Business
President Buhari finally inaugurates Dangote refinery
President Muhammadu Buhari has inaugurated the Dangote petroleum refinery, an illustrious project expected to catalyse the transformation of Nigeria’s energy sector.
Buhari inaugurated the facility on Monday in Lagos — the nation’s commercial city — as bigwigs, industry players, and presidents of African countries, gathered to witness the unveiling of a $19 billion facility, set to revolutionise crude oil refining in Africa.
The landmark inauguration comes a decade after Aliko Dangote, Africa’s richest businessman, announced plans for the refinery in September 2013, when he secured about $3.3 billion in financing for the project.
Business
Delta Air Lines introduces Nigerian delicacies on Lagos-Atlanta flight
United State carrier Delta Air Lines has announced the inclusion of local dishes into food options that will be made available to passengers, on its Lagos-Atlanta flight.
In a statement made available to The PUNCH on Thursday, the airline noted that Nigerian delicacies such as ‘Ewa Agoin will now be available to passengers.
It also promised to offer a luxurious travel experience for passengers flying in its Delta One premium cabin from Murtala Muhammed International Airport to Hartsfield-Jackson Atlanta International Airport.
The airline stated, “This holiday season, passengers can indulge in a delectable range of continental and Nigerian-inspired culinary delights designed to satisfy a variety of tastes while flying.
“As part of the premium cabin experience, Delta One travellers are treated to a carefully curated selection of dishes. Upon take-off, guests can choose from an array of starters, including sliced beef fillet with pineapple salsa and sweet chilli sauce, a refreshing corn soup with toasted corn salsa, or a mixed greens salad with spicy lemon dressing. A sunflower roll, served with whole butter, completes the initial course.”
It will be recalled that in October, Keyamo directed foreign airlines to patronise local caterers for on-board meals.
He gave the directive through a letter dated October 15, 2024, in which the ministry said the directive takes effect from January 1.
While hinting at the new cuisine, the airline also explained that food will now be served twice onboard.
The statement reads partly, “For the main course, Delta showcases the best of Nigerian cuisine alongside international options.
Those in the mood for a traditional Nigerian dish can enjoy roasted cod with basmati rice, agoyin-style beans, and sweet plantains, or opt for grilled chicken thigh with jollof rice and plantain.
A plant-based alternative, featuring a hearty bean stew with rice, spinach, tomatoes, and fried onions, is also available for vegetarians.
“Dessert options include a pineapple upside-down tart with whipped cream, a fresh seasonal fruit assortment, a classic ice cream sundae, or a refined fruit and cheese plate, offering something for every sweet tooth.
“As the flight nears its descent into Atlanta, Delta One passengers are treated to a final meal, featuring spicy chicken pie, a vegetable salad with zesty lemon dressing, and a selection of mini desserts. For those preferring a vegetarian option, jollof risotto with roasted vegetables and a spicy tomato sauce is available, paired with fresh fruit and mini desserts.”
Business
Sudan introduces new banknotes to revive war-torn economy
The Sudanese government, in an effort to stabilize its crumbling economy, has introduced new banknotes and compelled the largely unbanked population to open bank accounts.
The initiative, launched in December, aims to render funds looted by the paramilitary Rapid Support Forces (RSF) worthless.
According to Finance Minister Jibril Ibrahim, the initiative has been successful, though he did not specify the amount of Sudanese pounds deposited.
Sudan has been embroiled in a two-year conflict between the army and the RSF, which has severely damaged the economy, devalued the currency by three-quarters, and left half the population facing hunger.
Ibrahim stated that the government’s move has significantly boosted bank deposits. “This helps the banking sector, and when you help the banking sector, that helps the state to finance projects, including the war effort and productive activities,” Ibrahim told Reuters in an interview.
Limited amount to be withdrawn daily
To receive the new 500-pound and 1,000-pound banknotes, citizens have been required to deposit their old notes in banks and are allowed to withdraw limited amounts daily. This strategy has drawn funds from a largely unbanked society into the formal financial system.
Since the onset of the war, RSF soldiers have looted numerous banks and obstructed agricultural activities, making it difficult for the army-aligned government to pay salaries and finance essential goods such as medicine.
Ibrahim noted that Sudan produced 64 tonnes of gold last year and officially exported about half, indicating that the proportion of looted gold in army-controlled areas has decreased.
A source at Sudan’s central bank revealed that the new banknotes were printed in Russia, one of several foreign powers intervening in the conflict.
Business
Ghana’s inflation rises to 23.8% — highest in eight months
Ghana’s consumer inflation rate rose for the fourth consecutive month to 23.8 percent in December 2024.
Samuel Kobina Annim, government statistician at the Ghana Statistical Service (GSS), announced the figure to journalists in Accra on Wednesday.
Ghana’s inflation rate started rising in September last year, when it rose to 21.5 percent, then climbed further to 22.1 percent in October and 23 percent in November.
Annim said the inflation rate recorded at the end of last year was the highest in eight months.
“The rate of inflation… is the third highest in the last 13 months and highest in the last eight months,” Annim said.
Also, food inflation saw a significant jump, rising from 25.9 percent in November to 27.8 percent in December.
Annim attributed the increase to the contributions from specific food items, such as yams, showing drastic year-on-year price hikes of 63.3 percent.
He also highlighted the need for a dual approach to tackling inflation, addressing both monetary and real-sector issues.
“We do emphasise that there are two perspectives in addressing inflation. One is the monetary side… and the other is the real side, with what we’ve seen with food inflation, more particularly the food that we consume, that are locally produced,” he added.
Annim urged policymakers to focus on production, value chains, transportation, warehousing, and reducing post-harvest losses to stabilise food prices.
“Policymakers put in diverse interventions, rather than focusing on, let’s say, only exchange rate or focusing on just some selected items that do not cover the variety of food items that influence food prices,” he said.
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