian labour laws. No employer should interfere with the freedom of workers to join unions of their choice. We are satisfied that today's outcome restores industrial harmony and strengthens the rule of law."

 

 

NUPENG President's remarks

 

NUPENG President, Williams Akporeha, confirmed that all contentious issues had been resolved.

 

"We signed the agreement, and members have agreed to the unionisation of workers at Dangote Petrochemical Refinery. The strike is called off immediately, and tankers have resumed loading petroleum products," he said.

 

On earlier claims of a walkout by Dangote representatives, Akporeha clarified:

 

"They denied any walkout. The representative left briefly due to hunger and a medical condition. There was no formal walkout. Monday night's stalemate was due to attempts by management to insert clauses we could not accept, but today we have harmonised all issues and signed the agreement."

 

 

He further emphasised the key point of contention:

 

"The management had no right to create the DTCDA. Going forward, no union will be forced on workers, and no parallel union will be recognised. This is a major victory for lawful unionisation and the rights of our members."

 

Legal and International Context

 

The resolution underscores the triumph of the rule of law in industrial relations, anchored in both Nigerian labour legislation and international standards: Trade Unions Act, Cap T14, LFN 2004 guarantees workers' rights to form and join unions of their choice, recognising only legally registered unions.

 

Labour Act, 2004 protects employees' rights to collective bargaining, strike action, and fair representation, empowering the Ministry of Labour to intervene in disputes, Section 40 of the Constitution of the Federal Republic of Nigeria, 1999 guarantees freedom of association

 

Similarly, section 44 prohibits employer interference in lawful associations.

 

Also, Internationally, Nigeria's obligations under International Labour Organization (ILO) Conventions further reinforce the outcome: ILO Convention No. 87 (Freedom of Association, 1948) ensures workers can establish and join unions freely without employer interference.

 

ILO Convention No. 98 (Right to Organise and Collective Bargaining, 1949) protects workers against anti-union discrimination and guarantees collective bargaining rights and the ILO Committee on Freedom of Association Guidelines prohibit parallel unions or forced unionisation, reinforcing that employers must recognise only legally chosen unions.

 

Lessons for Stakeholders

 

Labour analysts say the outcome is a major victory for workers' rights in Nigeria. It serves as a precedent for other companies considering tactics to bypass lawful unions and highlights the need for compliance with labour laws, respect for due process, and adherence to international labour standards.

 

For workers, the agreement ensures protection of their rights to unionise, participate in collective bargaining, and engage management without fear of retaliation. For employers, it underscores the legal and regulatory risks of undermining union rights.

 

Looking Ahead

 

While the strike has been suspended and operations resumed, NUPENG leaders have vowed to remain vigilant, warning that any future attempts to circumvent lawful unionisation will be met with immediate resistance. The Ministry of Labour and Employment will continue to monitor compliance to protect workers' rights.

 

The Dangote-NUPENG face-off has not only resolved a potential industrial crisis but also provided a blueprint for upholding workers' rights, promoting industrial harmony, and ensuring that the rule of law prevails in Nigeria's energy sector.

 

Vanguard News

 

Read the original article on Vanguard.

 

 

Nigeria: Blackout - Businesses Suffer As National Grid Collapses Again

Businesses and homes suffered setback, yesterday, as Nigeria recorded another national grid collapse. The total electricity generation dropped to 1.5 megawatts, MW 2,917.83 MW between 11 am and 12 pm.

 

Shortly after the collapse, the Nigeria National Grid, an X handle that provides updates on Electric power distribution announced that "System restoration is in progress."

 

In another tweet, the X account stated that the Disco loads of all power distribution companies across the country aside Ibadan DisCo have come down to zero megawatt.

 

"Disco load" is the amount of power (in megawatts, MW) allocated from the national grid to each Electricity Distribution Company (DisCo).

 

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Meanwhile, the Abuja Electricity Distribution Company, AEDC, said that the national grid collapsed at about 11.23 a.m. The company made this known on its verified twitter handle in Abuja.

 

It said:" Please be informed that the power outage currently being experienced is due to a loss of supply from the national grid at about 11:23 a.m. on Wednesday."

 

 

According to the company, the outage affected electricity supply across its franchise areas.

 

"Be rest assured we are working closely with the relevant stakeholders to ensure power is restored once the grid is stabilised.

 

However, the Nigerian Independent System Operator (NISO) has blamed Wednesday's collapse of the national grid on a tripping incident at one of the country's power generation companies.

 

In a statement, NISO said the grid suffered a system disturbance at 11:20 a.m. on September 10, 2025, after the tripping triggered a significant load drop, which cascaded to other power plants.

 

The agency said grid restoration commenced at 11:45 a.m., starting with supply from the Shiroro Power Plant to Abuja, with "substantial recovery" already achieved nationwide.

 

 

It stated: "The disturbance was caused by the tripping of a GenCo, resulting in a significant load drop, which cascaded to other GenCos, leading to a system disturbance.

 

"NISO immediately commenced restoration of the grid at 11:45 hrs, beginning with supply to Abuja from the Shiroro power plant, and substantial restoration has been achieved across the country. A full investigation into the immediate and remote causes is underway. The outcome of the investigation report would determine the remedial and proactive actions to be taken to forestall future occurrences".

 

Read the original article on Vanguard.

 

 

 

Nigeria: NCAA Warns Airlines About Unruly Passengers, Outlines Reforms

"Pilots must not fly until unruly passengers are removed or the issue is resolved -- no passenger has the right to touch any cabin crew," says Michael Achimugu, Director of Public Affairs and Consumer Protection, NCAA

 

The Nigeria Civil Aviation Authority (NCAA) has issued a fresh directive to airlines, warning pilots not to commence flights until unruly passengers are either removed from the aircraft or their disputes resolved.

 

The directive was given by the Director-General of the Nigeria Civil Aviation Authority (DGCA), Chris Najomo.

 

 

The NCAA's Director of Public Affairs and Consumer Protection, Michael Achimugu, who made the announcement on behalf of the NCAA DGCA on Wednesday during a meeting with domestic airline operaton, said the directives seeks to set discipline and improve safety in the aviation sector.

 

"Pilots must not fly until unruly passengers are removed from the aircraft by security or the issue resolved amicably. This will go a long way to protect cabin crew and ensure passengers treat them with courtesy," Mr Achimugu told PREMIUM TIMES

 

He stressed that incidents of harassment and abuse of airline staff had become too frequent, often because pilots failed to assert authority. "Going forward, no passenger has the right to touch any cabin crew," he warned.

 

Caution.

 

While underscoring the new directive, the NCAA also reminded cabin crew of their duty to remain professional in their interactions with passengers.

 

 

"Cabin crew should not be rude, and passengers should not misconstrue firmness as rudeness," Mr Achimugu added.

 

Ifueko Abdulmalik, Senior Special Assistant to the Director-General of NCAA, also used the forum to warn airlines against poor treatment of travellers.

 

She said operators would be sanctioned for failing to notify and provide care to passengers during delays or cancellations, a recurring grievance in Nigeria's aviation industry.

 

The NCAA said that insisting that no plane should take off with an unruly passenger onboard is to ensure that safety, civility, and accountability will no longer be compromised in the country's aviation space.

 

Wider reforms

 

The Abuja meeting, attended by airlines including Air Peace, Arik, Ibom Air, Aero Contractors, United Nigeria, Max Air, Rano Air, ValueJet, Green Africa and Overland, covered a broad range of issues affecting travellers and operators.

 

Among them were, passenger handling protocols and unresolved refund/compensation complaints, enforcement of phone switch-off instructions, protection for cabin crew and plans to introduce RFID bag tags and flight monitoring technology to improve efficiency.

 

The NCAA also disclosed it would soon embark on a nationwide passenger awareness campaign to educate Nigerians on their rights and responsibilities when travelling.

 

Unruly passenger behaviour, ranging from verbal abuse to physical assault on airline staff, has been a growing challenge globally, with the International Air Transport Association (IATA) recently noting a rise in such incidents post-COVID-19.

 

In Nigeria, the issue has been compounded by flight delays, cancellations, and poor communication by operators, which often leave passengers frustrated.

 

In an interview with PREMIUM TIMES, Martin Abhulimen, Ibom Air Regional Manager Lagos and West Africa, said the airline have been following due diligence in handling unruly passengers.

 

He added that the NCAA warns airlines about unruly passengers, outlines reforms e directives came timely as they are working towards improving their customers service to ensure smooth operations.

 

Read the original article on Premium Times.

 

 

 

 

Nigeria: How CBN Reforms, Stable Economy Is Opening Domestic Markets for FDI Inflows

In the first quarter of 2025, capital inflows to Nigeria stood at $5.6 billion according to National Bureau of Statistics (NBS) data. But behind the numbers are people and businesses beginning to feel the change. The International Monetary Fund (IMF) notes that investment decisions are shaped by economic, institutional, and market-related factors. For Nigeria, its vast market size, growth potential, improved macroeconomic stability and Central Bank of Nigeria (CBN) reforms, especially those that allow foreign investors to repatriate profits, are emerging as strong incentives.

 

There is rising interest from domestic and global investors in Nigeria assets, as seen in the latest capital inflows to the country.

 

 

The rising investors' interest is linked to fallout of crucial reforms instituted by the Central Bank of Nigeria (CBN) under the Olayemi Cardoso leadership. The reforms have led to macroeconomic stability and raised the level of foreign investors interests in Nigeria assets.

 

Upon assuming office in October 2023, the apex bank leadership had prioritised reforms to rebuild Nigeria's economic buffers and strengthen resilience.

 

CBN's policies, including the currency reforms, led to investment inflows from abroad, and reduced interventions in the domestic forex market.

 

The unification of exchange rates and the clearing of over $7 billion FX backlog raised the country's investment outlook, with multilateral organizations, like the World Bank describing it as bold intervention to improve the economy's sustainability in the long run.

 

 

Also, Nigeria's sovereign risk spread has fallen to the lowest level since January 2020, erasing the premium accumulated during the pandemic and subsequent strain on its economy. All these are deliberate efforts to woo investors and sustain capital inflows to the economy.

 

What the IMF is saying

 

According to the International Monetary Fund (IMF), Foreign Direct Investment (FDI) inflows to states are determined by a mix of economic, institutional, and market-related factors. Key determinants include the host country's market size and growth potential, the quality of its infrastructure and business climate, and its level of macroeconomic stability and political stability. Trade openness, factor costs (such as labor and wages), and effective government regulations also play a significant role.

 

In International Monetary Fund (IMF) Working Paper, by Ewe-Ghee Lim, titled: "Determinant of, and the Relation Between, Foreign Direct Investment and Growth" detailed that FDI determinants generally come in two forms: investor surveys and econometric or in-depth case studies.

 

 

"We reviewed two large investor surveys first. The first is a recent survey of CEOs, CFOs, and other top corporate executives of the Global 1000 companies. The survey cites large market size, political and macroeconomic stability, GDP growth, regulatory environment, and the ability to repatriate profits as the five most important factors affecting FDI," he said.

 

He said that heavy manufacturers remain mostly interested in the large emerging markets, commitment to privatisation.

 

The IMF also discovered that the most important determinants of FDIs inflows were the size of the market, the cost of labor and FDI policies.

 

Also to be considered are the investors viewed restrictions on repatriation of earnings, local content and local ownership requirements as serious setback to FDI.

 

"In general, the technology-intensive sectors such as general machinery and electronics were the most sensitive to restrictive FDI policies. Interestingly, fiscal and tax incentives were viewed as having little or no effect on FDI decisions. Such incentives policies were viewed as perhaps indicative of a positive political attitude towards investment, but also unstable because they could just as easily be reversed," the report said.

 

Reforms impact on FX inflows

 

These reforms have led to surge in capital inflows into the Nigeria economy. The inflows rose to $5.6 billion in the first quarter of 2025, the National Bureau of Statistics (NBS) report has shown. The inflows represent 67.12 per cent jump from $3.4 billion recorded in the same period of last year.

 

The latest "Nigeria Capital Importation Q1 2025" report released represents 10.86 per cent surge from the $5.1 billion reported in fourth quarter of 2024.

 

"In Q1 2025, total capital importation into Nigeria stood at US$5642.07 million, higher than $3.37 billion recorded in Q1 2024, indicating an increase of 67.12 per cent. In comparison to the preceding quarter, capital importation increased by 10.86 per cent from $5.08 billion in Q4 2024," the report stated.

 

The NBS also stated that portfolio investment ranked top with $5.2 billion, accounting for 92.25 per cent, followed by other investment with $311.17 million, accounting for 5.52 per cent.

 

The report indicated that, "Foreign Direct Investment recorded the least with $126.29 million accounting for 2.24 per cent of total capital importation in Q1 2025."

 

According to the NBS, the banking sector took the lead with the highest inflows in Q1 2025.

 

The report stated, "The Banking sector recorded the highest inflow with $3.1 billion, representing 55.44 per cent of total capital imported in Q1 2025, followed by the Financing sector, valued at $2.09 billion (37.18 per cent), and Production/Manufacturing sector with $129.92 million (2.30 per cent)."

 

The report further noted that capital importation during the reference period originated largely from the United Kingdom with $3681.96 million, showing 65.26 per cent of the total capital imported.

 

In emailed note to investors, Managing Director, Afrinvest West Africa Limited, Ike Chioke, explained that Portfolio Investment (92.2 per cent of total capital) dominated flows, rising by 30.1 per cent quarter-on-quarter, and 150.8 per cent year-on-year to $5.2 billion.

 

The bulk of the FPI flows was to Money market instruments (up 162.2 per cent year-on-year to $4.2 billion), while Bonds (up 108.5 per cent) and Equities (up 137.7 per cent) attracted $877.4 million and $117.3 million respectively.

 

Other analysts at Afrinvest explained that capital importation captures financial and physical capital entering a country from offshore sources, based on banking sector and Customs records. These inflows expand the capital stock available to drive economic growth and often serve as a litmus test of an economy's health and international investment competitiveness.

 

They explained that on the surface, the rise in quarterly capital importation to a five-year high might suggest renewed foreign investor optimism in the domestic economy.

 

"In our view, this spike was driven by opportunistic investments in the money market, where Treasury Bills, Bonds, and OMO bills offered rates above 20 per cent in the period. However, such flows are highly sensitive to shifts in domestic monetary policy, global risk sentiment, and macroeconomic shocks, and flows momentum could wane when the CBN pivots to a more accommodative rate stance," they said.

 

"Meanwhile, the share of FDI - a cheaper and more impactful capital on long-term economic growth - continues to diminish. This trend is reflective of low confidence in the long-term prospects of the economy amid the legacy issues of insecurity, weak institutions and enforcement of law, bureaucratic inefficiencies, and a high corruption perception".

 

Continuing, they stated that weak traction into non-financial sectors such as Manufacturing, ICT, Construction, Oil & Gas, and Transporation, paints a less compelling picture of the overall surge in capital inflows in Q1. We note that while the uptick may support currency stability and short-term growth spurts, the underlying quality of these inflows mirrors previous episodes of hot-money dependence that heightened vulnerability to external shocks.

 

"Lastly, the concentration of investments in Lagos and Abuja (only 0.4% of the $5.6bn inflows were directed elsewhere) spotlights the deep competitiveness gaps across sub-nationals. Hence, subnational governments need to strengthen their business environments and improve overall investment attractiveness," they said.

 

"Nigeria appears to be back in business as long-awaited economic reforms take shape," said Emre Akcakmak, portfolio manager at East Capital. Key measures include improved currency liquidity, leeway for investors to repatriate their profit, and the stable naira.

 

"We feel the Central Bank of Nigeria will continue to stem any sharp appreciation of the naira to limit profit taking from the fast money community," Akcakmak said.

 

Banking sector to the rescue

 

A well-recapitalised banking sector is undeniably crucial for the growth of the domestic economy. Cardoso had advised banks to prepare for a new round of recapitalisation to ensure they have the necessary capital to support the Federal Government's plan to achieve $1 trillion Gross Domestic Product (GDP) target by 2030.

 

He said that President Bola Ahmed Tinubu's economic plan aims to reach a $1tr GDP by 2030, emphasising that the current bank capitalisation is insufficient to support such a large economic scale.

 

Cardoso asked: "Will Nigerian banks have sufficient capital relative to the financial system's needs in servicing a $1tr economy in the near future? In my opinion, the answer is "No!" unless we take action. That action was the ongoing recapitalisation of banks, meant to prepare them for expansion and attract big ticket transactions to support economic growth".

 

The Policy Advisory Council report on the national economy, had set an ambitious goal of achieving a GDP of $1 trillion, with clearly defined priority areas and strategies.

 

Adeniran revealed that incorporated new and emerging sectors, consumption baskets update, and data collection refining methods helped produce a more complete picture of national output.

 

Aliyu Ilias, developmental economist, noted that several sectors have previously remained uncaptured in official data, particularly entertainment. "By rebasing our GDP now, included those areas properly. This new visibility will make Nigeria appear much stronger to foreign investors, which will naturally help us attract more capital," he said.

 

He explained that the exercise will also reveal untapped economic potential and guide government resource allocation. "It will show where we are strongest structurally, such as in mining or other emerging sectors. That insight will help the government focus its efforts more strategically."

 

"Finally," he added, "it will support economic policy formulation, helping us align our strategy with the reality on the ground. We will know exactly where to put more effort."

 

Ilias explained that while this statistical adjustment does not instantly generate new revenue, it creates a more reliable framework for fiscal planning, investment strategies, and development interventions.

 

For him, by aligning economic data with current realities, the government and private sector can more effectively target policies that stimulate job creation, improve productivity, and sustain long-term growth.

 

Seun Onigbinde, director of Civic Technology Group BudgIT, said the previous rebasing underscored the substantial impact of policy changes in the services and ICT sectors, such as telecommunications deregulation and banking sector recapitalisation. "Rebasing of the GDP must reflect changes in the economy, which are a product of public policies over time," he added.

 

Rebasing is also critical for domestic policy. It allows the government to better assess tax collection efficiency, measure sectoral contributions, and design social programmes that are data-driven and results-oriented.

 

Gabriel Okeowo, country director for BudgIT, said, "Rebasing allows planners to be more intentional about solving Nigeria's biggest problems: poverty, infrastructure gaps, and job creation."

 

Lagos-based economist, Nelson Adedeji, explained that despite the bump in GDP size, the rebasing never a silver bullet.

 

"We must acknowledge that genuine economic growth extends beyond statistical adjustments. For ordinary Nigerians to experience meaningful improvement in living standards, the President Bola Tinubu administration must complement GDP rebasing with substantive policies addressing infrastructure deficits, security challenges, agricultural productivity, manufacturing capacity, and the overall ease of doing business," he stated.

 

Read the original article on This Day.

 

 

 

 

 

Nigeria: Again, Nigeria's Power Grid Collapses, Plunges 30 States Into Darkness

Again, Nigeria's wobbly electricity grid has suffered a partial collapse, leaving about 10 distribution companies (Discos) with zero power supply and about 30 states in total blackout.

 

The partial failure occured between 11 am and 12 pm on Wednesday, THISDAY learnt.

 

According to data obtained from the Independent System Operator (ISO), the power generated dropped from 2,917.83MW to 1.5 MW between 11 am and 12 pm on Wednesday.

 

In another tweet, the X account stated that the Disco loads of all Discoa across the country aside Ibadan Disco have come down to zero megawatt.

 

Confirming the collapse, the Abuja Electricity Distribution Company (AEDC) in a statement to its customers said the loss of electricity in its franchise area was due to loss of supply from the grid around 11:23 am.

 

"Please be informed that the power outage currently being experienced is due to a loss of supply from the national grid at 11:23 hrs today, affecting electricity supply across our franchise areas.

 

"Rest assured, we are working closely with the relevant stakeholders to ensure power is restored once the grid is stabilized.

 

"Thank you for your patience and understanding," the statement said.

 

The Transmission Company of Nigeria (TCN) was yet to provide any updates regarding the causes of the grid collapse, as of press time.

 

Read the original article on This Day.

 

 

 

 

Ethiopia Inaugurates Africa's Biggest Dam, Despite Concerns in Egypt and Sudan

The Grand Ethiopian Renaissance Dam (GERD), located on the Blue Nile in Ethiopia, has finally been inaugurated. While many celebrate its potential to boost the country's economy, concerns persist in neighbouring Egypt and Sudan over possible water shortages.

 

The GERD, located along the Blue Nile, in Guba, Benishangul-Gumuz region, is expected to produce more than 5,000 megawatts of electricity, doubling Ethiopia's current output, part of which will be exported to neighbouring countries.

 

Construction of the dam began in 2011 and has raised concerns in neighbouring Egypt and Sudan about a potential reduction in downstream water levels.

 

Tensions remain high with Egypt describing the development as a security risk, arguing that it could lead to drought downstream. A joint panel to discuss the sharing of the Blue Nile water has been set up.

 

Ethiopia's controversial mega dam on the Blue Nile 'now complete'

 

 

Ethiopia's pride

 

However, Ethiopia insists that the towering dam will not only benefit its more than 100 million people, but also its neighbours, and describes it as an opportunity for the country to become Africa's leading electricity exporter.

 

Ethiopian Water Minister Habtamu Itefa said his country has no intention of harming any of the neighbouring countries.

 

"So the way forward is to work together for more investment. Let's join hands to propose more projects that can benefit all of us, wherever they may be. This can be scaled up to Nile Basin countries - to Uganda, to Tanzania, to Rwanda, to DRC, to South Sudan, to Kenya, to Ethiopia, to Egypt as well," he said.

 

Public effort

 

The project has created strong regional tensions, "raising fears in Sudan and Egypt about its impact" on the Blue Nile's course," Tsegay Tekleselassie, an economist at Wellesley College in the United States, told RFI. "However, there is no doubt that this is a very important moment for Ethiopians."

 

 

The Renaissance Dam was built with national resources, Tekleselassie added, as many international organisations did not want to finance it. As a result for Ethiopians, it represents a strong symbol of the country's independence and sovereignty.

 

"The dam was financed from the national budget, but also through the purchase of bonds by individuals," he said. "So everyone, every worker, bought their bonds. There was also the contribution of public companies and loans from local banks. Because of its symbolic importance, people are very proud and enthusiastic about it."

 

The dam is also seen as a unifying force in Ethiopia, as there are many ethnic divisions.

 

"So the government is using it as a unifying symbol, but also to gain credibility with the people. There will certainly be a lot of emotion among Ethiopians during this inauguration."

 

 

Providing electricity

 

Nearly half of Ethiopians currently lack access to electricity.

 

"The country has a very large population, with 130 million inhabitants," Sonia Le Gouriellec, lecturer in political science at the Catholic University of Lille, France, told RFI.

 

"There is a real challenge in providing electricity and achieving the country's economic ambitions. Numerous special economic zones have been opened with the aim of providing electricity to everyone."

 

Water experts in downstream Egypt say the dam has reduced the amount of water the country receives, however, and the government has had to come up with short-term solutions such as reducing annual consumption and recycling irrigation water.

 

"Egypt was able to overcome this shortage through Egypt's High Dam, which has a water reserve that is used to replace what was lost due to the GERD. But we can't always rely on this reserve for water supply," said Abbas Sharaky, a professor of geology and water resources at Cairo University.

 

Ethiopia resumes filling Nile mega-dam reservoir angering downstream nations

 

For Sudan, experts say seasonal flooding has decreased during the dam's filling, but they warn that uncoordinated water releases could lead to sudden flooding or extended dry periods.

 

"What is currently under discussion is the absence of clear and binding rules for its management in times of water stress," Le Gouriellec told RFI.

 

"Egypt has always had a consistent position on this issue: all possible upstream exploitations should have a legally binding written agreement, with clear rules of operation, on how these waters will be managed over time, particularly in times of drought. And that, for the moment, is absent."

 

So, although the Ethiopian Prime Minister invited Sudan and Egypt to come to the inauguration, the invitation is diplomacy and nothing concrete has been signed off.

 

"That bothers them a lot. And what we fear is that the conflict could be exported to other areas, for example to Somalia," Le Gourielle said.

 

Egypt and Sudan's greatest fear is that in the case of a drought, the Ethiopians will not release the necessary volume of water stored by this dam.

 

"There is a lack of clear, binding rules on the management of the Nile's waters," Le Gouriellec added.

 

Reassurance

 

Ethiopian Water Minister Habtamu Itefa has pointed out that so far, the water levels recorded downstream during the dry season were "three to four-fold what they used to get before the dam."

 

"This means, at the expense of the dam we built, they can have their irrigation land. Three to four-fold, they can increase that, because we are providing more water during the dry months. It is a blessing for them," said the Ethiopian minister.

 

Yacob Arsano, who teaches hydro politics in the Nile Basin at Addis Ababa University, said Ethiopia was "very careful" with the design and planning of the dam to ensure water flows downstream throughout the year.

 

"Egypt continues to receive the water. Ethiopia continues to send water. So that is the remaining fact and for which how to organise such a shared use of water resources depends on the two sides. All of the upstream and downstream countries need to sit down properly and soberly," he said.

 

(with newswires)

 

Read or Listen to this story on the RFI website.

 

 

 

 

Liberia: Bility Accuses Govt of Sabotaging Petroleum Firms - Moye Defends Fee Cuts

Representative Musa Hassan Bility has accused the Liberian government of sabotaging local petroleum businesses by slashing storage fees from 35 cents to 2 cents per gallon, a move he says will cripple Liberian-owned terminals and centralize power in the state-run Liberia Petroleum Refining Company (LPRC). Bong County Senator Prince K. Moye, however, dismissed the accusations as "self-serving," insisting the reform is designed to cut fuel costs and redirect millions of dollars into health care and infrastructure.

 

"This is not about Representative Bility," Moye told reporters at a packed Capitol press conference. "The decision is based on our investigation and recommendations, which the president endorsed. It is about making petroleum costs more affordable for ordinary Liberians."

 

 

In Liberia, private companies like Srimex Oil and Gas, owned by Bility, have invested heavily in infrastructure, while the government seeks to reclaim control and revenue streams.

 

Bility's Charge: "A Deliberate Attempt to Cripple Liberian Entrepreneurs"

 

In a statement issued Tuesday, Bility condemned the government's move as a betrayal of Liberian business interests.

 

"The intent of the Government's action is to divert money away from Liberian terminal operators and redirect it to LPRC, with the intent to weaken Liberian ownership and silence Liberian innovation," Bility said. "The net effect is to effectively shut down Liberian-owned petroleum terminals and centralize power in the hands of a few."

 

Bility, who represents Nimba County District 7, warned that the policy threatens not only the survival of companies like Srimex but also Liberia's broader energy security.

 

 

"This decision not only threatens our energy security but also undermines Liberian jobs and families, as there is no way that terminal operators can remain in business if the Government carries out this action," he said.

 

He framed the dispute as a test of whether the government values its private sector. "The role of government is to create an enabling environment where the private sector can flourish and where Liberian businesses can benefit. This action ... is a deliberate attempt to cripple Liberian entrepreneurs who have invested millions of dollars, much of which has not even been recovered, into infrastructure, technology, and workforce."

 

Bility noted that Srimex has been a backbone of the sector for more than 15 years. "This company has served the Liberian petroleum industry through importation and storage. No responsible government policy would sacrifice its own citizens' businesses under the pretense of price relief."

 

 

He called on the administration to halt the new pricing scheme and "engage in transparent consultations with terminal operators" before implementing further reforms.

 

Moye's Defense: "This Is About the People, Not One Businessman"

 

Senator Moye, chairman of the Senate Committee on Ways, Means, Finance and Budget, pushed back forcefully, accusing Bility of misrepresenting the reform as a personal attack.

 

"In the plenary of the Liberian Senate, it was not one person that sat in a corner and decided to launch an investigation," Moye said. "It was a plenary mandate ... more than twenty senators signed off on it. The recommendation went to the president, and he mustered the courage to enforce it despite resistance from powerful people in the petroleum sector."

 

Moye emphasized that the president reduced the Senate's recommended fee from 10 cents to 5 cents after further investigation, showing what he called "the beauty of democracy."

 

"What we noticed is that many of our state-owned enterprises cannot even pay their assessed contributions to the national budget. This new structure identifies revenue lines that will impact the lives of the people. That is why I am happy to defend it," Moye said.

 

He gave detailed projections: "From September to December 2025, Liberia will import 50.4 million gallons of petroleum products. At two cents per gallon, that will raise $1.9 million for essential drugs to help HIV and tuberculosis patients now that USAID has left. Another $4.5 million from a five-cent levy will go to support county road equipment. Altogether, the reform will generate $16.6 million a year."

 

Moye urged the public to see the bigger picture. "Every time you buy a gallon of gasoline, you are financing someone's storage fee. We simply redirected that small portion,just two cents, into social programs that will benefit every Liberian."

 

Allegations Against Srimex

 

Moye took aim at Srimex's business practices, alleging that the company was earning profits by renting storage tanks -- a line of business not covered under its LPRC contract.

 

"Maybe the only thing making him talk is that the real line of business he's supposed to be doing, importing petroleum and storing it in his own tanks, is not what he's focused on. His whole business now is about renting tanks," Moye charged. "The contract between Srimex and LPRC says: build your tank, bring your product, and store it. If you want to store someone else's product, you need LPRC approval. That's clear."

 

Moye likened Bility's objections to former Senator Prince Y. Johnson's opposition to a war crimes court. "As soon as you say it, he felt targeted. That's the same case with my honorable colleague."

 

Read the original article on Liberian Investigator.

 

 

 

 

Africa's Infrastructure Loses $12.7 Billion to Disasters Annually - Report

A report by the Coalition for Disaster Resilient Infrastructure (CDRI), a global coalition dedicated to enhancing the resilience of infrastructure systems to climate and disaster risks, has put the average annual loss of infrastructure, including buildings caused by disasters in Africa, at $12.7 billion.

 

According to the report, of the damage, 70 per cent is caused by floods followed by earthquakes, which are less frequent but more catastrophic, at about 28 per cent.

 

The CDRI is a coalition of 59 member countries and organisations, including national governments, international organisations, and businesses collaborating to share knowledge, conduct research, and invest in disaster resilient infrastructure.

 

 

"Climate change is expected to increase the impact of disasters on infrastructure by as much as 27 per cent," the report said, without giving a date. "Africa is one of the most vulnerable regions to climate-related disasters," it added.

 

At a regional level, the worst devastation is in eastern Africa at $5.5 billion, followed by northern Africa at $2.3 billion. The continent's south suffers damage of approximately $2.3 billion, while $1.58 billion is lost in the west, the report said.

 

At a country level, the nations with the worst destruction are South Africa at $1.7 billion, Nigeria with $1.1 billion and Algeria at $1 billion, the CDRI explained.

 

Smaller nations with sparser infrastructure have fewer losses, although the damage more significant is relative to their economies. Average annual loss represents 1.5 per cent of Lesotho's gross domestic product, 1.25 per cent for Mauritius and 1 per cent for Comoros.

 

 

African governments already provide 80 per cent of adaptation financing -- 26 per cent through their national budgets and 54 per cent from loans, according to the report.

 

"Alongside this, the world must increase support for Africa to address the consequences of a changing climate that it did not contribute significantly to," it added.

 

The working paper also spotlighted the urgent need to embed resilience into infrastructure planning across the continent to safeguard economies and communities from escalating climate and disaster risks.

 

Drawing on insights from the Global Infrastructure Risk Model and Resilience Index (GIRI), the paper revealed that despite African governments already doing 80 per cent of adaptation financing, 26 per cent through national budgets and 54 per cent via loans, the scale of the challenge calls for enhanced global cooperation.

 

"Africa stands at a pivotal moment, with much of its future infrastructure yet to be built " said Amit Prothi, Director General of CDRI. "By integrating resilience now, governments and partners can avoid costly disruptions and protect millions of lives and livelihoods," Prothi added.

 

To address these challenges, CDRI said it has launched a dedicated Africa Programme to support governments and stakeholders in mainstreaming resilience across both new and existing infrastructure systems.

 

The initiative, it said also promotes financial resilience strategies that reinforce national budgets, maintenance regimes, and contingency planning.

 

Currently, nine African countries and the African Union Commission are members of CDRI, it explained.

 

"Resilience dividends go beyond avoided losses. They foster investor confidence, business continuity, and household security," said Ede ljjasz-Vasquez, Lead Author of GIR2. "Africa's development trajectory hinges on making resilience a central investment priority,"ljjasz-Vasquez said.

 

The working paper marks a significant step in advancing evidence-based strategies to build a safer, more sustainable future for Africa.

 

Read the original article on This Day.

 

 

 

 

Egypt's Al-Mashat Witnesses Signing of Multi-Year Development Partnership

Egypt's Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat witnessed on Wednesday September 10, 2025 the signing of a four-year partnership (2025-2029) between the Sawiris Foundation for Social Development and the Essam and May Allam Foundation for Sustainable Development. The collaboration will focus on education, agriculture, and community development.

 

Al-Mashat highlighted the vital role of civil society organizations as partners alongside government and the private sector, helping bridge financing gaps for the Sustainable Development Goals and extending support to vulnerable communities.

 

She noted Egypt's longstanding record of developmental partnerships and the ministry's ongoing cooperation with the Sawiris Foundation, including work with the Abdul Latif Jameel Poverty Action Lab (J-PAL), which promotes evidence-based policies, social impact research, and scaling of effective programmes across multiple sectors.

 

The minister emphasised Egypt's position as a platform for international cooperation, with initiatives targeting priorities such as agriculture, education, and multidimensional poverty, using state data to reach communities most in need.

 

Amwal Al Ghad

 

Read the original article on Egypt Online.

 

 

 

 

Namibia: Health Ministry Tender Reform Sparks Debate Over Job Losses

The Namibia Local Business Association (Naloba) warns that the Ministry of Health and Social Services'decision to stop using middlemen companies to procure medicine could cause job losses and shrink tax contributions.

 

Naloba, a breakaway group from the Namibia Chamber of Commerce and Industry, did not provide the exact number of people who could supposedly lose their jobs in a trade that has largely benefited politically connected individuals.

 

The Namibian has previously reported that a close corporation with only one employee was awarded health tenders worth N$141 million to supply medical products to the health ministry.

 

 

Health minister Esperance Luvindao has in recent months sidelined middlemen companies in favour of direct procurement from manufacturers.

 

Luvindao on Monday said the government could potentially save N$221 million by cutting out middlemen and buying essential medicines and clinical supplies directly from international manufacturers. The minister defended her stance in parliament yesterday.

 

Speaking to The Namibian yesterday, Naloba vice president Peter Amadhila said middlemen are employers in Namibia.

 

He said cutting them out contradicts president Netumbo Nandi-Ndaitwah's manifesto's promise to create jobs.

 

"Eliminating local suppliers who are legitimate employers is not a well calculated move. Those are relevant employers with employees that are likely to lose their jobs as a result."

 

Amadhila suggested that instead of excluding suppliers, the ministry should introduce tighter controls to curb inflated invoices.

 

 

"She was supposed to have implemented a control system that curbs overpricing and inflation of invoices and payments. All those that she terms to be middlemen are mostly local entrepreneurs and this means the money will be shipped out to foreigners directly without any benefits to our people. These entrepreneurs will be forced to close down their businesses," Amadhila said.

 

Nandi-Ndaitwah has previously promised Namibians she would eliminate middlemen in the supply of medicine.

 

The Namibian has in the past reported how businessman Shapwa Kanyama's company, which employed three permanent staff members, won a two-year N$650-million government medical supply contract. Kanyama denied any wrongdoing.

 

WHOLESALERS REACT

 

Speaking on behalf of the wholesalers in Namibia, Namkit Medical Solutions chief executive Sebil Dhewa says Luvindao's pejorative application of the term 'middlemen' fosters a public impression that wholesalers are unscrupulous actors seeking easy profit at the expense of the nation's health.

 

 

He says pharmaceutical wholesalers in Namibia are law-abiding businesses, operating in a highly regulated environment and fulfilling an essential role in the healthcare supply chain.

 

"If the minister's primary concern is indeed the overpricing of medicine, attention should be re-focused on the practices occurring at the retail level, where the most significant price inflation arises," Dhewa says.

 

The chief executive says regulatory and public scrutiny would be a more effective route to fair medicine prices and improved access for all Namibians.

 

"Pharmaceutical wholesalers stand ready to continue engaging with the government in the spirit of transparency and partnership to ensure affordable, accessible medicines for all, and to address misconceptions with evidence and clarity," he says.

 

According to Dhewa, when governments try to bypass suppliers or interfere in contracts, they risk huge financial penalties and loss of credibility.

 

"Governments cannot act arbitrarily without consequences. Interfering with suppliers can lead to international arbitration. Damages can run into hundreds of millions enforceable worldwide. Such cases harm a country's reputation and investment climate for years," he says.

 

LUVINDAO GETS BACKED UP

 

Former Cabinet minister Calle Schlettwein told The Namibian he is in support of Luvindao's move.

 

He says he did the same during his tenure and it saved the government millions.

 

"We did the same when I was a minister of finance and it saved us half of the price charged by the middlemen and sometimes more than twice, in some cases thrice. We used the United Nations system which has no fee. Of course we also need to avoid penalties during the process but it will be avoided.

 

"As the state you can buy directly from the manufacturer and it is highly recommended, therefore, it is important to keep and improve the ability to help people.

 

"On the issue of employment, it is not much of a big risk because the middlemen as agents are not employment intensive businesses, it is rather a business based on buying and ordering, therefore, the risk is very small. As a state we must consider the risks we have and in this case we have to weigh the risk of losing a few jobs with the risk of a failing health service because of insufficient resources," he says.

 

Economist Robin Sherbourne shares the same sentiment with Schlettwein.

 

"If middlemen are taking huge cuts, the minister's approach may well be the best one, but I have not looked into this issue," he says.

 

Former health minister Richard Kamwi says he is in support of Luvindao's move.

 

"I am aware of Luvindao's decision and the challenges of procuring medicines and clinical supplies, especially regarding middlemen. This has been a concern for quite some time. For me, the issue with middlemen is that they don't give the Namibian people, by which I mean the government, value for money," he says.

 

He recalls halting a questionable procurement deal during his tenure.

 

"During my tenure in office, when we decided to get some vaccines and medical supplies from Cuba, government to government, I can tell you that when I left office, it is on record that I left an ongoing case which we stopped when I came to know about it.

 

"When we put this into action, someone tried to change things, but fortunately I took action and it was stopped by the president at that time. Unfortunately, those people took the government to court, but I had saved more than N$200 million, which is a lot of money. So I speak from experience, and doing away with the middlemen is simply the best," he says.

 

Kamwi adds: "I doubt this decision will cost the government if it is done in a more transparent manner, and the minister may not have taken such a decision without consultation. If the president and the Cabinet cleared and agreed on the decision collectively, then this is what they have agreed on."

 

The ministry has in the past accused business people who benefited from the health tender system of trying to undermine Luvindao. They in turn accused the minister of disregarding procurement laws by directly contacting manufacturers.

 

GOING AHEAD

 

Luvindao on Monday said the ministry will shift to cost-cutting measures and direct sourcing as part of wider reforms to address persistent shortages of medicine in the country's public health facilities.

 

She said emergency procurement protocols were activated on 13 August in response to widespread shortages of essential medicines.

 

"To ensure continued access to life-saving medication, the ministry is now procuring directly from international manufacturers and wholesalers under emergency provisions of the Public Procurement Act of 2015," Luvindao said.

 

She added: "By going directly to the source, we can ensure that we are obtaining the best possible prices, quality and quantities, thus stabilising the stock of our medicine and essential clinical supplies over a long duration."

 

The minister said offers received from 41 prequalified manufacturers and wholesalers have already shown potential savings of about N$221 million compared to prices paid through intermediaries.

 

Read the original article on Namibian.

 

 

 

Nigeria: NUPRC Secures Over $400 Million for Decommissioning Liabilities - Official

Abstract: "Without a robust and enforceable framework for abandonment and decommissioning, divestment transitions can create lasting financial and environmental burdens," Mr Komolafe said.

 

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said it has taken significant steps to safeguard the country's oil and gas sector by securing over $400 million in pre-sale decommissioning and abandonment liabilities through letters of credit and escrow accounts.

 

The NUPRC's Head of Media and Strategic Communications, Eniola Akinkuotu, in a statement, said its Chief Executive, Gbenga Komolafe, disclosed this while speaking at the Nigerian Extractive Industries Transparency Initiative (NEITI) Companies Forum, held in Lagos on Wednesday.

 

 

"Over $400 million in pre-sale decommissioning and abandonment liabilities have been secured through Letters of Credit and escrow accounts. Host Community Development Trust obligations are fully honoured. Environmental remediation commitments worth over $9.2 million have been pledged while awaiting the formal gazetting of the ERF Regulations," Mr Komolafe said.

 

Keep up with the latest headlines on WhatsApp | LinkedIn

 

Mr Komolafe said the commission had drawn lessons of divestments from lessons of the North Sea, where decommissioning is estimated at £27 billion by 2032, the Gulf of Mexico costing over $9 billion and in Canada's Alberta, more than 97,000 inactive or abandoned wells now carry an estimated decommissioning and abandonment cost of between C$30 and C$70 billion.

 

In Australia, he said Northern Oil & Gas Australia in 2019 left behind liabilities of more than AU$200 million.

 

 

He added that the lessons from these experiences guided the recent divestment approvals from NAOC to Oando Energy Resources; Equinor to Chappal Energies; Mobil Producing Nigeria Unlimited to Seplat Energies; SPDC to Renaissance Africa Energy; and TotalEnergies to Telema Energies.

 

"Without a robust and enforceable framework for abandonment and decommissioning, divestment transitions can create lasting financial and environmental burdens. Nigeria is not immune to this challenge, and if we are to avert costly mistakes.

 

"It is precisely to avoid this outcome that Nigeria, through the Petroleum Industry Act and subsequent regulatory actions, has taken bold and decisive steps," Mr Komolafe said.

 

Mr Komolafe, represented by the Deputy Director, Human Resources, Corporate Services & Administration, Efemona Bassey, highlighted Nigeria's response to the recent divestments in line with Sections 232 and 233 of the Petroleum Industry Act (PIA) which place full responsibility for the decommissioning and abandonment of petroleum wells, installations, structures, utilities, plants, and pipelines on licensees and lessees.

 

 

He said chapter 3 of the PIA and Section 104 of the PIA, establish specific obligations for host community development and environmental remediation respectively.

 

Mr Komolafe said each of the 2024 divestments provided a critical opportunity to put the commission's divestment framework to test and action.

 

"By rigorously assessing the technical capacity of acquiring entities, verifying their financial strength, and securing decommissioning and abandonment obligations through upfront escrow arrangements."

 

He said the results from 2024 speak for themselves.

 

Beyond the significant progress achieved through the divestment framework, he said, it is important to highlight another milestone.

 

"Since April 2023, we have approved 94 Decommissioning and Abandonment (D&A) plans, in strict alignment with the PIA. These approvals represent total liabilities of $4.424 billion, arising from all field development plans submitted within this period, and will be remitted progressively over the production life of the respective fields into designated escrow accounts," he added.

 

He noted that the commission has addressed a long-standing concern with the IOCs regarding the domiciliation of the escrow accounts; and the regulatory framework, developed after extensive consultations with industry stakeholders, is now awaiting gazetting by the Ministry of Justice.

 

"In addition to divestments, the commission has been working together with operators, particularly members of Oil Producers Trade Section (OPTS), on life extension projects, ranging from facility integrity audits to subsea upgrades and enhanced reservoir management measures that sustain safe production, delay decommissioning, reduce environmental risks, and secure resilience across our mature fields," he said.

 

Read the original article on Premium Times.

 

 

 

 

 

Nigeria: We've Achieved Implementation of 2024 Budget By 80 Percent - Finance Minister

"As is customary, we reviewed the budget performance, and overall it's around 80 per cent. As you know, the budget for 2024 was extended to December, so it is still running. It is still a work in progress," he said.

 

The House of Representatives Committee on Appropriations on Wednesday held a closed-door session lasting nearly four hours with some members of the executive arm to assess ongoing budget performance.

 

Those at the meeting were the Minister of Finance and Coordinating Minister of the Economy, Wale Edun; the Minister of Budget and Economic Planning, Abubakar Bagudu; Accountant-General of the Federation, Shamsedeen Ogunjimi and the Director-General (DG) of the Budget Office of the Federation, Tanimu Yakubu.

 

 

Emerging from the meeting, both sides stressed that the implementation of the 2024 and 2025 Appropriation Acts remains on track, with the ministers highlighting progress and lawmakers reiterating their support for the federal government's reform agenda.

 

Keep up with the latest headlines on WhatsApp | LinkedIn

 

Mr Edun explained that the 2024 budget, extended by the National Assembly until December 2025, has reached about 80 per cent implementation, with a focus on grassroots-driven projects such as roads, irrigation schemes, and other infrastructure.

 

"As is customary, we reviewed the budget performance, and overall it's around 80 per cent. As you know, the budget for 2024 was extended to December, so it is still running. It is still a work in progress," he said.

 

He added that the focus of government spending under the extended cycle has been on projects with direct impact on communities, especially in critical areas such as road infrastructure, irrigation, and other grassroots initiatives designed to boost livelihoods and stimulate local economies.

 

 

Mr Edun stressed that the President Bola Tinubu administration is committed to "faithful and full" execution of the extended budgets, promising that the gains will become more visible in the coming months.

 

Lawmakers express satisfaction

 

Committee Chairperson, Abubakar Bichi, said members were satisfied with the level of implementation so far and appreciated the ministers' assurances.

 

"We discussed the 2024/2025 Appropriation Act. Nigerians are concerned about implementation, and both ministers acknowledged this and they have agreed to work so hard so that at least Nigerians can see the progress of the budget," he said.

 

 

On the 2025 budget, signed into law in February, Mr Bichi explained that while Nigerians were eager to see the results, initial delays caused by the procurement process slowed down early implementation.

 

He added that while the 2026 budget timeline has not yet been communicated, the legislature's current focus is on seeing that the extended 2024 budget and the 2025 budget are properly delivered before the next fiscal cycle begins.

 

Commendation for Tinubu's reforms

 

Mr Bagudu told journalists that lawmakers restated their appreciation of Mr Tinubu's economic policies, including ongoing tax reforms, and commended the executive's respect for the National Assembly.

 

"The members of the National Assembly restated their appreciation of all the achievements under President Bola Ahmed Tinubu and they commended the respect for the National Assembly and the excellent working relationship with the federal government and they restated that they have supported all the major reform initiatives which have produced the result, including the latest tax reforms," Mr Bagudu said.

 

He described the meeting as another demonstration of the strong collaboration between the executive and legislature in steering Nigeria's economy through challenging times.

 

Context: Overlapping budgets and unusual extensions

 

Nigeria's budgetary process has faced significant adjustments over the past two years.

 

The 2024 Appropriation Act, initially set at over ₦27.5 trillion, was extended into 2025 to ensure the completion of key projects.

 

Meanwhile, the 2025 budget, passed in February 2025 with a total of ₦54.9 trillion, has been slow to take off.

 

Ordinarily, one fiscal year's budget lapses as another begins, but the extension of the 2024 budget has created a rare overlap, with both the 2024 and 2025 fiscal plans running concurrently in the same year.

 

Read the original article on Premium Times.

 

 

 

 

Namibia, South Korea Talk Green Hydrogen Partnership

Namibia and South Korea are having discussions on possible partnerships in the green hydrogen industry.

 

The Namibia Green Hydrogen Programme (NGH2P) recently participated in a high-level policy forum in Seoul, which was co-hosted by South Korea's National Assembly and the Jeju Special Self-Governing Province.

 

According to a statement issued by (NGH2P), the event aimed to foster international collaboration and strengthen the green hydrogen value chain.

 

Keep up with the latest headlines on WhatsApp | LinkedIn

 

Seung-kwan Han, a brand ambassador for Jeju Province, says the forum was a vital platform for promoting Namibia to strategic South Korean corporations like Samsung, LG, Hyundai-Kia, SK, and Doosan.

 

 

"This forum was a significant opportunity to promote Namibia at a dedicated, high-level event focused on green hydrogen," he says.

 

Han says the two nations' shared history of colonisation provides a unique foundation for empathetic and friendly collaboration.

 

He says the two nations should consider establishing a Namibian embassy in South Korea to facilitate stronger bilateral relations.

 

NGH2P spokesperson Jona Musheko says the forum provided an excellent platform for Namibia to showcase its green hydrogen ambitions through various projects.

 

He says although South Korea is eager to transition towards clean energy, it currently lacks the capacity to generate sufficient renewable energy for large-scale green hydrogen production at a cheaper price per kilogramme, which is around US$12 (N$209.90), compared to Namibia slightly less than UD$5 (N$87.46).

 

 

"This creates an opportunity for partnerships with countries like Namibia, where production costs can be more competitive. Securing offtakers remains one of the key determinants for the success of these projects," Musheko says.

 

South Korea has set clear targets for 2030, 2035, and 2050 on its path to becoming a net-zero carbon economy, and green hydrogen will play a critical role in meeting those targets.

 

According to the Namibia Investment Promotion and Development Board (NIPDB), the country has a renewable energy production capacity of over 250GW, making it a globally competitive low-cost green hydrogen producer and exporter at US$1.50/kg.

 

This advantage positions the Southern Development Corridor Initiative as a prime location for green hydrogen exports, expected to reach 10 to 15 Mt/pa worth US$35 billion (about N$612 billion).

 

The cost of electricity and electrolysis are critical factors in green hydrogen production, with prices expected to decline as production costs decrease.

 

Namibia is constructing its first large-scale green hydrogen plant, a US$9.4-billion (N$174 billion) project that is sat to create permanent 3 000 jobs and 15 000 construction jobs over four years.

 

Major projects are the Hyphen Hydrogen Energy Project, aiming to build sub-Saharan Africa's largest green hydrogen facility, and the Dâures Green Hydrogen Village, a pilot project focusing on sustainability and local community involvement.

 

Additional initiatives from companies like Cleanergy Solutions and Hylron further underline Namibia's growing role in this sector.

 

Read the original article on Namibian.

 

 

 

 

 

 

 


 


 


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DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of Faith Capital (Pvt) Ltd for general information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy or subscribe for any securities. The information contained in this report has been compiled from s believed to be reliable, but no representation or warranty is made or guarantee given as to its accuracy or completeness. All opinions expressed and recommendations made are subject to change without notice. Securities or financial instruments mentioned herein may not be suitable for all investors. Securities of emerging and mid-size growth companies typically involve a higher degree of risk and more volatility than the securities of more established companies. Neither Faith Capital nor any other member of Bulls ‘n Bears nor any other person, accepts any liability whatsoever for any loss howsoever arising from any use of this report or its contents or otherwise arising in connection therewith. Recipients of this report shall be solely responsible for making their own independent investigation into the business, financial condition and future prospects of any companies referred to in this report. Other  Indices quoted herein are for guideline purposes only and d from third parties.

 


 

 


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