Afreximbank Earmarks $3bn to Support Locally-refined Petroleum Products Oil prices hit near 4-year low as US trade conflict fuels recession fears Goldman Sachs, Citi, Morgan Stanley cut crude forecasts
Emmanuel Addeh in Abuja
The African Export–Import Bank
(Afreximbank), a key investor in oil and gas projects, has earmarked $3 billion to finance the purchase
of refined products within Africa as part of broader plans to boost refining capacity, a senior executive
told Reuters yesterday. Africa exports around 80 per cent of its crude oil, and 45 per
cent of the natural gas it produces, leaving the fast-growing continent heavily-reliant on imported refined
products, according to the bank and Continued on page 9
Presidency Targets $1bn Investment from Compressed Natural Gas Initiative in 2025... Page 5 Tuesday 8 April, 2025 Vol 30. No 10957. Price: N400
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APC: Unlike Jonathan, Tinubu Won’t Allow Himself to Be Routed in 2027 over Insecurity
Chuks Okocha, Adedayo Akinwale, Sunday Aborisade, Linus Aleke in Abuja, Funmi Ogundare in Lagos, Fidelis David in Akure and Seriki Adinoyi in Jos
L-R: Secretary of the Taskforce on Cervical Cancer Elimination, Prof. Sani Malami; Chairman of the Taskforce and former Minister of Health, Prof. Isaac Adewole; First Lady of Nigeria, Senator Oluremi Tinubu; Minister of state for Health and Social Welfare, Dr. Iziaq Salako; Vice Chairman of the Taskforce, Dr. Bagudu; and Director-General of NICRAT, Prof. Usman Aliyu, as the minister presents the brochure of the Taskforce on Cervical Cancer Elimination to the First Lady during a courtesy visit at the State House, Abuja, yesterday (See story on Page 8)
The All Progressives Congress (APC), has said President Bola Tinubu would Continued on page 9
Nigeria’s Economic Team Set to Meet over Trump’s Tariffs
Edun: There’s global uncertainty at huge level Naira falls to N1,629/$ on official, N1,565/$ on parallel markets Global stock markets in free fall W’Bank calls for more transparency in government-owned enterprises Ndubuisi Francis in Abuja and Nume Ekeghe in Lagos 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 EMT may advise the federal government to consider adjusting the 2025 budget. The Minister of Finance and Continued on page 9
DINNER TO COMMEMORATE OVIA’S ADMISSION TO THE FREEDOM OF THE CITY OF LONDON...
L-R: Group Managing Director/Chief Executive Officer, Zenith Bank Plc, Dr. Adaora Umeoji; President, Dangote Group, Alhaji Aliko Dangote; Founder/Chairman, Zenith Bank Plc, Mr. Jim Ovia; and Chairman/Editor-in-Chief, THISDAY/ARISE Media Group, Prince Nduka Obaigbena, during the admission of Mr. Ovia to the Freedom of the City of London in the United Kingdom, yesterday