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By Abdul Rahman Bangura- NEW AFRICA DAILY NEWS (NADN) Freetown, Sierra Leone– Growth evolves at a circumstance when the clean tanker market is experiencing sustained advancement. The naphtha exports from Dangote are bolstering the ton-mile demand in the clean tanker sector. This surge in demand is anticipated to provide an assistance to the market in the short to medium term. As the clean tanker market continues to experience prolonged firmness, the added volume from Dangote’s exports is likely to enhance higher freight rates and increased profitability for tanker operators. The Dangote refinery, located in Lagos, is a viral boost to the Landmass of Africa’s refining capacity and marks a historical milestone in Nigeria’s efforts to evolve a net exporter of petroleum products. By...

By Richard Adorsu- NEW AFRICA DAILY NEWS (NADN) Accra GHANA- The African Development Bank has invested $1.44 billion to support the development of energy and power, transport, water, and sanitation infrastructure. The Bank’s Nigeria Country Department, Director General Lamin Barrow disclosed this at the Nasarawa Investment Summit 2024, held in Lafia, the Nasarawa State capital. The event was attended by local and foreign investors, representatives of the private sector, and senior government officials. Acknowledging the resonance of the Summit theme against the backdrop of turbulence in the global economy, Barrow noted that Nasarawa State, and indeed Nigeria, face a huge infrastructure deficit, inhibiting the country’s efforts to diversify its non-oil production and achieve...

By Abdul Rahman Bangura- NEW AFRICA DAILY NEWS (NADN) Freetown, Sierra Leone– Nicholas Agbo Ella – Perm. Secretary to the Federal Ministry of Petroleum Resources divulged in a statement issued on past Friday, remarked the validation currently fixes Nigeria conveniently to win the bid to host the multilateral $5 billion Africa Energy Bank, which will subsidize Africa’s hydrocarbon deposits of oil, gas, and condensates and support energy transition and net zero 2060 commitments. The Permanent Secretary signed on behalf of FMPR, Nicholas Ella, the Ministry said, “President Bola Tinubu has approved a $100m investment from four agencies of the Ministry of Petroleum Resources, exceeding the minimum equity requirement of $83.33 million for class A shares. “This decision positions Nigeria...

By Abdul Rahman Bangura- NEW AFRICA DAILY NEWS (NADN) Freetown, Sierra Leone– Convened by the International Plant Protection Convention (IPPC) and the Food and Agriculture Organization of the United Nations (FAO), the meeting gears to notify the early warning, detection and response to the potential detection of Fusarium Oxysporum Cubense Tropical Race 4, a banana pest. Hamisi Williams – Deputy Country Representative of the FAO in Kenya, noted the banana pest has the proclivity to cause vital financial losses, threaten food security and disrupt local and international trade. “Banana is one of the leading staple foods in some COMESA member nations, and its threat could result in increased food insecurity in a region that is perennially food deficient,” Williams said. He beckoned...