Business
BREAKING: Interest Rate, Increase to 15-Year High – Bank Of England
The Bank of England on Thursday lifted its key interest rate to the highest level since the 2008 financial crisis, noting inflation remained stubbornly high but that the economy would now avoid recession this year.
The BoE hiked the rate by a quarter-point to 4.5 percent — its 12th increase in a row with UK annual inflation stuck above 10 percent, fuelling a cost-of-living crisis across Britain.
Global policymakers are battling elevated inflation caused largely by runaway energy bills following last year’s invasion of Ukraine by major oil and gas producer Russia.
Following a regular policy meeting, the BoE warned of “considerable uncertainties” on when UK inflation would return to its two-percent target, as soaring food prices offset sharp drops to energy costs.
At the same time, the central bank made a record upgrade to its British GDP forecast, adding there would be only a small impact from recent turmoil in the commercial banking sector.
“Six months ago, we were expecting a shallow but long recession,” BoE governor Andrew Bailey told a press conference.
“Since then, energy prices have fallen substantially and economic activity is holding up much better than expected.”
– ‘Modest but positive’ growth –
Bailey said the UK would this year experience “modest but positive economic growth and a much smaller increase in unemployment.
“We think inflation will fall quite sharply over the coming months,” he added.
Official data Friday is expected to show the UK economy grew during the first quarter of this year after narrowly avoiding recession in the last three months of 2022.
The rate decision comes one week after UK Prime Minister Rishi Sunak’s Conservative government suffered a drubbing in local elections, as voters gave their verdict over rampant living costs despite government efforts to partly subsidise energy bills.
The nation has been plagued by strikes as high inflation erodes the value of wages. Train staff will walk out again on Friday following months of industrial action across the private and public sectors.
The latest BoE hike is set to deepen the crunch in living standards as retail banks pass on the increase, resulting in higher repayments on loans, including mortgages.
At the same time, those who can afford to save will benefit for increased fixed returns on investments.
“Although it is good news that the Bank of England is no longer forecasting recession, today’s interest rate rise will obviously be very disappointing for families with mortgages,” said British finance minister Jeremy Hunt.
– Highest inflation in G7 –
Thursday’s news took British borrowing costs to a level last seen in October 2008, before rates were slashed during the global financial crisis.
The BoE has ramped up borrowing costs from a record-low of 0.1 percent in December 2021.
Its latest hike came one week after the European Central Bank and the Federal Reserve implemented quarter-point rate increases as inflationary pressures ease only slightly in the eurozone and the United States.
UK annual inflation stood at 10.1 percent in March, the highest level in the Group of Seven richest nations.
Sunak and the BoE blame the high level in part on rises to pay and have urged employers to show restraint.
BoE chief economist Huw Pill recently stated that Britons need “to accept that they’re worse off and stop trying to maintain their real spending power by bidding up prices via higher wages”.
AFP
Business
Dangote Refinery Ship 456,000 tonnes of PMS to African countries in February
The exports arrive at a moment of acute disruption in global energy markets, with several African countries that have historically depended on large refineries in the Persian Gulf now looking to Dangote as an alternative source.
The Dangote Petroleum Refinery has completed the sale of 12 cargoes of refined petroleum products totalling 456,000 tonnes to neighbouring African countries in February.
In a statement, the Refinery said that the shipments, sold on a free-on-board basis to international traders, have been delivered to Côte d’Ivoire, Cameroon, Tanzania, Ghana, and Togo — a spread that signals the refinery’s ambitions extend well beyond its West African neighbourhood.
“This accomplishment underscores the Dangote Refinery’s capability to not only meet but exceed Nigeria’s domestic fuel demands.”
The exports arrive at a moment of acute disruption in global energy markets, with several African countries that have historically depended on large refineries in the Persian Gulf now looking to Dangote as an alternative source.
The refinery has framed its regional role in pointed terms, describing West Africa as a market long regarded as “a dumping ground for lower-quality fuels” and positioning its Euro 5-standard gasoline and diesel as a corrective to that history.
Business
Moniepoint buys Orda to capture Africa’s $50bn restaurant economy
Founded in 2020, Orda built software designed for small and independent restaurants that previously operated without digital systems.
Photo: Tosin Eniolorunda, Moniepoint co-founder and group CEO
Nigerian fintech company Moniepoint Inc. has acquired restaurant management startup Orda Africa in a move aimed at expanding its reach into Africa’s fast-growing food service industry, a sector estimated to be worth about $50 billion across the continent.
BusinessDay reports that the deal integrates Orda’s cloud-based restaurant software into Moniepoint’s business management platform, Moniebook, allowing food vendors and restaurants to manage orders, payments, inventory and accounting from a single system.
The acquisition highlights a wider shift among African fintech firms that are moving beyond payments to offer operational tools and credit to small businesses, especially those in the informal economy.
Tosin Eniolorunda, Moniepoint co-founder and group CEO, said that the food sector represents one of the most active but underserved parts of Africa’s economy.
“The food industry is a major source of jobs and daily survival for many Africans,” Eniolorunda said, adding that many businesses still rely on manual processes and disconnected tools.
The move reflects a growing competition among financial technology firms to control the digital infrastructure behind small businesses, particularly restaurants, which generate frequent transactions and require working capital.
Africa’s food service market is expanding quickly as urban populations grow and more consumers eat outside the home.
Nigeria alone is projected to see its restaurant market reach about $19.3 billion by 2030, growing at an annual rate of more than 11 percent.
Founded in 2020, Orda built software designed for small and independent restaurants that previously operated without digital systems.
The company’s tools help businesses track orders, manage kitchen workflows and monitor stock levels.
Guy Futi, Orda CEO, said joining Moniepoint would allow the company to connect operational data from restaurants with financial services such as payments and credit.
“To truly transform the industry, we needed to connect that expertise with comprehensive financial infrastructure,” Futi said, adding that customers would continue to use the platform while gaining access to new services.
Business
Dangote Petroleum announces N1,245 new price template for marketers
The new pricing, making it the fourth time since the Middle East war began, is set to take effect from midnight on March 21, 2026.
The Dangote Petroleum Refinery has announced a fresh hike in the ex-depot price of its petrol to N1,245 per litre from N1,175 per litre while the coastal price increased from N1,512,648 to N1,606,518 per metric tonne.
The new pricing, making it the fourth time since the Middle East war began, is set to take effect from midnight on March 21, 2026.
In a notice sent to marketers on Friday night the company explained that the revision reflects global market realities, including fluctuations in crude oil prices and increased shipping costs, which are beyond the refinery’s control..
” Please note that the revised price will apply to all unloaded gantry and coastal volumes and is effective from 12am on the 21st of March 2026,” it stated.
The latest adjustment is expected to ripple across the downstream sector, with pump prices likely to rise in the coming days as marketers pass on the increased cost to consumers.
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