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S&P Upgrades Nigeria’s Credit Rating to ‘B’ in First Sovereign Upgrade Since 2012

Higher oil prices, refining gains and economic reforms boost investor confidence Abuja — S&P Global Ratings has upgraded Nigeria’s sovereign credit rating to ‘B’ from ‘B-’, marking the country’s first rating upgrade in 14 years and delivering a major endorsement of President Bola Tinubu’s economic reform programme. The ratings agency said the upgrade reflects improving […]

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Africa Forward Summit Demands Global Financial Reform

Nairobi — African leaders, economists, and policymakers at the Africa Forward Summit in Nairobi have issued renewed calls for sweeping reforms to the global financial system, arguing that current lending and capital structures are obstructing Africa’s industrialisation and long-term development ambitions. The summit brought together delegates from 54 African countries alongside international financial stakeholders, with

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Asia-Pacific Markets Torn: Diplomatic Optimism Battles Iran War Anxiety

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Asia-Pacific Markets — Asia-Pacific markets closed mixed on Wednesday as investors reacted to stronger-than-expected U.S. inflation data, elevated oil prices, and uncertainty surrounding the fragile ceasefire linked to tensions involving Iran. Investor attention also remained fixed on the anticipated diplomatic engagement between U.S. President Donald Trump and Chinese President Xi Jinping, with markets watching closely

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Nvidia Climbs Ahead of Earnings as AI Rally Continues to Power Tech Stocks

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Tech & AI Markets — Shares of NVIDIA gained more than 2 percent on Wednesday as investor enthusiasm around artificial intelligence and semiconductor demand continued to lift technology stocks ahead of the company’s highly anticipated earnings report next week. The rally was supported in part by Nvidia CEO Jensen Huang joining U.S. President Donald Trump

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Oil Remains Above $100 as Iran Ceasefire Keeps War Premium Intact

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Global Commodities — Oil prices remained elevated on Wednesday despite slight declines, as investors continued to monitor the fragile ceasefire involving Iran and lingering geopolitical risks across the Middle East. West Texas Intermediate crude fell 0.66 percent to about $101.50 per barrel, while Brent crude slipped 0.35 percent to approximately $107.40 per barrel. Market analysts

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U.S. Wholesale Inflation Hits Highest Level Since 2022, Raising Rate Hike Fears

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U.S. Economy — Inflation concerns intensified on Wednesday after new data showed U.S. wholesale prices rising at their fastest pace in years, reinforcing fears that price pressures may remain stubbornly elevated across the American economy. The U.S. Producer Price Index (PPI), which tracks wholesale inflation, rose 6.0 percent year-over-year in April, significantly above market expectations

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Tech Rally Pushes S&P 500 to Record High Despite Inflation Concerns

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U.S. Markets — The S&P 500 reached a fresh intraday record high on Wednesday as strong investor appetite for technology stocks outweighed concerns over another hotter-than-expected U.S. inflation report. The benchmark index gained 0.7 percent, while the NASDAQ Composite advanced 1.4 percent, driven by continued momentum in artificial intelligence and semiconductor-related equities. In contrast, the

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Bayo Ogunlesi Commits about $500 Million Investment in South Africa

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Johannesburg— Nigerian billionaire and infrastructure investor Adebayo Ogunlesi has committed approximately $500 million (about R8.3 billion or ₦685 billion) in investment to South Africa, underscoring continued economic ties between Africa’s two largest economies despite recent diplomatic tensions. Ogunlesi, chairman and chief executive of Global Infrastructure Partners (GIP), is regarded as one of Africa’s most influential

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Nigeria Spends $11.6 Billion on Debt Servicing in 2026.

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Nairobi/Abuja — President Bola Ahmed Tinubu says Nigeria is projected to spend approximately $11.6 billion servicing debt obligations in 2026, a figure expected to consume nearly half of the country’s projected government revenue. Tinubu disclosed the figure while addressing the Africa Forward Summit in Nairobi, co-hosted by Kenyan President William Ruto and French President Emmanuel

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UN Chief, guterres hints on Africa’s Resource Exploitation

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United Nations Secretary-General António Guterres has called for a fundamental shift in how Africa’s natural resources are managed and monetised, warning against continued patterns of extraction that leave the continent with environmental damage while economic value is captured elsewhere. In remarks that have gained significant attention across policy and development circles, Guterres argued that Africa

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