Business
Burkina Faso’s junta launches cement plant with Chinese support
Burkina Faso has inaugurated a new cement plant, Société Industrielle Sino Burkina de Ciments SA (CISINOB SA), in Laongo, Plateau-Central region.
The facility, with a production capacity of 2,000 tonnes per day, is expected to create hundreds of jobs for the country’s youth.
The cement plant, a joint venture with Chinese investors, is part of Burkina Faso’s broader strategy to pursue economic development free from Western influence.
Business Insider Africa reported that the inauguration ceremony was led by Burkina Faso’s interim military president, Captain Ibrahim Traoré, who described the plant as a testament to a mutually beneficial partnership between Burkina Faso and China.
“It is with legitimate pride that I inaugurated today, March 20, 2025, in Laongo, the cement plant of CISINOB SA. With a production capacity of 2,000 tonnes per day, it will provide employment opportunities for hundreds of young people in our country,” Traoré stated on his official X handle.
He emphasized that the project reflects a collaboration that respects Burkina Faso’s sovereignty while fostering economic growth.
“To all friends of Burkina Faso, we remain open to sincere partnerships that respect our sovereignty,” he added.
Since its withdrawal from the Economic Community of West African States (ECOWAS) alongside Mali and Niger, the junta-led government has sought to strengthen self-reliance and build strategic partnerships with non-Western nations.
Business
Senate approves Tinubu’s $516.3m loan
The syndicated financing facility is being sought from Deutsche Bank, according to a letter of request Tinubu sent to the Senate last Thursday.
The Senate has approved the $516.3 million loan requested by President Bola Ahmed Tinubu.
The money will be used for the construction of the Sokoto-Badagry Superhighway (Section One, Phase 1A and B).
The approval was given on Wednesday after the Senate considered the report of its Committee on Local and Foreign Debts.
The committee, chaired by Senator Magatagarda Wamakko, recommended the approval of the loan.
The syndicated financing facility is being sought from Deutsche Bank, according to a letter of request Tinubu sent to the Senate last Thursday.
Business
Ibukun Awosika resigns from Cadbury board
The resignation takes effect from May 1, 2026, according to a statement signed by the company secretary, Afolasade Olowe.
Ibukun Awosika has resigned from the board of Cadbury Nigeria Plc, after more than 16 years of service.
The resignation takes effect from May 1, 2026, according to a statement signed by the company secretary, Afolasade Olowe.
The board expressed appreciation for her contributions since joining as a Non-Executive Director in October 2009 and noted that a replacement would be announced in due course.
Business
UAE announces exit from OPEC, OPEC+ amid Iran war tensions
UAE Energy Minister Suhail Mohamed al-Mazrouei told Reuters the decision followed a strategic review of the country’s energy direction.
The United Arab Emirates has announced it is withdrawing from OPEC and the broader OPEC+, delivering a significant setback to the oil-producing bloc and its de facto leader, Saudi Arabia, at a time when the ongoing Iran war has triggered a major global energy shock.
Reuters reported that the departure of the UAE, a longstanding member of OPEC, is expected to create uncertainty within the group, which has traditionally maintained a united front despite internal disagreements over geopolitics and production quotas.
UAE Energy Minister Suhail Mohamed al-Mazrouei told Reuters the decision followed a strategic review of the country’s energy direction.
This is a policy decision, it has been done after a careful look at current and future policies related to level of production,” said the energy minister.
When asked whether the UAE consulted with Saudi Arabia, he said the country did not raise the issue with any other nation.
The decision comes amid mounting tensions in the Strait of Hormuz, where Gulf producers have struggled to move exports due to Iranian threats and attacks on vessels.
The strategic waterway typically handles about a fifth of the world’s crude oil and liquefied natural gas shipments.
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