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Tinubu’s ‘Naira for Crude’ Initiative to Slash 40% of Dollar Demands in Nigeria

In a bold move that promises to reshape Nigeria’s foreign exchange landscape, President Bola Tinubu’s administration has introduced the ‘naira for crude’ initiative, which allows indigenous refineries to purchase crude oil using either the naira or the U.S. dollar. This policy, praised by business magnate Aliko Dangote, is expected to significantly reduce the demand for […]

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Sino-African Economic and Trade Cooperation Reaches New Heights

Introduction China and Africa have long enjoyed a robust economic and trade relationship, which has seen significant expansion and diversification over recent years. According to Assistant Minister of Commerce Tang Wenhong, Sino-African economic and trade cooperation has reached unprecedented levels since the 2021 Forum on China-Africa Cooperation (FOCAC). This collaboration has delivered tangible benefits across […]

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Algeria Approved to Join BRICS New Development Bank

Algeria has officially been authorized to join the BRICS New Development Bank (NDB), marking a significant milestone in the North African nation’s economic and financial integration into the global system. The announcement was made on Saturday by NDB President Dilma Rousseff during the Ninth Annual Meeting of the NDB, held in Cape Town, South Africa. […]

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China’s Trade with Africa Reaches 1.19 Trillion Yuan Amid Strengthening Economic Ties

China’s trade with Africa continues to flourish, demonstrating resilience and growth despite global economic challenges. In the first seven months of 2024, trade between China and Africa rose by 5.5% year-on-year, reaching 1.19 trillion yuan (approximately 166.6 billion U.S. dollars), according to the General Administration of Customs (GAC). This steady growth underscores the deepening economic […]

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Nigeria and Belgium Strengthen Agricultural Ties to Boost Trade and Finance

In a significant move to enhance agricultural production, trade, and finance, Nigeria and Belgium are set to deepen their collaboration, with a particular focus on leveraging the agricultural potential of Ibadanland. This partnership comes at a crucial time as Nigeria seeks to diversify its economy, reduce dependence on oil, and boost food security, while Belgium […]

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Nigeria’s GDP Rises by 3.19% in Q2 2024: NBS Report

Nigeria’s economy saw a notable improvement in the second quarter of 2024, with the Gross Domestic Product (GDP) growing by 3.19%, according to the National Bureau of Statistics (NBS). This growth rate reflects an increase from the 2.51% recorded in Q2 2023 and a slight uptick from the 2.98% observed in the first quarter of […]

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Nigeria Unveils New Agricultural Project to Boost Food Security

The Federal Government of Nigeria has launched a new agricultural initiative, “ProjectEarnFromTheSoil,” aimed at revitalizing the agricultural sector across the South-South region. The project, unveiled in Bayelsa State on August 26, 2024, seeks to empower smallholder farmers, fisherfolk, agribusinesses, and coastal communities, with a strong emphasis on integrating women into the agricultural economy. Project Overview: […]

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Uganda Diversifies Oil Import Routes to Meet Growing Demand

Uganda is intensifying its efforts to secure adequate oil supplies by diversifying its import routes, a strategy aimed at addressing persistent challenges in meeting its growing demand for petroleum products. The Uganda National Oil Corporation (UNOC) has recently expanded its importation efforts to include the port of Dar es Salaam in Tanzania, supplementing the traditional […]

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Nigeria: NNPCL Urged to Redirect Crude Oil to Local Refineries Amid Supply Shortage

In response to the ongoing crude oil supply challenges affecting Nigeria’s local refining capacity, the Independent Petroleum Producers Group (IPPG) has called on the Nigerian National Petroleum Company Limited (NNPCL) to utilize its allocated crude oil volumes to support domestic refineries. This recommendation comes amid increasing concerns over the country’s ability to meet its refined […]

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