Super User

Super User

As Nigeria grapples with a failing public power supply, skyrocketing electricity tariffs, and the looming threat of further tariff hikes, solar energy adoption has surged, driven by the urgent need for reliable and affordable energy solutions. Experts in the renewable energy sector have highlighted a significant increase in solar adoption over the past two years, attributing the trend to the deteriorating state of the national grid, rising fuel costs, and shifting public perception toward sustainable energy.

The recent announcement by Nigeria’s Minister of Power, Adebayo Adelabu, regarding plans to increase electricity tariffs for Band B, C, D, and E customers has further intensified the demand for alternative energy sources. This comes on the heels of the massive tariff hike for Band A customers, which saw electricity costs rise to between N220 and N250 per kilowatt-hour (kWh). Against this backdrop, solar energy has emerged as a cost-effective and reliable alternative for households and businesses alike.

Felix Adekunjo, Chief Executive Officer of Excellent-Glory Solar System, explained that frequent blackouts and grid failures have made solar energy indispensable for many Nigerians. “The instability of the national grid, coupled with the removal of fuel subsidies and soaring diesel prices, has made generators increasingly expensive to operate. Solar energy, on the other hand, offers a cheaper and more sustainable solution,” he said.

Adekunjo noted that the global decline in the cost of solar panels, batteries, inverters, and other components has made solar systems more accessible to average households and small businesses. “Compared to two years ago, the prices of solar components have dropped significantly due to technological advancements and economies of scale. This, combined with growing institutional support, such as Access Bank’s Switch to Solar project and international partnerships, has encouraged more Nigerians to embrace solar energy,” he added.

Despite these advancements, Adekunjo acknowledged that upfront installation costs remain a barrier for many Nigerians. “While solar energy offers long-term savings, the initial investment can be prohibitive. Additionally, the lack of skilled technicians, poor installations, and inadequate maintenance by untrained personnel continue to hinder widespread adoption,” he said. He also emphasized the need for flexible payment plans to make solar systems more affordable for low-income households.

Adewale Odugbesan, Chief Executive Officer of Royal Power and Energy Limited, echoed these sentiments, noting that solar energy has become increasingly competitive with grid power and diesel generators. “When we started eight years ago, solar energy cost about $3 per kilowatt. Today, it’s down to approximately $0.1 per kilowatt. Compared to the current Band A tariff of N220 to N250/kWh and the cost of diesel generators at N400 to N450/kWh, solar is now the most cost-efficient option for powering businesses,” he said.

Odugbesan also highlighted the role of word-of-mouth referrals in driving solar adoption. “Nigerians who have adopted solar energy in the past two years have become advocates for its reliability, especially during grid failures or fuel scarcity. This has encouraged more individuals and organizations to make the switch,” he explained.

As the Nigerian government continues to grapple with the challenges of the power sector, the surge in solar adoption underscores the growing demand for reliable and sustainable energy solutions. With the threat of further tariff increases looming, solar energy is poised to play an even greater role in Nigeria’s energy future.

“The growth of solar is driven by the rising need for reliable energy, affordability, and a shift in public perception. While challenges persist, the trajectory shows that solar energy is fast becoming the future of energy in Nigeria, with even greater potential for expansion in the coming years,” Adekunjo said.

The ongoing trade war between the United States and China has intensified, with both nations issuing strong warnings and affirming their preparedness for any form of confrontation.

China’s warning came in response to US President Donald Trump’s decision to impose new tariffs on all Chinese imports, doubling some levies from 10% to 20%. Beijing retaliated swiftly, imposing tariffs of 10%-15% on US agricultural products and placing 25 American companies under export and investment restrictions. In a statement echoed by the Chinese embassy in Washington, Foreign Ministry spokesperson Lin Jian declared, “If war is what the US wants, be it a tariff war, a trade war, or any other type of war, we’re ready to fight till the end.”

The strong rhetoric from Beijing comes as China’s leaders convene for the annual National People’s Congress. Premier Li Qiang reaffirmed China’s economic resilience, announcing a 7.2% increase in defense spending and warning that “changes unseen in a century are unfolding across the world at a faster pace.” While emphasizing China’s intent to remain open to foreign investment, Li’s speech also sought to reassure the domestic audience that the country could weather economic pressures from Washington’s aggressive trade policies.

The US has responded in kind, with Defense Secretary Pete Hegseth making it clear that Washington is equally prepared for escalation. Speaking on Fox News, Hegseth stated, “We are prepared. Those who long for peace must prepare for war.” He emphasized the importance of military readiness and deterrence, accusing China of attempting to challenge US global dominance. “They’re rapidly increasing their defense spending and modernizing technology—they want to supplant the United States,” he warned.

Despite the growing tensions, Hegseth insisted that President Trump maintains a good relationship with Chinese President Xi Jinping and that the US remains open to cooperation where possible. However, Beijing’s latest move to file a lawsuit with the World Trade Organization (WTO) against US tariffs signals that diplomatic resolution remains uncertain.

The US-China trade war, which began in 2018 during Trump’s first term, has had widespread economic consequences, disrupting global markets and supply chains. While both sides continue to escalate rhetoric and economic countermeasures, the question remains whether this trade dispute will remain economic or spill over into broader geopolitical conflict.

Two people have been confirmed dead, and six others sustained injuries after a two-storey building collapsed on Wednesday in the Lekki area of Lagos. This latest incident adds to the litany of building collapses that have plagued Lagos State in recent years, raising serious concerns about the structural integrity of buildings and the enforcement of construction regulations in Nigeria’s commercial hub.

Emergency responders from the Lagos State Emergency Management Agency (LASEMA) and the National Emergency Management Agency (NEMA) were able to rescue six individuals, who were rushed to Marina General Hospital for treatment. Earlier reports from the police indicated that about 14 people had been rescued from the site before the recovery of the two bodies.

Olufemi Damilola Oke-Osanyintolu, LASEMA Permanent Secretary, confirmed the incident and stated that investigations are ongoing to determine the cause of the collapse. “So far, two adult males have been extricated from the rubble of the collapsed building. Six seriously injured adult males were rescued and were administered immediate medical care by the LRU Pre-Hospital Care Unit before being transported to Marina General Hospital for further treatment,” he said.

He added that the LASEMA Response Team, in collaboration with other stakeholders, has commenced search and rescue operations. “The teams have rescued six victims and extricated two dead bodies. Search and rescue operations are still ongoing as of the time of filing this report,” Oke-Osanyintolu stated.

This incident is the latest in a series of building collapses that have occurred in Lagos, highlighting the urgent need for stricter enforcement of building codes and regulations. In recent years, Lagos has witnessed multiple tragic building collapses, often attributed to poor construction practices, the use of substandard materials, and a lack of proper oversight by regulatory authorities.

The frequency of these incidents has sparked public outrage and calls for accountability. Many have criticized the Lagos State government for failing to address the root causes of these collapses, including corruption, inadequate inspections, and the proliferation of illegal structures. In response to previous incidents, the government has pledged to demolish unsafe buildings and prosecute those responsible for violating construction standards. However, the continued occurrence of such tragedies suggests that more needs to be done to ensure compliance and protect lives.

Building collapses in Lagos have not only resulted in loss of life and injuries but have also displaced families and disrupted communities. The Lekki collapse, in particular, has drawn attention to the rapid and often unregulated development in the area, which has become a hotspot for real estate investments due to its proximity to the Lekki Free Trade Zone and the upcoming Lekki Deep Sea Port.

As search and rescue operations continue at the site, questions remain about whether this latest incident will prompt meaningful action from authorities to prevent future tragedies. For now, the families of the victims and survivors are left to grapple with the devastating consequences of yet another avoidable disaster.

The Lagos State government has yet to issue a detailed statement on the cause of the collapse or outline specific measures to address the systemic issues contributing to the crisis. However, stakeholders and residents alike are urging the government to prioritize public safety by enforcing stricter building regulations, conducting regular inspections, and holding accountable those who flout the law.

Until these measures are implemented, the threat of more building collapses looms large over Lagos, leaving its residents vulnerable to further loss of life and property.

Trump issues 'last warning' to Hamas terrorists, demands release of hostages: 'HELL TO PAY'

President Donald Trump issued a stern warning to Hamas in a Truth Social post Wednesday, calling for the terrorist group to release all hostages immediately.

The post came after Trump met with several former Hamas hostages who traveled to Washington, D.C., this week. The group included Eli Sharabi, Doron Steinbrecher, Keith Siegel, Aviva Siegel, Naama Levy, Omer Shem Tov, Iair Horn and Noa Argamani, according to the Hostages and Missing Families Forum.

"‘Shalom Hamas’ means Hello and Goodbye - You can choose," the president's post began. "Release all of the Hostages now, not later, and immediately return all of the dead bodies of the people you murdered, or it is OVER for you.

"Only sick and twisted people keep bodies, and you are sick and twisted!"

Trump added that he is "sending Israel everything it needs to finish the job," and that "not a single Hamas member will be safe if you don’t do as I say.

"I have just met with your former Hostages whose lives you have destroyed," Trump added. "This is your last warning! For the leadership, now is the time to leave Gaza, while you still have a chance."

"Also, to the People of Gaza: A beautiful Future awaits, but not if you hold Hostages. If you do, you are DEAD! Make a SMART decision. RELEASE THE HOSTAGES NOW, OR THERE WILL BE HELL TO PAY LATER!"

Sen. John Fetterman, D-Pa., an unflinching supporter of Israel, offered his approval of Trump's post.

"Free all the hostages or start killing Hamas members again. I fully agree with @POTUS," Fetterman posted on X. 

Trump's post came hours after the White House was challenged by Fox News senior White House correspondent Peter Doocy on its decision to negotiate with the Palestinian terrorist group.

"If the U.S. has a long-standing policy that we do not negotiate with terrorists, then why is the U.S. now negotiating directly and for the first time ever with Hamas?" Doocy asked.

"Well, when it comes to the negotiations that you're referring to, first of all, the special envoy who's engaged in these negotiations does have the authority to talk to anyone," White House press secretary Karoline Leavittresponded.

Leavitt added that Israel was "consulted on this matter," and that Trump believes in putting forth "good-faith effort[s] to do what's right for the American people."

"These are ongoing talks and discussions. I'm not going to detail them here," she continued. "There are American lives at stake."

 

Fox News

WESTERN PERSPECTIVE

US cuts intelligence sharing for Ukraine, adding pressure for Russia peace deal

The U.S. has paused intelligence-sharing with Ukraine, CIA Director John Ratcliffe said on Wednesday, piling pressure on Ukrainian President Volodymyr Zelenskiy to cooperate with U.S. President Donald Trump in convening peace talks with Russia.

The suspension, which could cost lives by hurting Ukraine's ability to defend itself against Russian missile strikes, followed a halt this week to U.S. military aid to Kyiv. It underscores Trump's willingness to play hardball with an ally as he pivots to a more conciliatory approach to Moscow from previously strong U.S. support for Ukraine.

The pressure appears to have worked, with Trump on Tuesday saying he received a letter from Zelenskiy in which the Ukrainian leader said he was willing to come to the negotiating table.

"I think on the military front and the intelligence front, the pause I think will go away," Ratcliffe told Fox Business Network.

"I think we'll work shoulder to shoulder with Ukraine as we have to push back on the aggression that's there, but to put the world in a better place for these peace negotiations to move forward," he said.

A source familiar with the situation, speaking on condition of anonymity, said the Trump administration had halted "everything," including targeting data that Ukraine has used to strike Russian targets.

A second source said intelligence-sharing had only "partially" been cut but was unable to provide more detail.

Washington on Monday halted military aid to Kyiv following a disastrous Oval Office meetingon Friday when Trump and Zelenskiy engaged in a shouting match before the world's media.

The clash delayed the signing of a deal that would give the U.S. rights to revenue from Ukraine's critical mineral deposits, which Trump has demanded to repay U.S. military aid.

Zelenskiy said on Wednesday there had been "positive movement" on the issue and officials from the two countries could meet again soon.

The White House said it is reconsidering its pause in funding for Ukraine and talks between the two countries over a minerals deal were ongoing.

A senior administration official said on Wednesday that the signing was expected to happen soon and to be the first step in a longer negotiation between Ukraine, Washington and Russia on ending the war.

The Ukrainian embassy in Washington and Ukraine's foreign ministry did not immediately respond to a request for comment.

In an address to Congress on Tuesday evening, Trump said Kyiv was ready to sign a minerals deal.

Trump also said he had been in "serious discussions with Russia" and received strong signals that it was ready for peace.

"It's time to end this senseless war. If you want to end wars, you have to talk to both sides," he said.

EUROPE SCRAMBLING

Several Democrats criticized the intelligence-sharing suspension. Senator Mark Warner, the vice chairman of the Senate intelligence committee, said the "ill-advised decision" showed that Trump had given American power to Russia.

"Let me be clear: Cutting off intelligence support to our Ukrainian partners will cost (Ukrainian) lives," the Virginia Democrat said in a statement.

A Russian missile struck a hotel in the central Ukrainian city of Kryvyi Rih late on Wednesday, killing two people and injuring seven, emergency officials said.

European countries are scrambling to boost defense spending and maintain support for Ukraine. Diplomats said France and Britain are aiming to finalize a peace plan to present to the U.S., while the Dutch government said it will reserve 3.5 billion euros ($3.8 billion) for Ukraine aid in 2026.

The U.S. has provided critical intelligence to Ukraine for its fight against Moscow's forces, including information that helped thwart Russian President Vladimir Putin's drive to seize Kyiv at the start of his full-scale invasion in February 2022.

But in less than two months in office, Trump has upended U.S. policy, stunning and alienating European allies and raising concerns about the future of the NATO alliance.

He has also ended Putin's isolation through phone calls with the Russian leader and talks between Russian and U.S. aides in Saudi Arabia and Turkey, from which Ukraine and its European allies were excluded.

Some experts said the U.S. intelligence-sharing suspension would hurt Ukraine's ability to strike Russian forces, which occupy about 20% of the country's territory, and defend itself.

"Unfortunately, our dependence in this regard is quite serious," said Mykola Bielieskov, a research fellow at Ukraine's National Institute for Strategic Studies.

 

RUSSIAN PERSPECTIVE

Berlin has run out of weapons for Kiev – German Defense Ministry

Germany has reached the limit of its capacity to supply weapons to Ukraine from its own Bundeswehr arsenals, according to Michael Stempfle, the official spokesperson for the German Ministry of Defense.

During a press briefing on Wednesday, Stempfle was asked about the further transfer of Patriot systems and other weapons from German arsenals to Ukraine. He stated that while Berlin has already delivered many systems to Ukraine, there is a “natural limit to this.” He emphasized that Berlin also needed to strengthen the nation’s own defense capabilities and make sure its European allies are “well positioned.”

He said that the process of ensuring Germany’s own defenses was “running parallel to the Ukraine support.”

Germany has been one of Kiev’s most significant supporters since the escalation of the Ukraine conflict in 2022 and has provided substantial military and financial aid to the country, to the tune of some €44 billion ($47 billion) according to the German government. The assistance has included Leopard tanks, Panzerfaust 3 anti-tank rockets, Stinger anti-aircraft missiles, and Gepard anti-aircraft self-propelled armored vehicles.

While it is unclear what Stempfle’s disclosure will mean for future German military aid deliveries, it comes at a time when Kiev may face additional difficulties on the battlefield after Trump reportedly cut off Washington’s support.

Several US outlets have claimed that Trump ordered all weapons deliveries to Kiev put on hold following his public spat with Ukrainian leader Vladimir Zelensky last week. The suspension reportedly includes critical weaponry such as battle tanks, long-range missiles, and air defense systems. Washington has also brought all intelligence sharing with Kiev to a halt, according to CIA Director John Ratcliffe.

Zelensky has expressed concerns over the suspension of foreign military aid, stating that Ukraine’s ability to sustain its defense without external support is limited.

Russia has consistently criticized Western military aid to Ukraine, arguing that it prolongs the conflict without altering its outcome. Moscow’s officials have repeatedly stressed that such support only escalates tensions and hampers prospects for a peaceful resolution.

 

Reuters/RT

On Wednesday, Senate President Godswill Akpabio finally defended himself since Kogi Central Senator Natasha Akpoti-Uduaghan accused him of sexual harassment. This is not the first time he has been accused of such, but this instance feels different. He denied the accusation by alluding to his record of awards as a “gender-friendly” governor and pointing out his cherished personal relationships with women that put him beyond such impropriety. Good for him, but there is also enough record of his public conduct to consider a pattern of his behaviour when dealing with women.

For instance, in 2020, when former Managing Director of the Niger Delta Development Commission Joy Nunieh accused him of corruption, he went on television to talk about how many times the woman had been married. By pulling out the woman’s personal life, he wanted to set her up for ridicule in our society that associates a woman’s virtues with her marital status. Like every bus conductor who finds himself outwitted by a woman and quickly resorts to calling her “ashewo!” Akpabio, too, deflected the shame emanating from the corruption accusation.

Akpabio might have waited until his accuser submitted an official petition, but he has not been defenseless all this time. His female proxies have been doing so, some of them even stripping themselves of either their dignity or common sense just to defend him. On Saturday, some Akwa Ibom women protested the allegations against Akpabio. Typical Nigerians that they were, they did not say anything about seeking the truth; they just wanted the accusations to go away. What is there to say about those poor old women carrying placards they probably cannot read? Looking at their hungry faces, one shrugs in pity. Our politics is as tacky as other aspects of our Nigerian lives.

If those women can be dismissed as a hired crowd, how about Akpoti-Uduaghan’s female colleague in the Senate, from whom one would expect reasonable intervention? When Ireti Kingibe, one of the three remaining women in the Senate, spoke on the issue, she came across as conservative and more invested in upholding the norms of the institution than considering how it could be oppressive. First, she claimed that they (the other three female senators) have not been sexually harassed, and I wondered why she had to assume a corporate voice. Unless, of course, she is omnipresent, how could she have known that for sure? Is she privy to the battle each woman fought privately to get to the Senate? Why not just speak about your own experience?

In the same interview, Kingibe mentioned that Akpoti-Uduaghan had once told her she was supposed to discuss some official business with Akpabio, “but he said to meet him at a hotel”. So, the woman told you that in a prior conversation, and you could still boldly claim that you were unaware that she was being sexually harassed? So, what else defines sexual harassment in Kingibe’s book? How come she did not correlate Akpoti-Uduaghan’s present predicament with that hotel incident to at least understand her frustration with the Senate rules you are still asking her to obey unquestioningly? I do not blame Akpoti-Uduaghan for snubbing Kingibe afterward. I would do the same.

Then came another woman, Senator Abiodun Olujimi, who, though well-spoken, appeared just as tone-deaf. She thought the issue was Akpabio’s sense of humour, which makes him “vulnerable”. Olujimi is a polished woman who knows what vulnerability means. Her use of the word to describe someone like Akpabio makes me suspicious of her politics. In her interview, she went further to talk about the struggles of men in the Senate and how she has had to support them when they faced challenges from the domestic front. My heart goes out to the men who experience challenges because of their public service, but is the issue at hand about what the menfolk endure? That rhetorical manoeuvre is called whataboutism. For context, please recall that Olujimi was also the one who sponsored the serially rejected bill seeking gender equality. For someone who had such a grand vision while in the Senate, her present politics is rather contradictory.

The worst of all the female politicians wading into the issue is Senator Florence Ita-Giwa. She said that once a woman becomes a senator, she has “passed that stage of your life of being sexually harassed” because you somehow become gender neutral. That is a rather curious point to make. So, do the men and women also share the same restroom since their physical differences get magically erased once they are sworn in as senators? Ita-Giwa not only argued that sexual harassment cannot happen in the Senate but that even talking about it shows weakness on the part of the woman. My impression listening to her is that she has not only spent the bulk of her life bending over backward to take in a lot of ethical compromises, but she justified what she endured as female strength. Watching a younger woman who refuses to lie down and take it comes across to her as a weakness.

Then enters Mrs Akpabio herself. You know, no woman in Nigeria can be counted upon to overreach herself any more than the wife of a powerful man whose husband has been accused of sexual impropriety. You will see the woman take off her clothes in public to defend her husband, not necessarily because she believes in his virtues, but because she cannot stand to see her privileges jeopardised. Mrs Akpabio went to the extent of suing his accuser for defamation. She knows it is not a case she can win, but a typical Naija woman wants to impress her husband. Unfortunately, all she is doing here is making him look emasculated. She even described her husband as “disciplined and respectful”. The same man who made the disparaging “nightclub” comment for which even you had to reportedly urge him to apologise? That should be the very definition of irony. Speaking of “disciplined and respectful”, has Madam seen her husband’s charge sheet with the EFCC?

Akpabio is not the only one who has made disrespectful comments about Akpoti-Uduaghan; even his aide did! The only reason that one could do so publicly and confidently is because of his boss’ loose ethical standards. Akpoti-Uduaghan is human and would naturally feel the snide comments. It should not be too much to expect men in an institution like the Senate to be respectful of their female counterparts and treat them with professional courtesy. This was the same Senate where a former beauty queen appeared for appointment confirmation and some horny old goat openly leered at her. If they can do that during their official business, you want to put it past them that those ones will sexually harass?

If there is a reason Akpoti-Uduaghan’s issues resonate with many women, it is because what we are dealing with is a general problem. The truth is, Nigerian men in professional places have a woman problem. They can be insecure, and the only way they know to manage their inadequacies is by rudely putting down their female counterparts or by putting them in their supposed place. It is a cultural problem, and one must be used to being disrespected not to see it. Some women will confront such denigration by just shutting up and taking it so as not to be taken as weak. Some others will brook no such nonsense. Akpoti-Uduaghan is the latter.

Unless this is duly investigated, we do not factually know whether Akpabio is guilty or not. Still, he needs to check himself and his professional conduct. From how he talks and what the men around him say freely, there is enough to suggest his attitude towards female colleagues is pejorative.

 

Punch

Ashton Jackson

If Mark Cuban were a kid again, he’d do two simple things to set himself up for success as an adult, he says.

“When I talk to kids today and they ask me what I would do if I were 12 today, my answer is always the same, read books and learn how to use [artificial intelligence] in every way, shape and form you can,” the 66-year-old billionaire entrepreneur wrote on social media platform BlueSky last week. “It is a living library that gives you responses and can help no matter who you are or where you live.”

″[It] just takes a smartphone, curiosity to experiment and a mindset to learn,” Cuban wrote in a follow-up post.

The first part of Cuban’s advice isn’t new: He’s preached the value of voracious reading for years. “I read everything I can. I don’t care what the source is,” he told CNBC Make It in 2018, adding that he dedicates “four to five hours a day” to it. That habit is a commonality among many highly successful entrepreneurs, including fellow billionaires Bill Gates and Richard Branson.

As for the AI element, 70% of the skills used in most jobs could change due to the technology by 2030, according to LinkedIn’s 2025 Work Change report. But few young Americans use AI regularly right now — 11% of Americans ages 14 to 22 say they use generative AI once or twice per week, found a 2024 report from the Harvard Graduate School of Education, Common Sense Media and Hopelab.

Cuban has previously likened the technology to the early days of personal computers, particularly for future entrepreneurs. “You don’t necessarily have to be great at AI to start a company, but at some point, you’re going to have to understand it,” he told “The Colin Cowherd Podcast” in 2022. “It’s just like the early days of PCs. You didn’t have to be good at PCs, but it helped. Then networks, then the internet, then mobile.”

Notably, Cuban has a financial interest in popularizing the technology: He’s an investor in multiple AI companies, including search engines DIRT and Samaya AI. But he’s not blind to at least some of its flaws, telling Wired last year that a puppy would be a better problem-solver than current AI systems.

“A dog can sense issues,” said Cuban. “Nothing about a self-driving car understands what’s adversarial or not. If it hasn’t seen it, it has no idea. Whereas a dog is going to understand. I think smart puppies are smarter than AI is today or in the near future.”

Longer term, the future of AI in business is unclear. It could range from the creation of more AI-infused services to a simpler rise in the number of employees who use chatbots to write first drafts of their emails or presentations.

Kids can benefit from getting ahead of those developments, Cuban told CNBC Make It last year. If he were a teenager in need of extra cash, he’d start a side hustle around learning how to write AI prompts, he said.

“Then, I would go to businesses, particularly small- to medium-sized businesses that don’t understand AI yet,” said Cuban. “Doesn’t matter if I’m 16, I’d be teaching them as well.”

 

CNBC

The Africa Export and Import Bank (Afreximbank) has released a revealing report on the continent's debt situation, highlighting both challenges and potential opportunities for economic growth.

Key Debt Statistics

As of the first half of 2024, ten African nations accounted for 69 percent of the continent's total external debt, up from 67 percent in 2023. The top debt-holding countries are:

1. South Africa (14%)

2. Egypt (13%)

3. Nigeria (8%)

4. Morocco (6%)

5. Mozambique (6%)

Debt Trends and Projections

The continent's external debt has grown significantly, reaching approximately $1.16 trillion in 2023 and projected to increase to $1.17 trillion in 2024. By 2028, the debt could climb to $1.29 trillion, driven by population growth and increasing financing needs.

Debt Composition

- Long-term debt: 75% of total debt

- Short-term debt: 15.9%

- IMF debt: 8.9%

Recommendations for Debt Management

Afreximbank offers strategic advice for African countries to manage their external debt:

- Economic Diversification: Resource-dependent countries should expand their economic bases.

  - Nigeria is advised to invest in agriculture and manufacturing

  - Angola should develop its renewable energy sector

- Sustainable Borrowing: Countries should:

  - Avoid excessive reliance on commercial debt

  - Strengthen debt management institutions

  - Improve transparency and accountability

  - Establish social safety nets to protect vulnerable populations

Outlook

Despite challenges, the report suggests a ray of optimism. The region shows signs of debt stabilization, driven by:

- Improving macroeconomic conditions

- Reduced interest rates

- Better access to capital markets

The bank urges African countries to:

- Systematically reduce fiscal deficits

- Prioritize efficient public spending

- Enhance tax revenue collection

- Improve debt management transparency.

Key Highlights

- Total Decline: $1.31 billion (3.3%) in February 2025

- Starting Reserve: $39.72 billion (January 31, 2025)

- Ending Reserve: $38.42 billion (February 28, 2025)

- Decline Larger Than January: Previous month saw a $1.16 billion reduction

Reserve Trajectory: A Month of Continuous Descent

Early February Trend

- February 3: $39.60 billion

- February 4: $39.54 billion

- February 7: $39.04 billion

- February 10: $39.27 billion

Mid-Month Performance

- February 12: $39.15 billion

- February 17: $38.88 billion

- February 19: $38.72 billion

- February 21: $38.69 billion

Month-End Position

- February 28: $38.41 billion

Market Context

The persistent decline occurs against a backdrop of a strengthening naira, raising questions about the Central Bank of Nigeria's (CBN) foreign exchange market strategy. The steady reduction in reserves suggests ongoing external economic pressures and potential interventions to manage currency stability.

Potential Implications

1. Currency Management: The reserves decline might indicate:

   - Active dollar sales to support naira valuation

   - Efforts to manage exchange rate volatility

   - Responding to external economic challenges

2. Economic Indicators:

   - Potential pressure on foreign exchange liquidity

   - Continued challenges in foreign reserve accumulation

   - Need for strategic economic policy adjustments.

Oil prices fell for a third session on Wednesday as plans by major producers to raise output in April combined with concerns U.S. tariffs on Canada, Mexico and China will slow economic and fuel demand growth hammered investor sentiment.

Brent futures eased 15 cents lower to $70.89 a barrel at 0200 GMT. In the previous session, the contract fell to as low as $69.75, its lowest since September 11, and settled at their lowest since that day as well.

U.S. West Texas Intermediate (WTI) crude fell 40 cents a barrel, or 0.6%, at $67.86 after settling at its lowest since December. Prices fell to as low as $66.77 in the previous session, the lowest since November 18.

The "OPEC+ decision to start increasing production again is a materially bearish development, loosening markets at a time that U.S. macro data are starting to soften," analysts at Citi said in a note.

The Organization of the Petroleum Exporting Countries and its allies including Russia, a group known as OPEC+, decided on Monday to increaseoutput for the first time since 2022.

The group will make a small increase of 138,000 barrels per day from April, the first step in planned monthly increases to unwind its nearly 6 million bpd of cuts, equal to nearly 6% of global demand.

A 25% tariff on all imports from Mexico, a 10% tariff on Canadian energy and a doubling of duties on Chinese goods to 20% came into effect on Tuesday. The Trump administration also imposed 25% tariffs on all other Canadian imports.

U.S. President Donald Trump's self-declared trade war is seen by economists as a recipe for fewer jobs, slower growth, and higher prices, which could kill demand. The lower economic growth will likely impact fuel consumption in the world's biggest oil consumer.

U.S. retail gasoline prices are set to climb in the coming weeks as the new tariffs raise the cost of energy imports, according to traders and analysts.

The Trump administration also said on Tuesday it was ending a license that the U.S. has granted to U.S. oil producer Chevron (CVX.N) since 2022 to operate in Venezuela and export its oil.

U.S. crude oil stocks fell by 1.46 million barrels in the week ended February 28, market sources said, citing American Petroleum Institute figures on Tuesday. Investors now await government data on U.S. stockpiles, due on Wednesday.

 

Reuters

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In a series of escalating attacks, Boko Haram terrorists have struck again in northern Nigeria,…
March 06, 2025

Here’s the latest as Israel-Hamas war enters Day 517

Trump issues 'last warning' to Hamas terrorists, demands release of hostages: 'HELL TO PAY' President…
February 24, 2025

How AI is affecting the way kids learn to read and write

Kayla Jimenez For Lisa Parry, a 12th grade teacher in South Dakota, the students' essays…
January 08, 2025

NFF appoints new Super Eagles head coach

The Nigeria Football Federation (NFF) has appointed Éric Sékou Chelle as the new Head Coach…

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