NNPC’s July profit stands at ₦185 billion Naira
The Nigerian national petroleum company limited, (NNPCL), has announced a post-tax profit of ₦185 billion Naira, ($120.49 million), for July 2025. This figure is according to data released in its latest monthly report summary. The report highlights improvements in crude oil and condensate production, gas output, and progress on key infrastructure projects. According to the report, crude oil and condensate production reached 1.70 million barrels per day (mbpd) in July. Marking an increase from the previous month and puts the company closer to its 2025 peak production of 1.77 mbpd. Gas production also saw a rise, reaching 7,722 million standard cubic feet per day (mmscf/d). Nigeria’s state oil company also reported significant financial performance, with a total revenue of ₦4.4 trillion ($2.87 billion) for the month. This is in addition to the ₦7.5 trillion ($5.19 billion) in statutory payments made from January to June. On the project front, the report noted significant progress on two major gas pipelines. The Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline project has deployed additional subcontractors to accelerate its completion. For the Obiafu-Obrikom-Oben (OB3) Gas Pipeline, the company has started implementing a revised strategy to expedite the completion of the River Niger Crossing. A 113km section of the OB3 pipeline is already operational, currently transporting approximately 300 mmscf/d of gas from producers like AHL, Platform, Chorus, and Xenergi. The report also highlighted NNPC’s retail arm, which maintained a 70% availability of Premium Motor Spirit (PMS) at its filling stations.
South Sudan president fires finance minister for the seventh time
South Sudan’s President Salva Kiir has once again dismissed the country’s Finance Minister, marking the seventh time the position has changed hands since 2020. The decision, announced on state-owned radio, on Thursday, highlights the persistent instability and economic turmoil plaguing the world’s youngest nation. Marial Dongrin Ater, who was appointed to the post in July 2024, was removed without an official reason. His tenure lasted just over a year. The decree named Athian Ding Athian as the new Minister of Finance and Economic Planning, a position he previously held between 2020 and 2021. The President also fired the minister in charge of investment. The frequent turnover in the finance ministry is seen by many as a symptom of South Sudan’s deep-rooted economic crisis, which is characterized by a weak currency, high inflation, and dwindling oil revenues. South Sudan’s economy is heavily dependent on crude oil exports, and its performance has been severely impacted by years of civil war and, more recently, by export disruptions caused by the conflict in neighboring Sudan. The International Monetary Fund (IMF) has projected a 4.3% contraction of the economy for 2025 and a high inflation rate of 65.7% for the same period. While President Kiir has previously stated that he is searching for a finance minister who can “reboot the struggling economy,” many argue that the constant reshuffling disrupts policy continuity and undermines efforts to implement long-term reforms. The recent dismissal comes amidst a challenging political climate. First Vice President Riek Machar was placed under house arrest in March, sparking fears of renewed conflict. The government claimed the move was to prevent Machar from “agitating” his supporters and disrupting the peace process, a claim Machar’s party denies. Reuters reported. The appointment of Athian Ding Athian marks a return to the ministry for the former official. His previous term as finance minister from September 2020 to November 2021 ended with his dismissal for what was reported as alleged insubordination. His return to the post signals the government’s continued struggle to find a stable and effective hand to steer the country’s economy.
Investment not aids: TICAD 2025
At the ongoing Ninth Tokyo International Conference on African Development (TICAD 9) in Yokohama, Japanese Prime Minister Shigeru Ishiba announced a pledge of up to $5.5 billion in support for Africa. The commitment, which will be disbursed through a collaborative economic framework with the African Development Bank (AfDB), is designed to accelerate private sector-led growth across the continent. Focus is on co-creating solutions and fostering a partnership built on mutual benefit, rather than a traditional aid model. This aligns with the conference’s overarching theme: “Co-create Innovative Solutions with Africa.” The announcement was made at the conference’s plenary session on “Peace and Stability” on Wednesday, where leaders from over 50 African nations gathered. In his address, Nigerian President Bola Ahmed Tinubu praised Japan’s commitment to private sector-led development, while also calling for “two permanent seats for Africa at the United Nations (UN) security council ”, emphasizing that the continent has earned its rights at the table. Meanwhile, the pledge is primarily aimed at stimulating private investment, rather than government-to-government aid. Prime Minister Ishiba’s pledge is a clear signal of Japan’s renewed commitment to its long-standing partnership with the continent, which dates back to the first TICAD conference in 1993. As the three day conference continues, it is expected to lead to specific agreements and collaborations between Japanese and African companies and governments, particularly in sectors such as infrastructure, technology, and green energy.####
Bank of Botswana holds rate at 1.90% amidst economic struggles and inflation risks
The Bank of Botswana (BoB) has announced that it will keep its Monetary Policy Rate (MoPR) “unchanged” at 1.90%, marking the sixth consecutive meeting without an adjustment. According to statements from the apex bank on Thursday, the comes as the central bank navigates a difficult balancing act: a struggling domestic economy paired with persistent upside risks to the “inflation outlook”. The central bank’s Monetary Policy Committee (MPC) noted that despite a period of relatively low inflation, which has remained below the bank’s medium-term objective range of 3–6%, the risks for future price increases remain elevated. Influence in decisions The diamond rich South African nation’s domestic economy has been facing a downturn, with several key sectors experiencing contractions; largely attributed to a weak global diamond market, which has had a significant negative impact on one of Botswana’s primary revenue sources. The International Monetary Fund (IMF) and other organizations have revised their 2025 growth forecasts for the country, with some predicting a contraction of around 0.4%. * Inflationary Pressures: While headline inflation has been low, the central bank sees potential for it to rise. The MPC is wary of global factors, such as volatile commodity prices and lingering supply chain issues, which could push up domestic costs. The Bank has also noted that its own forecasts show inflation moving back within its target range in the medium term. * Monetary Policy Stance: The Bank of Botswana has maintained an accommodative monetary policy since August 2024, aiming to support the struggling economy. In addition to the low MoPR, the central bank has implemented other measures, such as a zero percent Primary Reserve Requirement and an increase in the repo tenure with commercial banks to improve short-term liquidity. The decision to hold the rate steady signals the BoB’s commitment to maintaining price stability while simultaneously attempting to provide support for a domestic economy that continues to grapple with external and internal challenges. The central bank’s next Monetary Policy Committee meeting is scheduled for October 2025.
Dangote’s fortune soars: tops forbes’ 2025 list of black billionaires
Nwali Chidozie Lagos, August 22 – Aliko Dangote, the Nigerian industrialist, has solidified his position as the world’s richest Black person, with his net worth seeing a significant jump on the recent Forbes 2025 list. The increase is largely attributed to the successful launch and full operation of the multi-billion-dollar Dangote Refinery, located in lekki, Lagos state, which has dramatically expanded his business empire. The 2025 list highlights a remarkable increase in wealth for several Black billionaires, with a mix of familiar names and new entrants from a range of industries, from tech to business — entertainment. Nigeria and the United States continue to be home to a large number of the individuals on the list. Here is the Forbes list of the top Black billionaires for 2025, with their updated net worths. Based on the context of the Forbes 2025 list, the ranking of the top 10 Black billionaires. Rank Name Net Worth Source of Wealth 1 Aliko Dangote $23.9 billion Cement, Sugar, Oil Refinery 2 David Steward $11.4 billion IT Services 3 Robert F. Smith $10.8 billion Private Equity 4 Alexander Karp $8.4 billion Software 5 Mike Adenuga $6.8 billion Telecom, Oil 6 Abdulsamad Rabiu $5.1 billion Cement, Sugar 7 Michael Jordan $3.5 billion Sports, Investments 8 Patrice Motsepe $3.0 billion Mining, Investments 9 Oprah Winfrey $3.0 billion Media 10 Jay-Z $2.5 billion Music, Investments, Spirits
Nigeria’s external reserves soar to $41B, highest in 4 years
Lagos, August 22 – Nigeria’s external reserves have surged to a new four-year peak, reaching an impressive $41 billion as of August 2025, according to the latest data from the Central Bank of Nigeria (CBN). This significant increase marks a 12.42% rise year-on-year and is the highest level recorded since March 2021, providing a robust buffer for the nation’s economy and bolstering confidence in the Naira. The remarkable growth in reserves is being hailed by financial analysts and economists as a direct result of the CBN’s well-executed and strategic policies aimed at stabilizing the foreign exchange market. The Naira, which has seen some volatility in recent years, has shown a gradual appreciation, strengthening marginally against the U.S. dollar in the official market. Mr. Olayemi Cardoso, governor of the CBN spearheading the apex bank’s reforms, which have focused on creating a more transparent and efficient FX ecosystem, have been pivotal, and have helped to restore confidence and attract foreign capital. Meanwhile, the resurgence of foreign investor interest in Nigeria’s financial markets has been a key driver. This is fueled by attractive carry-trade returns, improving macroeconomic conditions, and the stable FX environment. Consistent inflows from Nigerians in the diaspora have also contributed to the foreign exchange reserves. The increase in crude oil production and reduced oil losses have provided a stronger revenue stream, boosting the country’s foreign exchange earnings. The significant increase in reserves also provides the CBN with greater flexibility to manage market liquidity and ensure exchange rate stability through its intervention strategies.
Geospatial Intelligence Driving Profitability and Efficiency Across Africa
Africa is a continent of immense diversity, both geographically and economically. For businesses to thrive, they must understand and adapt to this complexity. Geographic Information Systems (GIS) the technology that links data to a specific location on a map is no longer a novelty but a crucial strategic tool. By making the “where” tangible, this software delivers measurable value and drives profitability across key sectors. Telecommunications: Mapping the Next Frontier of Connectivity In a market defined by rapid expansion and fierce competition, telecom companies in Africa face a dual challenge: efficiently building new infrastructure and optimizing existing networks to meet soaring demand. A new cell tower in a densely populated area is a smart investment, but how do you identify the ideal location? How do you predict signal coverage in a varied landscape of urban high-rises and rural valleys? With GIS technology mobile network operators in Africa struggling to optimize network rollout, can use GIS to overlap data on population density, customer call data, and competitor tower locations. The GIS analysis reveals significant “coverage gaps” areas with high population and mobile usage with poor network service. By using this insight, telecom companies can be able to strategically place new cell towers and optimize signal boosters; leading to a 25% increase in network coverage in key urban areas and a 15% reduction in customer complaints related to dropped calls and poor data speeds. Furthermore, the GIS data can also help companies identify the most efficient fiber optic cable routes, minimizing installation costs and time. Oil & Gas: Securing Assets and Mitigating Environmental Risk Africa’s oil and gas sector is a critical engine of many economies. However, it is also a sector with significant operational and environmental risks, particularly concerning pipeline infrastructure. Ghana National Petroleum Corporation (GNPC) emphasized that “GIS solution was effective in assessing and proposing new oil blocks for licensing in Ghana’s first oil & gas bid rounds.” Adding that “this solution was phenomenal in executing the project successfully.” Also, GIS solutions are used to monitor the vast pipeline network, helping to mitigate massive financial losses, environmental damage, and aid public safety. The software is designed to integrate satellite imagery, drone footage, and sensor data from the pipelines themselves. When a leak is detected, the GIS system immediately pinpointed the exact location, allowing for a rapid response. Agriculture: Cultivating Precision and Prosperity The Challenge: Agriculture, the largest employer in Africa, is often low-yield and vulnerable to climate change. Traditional farming methods lack the data to make informed decisions about planting, irrigation, and pest control. This leads to wasted resources and poor harvests. Implementing a GIS platform that provides farmers with actionable insights – Satellite imagery is used to create detailed maps of each farmer’s plot, showing soil health, vegetation stress, and potential pest outbreaks. The software data informed farmers on the precise amount of fertilizer to apply and the optimal time for irrigation. This precision agriculture approach led to an average 20% increase in crop yields for participating farmers and a 15% reduction in input costs, directly translating to higher incomes and a more sustainable business model for the cooperative, small and large scale farmers. Excitingly, There is the Esri User Conference West Africa for Geospatial Technology designed to help industry leaders, and stakeholders get familiar with how satellite technology works, and how to properly integrate its solutions to their respective industries and optimize profits. “Imagine a room where the people planning tomorrow’s cities are sitting right next to those solving today’s energy shortages, and across from them, the innovators making agriculture smarter and more sustainable. That’s the kind of opportunity this conference unlocks, cross-learning and real solutions that cut across industries.” Corporate Business Development and Marketing Support of Sambus Geospatial Limited (Esri User Conference West Africa Organizers) Surv.(Mrs) Angela Omamuyovwi Anyakora. Expressed.
South Africa’s Inflation Hits 10-Month High in July
South Africa’s consumer price inflation (CPI) climbed to 3.5% year-on-year in July, reaching its highest level since September 2024. The increase, driven by significant rises in food and fuel prices, nevertheless keeps the inflation rate well within the South African Reserve Bank’s (SARB) target range of 3% to 6%. According to recent data released by Statistics South Africa, the headline inflation rose from 3.0% in June, a jump that was in line with economists’ expectations. The month-on-month increase was 0.9%. While the uptick is a sign of building price pressure, it does not immediately threaten the central bank’s current non-aggressive monetary policy stance. Driving Forces Behind the Rise The primary culprits for the acceleration in inflation were the food and non-alcoholic beverages and housing and utilities categories. Monetary Policy and Future Outlook Despite the rise, the SARB is not expected to change its course in the immediate term. The bank’s Monetary Policy Committee (MPC) has been focused on guiding inflation toward the 4.5% midpoint of its target range, and recently, has signaled a preference for a lower 3% target. The central bank has already cut its main lending rate at three of its four policy meetings this year, with the latest cut in July bringing the rate to 7.00%. The SARB has maintained its position that for inflation to be anchored at a permanently low level, a lower target is necessary. However, Finance Minister Enoch Godongwana has indicated that a formal change to the target requires further consultation and will not be announced in the upcoming mid-term budget. With economic growth for 2025 forecast to be subdued at around 0.9%, the central bank is balancing the need to control inflation with the aim to support a fragile economy. The rising prices, particularly for staples, disproportionately affect low-income households, who spend a larger portion of their earnings on food. This adds to the social and economic challenges facing Africa’s leading economy, which also grapples with high unemployment and infrastructure deficiencies.
Will the removal of telecom 5% exercise duty reduce the price of mobile data?
President Bola Tinubu’s administration has officially removed the 5% excise duty on telecommunications services, but it remains unclear if this will directly lead to a reduction in the price of mobile data and calls for consumers. While the move is expected to ease cost pressures on operators, analysts say that other economic factors may prevent a significant price drop. The Executive Vice-Chairman of the Nigerian Communications Commission (NCC), Dr. Aminu Maida, on Tuesday confirmed that the tax, which had been previously suspended, has now been “completely and permanently removed under the new tax laws”. The excise duty had faced strong opposition from industry stakeholders and consumer groups, who argued that it would raise the cost of services and impose an additional financial strain on subscribers. The Association of Licensed Telecommunications Operators of Nigeria (ALTON) had warned that the tax would be passed on to consumers. However, the question now is whether the removal of the tax will translate to a price reduction for end-users. While the scrapping of the excise duty removes a potential cost-hike factor, mobile network operators are still contending with several other economic challenges. These include a high cost of operations, fueled by inflation and the devaluation of the naira, which impacts the cost of importing essential equipment and maintaining infrastructure. The telecom industry has long been burdened by multiple taxes and levies at both the federal and state levels. While the removal of the 5% excise duty is a welcome development, it is just one component of a larger tax regime. In January 2025, the NCC had already approved a 50% tariff hike for telecoms operators, a move that was met with protest from the National Association of Telecoms Subscribers. The industry is facing a delicate balance between providing affordable services and ensuring sustainable operations. The NCC’s focus, according to Dr. Maida, is to foster a healthy industry where “consumers are happier, operators perform better, and the government benefits from a broader tax base.”
Nigeria: ‘No more airplane mode, you must switch off your phone’ – NCAA
Lagos, August 20 – The Nigerian Civil Aviation Authority (NCAA) has issued a new and unprecedented directive, effective immediately, requiring all passengers to completely power off their mobile phones and other personal electronic devices during flight takeoff and landing. This new rule supersedes previous regulations that allowed devices to be used in “airplane mode.” The authority said on Tuesday. According to a statement by the NCAA’s spokesperson, Mr. Michael Achimugu, the decision was made after extensive review of aviation safety data. The NCAA claims the directive is a proactive measure to mitigate potential electromagnetic interference with aircraft navigation and communication systems. “Some aircraft are not equipped for airplane mode.” Mr Achimugu emphasized “If you allow EVERYBODY to use airplane mode, there would be issues. Safer to unify to SWITCH OFF.” He added. All airlines have been directed to “amend their security programmes to reflect this if different in their current programmes.” NCAA stated. “No more airplane mode until regulations are reviewed to reflect evolving technological situations.” However, the announcement has been met with a mix of reactions from the public and industry stakeholders. Frequent flyers have expressed frustration, citing the inconvenience of being completely disconnected during what can be long journeys. The NCAA has urged all passengers to familiarize themselves with the new rule and to cooperate with flight crews to ensure a safe and smooth travel experience for everyone. The authority is also expected to launch a public awareness campaign in the coming weeks to educate travelers on the importance of this new safety measure.