Africa's dominance in global cocoa production has not translated into significant chocolate manufacturing revenue, according to Queen Angelique-Monet Thompson, convener of the International Cocoa Diplomacy. During a joint presentation with the Lagos Chamber of Commerce and Industry, Thompson noted the continent supplies roughly 70 percent of worldwide cocoa but transforms less than 2 percent into finished chocolate products. The worldwide chocolate industry is worth $140.12 billion and expected to grow to $172.89 billion by 2030, yet African nations capture minimal value from this expanding market.
Thompson announced the upcoming Eko Chocolate Show 2025 at the Lagos International Trade Fair, designed to demonstrate how partnerships can...
Nigeria's state petroleum corporation will increase its ownership share in the Dangote Refinery to 20 percent from current levels, according to Chief Executive Bayo Ojulari. He disclosed the expansion plan during remarks at the Abu Dhabi International Petroleum Exhibition and Conference held this week in the United Arab Emirates. The facility processes 650,000 barrels daily and began commercial operations last year as the largest refining complex across Africa, though performance has faced pressure from inexpensive imported fuel products.
Ojulari said preparations for a stock market listing continue as required under legislation passed in 2021. The Petroleum Industry Act mandates the company to pursue public share sales rather than...
Nigerian authorities established a ministerial approval panel and endorsed a technology partnership with equipment financing regulators to expand business access to machinery credit while streamlining industry oversight. Finance Minister Wale Edun opened the first session of the board on Wednesday at his Abuja headquarters, where members examined a public-private collaboration proposal from the Equipment Leasing Registration Authority. The agency seeks to convert registration systems to digital platforms that increase market clarity and assist small enterprises in acquiring vehicles, technology and industrial equipment.
Edun said the panel will uphold rigorous standards for value assessment and accountability when reviewing partnership...
Nigeria's capital market segment focused on ethical finance products has grown beyond 1.6 trillion naira in value as regulatory changes encourage investment aligned with religious principles, according to the securities regulator.
Emomotimi Agama of the Securities and Exchange Commission said on Wednesday during the African International Conference on Islamic Finance held in Lagos that government bond sales conforming to Shariah law have generated more than 1.4 trillion naira since 2017. Federal authorities deployed proceeds from seven separate offerings to build or repair 124 highway projects spanning over 5,820 kilometers. Officials recently authorized a $500 million international bond issue following similar guidelines to fund...
A Nigerian sustainability firm says the upcoming United Nations climate summit in November represents a chance to convert pollution reductions into financial returns through emerging carbon trading systems.
Netzence Sustainability Limited plans to demonstrate how emission cuts can generate revenue for businesses and communities during the 30th climate conference. Chief Operations Officer Idia Ogedegbe stated the gathering presents an opportunity to showcase technology platforms that allow African enterprises to monitor and sell verified emission reductions. President Bola Ahmed Tinubu approved a national carbon market structure and established a climate finance fund that could deliver between $2.5 billion and $3 billion annually. The...
Officials from Kano State praised transportation improvements achieved in Lagos after completing a study mission to examine reforms that could guide their efforts to modernize mobility systems back home.
Transportation Commissioner Haruna Isa Dederi brought his delegation to Nigeria's commercial capital following instructions from Governor Abba Yusuf, who established a committee to restructure the Kano State Transport Authority. Dederi said Lagos demonstrates effective urban transit planning through institutional changes, upgraded facilities, technology integration and private sector collaboration. He cited bus rapid transit lanes, traffic broadcasting services, water transport networks, railway connections and comprehensive planning...
Improved natural gas deliveries from Heirs Energies have boosted electricity output at two generating stations controlled by Transcorp Group, according to the conglomerate's chief executive.
Owen Omogiafo told investors and financial analysts on Tuesday that Heirs Energies restored production from an idle gas well that feeds turbines at facilities in Afam and Ughelli. Transcorp Power Plc expects to reach 750 megawatts of generating capacity before December, while Transafam Power Limited targets 378 megawatts after relocating four turbines between sites. The power units contribute more than one-fifth of the national grid capacity installed across Nigeria. Omogiafo said Transcorp Power averaged 424 megawatts through September and...
Relatives of Alhaja Maryam Iyabode Adebimpe marked three years since her death with tributes honoring the former municipal property official who worked for Oyo West Local Government in Ojongbodu. Family members issued a statement describing her as a faithful Islamic believer who showed devotion as a spouse, parent and sibling to those around her.
Records indicate Adebimpe died on Saturday, Nov. 5, 2022, receiving burial that same day in Ibadan following traditional Muslim customs. Her children asked God to forgive any faults and welcome their mother into paradise. The statement thanked extended relatives, workplace associates, spiritual advisers and the Oyo State Local Government Service Commission for assistance provided since the...
The annual Almond Insurance Industry Awards ceremony will take place on Friday at Stable Event Centre in Surulere, Lagos, bringing together insurance professionals, government officials and entertainment personalities for what organizers call the Recharged Edition.
Faith Ughwode, chief executive of Almond Productions Limited, said comedian Creative Toby will join performers Mc Taichi and Mc Obinna while musical artist Slimcase headlines the entertainment lineup. Actor Segun Arinze will serve as master of ceremonies for the gathering designed to reshape public perception of insurance products through popular culture. The event targets younger demographics who represent potential customers for coverage providers across Nigeria. Winners...
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