Business
Nigeria missing among top four African economies sustaining industrialisation – Report
The RED Index identifies that Morocco, Egypt, South Africa and Mauritius emerge as the only economies with the alignment required to sustain industrial growth.
Image credit : BCAfrica.
The Business Council for Africa (BCA) has released its 2025 RED Index of Industrial Development in Africa.
In the report, only four African economies are structurally positioned to sustain high-growth industrialisation.
The RED Index identifies that Morocco, Egypt, South Africa and Mauritius emerge as the only economies with the alignment required to sustain industrial growth, while Rwanda and Nigeria show meaningful progress but remain incomplete in their trajectory.
The report further indicated that the majority of African economies are classified as either vulnerable or stalled.
The Index evaluates each economy across three decisive dimensions: Engines of Industrialisation, representing foundational capabilities; Accelerators, determining the pace of transformation; and Decelerators, the structural constraints that can stall or reverse progress.
Commenting on the report, Chairman of the Business Council for Africa, Arnold Ekpe said:“This is not just an index. It is a call to action for African policymakers, investors, and businesses to take ownership of Africa’s industrial future and commit to the structural changes required to deliver sustained growth.
”As global capital seeks scalable and resilient growth opportunities, the RED Index provides a lens for identifying where industrialisation is viable, where structural risks remain elevated and where targeted intervention can unlock long-term.”
Business
Filling Stations Selling Petrol, Diesel Higher Driven By Global Crude Prices
The development is expected to raise transportation costs and household expenses, while increasing operating costs for businesses that depend on fuel for logistics, power generation and other activities.
The surge in international crude oil prices above $100 per barrel is pushing up petrol prices across Nigeria.
While the government-owned filling stations operated by NNPC Limited have raised their pump price to N1,375 per litre from N1,275, some independent marketers have increased their prices to N1,400 from about N1,360 per litre.
For instance, MRS filling stations have increased their petrol price to N1,400 per litre from N1,300, representing a N100, or 7.7 per cent, increase in Lagos and its environs.
The latest increases followed the rise in the gantry price of petrol by Dangote Petroleum Refinery to N1,350 per litre, reflecting the impact of higher crude oil prices and rising costs across the petroleum supply chains.
The development is expected to raise transportation costs and household expenses, while increasing operating costs for businesses that depend on fuel for logistics, power generation and other activities.
Business
Obi Sees Something Good in Tinubu’s “Naira Float Policy ‘
The policy was introduced by the Tinubu administration in June 2023 as part of wider foreign exchange reforms.
The presidential candidate of the National Democratic Congress (NDC) for the 2027 election, Peter Obi, has said he would retain President Bola Ahmed Tinubu’s naira float policy if elected president.
The policy was introduced by the Tinubu administration in June 2023 as part of wider foreign exchange reforms.
The Central Bank of Nigeria removed restrictions at the Investors and Exporters foreign exchange window, allowing the naira to trade more freely against the dollar and other major currencies
Obi made the disclosure in a public statement on air, emphasising that his administration would seek to strengthen the currency by prioritising productivity and increasing economic output rather than reversing the floating exchange-rate framework.
Asked to identify one policy of the Tinubu administration he would keep if elected, Obi said, “There’s one – the floating of the Naira. I’m not going to defend it. But I’m going to put productivity to make it more valuable to the people.”
His position means he would maintain the floating exchange-rate system while seeking to change the economic conditions that determine the strength and value of the naira.
Business
Dangote Refinery Buys 16m Barrels Of Nigerian Crude For October
The October supply is equivalent to about 520,000 barrels per day, representing most of the refinery’s 700,000 barrels-per-day processing capacity.
Dangote Refinery has bought at least 16 million barrels of Nigerian crude oil for delivery in October.
Reuters reported that the 16 million barrels comprise monthly crude allocations from the Nigerian National Petroleum Company and additional volumes purchased through a tender.
The October supply is equivalent to about 520,000 barrels per day, representing most of the refinery’s 700,000 barrels-per-day processing capacity.
The increased crude purchases highlight the refinery’s rising demand for feedstock as it expands operations and moves closer to operating at a larger share of its installed capacity.
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