The comments came after U.S. President Donald Trump said he had agreed to suspend attacks on Iran for two weeks, on the condition that Tehran immediately reopen the Strait of Hormuz. India has also said it has been in close contact with regional stakeholders to ensure safe maritime transit, with several Indian vessels crossing the waterway safely in recent days.

Jaiswal added that India remained focused on the safety of its citizens in the region, with evacuation efforts continuing through neighbouring countries as airspace restrictions complicate travel .

Protesters accused the government of failing to manage the energy shortage and blamed both weak regulation and poor diplomacy for the disruption in fuel supplies. Some said the crisis had been worsened by conflict-linked disruption to routes from the Middle East , a key source of Bangladesh’s energy imports.

Others said the authorities were downplaying the severity of the shortage, pointing to long queues at petrol stations as evidence of growing public hardship.

The protest, led by Jamaat-e-Islami and an 11-party opposition alliance, comes as wider instability in global energy markets adds pressure on fuel-dependent economies.

In Nigeria, fuel prices have climbed by about 65%, one of the sharpest increases among major African economies, despite the start-up of the Dangote refinery. The surge has raised transport fares, driven up food prices and squeezed businesses that rely on petrol and diesel generators because of unstable electricity supply.

The Nigerian government has not restored fuel subsidies, choosing instead to stick with market reforms and limited relief measures. That means businesses and households could face more strain if oil prices remain elevated and the regional conflict drags on.

“There should be no panic in South Africa; panic kills,” Mantashe said, insisting that vessels carrying cargo for South Africa have not faced interruptions or threats while transiting the strait.

His comments came as MPs pressed the government on whether the country is prepared for sustained disruptions.

Mantashe acknowledged that while supply may still be flowing, South Africa cannot escape price pressures if global oil costs continue rising. With the next fuel price adjustment expected soon, he said motorists should brace for the possibility of higher pump prices driven by events beyond Pretoria’s control.

He argued that South Africa’s long-term protection against recurring oil shocks would require developing domestic petroleum resources. “The only way is to drill, drill, drill and produce our own petroleum,” he said.

Mantashe said, government will keep monitoring shipping and supply conditions while engaging partners, including through the BRICS bloc.

Vietnamese voters cast ballots on Sunday in a general election for the National Assembly, the country’s top legislative body that largely ratifies decisions by the ruling Communist Party. More than 73 million voters are electing 500 lawmakers and local council representatives in the five-yearly polls. About 93% of the 864 candidates are Communist Party members, while independents account for 7.5%, down from 8.5% in 2021, according to the national election council. The party currently holds 97% of parliamentary seats. Voters expressed hope representatives would support continued economic modernisation under top leader To Lam.

Flight cuts seen from April as China, Thailand halt jet fuel shipments

Vietnam has warned airlines to prepare for potential flight reductions from April after China and Thailand halted jet fuel exports amid the Iran war, raising the risk of shortages. Vietnam imports more than two-thirds of its jet fuel, with 60% supplied by China and Thailand. In a March 9 notice, the Civil Aviation Authority of Vietnam said shortages could begin in April and urged airlines to review operations, particularly domestic routes. Airport operators were also asked to prepare extra parking space if flights are cut. Importers Petrolimex and Skypec said they can guarantee supplies only through March, while deliveries from Singapore have also declined.

Homegrown Viettel is world’s strongest telecom brand in 2026

Vietnam’s Viettel has been ranked the world’s strongest telecommunications brand in 2026, with a Brand Strength Index score of 89.9 out of 100 and an AAA+ rating from consultancy Brand Finance. The result lifts the group to the top of the global telecom sector after placing second for two consecutive years. Brand strength measures customer trust, loyalty and engagement rather than financial value. Brand Finance said Viettel performed strongly on metrics including reputation, trust and customer recommendations. The company’s brand value stands at US$7.9 billion, making it Southeast Asia’s most valuable telecom brand and the only Vietnamese firm in the global Top 500 ranking.

Oil support from Japan, South Korea sought

Vietnam has asked Japan and South Korea to help expand its access to crude oil amid global supply disruptions caused by the Iran war, the trade ministry said on Monday. Deputy Industry and Trade Minister Nguyen Hoang Long made the request during an energy security summit in Tokyo over the weekend. Vietnam’s two refineries meet about 70% of domestic fuel demand and rely heavily on Middle Eastern crude. Long asked Japan to assist in identifying and securing crude supplies and discussed Japanese investment in liquefied natural gas and nuclear power. Vietnam imported 14.2 million tonnes of crude oil last year, up 5.3%, customs data showed.

Vietnam, Switzerland push to accelerate EFTA free trade pact talks

Vietnam and Switzerland have agreed to accelerate negotiations on a free trade agreement between Vietnam and the European Free Trade Association (EFTA), aiming to largely conclude discussions during the 20th negotiation round in Hanoi. Officials said both sides hope to announce the completion of talks by late June 2026 on the sidelines of an EFTA ministerial meeting in Iceland. Switzerland described Vietnam as an important partner and said the deal could boost investment, job creation and technology transfer. Vietnamese officials said the agreement would strengthen trade, supply chains and investment ties with Switzerland and other EFTA members, including Norway, Iceland and Liechtenstein.

Even the risk of disruptions in that corridor tends to drive up crude prices rapidly. Oil traders fear that attacks on shipping or energy infrastructure could choke off supplies from major exporters such as Saudi Arabia, Iraq, Kuwait and the United Arab Emirates. 

Those fears have already pushed crude oil prices sharply higher, with Brent crude briefly hitting $119.50 per barrel and surging as high as $120, its highest level since 2022. The jump in crude has quickly begun feeding through to retail fuel prices worldwide.

According to the latest data from tracker Global Petrol Prices , the average price of gasoline worldwide stood at $1.30 per litre as of March 2 — a week ago and two days after the U.S. and Israel launched operations in Iran.

Diesel was slightly cheaper at $1.26 per litre, while LPG averaged $0.78 per litre.

“As a general rule, richer countries have higher prices while poorer countries and the countries that produce and export oil have significantly lower prices,” the online portal said. “One notable exception is the U.S., which is an economically advanced country but has low gas prices.”

Iran itself sells some of the cheapest fuel in the world, with gasoline priced at $0.029 per litre and diesel at $0.006 per litre, reflecting heavy domestic subsidies.

At the other end of the spectrum, Hong Kong recorded the world’s highest gasoline prices, at $3.881 per litre, and diesel at $3.827 per litre as of March 2.

Since then, those prices have already moved higher. According to local media reports and advisories from Shell , gasoline prices in Hong Kong rose to $4.14 per litre, a 6.67% increase, while diesel climbed to $3.95 per litre, up 3.21%.

Meanwhile, Malawi, which sells the most expensive fuel in Africa, also recorded price jumps. Last week, gasoline was sold at $2.847 per litre and diesel at $2.858 per litre.

It remains unclear whether regulators will impose another hike. Malawi had already approved a more than 40% increase in January, when diesel prices rose 41.3% and petrol prices 41.9%.

In the United States , the average gasoline price reached $3.48 per gallon, according to the AAA motor club. That represents nearly a 17% increase since the first U.S.–Israeli attacks on Iran on February 28, pushing prices to their highest level since 2024.

In China , the government raised retail price caps for gasoline and diesel in the largest adjustment since March 2022, after international oil prices surged following the conflict.

According to a notice from the National Development and Reform Commission, retail price caps for gasoline and diesel will rise by $100.46 and $96.84, respectively, starting Tuesday. The previous adjustment was made on February 24.

Across parts of the Global South, retail prices have also begun climbing rapidly.

Here are some examples of how gasoline and diesel prices moved over the past week:

Fuel price movements, however, do not occur simultaneously across countries. Some governments regulate pump prices and adjust them on fixed schedules — weekly, monthly or after major market shifts — while others allow prices to fluctuate more freely with global oil markets. 

Why the Iran war matters for global fuel prices

Oil prices are highly sensitive to geopolitical risk in the Middle East because the region holds nearly half of the world’s proven oil reserves.

Iran is both a major producer and a strategic player in the Persian Gulf. Any military escalation involving the country raises fears of supply disruptions — whether through attacks on oil facilities, sanctions, or shipping disruptions in the Strait of Hormuz.

Because crude oil is the main input in gasoline and diesel production, increases in global oil prices typically feed through to retail fuel prices within days or weeks, depending on national pricing systems and taxes.

Countries that rely heavily on imported fuel — particularly in Africa, Asia and Latin America — are often the most exposed to these shocks.

For developing countries that depend heavily on imported fuel, the Iran war could translate into higher food prices, increased transport costs and mounting pressure on government budgets in the weeks ahead.

The warship, carrying about 180 crew members, went down late Tuesday night following the strike. Sri Lankan naval and air force units launched rescue operations after receiving distress calls, recovering 87 bodies and rescuing 32 sailors, while many others were initially reported missing.

It marked the first reported U.S. strike on an enemy vessel in the Indian Ocean since World War II, and has since drawn Sri Lanka into the widening regional conflict even as Colombo insists it will maintain neutrality.

But the war’s economic impact is now emerging in an unexpected sector: tea.

Tea-for-oil 

Sri Lanka’s long-standing tea-for-oil barter agreement with Iran has been suspended amid the conflict, halting a mechanism that allowed Colombo to repay oil debts through tea exports.

This deal was created in 2021 as a workaround to repay $251 million owed for Iranian oil imports, which Sri Lanka could not settle through normal banking channels due to sanctions.

Instead of cash payments, Sri Lanka exports Ceylon tea to Iran, with the value of the shipments deducted from the debt.

Under the arrangement, Iran purchases about 11 million kilograms of Sri Lankan tea annually.

According to the National Tea Planters Association, exporters are now unable to fulfil orders because of logistical disruptions, war-risk insurance costs and shipping uncertainty across Middle Eastern trade routes.

Sri Lanka’s Tea Exporters Association estimates the resulting revenue loss at about $10 to $15 million per week .

The group has also asked the government to intervene to secure about $50 million in payments still owed for tea shipments already delivered to Iran under the barter deal.

Why tea is a crucial industry in Sri Lanka

The disruption is significant for an industry that underpins Sri Lanka’s export economy.

Introduced in 1867, Ceylon tea remains the country’s largest agricultural export, generating about $1.45 billion in export earnings in 2022 .

This sector provides direct and indirect employment to nearly one million people , including more than 300,000 plantation workers.

Tea plantations cover about 203,000 hectares, roughly 4% of Sri Lanka’s land area, producing around 340 million kilograms of tea each year.

Middle East is an important tea market

The Middle East is one of the tea industry’s most important markets.

Industry estimates show about 52% of Sri Lanka’s tea exports are shipped to the Middle East and North Africa, making the sector particularly vulnerable to disruptions linked to the Iran conflict.

Exporters say they still hold orders for shipments but are unable to move cargo because of security concerns and logistical barriers linked to the war.

For Sri Lanka — an island positioned along the shipping routes connecting the Middle East, Europe and Asia — the conflict is no longer a distant geopolitical crisis. Now, its most famous export is feeling the pinch, too. 

Trump said the projects would “revitalise the industrial base”, create “hundreds of thousands of great American jobs”, and strengthen the U.S. national and economic security “like never before.” 

According to the U.S. Department of Commerce , three major energy and industrial projects have been confirmed as part of the opening wave of investment.

Where Japan’s money will go

The largest is a $33 billion natural gas power facility near Portsmouth, Ohio. With a planned capacity of 9.2 gigawatts, the Portsmouth Powered Land project would rank among the biggest gas-fired generation developments in the world.

The plant will be operated by SB Energy, a subsidiary of Japan’s SoftBank. The project is designed to provide large-scale, dispatchable electricity to support industrial expansion and grid reliability.

Trump highlighted the Ohio development in his post, describing it as the largest gas power plant “in history” and crediting tariffs as central to unlocking projects of such scale.

In Texas, a separate $2.1 billion deepwater crude oil export terminal is planned in Brazoria County and the Gulf of America. The Texas GulfLink facility will be operated by Sentinel Midstream.

At full capacity, the terminal is expected to generate between $20 billion and $30 billion in annual US crude exports, potentially totalling $400 billion to $600 billion over 20 years, the Commerce Department said. 

The third investment is an approximately $600 million high-pressure, high-temperature synthetic diamond grit facility in Georgia, to be operated by Element Six.

Diamond grit and powder are essential in semiconductor, automotive and oil and gas manufacturing, valued for their extreme hardness and durability. US officials say boosting domestic supply is strategically important for advanced manufacturing and national security .

Together, the projects signal Japan’s financial commitment to anchoring capital in key American energy and industrial sectors, as Washington and Tokyo — and Takaichi and Trump — deepen ties.

Ghana is set to expand access to education through artificial intelligence tools developed in local languages, Education Minister Haruna Iddrisu has announced. Speaking on Facebook on Friday, January 23, Iddrisu said he recently engaged with the Vice President of Google at the Generative AI Summit in the United Kingdom to discuss strategies for improving learning outcomes across Ghana and Africa. The initiative , part of Google’s $37 million investment in Africa, will include the development of speech recognition and AI tools for Ghanaian languages such as Twi, Ewe, and Dagbani, with a particular focus on non-standard speech patterns to make digital learning more accessible to students who speak these languages at home.

New Trade Office in China

Ghana plans to deepen trade and investment relations with China by opening a new Trade Office in Nanjing, Shandong Province, in 2026, Trade, Agribusiness and Industry Minister Elizabeth Ofosu-Adjare announced. The minister made the disclosure when the outgoing Chinese Ambassador to Ghana, H.E. Tong Defa, paid a farewell call in Accra on Thursday, January 22. She said the initiative is aimed at promoting and strengthening bilateral trade and investment cooperation between the two countries and providing Ghanaian businesses with a stronger presence in one of the world’s largest economies. Ofosu-Adjare also stated that Ghana is ready to sign the Zero-Tariff Agreement with China, which will facilitate easier market access for Ghanaian goods and services.

COMAC reacts to Star Oil exit

The Chamber of Oil Marketing Companies (COMAC) has been shaken by the unexpected suspension of Star Oil’s membership, COMAC Chairman Gabriel Kumi said in an interview on Joy News’ PM Express, Business Edition, on Thursday. Kumi described the move as a “complete surprise,” given Star Oil’s long-standing role and influence within the chamber, where it currently holds the vice-chair position. The decision comes amid growing disagreements over the petroleum price floor, a policy that has divided players in Ghana’s downstream petroleum sector. Kumi emphasised that Star Oil has been a key member of COMAC and has contributed significantly to the chamber’s growth and success.

Kwesi Arthur royalty claims

Ground Up Chale, the former management company of Ghanaian musician Kwesi Arthur, has rejected claims by the artist that he earned nothing from his works during his time with the label. Jonathan K. Amable, counsel for the company, described the claims as false during a conversation on local radio show Joy FM X Spaces hosted by Kwame Dadzie on Thursday, January 22, and presented email correspondence between the parties showing that Kwesi Arthur had received royalty payments. “In that email, Glen details payments that had been made to Kwesi, which he never disputed. It says, ‘to date, you have benefited from £91,370 in royalty disbursements,’” Amable said . The dispute highlights ongoing tensions in Ghana’s music industry over artist management, contract transparency, and royalty payments.

Mahama urges Africa to prioritise skills, innovation and production

President John Dramani Mahama has urged African leaders to prioritise skills development, regional cooperation, and domestic production to avoid falling behind in a rapidly changing global economy. Speaking at the Accra Reset Davos Convening on Thursday, January 22. Mahama warned that Africa must innovate and build competitive economies to meet the expectations of its youthful population, which is increasingly demanding jobs and opportunities. He stressed that education should be closely aligned with the real needs of modern economies, emphasising digital skills, green energy expertise, and manufacturing capabilities as critical areas for investment.

Dr Nguyen Minh Phong, former head of the Economic Research Division at the Hanoi Institute for Socio-Economic Development Studies, said the discovery will help Vietnam reduce reliance on imports, increase self-sufficiency, and potentially expand export capacity. He added that Vietnamese crude is considered high quality, offering economic and trade benefits regionally and globally, even if the impact on global markets remains minimal.

The field is operated by US firm Murphy Oil Corporation alongside PetroVietnam. Nguyen noted that Vietnam is also investing in a diversified energy strategy, including hydropower, renewables, and nuclear power, aiming for long-term energy independence while carefully managing economic and political interests.

 Zimbabwe currently records the highest petrol price on the continent at $1.54 per litre, followed closely by Ghana ($1.39), the Central African Republic ($1.375), and Kenya ($1.37). These elevated prices are often driven by limited refining capacity, growing transport costs, or reduced government subsidies.

Zimbabwe’s dependence on imports and foreign currency shortages leads to higher costs. Meanwhile, in Kenya, state-imposed levies and a structured fuel pricing formula contribute significantly to the price.

On the contrary, Libya offers some of the cheapest petrol in the world, with prices as low as two cents per litre. This is primarily due to long-standing government subsidies and abundant oil reserves. In Algeria and Angola, where prices are $0.26 and $0.24, respectively, similar state-backed policies help keep fuel affordable despite shifts in the global market.

The global average petrol price stands at around $1.30 per litre . While Africa’s average is slightly below this, the continent features extreme outliers at both ends of the spectrum. This is partly due to Africa’s unique combination of resource richness and infrastructural limitations.

Oil-rich countries may keep prices low through subsidies, but fragile economies and governance challenges mean that many consumers still pay high prices for basic energy needs.

Overall, fuel prices across Africa in June are influenced by a range of interlinked factors, with government subsidies and taxation playing a key role. Countries such as Libya, Algeria, and Egypt maintain some of the lowest prices on the continent thanks to long-standing fuel subsidies.

These subsidies reduce the burden on consumers but can place a strain on public finances. In contrast, countries like Kenya and South Africa impose multiple taxes and levies on petrol. In Kenya, for instance, the Energy and Petroleum Regulatory Authority (EPRA) updates prices monthly based on a formula that includes global oil prices, importation costs, and distributor margins, leaving consumers more exposed to international market swings.

The ability to refine crude oil domestically also has a significant impact on fuel prices. Angola and Algeria, both significant oil producers, refine large volumes of oil within their borders, helping to keep prices relatively low.

However, many African countries export their crude oil and then re-import refined products due to a lack of refining infrastructure. This practice adds considerable costs from international shipping and processing, underlining the infrastructure shortfalls that continue to affect even resource-rich nations.

For countries that rely heavily on fuel imports, price volatility is often driven by global market trends and currency fluctuations.

In nations with weaker local currencies , any depreciation directly increases the cost of imported fuel, which is typically priced in US dollars. As a result, even modest exchange rate shifts can push pump prices significantly higher, especially in economies with high inflation or fiscal instability.

Geography and transport logistics also play a role. Innerland countries like Chad, Uganda, and Mali rely on overland fuel transport from distant seaports, which raises logistical costs. These expenses are eventually passed down to consumers, resulting in higher retail prices compared to coastal nations with easier access to international shipping routes.

The way fuel prices are regulated further contributes to regional disparities. In some countries, governments directly control fuel pricing to shield consumers from global shocks, but this approach can lag market realities and lead to supply issues. In more liberalised markets, prices fluctuate more freely in line with international oil trends, as is the case in South Africa, where adjustments are made every month.

Lastly, operational inefficiencies and profit margins in the supply chain also factor into retail pricing. In some parts of Africa, the lack of competition, outdated infrastructure, or monopolistic control over distribution networks inflates fuel costs.

The final price consumers pay often reflects not just the cost of the fuel itself, but also the margins of fuel station owners, wholesalers, and refiners operating in the system.

With 93% of its land covered by rainforest, the country is planning to start oil production from recently discovered offshore reserves.

Although this exercise threatens the carbon-negative status of the country, President Chan Santokhi claims the status will stay the same.

"The oil production can go hand in hand with the carbon negative status because we have also implemented, in addition to the oil and gas, our solar energy program. We will increase the solar energy, which will have a positive impact on our carbon-negative status. We will protect our forests," he told AFP.

This echoes his pledge at COP28 in Dubai in 2023.

“Let’s be very clear. Suriname will maintain its carbon negative status even when the offshore oil and gas industry is developed,” President Chan Santokhi said during his speech at the High-Level Segment of the 28th Conference of the Parties (COP).

The Federal Government of Nigeria has launched the Nigerian Climate Investment Platform (NCIP) to mobilise up to $500 million for climate-resilient infrastructure, adaptation, and innovation projects nationwide. Jointly developed by the Nigeria Sovereign Investment Authority (NSIA), the Green Climate Fund (GCF), and the National Council on Climate Change (NCCC), the platform was unveiled after a high-level stakeholder meeting in Abuja. Finance Minister Wale Edun highlighted NCIP as a strategic tool for inclusive growth, export competitiveness, and sectoral transformation. He praised the NSIA’s capacity to lead the initiative and urged Nigeria to tap into global climate finance to drive economic diversification and resilience.

Nigeria’s digital economy attracted $191 million in foreign direct investment in Q1 2024

The Federal Government has announced that Nigeria’s communications and digital economy sector attracted $191 million in foreign direct investment in Q1 2024—a 900% increase from $22 million in Q1 2023. Minister Bosun Tijani credited the surge to reforms under President Tinubu’s Renewed Hope Agenda, the 3 Million Technical Talent (3MTT) program, and a new $2 billion fund to roll out 90,000 km of fibre optic infrastructure by Q4 2025. He said these efforts are positioning Nigeria as a global digital economy leader.

Dangote Refinery pledges to stabilise and lower petrol prices in Nigeria

Dangote Petroleum Refinery has pledged to maintain stable petrol prices despite global crude oil fluctuations. In a statement on Monday, spokesperson Anthony Chiejiena said the 650,000 bpd refinery remains committed to easing fuel costs for Nigerians, with prices locally ranging between N910 and N930 per litre. The move aligns with President Tinubu’s recently approved Nigeria First Policy and aims to support the economy while ensuring affordable, high-quality fuel.

Cannes director says Nigeria needs more good fathers

Akinola Davies Jr., who made history as the first Nigerian director to compete at Cannes, lost his father at age two and says he's been "collecting father figures" ever since. His debut film, My Father’s Shadow , in the running for the Caméra d’Or, explores this theme against the backdrop of Nigeria’s 1993 military coup. Set in Lagos, the film follows a father and his two sons as the country’s hopes for democracy are crushed. Davies contrasts harsh, authoritarian figures like General Sani Abacha with a gentler, more nurturing father figure portrayed by Sope Dirisu. “This film is about accountability—how sons learn from their father's strengths and flaws,” Davies told AFP , adding that Nigeria, too, has long been searching for a true father figure to guide it.

ADC says APC’s misrule has brought Nigeria to its knees

The African Democratic Congress (ADC) condemned the ruling APC for Nigeria’s worsening economic decline since 2015. Speaking in Abuja, ADC’s Board of Trustees Chairman, Mani Ahmed, highlighted rising poverty—about five million Nigerians fall into poverty yearly despite the country’s resources. He called for competent leadership and good governance, saying ADC remains committed to driving meaningful change in Nigeria.

Women entrepreneurs in Nigeria who tend to repay loans faster than their male counterparts are facing challenges despite a lower loan default rate. Women primarily rely on microfinance institutions for funding but are less likely to receive loans or tend to receive smaller amounts. A report by Moniepoint reveals that 40.2% of women use personal savings for their businesses, while only 16.7% secure loans from financial institutions, often borrowing from family and friends instead. Women in the beauty and personal care industry face significant difficulties in obtaining external funding. The funding gap persists across various factors, indicating systemic barriers that hinder the growth of women-owned businesses in Nigeria, Africa Business Insider reports.

Floods

The recent floods in Maiduguri, Nigeria, have led to the intrusion of dangerous animals, such as crocodiles and snakes, into residential areas. The Borno Museum Park reported that over 80% of its animals perished due to the flooding, prompting a warning for residents to remain vigilant. The flood considered the worst in decades, has displaced thousands and damaged essential facilities, Zaywa reports. President Bola Tinubu has directed the National Emergency Management Agency (NEMA) to provide urgent assistance to those affected.

Economic growth through cultural promotion

The Ministry of Arts, Culture, and Creative Economy has partnered with Pure Imagination Production & Filmworks for the third season of Nigeria’s Got Talent, aiming to enhance talent development and cultural promotion in Nigeria. The Sun reports that this collaboration aligns with the government's goal to diversify the economy through the creative sector. Over 15,000 participants will benefit from the Creative Leap Accelerator Program (CLAP), which provides training, mentorship, and resources to foster innovation and support creatives. The show will highlight Nigeria's cultural heritage and showcase talents across 15 cities, airing in early 2025 on multiple platforms, including Netflix and YouTube.

Oil bunkering operation

Nigerian Army units recently intercepted a major illegal oil bunkering operation, seizing over 198,000 litres of stolen crude oil from a barge linked to the Nigerian National Petroleum Company (NNPC) in Rivers State. The operation was part of an ongoing effort to dismantle criminal networks in the Niger Delta, which has seen the recovery of over 280,000 litres of stolen oil and the discovery of 63 illegal bunkering sites in the past week. According to Offshore Technology , the army also dismantled four illegal refining sites and has been actively clamping down on illegal pipeline connections. Nigeria has faced significant challenges with oil theft, leading to substantial economic losses, including a reported daily crude oil loss of 470,000 barrels in September 2022.

Cerebrospinal meningitis

Nigeria has reported 4,915 suspected cases of cerebrospinal meningitis and 361 deaths across 24 states during the 2023/2024 seasons, marking a 157% increase from the previous year. The NCDC confirmed that 44% of samples tested positive, with Neisseria meningitides serogroup C responsible for 90% of cases. The most affected age group is 5 to 15 years, with 60% of cases being male. Punch Nigeria reports that the five hardest-hit states are Yobe, Bauchi, Jigawa, Katsina, and Gombe, accounting for 93% of reported cases.

This shortage has significantly impacted daily life, with transportation costs soaring and many people struggling to get to work or school.

Residents who spoke to AFP shared how they wait in line for hours, sometimes from early morning until afternoon, just to get a few litres of petrol.

"You always use fuel to deliver to customers. So sometimes there is pressure on our heads because a customer will order food, they'll be waiting for their food and, that's when you run low on petrol or something like that. Meanwhile, we transport food. We pick up food and deliver it to customers. And still, when you reach the first filling station (on your way, ed.), it can take about 40-45 minutes (to get fuel). At the end of the day, it's a headache because the customer rejects their food because either it got cold or it took too long," said Ismael Abdullai, a delivery bike rider for a food delivery company.

Sola Adewusi, a private driver also added "It's bad because of our leaders, they are bad. Because I don't see a reason why Nigeria would be a place where there is no fuel. There is no refinery. So that is the problem we have in Nigeria, no refinery. And they are bringing (the fuel from abroad, ed.), all these cabals, they don't want us to live. Everything is expensive. Both food (and fuel, ed.). Getting the fuel that allows us to bring food to our table is a problem. We have been in this queue now for more than four hours. I don't know when I will get the fuel."

The removal of subsidies by President Bola Tinubu, which previously kept petrol prices artificially low has led to a sharp increase in fuel prices.

Meanwhile, Nigerian army troops Wednesday, August 14 said it had destroyed at least 27 illicit refining sites and confiscated stolen crude oil after raiding illegal oil bunkering sites in the Niger River delta.

Recently, residents in Yangon queued overnight at petrol stations, hoping to secure fuel for their vehicles. The shortage also affects businesses and hospitals that rely on generators during frequent power outages in the city of eight million.

The central bank's statement on August 14 confirmed the $100 million allocation for the fuel oil sector in the foreign currency market.

"The Central Bank of Myanmar has arranged to provide US$100 million towards the fuel oil sector in the foreign currency market," it said in a statement as reported by AFP.

This move follows a previous injection of over $16 million into the foreign exchange market last month to curb currency devaluation. Inflation is projected to be around 15.5 percent for the fiscal year ending next March, according to the Asian Development Bank.

The economic downturn has led to soaring prices for essentials like cooking oil, rice, and other staples. Last December, the junta cracked down on fuel hoarding, threatening jail time for anyone found with more than 180 litres of petrol without a license.

Myanmar's economy has been struggling since the military coup in 2021. The coup also sparked massive pro-democracy protests, which were met with a harsh military crackdown.

The Philippines government has fast-tracked the development of the "world's largest" solar and storage project, with a capacity of 3,500MW of solar PV and a 4,500MWh battery energy storage system. The project, being developed by Terra Solar Philippines, Inc., has received a green lane certificate from the Board of Investments, allowing it to proceed at a quicker pace. According to Energy Project News , the project is expected to cost PHP185 billion (US$3.2 billion) and span 3,500 hectares of land in Bulacan and Nueva Ecija provinces. The certificate is hoped to help the project reach commercial operations by 2026 and 2027.

Paris Olympics

Philippines celebrates Olympic gymnast Carlos Yulo's victory with a parade in Manila. Yulo won two gold medals, bringing the country's total Olympic gold medal haul to three. His success has inspired hope for many Filipinos. Yulo overcame obstacles and trained in Japan to pursue his gymnastics dream. President Marcos met the athletes and awarded Yulo with a presidential citation and a significant cash reward, along with other gifts and offers of support, Gulf News reported.

Foreign Direct Investment

FDIs in the Philippines fell to a 16-month low in May 2024, due to high inflation and geopolitical tensions. Despite the decline, the five-month FDI net inflows grew by 15.8 per cent year-on-year. Factors such as global economic uncertainties and regional competition may have contributed to the potential slowdown. Realizing the projected $9.5-billion FDI net inflow for 2024 will require sustained investor confidence and a favourable economic climate. The report also indicated a decline in equity capital placements, but a bright spot in intercompany borrowings between multinational firms and their Philippine units, Asia News reported.

Oil spillage

The Philippines has started transferring 1.4 million litres of industrial fuel oil from a sunken tanker off Manila Bay to prevent an environmental disaster. The tanker sank on July 25 and it took three weeks to control the spillage. The release of the cargo was warned to cause an environmental catastrophe and fishing zones have been affected, media agency Hindustan Times reported. The country has experienced a devastating oil spill in the past, causing contamination of waters and beaches.

Consumer Electronics

VS Industry's subsidiary in the Philippines has secured RM1.5bil in new orders to manufacture consumer electronics products for a key customer. The expected revenue contribution for FY25 and FY26 is RM0.3bil and RM1.2bil respectively. This development is expected to strengthen the company's earnings and geographical exposure, according to reports by media agency The Star .

A recent Global Firepower report highlighted the countries with the largest proven oil reserves worldwide. In Africa, Libya leads with 50 billion barrels of crude oil reserves, followed by Nigeria with 37 billion barrels.

Here are the top 7 African countries with the largest oil reserves in 2024:

Libya

Libya tops the list with an impressive 50 billion barrels of proven oil reserves. Despite political instability, Libya's vast oil wealth remains a cornerstone of its economy. On the global train, Libya ranks 9th.

Nigeria

Nigeria, Africa's most populous country, holds around 37 billion barrels of proven oil reserves. As the 11th country globally, the oil industry is vital to Nigeria's economy, accounting for over 80% of its export earnings.

Algeria

Algeria ranks 3rd in Africa with approximately 12.2 billion barrels of oil reserves. The country is a significant player in the African oil market, with its energy sector being a major contributor to its GDP. Globally, Algeria comes 16th on the list.

Angola

Angola's oil reserves are estimated at 7.8 billion barrels. The oil sector is crucial to Angola's economy, generating significant revenue and employment, which places it 4th among African countries in terms of oil reserves.

Sudan

Sudan holds about 5 billion barrels of oil reserves. Despite facing economic challenges, Sudan's oil reserves remain a key asset for the country's development.

South Sudan

South Sudan, which gained independence from Sudan in 2011, has 3.75 billion barrels of oil reserves. Oil is a crucial part of South Sudan's economy, although the country faces significant infrastructural and political challenges.

Egypt

Egypt's oil reserves stand at 3.3 billion barrels. The country is a significant player in the North African oil market, with its energy sector contributing to economic growth and stability.

One crew member on the MT Terra Nova died.

The tanker was sailing to the central province of Iloilo.  The Philippine Coast Guard's aerial survey showed the spill stretching 3.7km and being spread by strong waves. Equipment is in place as the Coast Guard races to contain the spill.

“We are racing against time and we will try to do our best to contain it immediately and stop the fuel from leaking,” PCG spokesman Rear Admiral Armando Balilo was quoted as saying.

The closure raised concerns over the impact on tourism and marine life.

The extent of the spill appears to have been limited to the areas that had been closed.

Raquel Ibáñez, who led a Spanish government subdelegate at the clean-up operation, told AFP "that practically the entire coastline is now free of contamination”.

The Uganda Police has called off the much-anticipated "Stop Corruption March to Parliament" scheduled for July 23, 2024. This announcement was made earlier today by the Uganda Police Spokesman, Assistant Commissioner of Police (ACP) Kituuma Rosoke. The cancellation follows rising tensions and significant mobilisation efforts on social media to encourage public participation in the event, Pulse Uganda reports. "Uganda Police is reliably informed of ongoing mobilization efforts on social media calling for people to march to parliament. Unidentified organizers have circulated placards urging people to gather on all Kampala streets on Tuesday, July 23, 2024, but the time of commencement and organizational details are unclear. Given the lack of transparency and the potential for disorder, the police strongly warn against proceeding with this march. Uganda Police Force is issuing a clear warning against attempts to incite violence or breach public order through uncontrolled demonstrations," ACP Kituuma Rosokestated.

New court bid to overturn draconian anti-homosexuality act

Ugandan activists have officially appealed the Constitutional Court's April decision, which upheld the constitutionality of the country's Anti-Homosexuality Act. “Today, we have filed an appeal in the Supreme Court of Uganda to overturn the Constitutional Court decision that upheld the Uganda Anti-Homosexuality Law,” tweeted leading Ugandan LGBTQ+ activist Dr Frank Mugisha on Thursday, July 11. According to Mamba Online , Human rights lawyer Dr Adrian Jjuuko stated that the joint submission by various activists and organizations marks the culmination of months of preparation for this extensive appeal record. He added, "Now the ball is back in the court's court!"

UNBS can't detect cancer-causing substances in food

The Uganda National Bureau of Standards (UNBS) has been found to lack the equipment necessary to test for cancer-causing substances in locally-made foods, beverages, and cosmetics. The report also highlights the association of radioactivity with various types of cancer. UNBS, however, insists that its laboratories are equipped with modern testing technology and are internationally accredited. However, concerns have been raised about the threat posed by other chemicals used in the food chain, and there is a call for standardised measures for preservatives, the Monitor reports.

'Devastating' TotalEnergies oil project

TotalEnergies' East African oil project in Uganda's national parks is causing significant environmental damage, according to a leading conservationist group. The project has led to biodiversity loss, displacement of people, and disruptions to wildlife.TotalEnergies insists it is a responsible operator, but environmentalists and rights activists have sued the company for alleged rights abuses. RFI also highlights that the project is also struggling to secure financing, and campaigners are calling for funding to be redirected to renewable energy projects.

President to 'crash' media for negative news

Uganda's President Museveni and presidential advisor Odrek Rwabwogo are concerned about negative media reports about Uganda. They want to address what they see as irresponsible journalism, which they believe is damaging the country's reputation and economy. They plan to centralise government communication, improve international image, and protect the country's global perception. They also want to coach officials on international communication practices and have monthly discussions on strategies to improve Uganda's image, as reported by The Observer .

Lucapa's newly appointed chairperson, Stuart Brown, hails Angola as the foremost diamond exploration target. He highlights the country's potential for major new diamond deposits and its favourable environment for foreign investment. According to Mining Weekly , the company's focus also extends to Australia and Lesotho, with divestment efforts for the Mothae diamond mine underway. Lucapa remains committed to discovering primary kimberlite sources in Angola. Brown emphasises the company's dedication to its kimberlite exploration program and the potential for significant discoveries.

$421.3 million road project

Angola is investing $421.3 million in a road development programme with funding from Africa Finance Corporation, Standard Chartered Bank, Export-Import Bank of the US, and US Private Export Funding Corporation. Conduril will serve as the primary EPC contractor, with Acrow providing the bridges. In addition to new road construction, the project will include maintenance and resurfacing works. This initiative aims to bolster Angola's economy. According to World Highways , although the capital city, Luanda, is well-developed, much of Angola struggles with inadequate transport connectivity.

Natural gas industry

Angola is driving its natural gas industry forward, with plans to develop gas fields and increase LNG production. President João Lourenço is committed to strengthening Angola's oil and gas sector and expanding its LNG exports. The country is also improving its natural gas projects, and aiming to diversify its stake in the industry. Angola's progress in the LNG sector offers a pathway toward a just energy transition and a boost to local economies across the continent. According to Social News XYZ , the African Energy Chamber has been particularly pleased to see Angola driving its natural gas industry forward.

Solo Creed found in Angola

The tugboat 'Solo Creed' resurfaced in Angola after being involved in a $23 million oil spill in Tobago on February 7, 2024. The tugboat was detained by the Angolan Navy for violating the security perimeter of oil extraction blocks 17 and 18. The government of Trinidad and Tobago is attempting to verify the location of the tugboat, which has not been seen since turning off its location transponder in February. In a report filed by Bellingcat , the tugboat's claimed current owner denies that it was seized and states that the barge has no insurance to help with the oil spill. The cleanup cost of the oil spill is estimated at $23.5 million, and no insurer has been identified for the tugboat and barge.

Road to a polio-free nation

Angola aims to vaccinate over 5 million children to ensure a polio-free nation, with a focus on vulnerable populations such as refugees. The vaccination campaign, supported by the Ministry of Health and partners, is crucial in protecting children from the threat of polio, which has resurfaced in environmental samples and susceptible children in the country. WHO suggests the initiative demonstrates Angola's commitment to promoting child health and resilience in vulnerable communities.

Dangote said that his refinery can also provide fuel for Africa's aviation demands, declaring that his country, Nigeria has no reason to import gasoline from any part of the world from June.

"Right now, Nigeria has no cause to import anything apart from gasoline and by sometime in June, within the next four or five weeks, Nigeria shouldn’t import anything like gasoline; not one drop of a litre. We have enough gasoline to give to at least the entire West Africa, and diesel to give to West Africa and Central Africa. We have enough aviation fuel to give to the entire continent and also export some to Brazil and Mexico,” he is quoted by Nigerian media Punch Newspaper .

The Nigerian billionaire explained that it is not normal for Africa to continuously import from other continents when the region has enough raw materials to make it self-sufficient.

“Today, our polypropylene and our polyethene will meet the entire demand of Africa and we are doing base oil, which is like engine oil, we are doing linear benzyl, which is raw material to produce detergent. We have 1.4 billion people in the population, nobody is producing that in Africa. “So, all the raw materials for our detergents are imported. We are producing that raw material to make Africa self-sufficient. As I said, give us three or a maximum of four years and Africa will not, I repeat, not import any more fertilizer from anywhere. We will make Africa self-sufficient in potash, phosphate, and urea, we are at three million tonnes and in the next twenty months, we will be at six million tonnes of urea which is the entire capacity of Egypt. We are getting there,” he added.

Dangote refinery, commissioned in Nigeria in February, has since made efforts to improve the availability of fuel in the country. The refinery is reported to be Africa’s biggest oil refinery and the world’s biggest single-train facility and produces 650,000 barrels of gasoline per day.

“Our capacity is too big for Nigeria, but it would also supply West Africa, Central Africa and South Africa. We have 650,000 barrels per day, 1 million tonnes of polypropylene, we have 590,000 carbon black, that is the raw materials ink, dyes and co. We are expanding more. This is the first phase and we are going out to the next phase which will start early next year,” Dangote said.

Germany has extended its participation in the EU-led operation Irini to monitor the UN arms embargo against Libya until April 2025. The mission involves airborne reconnaissance and maritime surveillance to prevent illegal exports of petroleum and combat human trafficking networks. Germany's Armed Forces have been involved in the mission since 2020, with the upper personnel limit of 300 soldiers remaining unchanged. Additionally, the German Navy may participate with a ship in the future. This operation is essential for long-term stability in Libya, Naval Technology reports.

Fuel smuggling

Fuel smuggling is reportedly fuelling Sudan's civil war, prompting an investigation by the head of Libya's Presidential Council. Mismanagement of the National Oil Corporation has led to smuggling, with some profits allegedly going to the Russian-backed Wagner Group Africa Corps. Libya, despite being oil-rich, imports most of its fuel and heavily subsidises domestic prices, leading to significant re-export and smuggling. According to Nova News , the inflated cost of subsidies has reached unsustainable levels, undermining the country's oil and gas revenue. Most imported fuel reportedly comes from Russia, via countries such as Turkey, and is illegally sold in Europe.

Asylum for refugees

Rwanda has resettled 6,000 refugees, including 91 from Libya, since 2019. The UK and Rwanda have signed a treaty for asylum seekers to be processed in Rwanda, although the plan has faced opposition and legal challenges. Rwanda remains ready to receive migrants despite concerns about cost and safety, The New Times reports.

Lybia’s Oil Minister suspended

Libya's Oil Minister, Mohamed Oun, has been suspended pending an investigation for ‘Legal violations’. No further details were provided except for the number of cases. Meanwhile, Oun says he has not been told the reason for the decision, Bloomberg reports.

Egypt supports Lybia in electoral issues

The head of Egyptian intelligence affirmed support for Libyan elections during a meeting with Libyan military commander Haftar in Benghazi. The discussions focused on advancing the political process and praised the UN's efforts. The international community, including Egypt, advocates for simultaneous presidential and parliamentary elections in Libya to end over a decade of instability. Leaders in Libya have agreed to establish a new unified government responsible for overseeing the elections. According to the English Ahram media outlet, UNSMIL (United Nations Support Mission in Libya) also supports the formation of a unified government.