Recent falling oil prices are delaying a deal by Nigeria and Saudi Arabian oil company, Aramco, as both parties struggle to reach an agreement on a record $5 billion oil-backed loan. Banks that were expected to back the deal, four sources told Reuters, are raising concerns over the current situation of the oil market, the…
The World Bank has declared that trade tensions which have been triggered by the United Sates President, Donald Trump, and policy uncertainty were expected to drive global growth down in 2025 to its slowest pace since 2008, outside of outright global recessions. According to the World Bank’s latest Global Economic Prospects report, the turmoil has…
Dr. Sidi Ould Tah, Director General of the Arab Bank for Economic Development in Africa (BADEA), has been elected as the new President of the African Development Bank (AfDB), ushering in a fresh chapter for the continent’s premier development finance institution. After three intense rounds of voting, Dr. Ould Tah clinched the top seat with…
China has called on the US to cancel its sweeping tariffs on Chinese goods entering the country as a sign that the President Donald Trump is serious about resolving the trade war between the two countries. A Chinese official said there had been no trade talks with the US, despite suggestions otherwise from the Trump…
UN Secretary-General Antonio Guterres expressed hope that the global economy would manage to avoid a recession in a new round of the trade war caused by tariffs introduced by the US. He told reporters Tuesday that he’s particularly worried about the effect of U.S. tariffs and the trade war it’s unleashing on “the most vulnerable…
In response to President Donald Trump’s tariffs, Canada says it’s implementing retaliatory tariffs of its own just after midnight on Wednesday. Canada will put a 25% tariff on auto imports from the United States that do not comply with the USMCA, the 2019 North American trade pact put into place during Trump’s first term. The…
In a bid to navigate the turbulence and uncertainty in the global economy created by United States’ President, Donald Trump’s new tariffs on countries, President Bola Ahmed Tinubu’s Economic Management Team (EMT) yesterday disclosed plan to appraise the various scenarios in the ongoing trade war and advise the federal government on the way forward. The…
TikTok faces a potential shutdown in the U.S. after Saturday, April 5, if its Chinese parent company doesn’t reach an agreement to sell a controlling interest in the hugely popular video app. Will TikTok go dark? With just days to go before the deadline set by President Trump, it’s not clear what will happen next…
Elon Musk announced on Friday that he has sold social media site X to his own xAI artificial intelligence company in a $33 billion all-stock deal. Both companies are privately held, which means they are not required to disclose their finances to the public. Musk said in a post on X that the move will…
In historic business deals, the Dangote Petroleum Refinery yesterday announced that the United States imported over 2 million barrels of jet fuel from the 650,000 bpd facility this March alone, underscoring the growing global impact of the world’s largest single-train refinery, located in Lagos. The entrance of the Dangote refinery into the US market is…
