The fossil fuel industry has faced serious headwinds for several years, but the rise of renewables combined with the fall in consumption as a consequence of the global corona crisis is pushing it over the edge and into “terminal decline”. Although global coal consumption continues to grow slowly, its use has peaked in developed regions. According …read more →
Month: June 2020
$2.8 BILLION AKK PIPELINE PROJECT: BUHARI STRIKES AGAIN! BY FEMI ADESINA
Something good is already happening. Something marvelous is in store, as Federal Government kickstarts the $2.8 billion Ajaokuta-Kaduna-Kano (AKK) National Gas Pipeline Project next Tuesday. It’s another humongous signature milestone by President Muhammadu Buhari, which will leave his footprints inexorably on the sands of time. Roads, Bridges, Rail, Airports, Social Investment and many others. Buhari …read more →
China Iron Ore Demand Powers Baltic Sea Freight Index Record Weekly Gain
The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry commodities around the world, posted its biggest weekly gain ever, underpinned by a rebound in global commodities trading as iron ore demand from China picked up. The 35-year old index, which reflects rates for capesize, panamax and supramax ships, has now …read more →
Cross River, Israeli Firm to Establish $15m Cocoa City Project
The Cross River Government and Israeli Bean & Co. Global Ltd. have signed a full Venture/Public Private Partnership agreement of 15 million dollars for the establishment of a special cocoa city project in the state. The online virtual signing of the agreement was carried out on Wednesday in Calabar, while the Memorandum of Understanding had …read more →
Access Bank launches digital cash flow lending for SMEs
Access Bank Plc has unveiled a digital lending portal tagged ‘Cash flow Loans by Access’ to provide access to finance for Small and Medium Enterprises (SMEs) to grow and expand their businesses. Mr Victor Etuokwu, Access Bank Executive Director, Retail Banking, said that the digital lending portal is part of the bank’s effort to provide …read more →
Contractors to Resume Work At Bodo and Bonny Road Project Soon – NLNG
The Nigeria Liquefied Natural Gas, NLNG, has said that plans are on the way for contractors to resume work at the Bodo and Bonny road project. The Managing Director, Nigeria LNG Mr. Tony Attah, promised that works will resume at the sites under a revised COVID-19 protocol to ensure safety of personnel and continued sources …read more →
Egypt Wants UN to Avert Unilateral Fill of Dam by Ethiopia
The Grand Ethiopian Renaissance Dam is seen as it undergoes construction work on the river Nile in Guba Woreda, Benishangul Gumuz Region, Ethiopia. Egypt wants the United Nations Security Council to “undertake its responsibilities” and prevent Ethiopia from starting to fill its massive, newly built hydroelectric dam on the Blue Nile next month without an …read more →
Eight Nigerian Firms Make Google for Startups Accelerator Africa Class 5
Google for Startups Accelerator Africa, a business program supporting early-stage growth-driven brands via mentorship and financing has announced its fifth class. Among the Nigerian startups was Credpal, which develops consumer credit infrastructure to ease credit purchases and enable retail businesses provide on-demand credit for consumers in Africa. Others are Crop2Cash, Curacel, Festival Coins, Judy, Send, and The Smarthub. In a statement on Monday, the US …read more →
Housing Development Will Lift Economy – REDAN
The President of the Real Estate Development Association of Nigeria (REDAN), Mr. Aliyu Wamakko, has called on the Federal and state governments and all relevant stakeholders to actively engage in housing construction to stimulate the economy for overall national development. Wamakko, the 4th president of REDAN, who was sworn in February, said he was excited …read more →
Oil Prices Will Hit $50 Before the End of the Year
Despite fears of a second wave of COVID-19, oil markets rebounded last week, showing signs of improving fundamentals as global supplies continue to tighten. On Friday, Brent closed at $42.19, up by 8.20 percent w/w, while WTI closed at $39.75, up by 9.03 percent w/w. Furthermore, the 1-2 month Brent spread flipped into backwardation for the first …read more →