Business
DIRI SEEKS ECONOMIC TIES BETWEEN AFRICA’S SUB-NATIONALS
Governor of Bayelsa State, Senator Douye Diri, has advocated for economic cooperation between states in Africa, saying such cooperation would promote African unity, boost the economies of the sub-nationals, and reduce economic dependence on the Western world. “We have discovered that relationship between governments has not been very cordial across the continent of Africa,” Chief Press Secretary Daniel Alabrah quoted Governor Diri as saying in a statement. “We rather prefer to value our relationship with Europe and Asia.”
Daniel Alabrah said the governor stated this during a meeting with the Governor of the Province of Namibe in Angola, Mr. Archer Mangueira. Governor Diri noted that Bayelsa and Namibe shared similarities as coastal states bordering the Atlantic Ocean and that both states could benefit from areas where they had comparative advantage.
Bayelsa (Top) Namibe (Bottom)
Alabrah stated that discussions between the two leaders centred around exploring opportunities for collaboration in the fishery sector, as Namibe has developed its marine economy to become the fishery hub of Angola and the southern African sub-region. Governor Diri expressed interest in collaborating with Namibe in fisheries, agriculture, and other areas, saying “where you have comparative advantage, you produce, and where we have comparative advantage, we also produce.”
Daniel Alabrah quoted Governor Diri as thanking his host, Archer Mangueira, for the warm reception accorded him and his delegation, saying it epitomised the true spirit of African brotherhood. In his remarks, Governor Mangueira described Namibe as the Land of Happiness and noted that there was a lot to learn and benefit from a huge country like Nigeria. He expressed excitement about the visit and the prospects for collaboration and investments.
Alabrah said Governor Mangueira noted that Namibe was focusing on its tourism sector for economic development, adding that the province had a rich ecological biodiversity and a desert considered the oldest in the world. He also expressed interest in learning from Nigeria’s experience in the mining sector and agricultural development initiatives.
Two of Nigeria’s largest beverage manufacturers; Nigerian Breweries and Guinness Nigeria, have announced plans to increase the prices of some of their products, citing rising operational and production costs amid the country’s challenging economic environment.
In separate notices sent to distributors, both companies said the price adjustments would affect selected stock-keeping units (SKUs) across their product lines. The move comes as manufacturers grapple with inflation, foreign exchange volatility, rising energy expenses, and increasing logistics costs.
Nigerian Breweries, Nigeria’s largest brewing company, disclosed that its new price structure would take effect on March 20, 2026. In a letter dated March 13 and signed by its zonal business manager (West), John Oloche Ademu, the company, said the review was necessary to cushion the impact of escalating operational and input costs.
The company explained that the current economic landscape has significantly increased the cost of doing business, making the price adjustment unavoidable in order to sustain operations and maintain steady product supply to distributors.
Similarly, Guinness Nigeria informed distributors in a notice dated March 14 that it would also increase prices on selected products, with the new rates expected to take effect from March 27, 2026. The brewer said the decision was driven by prevailing economic conditions that have raised production and operational expenses across the industry.
Both companies noted that distributors who place and fully fund their orders before the effective dates will still be able to purchase products at the existing prices.
Industry analysts say the development reflects growing pressure on manufacturers in Nigeria, where the cost of raw materials, packaging, transportation, energy, and foreign exchange has surged in recent months. The planned adjustments could lead to higher retail prices for popular beer and malt drinks in the coming weeks as distributors and retailers adjust to the new pricing structure.
Nigerian Breweries produces widely consumed brands such as Star Lager, Gulder, Legend Extra Stout, Heineken, and Maltina, while Guinness Nigeria is known for products including Guinness Stout, Malta Guinness, and Orijin.
The price hike is expected to add further pressure on consumers already facing high inflation and rising living costs across the country.
The Central Bank of Nigeria (CBN) has directed all banks in the country to restrict banking services to large borrowers with non-performing loans, in a move aimed at strengthening financial stability and reducing risks in the banking sector.
In a circular dated March 12, 2026, and addressed to all financial institutions, the apex bank said the directive targets “non-performing large ticket obligors” whose debt exposures could pose a systemic risk to the financial system.
Under the new directive, banks are required to deny additional credit facilities to any large borrower whose loan has been classified as non-performing and recorded in the Credit Risk Management System (CRMS) or any licensed private credit bureau.
The restriction covers all forms of credit, including loans and other direct lending facilities. Banks have also been instructed not to extend contingent banking services such as letters of credit, performance bonds, banker’s confirmations, or advance payment guarantees to such borrowers.
The CBN further directed banks to strengthen collateral coverage by obtaining additional realizable collateral from affected borrowers in order to secure existing exposures.
According to the apex bank, large ticket obligors are borrowers whose total exposure meets the threshold outlined in the Prudential Guidelines for Deposit Money Banks in Nigeria or whose combined borrowings across banks exceed the Single Obligor Limit (SOL), thereby posing potential risks to banks’ Capital Adequacy Ratio (CAR).
The directive forms part of the regulator’s efforts to protect depositors, enforce prudential compliance, and maintain stability within Nigeria’s banking system.
Vietnam recorded the world’s largest trade surplus with the United States in January 2026, surpassing both Mexico and China, according to the newly released U.S. trade data.
The figures show that Vietnam’s exports to the United States surged sharply at the start of the year, helping the Southeast Asian country top the list of America’s largest trade surplus partners.
Data from U.S. authorities indicate that the trade surplus reached about $19 billion in January, driven largely by a 53% increase in Vietnamese exports to the U.S., which exceeded $20 billion during the period.
The development reflects a continuing shift in global trade patterns, as American imports from China declined while more goods are sourced from Vietnam and other Asian manufacturing hubs.
Despite the strong trade figures, negotiations between Washington and Hanoi over a bilateral trade agreement remain unresolved. Officials say disagreements over tariff rates and the widening trade imbalance have delayed progress on a deal.
Analysts also note that Vietnam’s trade surplus with the United States has been expanding steadily in recent years, partly because higher tariffs on Chinese goods encouraged companies to shift manufacturing and exports to Vietnam.