Home Blog Page 34

Gold Prices Rebound Above $4,100 as Safe-Haven Demand Strengthens

0

Gold staged a strong recovery in the global commodities market on Monday, November 10, 2025, rising sharply back above the $4,100 threshold after recent weeks of volatility. The precious metal advanced by 2.88% on the day, extending those gains into Tuesday’s early trading session, where it hovered around $4,130 per ounce ahead of the London pre-market open on November 11.

The latest upswing has pushed gold’s month-to-date performance above 3%, signaling renewed investor confidence after a late-October pullback. The metal had previously retreated from its record high of $4,355 per ounce, falling below $4,000 and nearly touching $3,900 on October 29, prompting market concerns of a potential broader correction.

Analysts now say the late-October slide represented a “healthy cooling period” following gold’s more than 50% year-to-date rally, which had pushed the commodity into what many described as overbought territory. The correction created what some investors viewed as a buying opportunity.

“After such an aggressive run, the retracement was necessary to reset positioning,” commodities analysts noted, adding that the rebound reflects renewed appetite for safe-haven assets.

Market observers attribute the renewed demand to rising global uncertainty, particularly surrounding U.S. trade tariff negotiations and concerns about slowing global economic growth. These factors have historically driven investors toward gold as a hedge against volatility.

With geopolitical risks still elevated and central banks maintaining cautious monetary stances, traders suggest gold may continue to attract inflows in the near term.

 

Global Clean Energy Funding to Developing Nations Rises to $21.57 Billion — UN Report

0

Global financial flows supporting clean energy initiatives in developing countries, including Nigeria, have climbed to $21.57 billion, according to the newly released UNFCCC Yearbook of Global Climate Action 2025, titled “Marrakech Partnership for Global Climate Action.”

The report indicates a notable rise from $12.14 billion in 2015, reflecting increasing international investor confidence in renewable energy, climate-resilient development, and sustainable infrastructure projects across the Global South.

However, the United Nations Framework Convention on Climate Change (UNFCCC) cautioned that despite the growth in funding, access remains uneven, with the majority of clean energy financing concentrated in a limited number of developing economies.

In its assessment, the UNFCCC stated:

“Financial flows to developing countries for clean energy reached USD 21.57 billion, up from USD 12.14 billion in 2015, but remain concentrated in a few countries. Universal access by 2030 requires not just technology deployment but equitable distribution of capital and capacity.”

The report underscores a critical challenge facing many African and low-income nations: while global financing for clean energy is rising, barriers to access — including limited credit guarantees, weak institutional capacity, and high perceived investment risks — continue to slow adoption.

For Nigeria and other emerging markets, the findings highlight both progress and urgency. The increased funding signals growing recognition of their role in the global clean energy transition, yet the concentration of capital suggests that policy reforms, stronger public-private partnerships, and targeted financing instruments will be necessary to ensure broader and more equitable impact.

The Yearbook will serve as a reference point for ongoing climate finance negotiations ahead of key global climate forums scheduled for 2026.

Nigeria to Launch 2025 Oil Licensing Round on December 1 — NUPRC

0

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has confirmed that the 2025 Oil Licensing Round will officially begin on December 1, 2025, marking a renewed effort by the Federal Government to boost upstream investments and enhance national crude output.

The announcement was made by the Commission’s Chief Executive, Engr. Gbenga Komolafe, during the Project 1MMBOPD Additional Production Investment Forum held in London on Tuesday.

In a statement shared via the Commission’s official X (formerly Twitter) account, Komolafe disclosed that the approval for the licensing round aligns with the provisions of the Petroleum Industry Act (PIA).

“We are announcing that we are ready under the approval of the Minister of Petroleum Resources in line with the PIA to commence the 2025 licensing round beginning from December 1, 2025,” Komolafe said.

According to the Commission, the upcoming licensing exercise is structured to unlock undeveloped and fallow oil and gas fields, particularly gas-rich assets, which are expected to play a critical role in advancing Nigeria’s energy transition strategy.

Komolafe explained that the initiative seeks to scale up upstream production, accelerate revenue generation, and bring previously discovered but unexploited reservoirs into full commercial operation.

The licensing round is also expected to attract both domestic and international investors, signaling Nigeria’s continued commitment to strengthening its petroleum sector, supporting economic growth, and ensuring energy security.

Further details on application guidelines, bidding processes, and block availability are expected to be released in the coming weeks.

Cost of New Car Registration in Nigeria Rises to Between N115,000 and N140,000 in 2025

0

The cost of registering a new vehicle in Nigeria has increased significantly in 2025, with fees now ranging from N115,000 to N140,000, depending on the state, registration centre, and intermediary agents involved.

This marks a notable rise from the N80,000 to N105,000 range recorded in 2024, reflecting broader inflationary pressures and adjustments in administrative charges across the nation’s automotive and transportation sectors.

Industry personnel and vehicle documentation agents who spoke with Nairametrics attributed the sharp cost increase to a combination of factors, including:

  • New regulatory and statutory fees
  • Higher production costs for number plates and vehicle documents
  • Informal and local government levies
  • Dependence on third-party registration intermediaries in some states

A senior staff member at Mutual Benefits Assurance, who confirmed the current pricing trend, noted that processing times remain relatively stable despite the cost spike.

“Registering a new car in Nigeria costs between N115,000 and N140,000 today, and it takes between three to five working days to be ready,” the official stated.

The rising cost adds to what has already been a challenging period for vehicle buyers, with car prices themselves having surged due to foreign exchange instability, import duty adjustments, and declining purchasing power.

Transport and mobility analysts say the upward trend may persist unless there is a stabilization in both administrative pricing and broader macroeconomic conditions.

Ranks Africa will continue to monitor the evolving cost structure within the automotive and transportation sectors nationwide.

Dangote Fertilizer Signs Technology Licensing Deal to Expand Urea Production Capacity to Over 8 Million Tons Annually

0

Dangote Fertilizer Limited (DFL) has signed a major technology licensing agreement with Thyssenkrupp Uhde Fertilizer Technology (UFT), a subsidiary of thyssenkrupp Uhde, to deploy its advanced UFT Fluid Bed Granulation Technology in the development of four new urea granulation units in Nigeria.

According to a statement made available to Nairametrics, the partnership will see Thyssenkrupp UFT provide the technology license, a comprehensive Process Design Package (PDP), and key proprietary equipment — including granulators and scrubbers — for the new facilities.

Each of the planned units will have a nameplate production capacity of 4,235 metric tons per day, representing a combined total of 16,940 metric tons per day once operational. This expansion is set to raise Dangote Fertilizer’s annual urea output from its current level of approximately 2.65 million tons to more than 8 million tons per year.

The new granulation units will be constructed in Lekki, Lagos State, adjacent to DFL’s existing fertilizer plants, which have been operating with the same UFT technology since 2021 and currently produce 3,850 metric tons per day each.

The expansion strengthens Dangote Fertilizer’s position as one of the world’s leading urea producers and is expected to enhance Nigeria’s role as a key supplier of fertilizer across Africa and global export markets.

Industry analysts note that the increased output could support agricultural productivity on the continent, reduce fertilizer shortages, and further position Nigeria as a major player in global agro-industrial value chains.

 

Wike Condemns Military Takeover Of Abuja Land, Orders Halt To Illegal Development …Says Former Naval Chief Behind Encroachment, Vows to Resist Intimidation

0

Minister of the Federal Capital Territory (FCT), Barr. Nyesom Wike, has condemned the alleged illegal takeover of a disputed land in Abuja by military personnel reportedly acting on the orders of a former Chief of Naval Staff, describing the act as lawless and unacceptable.

Wike, who personally visited the site on Tuesday after receiving reports that soldiers had driven away FCTA officials enforcing development control directives, said no individual no matter their former position would be allowed to intimidate government authorities or obstruct enforcement of the law.

“You are aware that the land departments and the Development Control have the mandate to monitor illegal development and land grabbing,” the minister said.

“When this was brought to my attention, I instructed them to ensure that nothing takes place there, as there were no legal documents—no regional approval, no valid acquisition.”

According to Wike, while officials of the Department of Development Control were on site to implement his directive, they were chased away by armed soldiers allegedly acting under the instruction of a retired senior officer.

“I was informed that the soldiers of the military had to chase them away, and I thought they were acting illegally,” Wike said. “Today, while I was in the office, I was called again that the military had taken over the place. I had to come myself to see things. It’s really unfortunate.”

He expressed shock that a person who once held a top military position could resort to such intimidation rather than follow due process.

“I don’t understand how somebody who attained that position cannot approach my office to say, ‘Look, this is what is going on.’ But simply because he’s a military man, he thinks he can use that to intimidate Nigerians. I am not one of those that will succumb to blackmail or intimidation,” the minister said firmly.

Wike also disclosed that when the FCTA officials demanded documents to justify the occupation, none were produced.

“The Director of Development Control said, ‘Bring the documents’ they don’t have them. ‘Bring approval for building’ they don’t have it. How can we continue to allow lawlessness to prevail? What about those who don’t have the military behind them? What about ordinary Nigerians?”

The minister maintained that the FCT Administration would not tolerate the misuse of military power to obstruct legitimate urban regulation, stressing that the rule of law must apply to all.

“I have spoken to the Chief of Defence Staff and the Chief of Naval Staff. They assured me that the matter will be resolved. We’re not here to have a shootout with anybody or cause chaos,” Wike said.

“But I will not allow this to happen. The same way we enforce our laws in other areas is the same way it will be done here. Nobody whether a former Chief of Naval Staff or anyone else will be allowed to carry out illegal development on government land.”

Wike reaffirmed his commitment to restoring order and accountability in Abuja’s land administration, warning that the FCTA would continue to reclaim encroached areas, no matter how powerful those involved may be.

Federal Government FG Engages U.S. Diplomatically Following Reported Trump Remarks on Nigeria

0

The Federal Government has confirmed that diplomatic discussions are underway with the United States following reports that former U.S. President Donald Trump issued a military threat over alleged attacks on Christians in Nigeria.

Nigeria’s Minister of Information, Mohammed Idris, disclosed on Monday that the government has activated official communication channels to address the situation and prevent any escalation in bilateral tensions. He noted that statements and perceptions surrounding Nigeria’s internal security situation have been misinterpreted in some international circles.

Idris emphasized that Nigeria remains a multi-faith, multi-ethnic nation, where freedom of religion is constitutionally protected.

“Nigeria is and will continue to be a country that respects religious diversity. The situation has been misunderstood. We have opened diplomatic channels to clarify matters and ensure continued cooperation,” he said.

The Minister also highlighted ongoing counterterrorism and peacebuilding efforts, stressing that Nigeria values its longstanding partnership with the United States, especially in areas of security, intelligence support, and regional stability.

He urged global partners to rely on credible intelligence and cooperation frameworks, rather than isolated narratives that may distort the nation’s complex security dynamics.

The Federal Government reiterated its commitment to protecting all communities, regardless of religious or ethnic affiliation, as part of its broader strategy to address terrorism and violent extremism across the country.

Nigeria’s Maritime Export Earnings Rise 12% in H1 2025, Driven by FX Reforms and Refinery Output

0

Nigeria’s maritime export sector recorded a 12% growth in the first half of 2025, with export values rising from ₦38.27 trillion to ₦42.87 trillion, according to new industry data. The increase reflects stronger foreign exchange earnings and improved trade efficiency across port corridors.

Analysts attribute the expansion primarily to the Federal Government’s foreign exchange reforms, which have unified exchange rates and enhanced pricing transparency in export transactions. The reforms are also credited with attracting more private-sector players into export value chains.

A major contributor to the growth is the Dangote Refinery and Petrochemical Complex, whose ramped-up industrial output has boosted exports of refined petroleum products and chemical derivatives, including fertiliser and urea.

Industry observers say the refinery’s operations are enabling Nigeria to replace some fuel imports with locally refined products, while simultaneously expanding export capacity into regional and global markets.

They add that a more competitive exchange-rate regime is making Nigerian exports more attractive, improving revenue flows for both government and private operators.

The maritime sector is expected to maintain its upward trajectory through the second half of the year, supported by:

  • Expanded petrochemical and fertiliser output
  • Increasing private-sector participation in logistics and shipping
  • Ongoing port modernization and digitization reforms

Ranks Africa will continue to monitor export performance as Nigeria works to position itself as a regional manufacturing and shipping hub.

New Zealand to Introduce National Occupation List for Work Visa Processing in 2025

0

Immigration New Zealand has announced plans to introduce a new National Occupation List (NOL) in November 2025, marking a major shift in how work visa applications are evaluated and approved.

The new framework will replace the long-standing Australian and New Zealand Standard Classification of Occupations (ANZSCO) system, which has served as the reference point for job categorization and skill assessment in visa processing for several years.

According to immigration officials, the transition is designed to simplify application procedures, provide clearer skill benchmarks, and ensure that the country’s migration policy is more closely aligned with current labour market needs.

Under the new structure, occupations will be grouped by shared functions and responsibilities, with each category assigned a skill level ranging from one to five:

  • Level One: Highly skilled roles, typically requiring advanced qualifications or extensive professional experience.
  • Level Five: Positions requiring minimal formal education or shorter training periods.

Authorities say the NOL will offer greater clarity for employers, reduce processing delays, and make it easier to match overseas talent with sectors experiencing labour shortages.

The shift comes amid ongoing reforms to New Zealand’s immigration framework, as the government seeks to balance workforce demand, economic resilience, and domestic employment priorities.

Further guidance for employers and visa applicants is expected to be released ahead of the November 2025 rollout.

Warren Buffett Retires After Six Decades, Greg Abel Named New CEO of Berkshire Hathaway

0

Legendary investor Warren Buffett has announced his retirement as Chief Executive Officer of Berkshire Hathaway, bringing to a close an extraordinary 60-year tenure that reshaped global investing and corporate leadership. Buffett, now 95, will hand over executive leadership to long-time deputy Greg Abel, who has been widely regarded as his successor in waiting.

The announcement was accompanied by Buffett’s final annual letter to shareholders, a tradition that has influenced generations of investors and business leaders. In the letter, he reflected on Berkshire’s evolution from a struggling textile company into a global powerhouse with interests spanning insurance, energy, manufacturing, retail, and technology.

Buffett also used the moment to reaffirm his lifelong commitment to philanthropy. He pledged to accelerate charitable giving, bringing his total lifetime donations to over $60 billion, much of it directed toward public health, education, and global poverty alleviation.

“I have been extraordinarily fortunate in business and in life,” Buffett wrote. “It is only right that the resources created over this journey return to society in meaningful and lasting ways.”

Incoming CEO Greg Abel, who has overseen Berkshire Hathaway’s energy and utility operations, is expected to maintain the company’s core philosophy of disciplined, long-term value investing. Analysts note that while Berkshire enters a “new era,” the transition has been carefully planned, minimizing uncertainty among shareholders.

Market reaction has remained steady, reflecting investor confidence in the firm’s succession strategy and corporate governance.

Buffett will continue to serve on the company’s board in a supporting and advisory role.

Ranks Africa will monitor updates on leadership strategy and market performance as Berkshire Hathaway enters its post-Buffett chapter.