Author: Vardiafrica

Construction of the East Africa Refinery at Lamu begins on Wednesday, Sept. 30, with President William Ruto leading the ceremony. Deputy President Kithure Kindiki confirmed the date on Tuesday after a final planning meeting, saying heads of state from East Africa and beyond had been invited alongside members of the local community, and that the government was completing arrangements for protocol, security and logistics. The refinery is backed by Aliko Dangote’s Dangote Industries and the Africa Finance Corporation, and the Kenyan government puts its cost at 2.2 trillion shillings, about $17 billion. Estimates have moved considerably, with figures between $15…

Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), says Nigeria’s gross foreign exchange (FX) reserves has crossed $55 billion, describing the milestone as the highest in more than 18 years. Cardoso spoke on Tuesday after the monetary policy committee (MPC) meeting in Abuja. “..we know that today, and it was mentioned in my communique, that we are in excess of 55 billion US, the highest number in over 18 years,” he said. The disclosure comes after the reserves hit to $54.8 billion as of September 22, according to recent data from the CBN. Cardoso attributed the strengthening external position…

President Bola Tinubu has announced an $800 million Final Investment Decision (FID) by AMNI International and TotalEnergies to finally develop the Ima Gas Field, a resource discovered in 1973 but left undeveloped for more than five decades. The President, in a post on his verified X handle, @officialABAT, on Wednesday, said the investment marked an early outcome of reforms introduced by his administration to make Nigeria’s oil and gas sector more attractive to investors and accelerate the development of stranded assets. According to him, the Ima Gas Project is expected to produce about 350 million cubic feet of gas per…

The Minister of Defence, General Christopher Musa, rtd, has proposed that every Nigerian citizen should undergo military training. Musa made the call while speaking on the African Leadership Podcast with Ken Giami, stating that the experience of hunger, exhaustion and physical strain that comes with military training gives people a perspective on life they cannot get anywhere else. He was explaining why he believes ordinary citizens should have a better understanding of the work carried out by members of the Armed Forces. According to him, the experience would give Nigerians a different perspective about life and the responsibilities associated with protecting the…

A high-level delegation from the Democratic Republic of Congo (DRC), led by Minister of Hydrocarbons, His Excellency, Simplice Stev Onanga has arrived in Nigeria to understudy the Nigerian Content Development and Monitoring Board’s acclaimed local content framework for the oil and gas industry. Nigeria’s Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, received the delegation in Abuja on Monday, reaffirming Nigeria’s commitment to knowledge-sharing with fellow African nations, particularly under the platform of the African Petroleum Producers Organisation (APPO). Lokpobiri highlighted that Nigeria has achieved 61% local content capacity since the enactment of the Nigerian Oil and Gas…

The Nigerian Civil Aviation Authority, NCAA, has directed Air Peace to compensate passengers affected by a delayed Lagos-Enugu flight on Monday. The directive followed a preliminary investigation by the aviation regulator, which found that the airline had sent passengers an incorrect notification regarding the flight. The development followed a complaint by human rights activist and lawyer, Inibehe Effiong, who accused Air Peace of irresponsibility and impunity after his Lagos-Enugu flight was delayed until the evening. Effiong said in a post on X on Monday that the delay would cause him to miss a scheduled court appearance in Enugu State. Effiong…

The Federal Government has said it has no plan to increase electricity tariffs. The Minister of Power, Joseph Tegbe, disclosed this on Monday at a media parley in Abuja, marking his first 100 days in office, covering June 8 to September 16. “Let me categorically state, and this is not a political statement, we have no plan to increase electricity tariffs,” he said. Tegbe said the government was focused on improving electricity supply and strengthening the financial and physical foundations of the power sector, rather than imposing additional costs on consumers The minister’s statement comes amid concerns over the financial…

The 300-million-dollar Nigeria Distributed Renewable Energy, DRE, Fund has commenced commercial operations, marking the start of capital deployment into renewable energy projects aimed at expanding electricity access across the country. The investment vehicle was formally launched on the sidelines of the United Nations General Assembly by the Nigeria Sovereign Investment Authority, NSIA, Africa50 and Sustainable Energy for All, SEforALL. The fund is expected to finance distributed renewable energy projects, including mini-grids and standalone solar systems, targeting communities and businesses that remain underserved by conventional electricity infrastructure. NSIA Managing Director and Chief Executive Officer, Aminu Umar-Sadiq, said the commercial launch demonstrates…

President Bola Ahmed Tinubu will return to Nigeria at the weekend following the extension of his working vacation by a few days. President Tinubu departed Nigeria on August 30 for London, where he began the working vacation. After spending about a week in the United Kingdom, he proceeded to Paris, France, where he held separate engagements with French President Emmanuel Macron and businessman Vincent Bolloré, whose business interests span the media and entertainment sectors A statement issued on Monday by the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, announced the President’s expected return. While away,…

Vice President Kashim Shettima has arrived in New York, United States, to represent President Bola Ahmed Tinubu and lead Nigeria’s delegation to the 81st Session of the United Nations General Assembly, UNGA, with the Federal Government expected to use the high-level gathering to advance the country’s national interests and push for reforms of the global governance system. Shettima, who arrived in New York on Monday, said Nigeria’s participation at the General Assembly would be guided by its national interest, commitment to multilateralism and President Tinubu’s advocacy for a more representative international system that reflects contemporary economic and demographic realities. The…