Africa Business News

The Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, says that the country’s oil rigs have increased to 30 from 11 in 2011. He linked the increase to NUPRC and other government stakeholders’ efforts to attract confidence and certainty into the oil and gas industry. Komolafe says Nigeria recorded capital expenditure worth billions of dollars within the last two and a half years due to the implementation of the Petroleum Industry Act. He says that rig count is a measure of vibrant activities in the oil industry.

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The Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, says that the country’s oil rigs have increased to 30 from 11 in 2011. He linked the increase to NUPRC and other government stakeholders’ efforts to attract confidence and certainty into the oil and gas industry. Komolafe says Nigeria recorded capital expenditure worth billions of dollars within the last two and a half years due to the implementation of the Petroleum Industry Act. He says that rig count is a measure of vibrant activities in the oil industry.

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Nigerian Government says cement manufacturers are not doing enough to stem the rising cost of cement in the country, stating that it will not accept a situation where the price of essential building materials like cement continues to rise uncontrollably. The Minister of Housing and Urban Development, Arc. Ahmed Dangiwa expressed displeasure over the steady, recurring, and alarming increase in the prices of cement and other building materials and accused the manufacturers of hiding behind unstable FOREX to inflict hardship on Nigerians. He described the situation as unacceptable and inimical to the country’s growth, saying that the government cannot accept such illicit price hikes. Dangiwa noted that the incessant hike had overtaken the country in the past few months, causing a 100 per cent rise in price from N5,500 to N10,000.

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Nigerian Government says cement manufacturers are not doing enough to stem the rising cost of cement in the country, stating that it will not accept a situation where the price of essential building materials like cement continues to rise uncontrollably. The Minister of Housing and Urban Development, Arc. Ahmed Dangiwa expressed displeasure over the steady, recurring, and alarming increase in the prices of cement and other building materials and accused the manufacturers of hiding behind unstable FOREX to inflict hardship on Nigerians. He described the situation as unacceptable and inimical to the country’s growth, saying that the government cannot accept such illicit price hikes. Dangiwa noted that the incessant hike had overtaken the country in the past few months, causing a 100 per cent rise in price from N5,500 to N10,000.

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Nigerian Lawmakers made a resounding plea to the Federal Government, urging it to refrain from eliminating the electricity subsidy, particularly in light of the prevailing hardships experienced across the country. The Senate’s stance emerged following a thorough deliberation, and subsequent endorsement of a motion during its plenary session emphasising the imperativeness of maintaining the electricity subsidy in Nigeria for the foreseeable future. The Senate resolved to call for prudence and caution, urging careful consideration of the socioeconomic ramifications before any decision regarding the removal of the electricity subsidy is made.

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Nigerian Lawmakers made a resounding plea to the Federal Government, urging it to refrain from eliminating the electricity subsidy, particularly in light of the prevailing hardships experienced across the country. The Senate’s stance emerged following a thorough deliberation, and subsequent endorsement of a motion during its plenary session emphasising the imperativeness of maintaining the electricity subsidy in Nigeria for the foreseeable future. The Senate resolved to call for prudence and caution, urging careful consideration of the socioeconomic ramifications before any decision regarding the removal of the electricity subsidy is made.

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Ukrainians who came to the UK following the Russian invasion will be able to apply for 18-month extensions to their visas. New arrivals were granted three years to remain, meaning the first visas were due to expire in March 2025. It means those on the earliest visas can stay until at least September 2026. The government says it would provide people with certainty and stability. The extension will apply to all three visa schemes set up following the invasion: the Homes for Ukraine scheme, the Ukraine Family Scheme, and the Ukraine Extension Scheme. Those on the schemes will continue to have the same rights to access work, benefits, healthcare, and education.

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Israeli war cabinet member Benny Gantz has warned that unless Hamas frees all hostages held in Gaza by 10 March an offensive will be launched in Rafah. It is the first time Israel has said when its troops might enter Gaza's overcrowded southern city. Global opposition is growing to such an attack in Rafah, where some 1.5 million Palestinians are sheltering. The UN public health agency says a key Gaza hospital had ceased to function following an Israeli raid. The World Health Organization says it had not been allowed to enter Nasser Hospital in Khan Yunis, north of Rafah, to assess the situation.

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Israeli war cabinet member Benny Gantz has warned that unless Hamas frees all hostages held in Gaza by 10 March an offensive will be launched in Rafah. It is the first time Israel has said when its troops might enter Gaza's overcrowded southern city. Global opposition is growing to such an attack in Rafah, where some 1.5 million Palestinians are sheltering. The UN public health agency says a key Gaza hospital had ceased to function following an Israeli raid. The World Health Organization says it had not been allowed to enter Nasser Hospital in Khan Yunis, north of Rafah, to assess the situation.

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The chair of the African Union Commission has called on leaders to tackle conflicts in the continent and condemned a series of coups in some African countries. Moussa Faki Mahamat made the call on the first day of the two-day AU summit. Wars in Sudan and the Democratic Republic of Congo are at the top of the African bloc's agenda. Mr Faki says he was extremely worried about a litany of difficulties facing the region. He expressed concern over the fighting in the Democratic Republic of Congo, saying the conflict in the east of the country was leading to a worsening of its eternal crises. He says the rise in jihadist insurgencies was resulting in exorbitant military spending, at the expense of vital social sectors, while opening the way to misleading populist speeches.

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