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Mali to Emerge as Africa’s Second-Largest Lithium Producer by 2025

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Mali is poised to become Africa’s second-largest lithium producer in 2025, trailing only Zimbabwe, as the West African nation ramps up investments in its fast-growing mining sector.

According to industry projections, Mali is expected to contribute 14% of the continent’s total mined lithium output next year, reflecting the country’s accelerating drive to diversify its mineral economy and tap into the global demand for critical energy transition minerals.

In a major boost to this ambition, President General Assimi Goïta has officially inaugurated Mali’s second-largest lithium refinery, a milestone project aimed at enhancing local value addition, job creation, and export capacity.

The facility is part of Mali’s broader strategy to move beyond raw material exports by refining and processing lithium domestically—positioning the country as a key player in the global electric vehicle and battery supply chain.

Zimbabwe currently leads Africa’s lithium production, hosting some of the continent’s largest deposits and operating several active mines. Mali’s rapid emergence signals an expanding regional footprint for Africa in the global lithium market, as governments across the continent seek to capitalize on the growing demand for green energy minerals.

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— Ranks Africa Energy & Mining Desk

Federal Government FG Unveils 50 New Tax Exemptions and Reliefs for Low-Income Earners, Small Businesses

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Abuja, Nigeria — The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr. Taiwo Oyedele, has announced a broad package of 50 tax exemptions and relief measures targeted at easing the financial burden on low-income earners, average taxpayers, and small businesses. The new framework forms part of Nigeria’s ongoing tax reform agenda and is set to take effect from January 1, 2026.

In a statement shared on his official handle on X (formerly Twitter), Oyedele described the initiative as “one of the most people-focused tax reforms in Nigeria’s recent history,” stressing that it aims to make the fiscal system fairer, simpler, and more inclusive.

According to him, the reforms are structured to reduce the tax load on vulnerable groups and boost compliance, while improving the ease of doing business for micro, small, and medium enterprises (MSMEs).

“From 1 January 2026, the new tax laws will provide many reliefs and exemptions for low-income earners, average taxpayers, and small businesses,” Oyedele stated.

The relief package is expected to address long-standing concerns over Nigeria’s complex and burdensome tax structure, which has often discouraged investment and limited economic productivity.

Sources within the committee suggest that the forthcoming measures will cover areas such as personal income tax adjustments, value-added tax (VAT) reliefs on basic goods and services, and reduced compliance costs for small enterprises.

The reform initiative aligns with President Bola Ahmed Tinubu’s broader fiscal policy roadmap, which seeks to enhance equity within the tax system, improve government revenue efficiency, and create a more enabling environment for economic growth.

Analysts have welcomed the announcement, noting that targeted exemptions could help stimulate consumption, protect disposable income, and revive small business activity amid ongoing inflationary pressures.

— Ranks Africa Business Desk

Backbone Infrastructure Secures Over $50 Billion to Build Mega Refinery and Free Trade Zone in Ondo State

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Backbone Infrastructure Ltd has announced funding commitments exceeding $50 billion for the development of a 500,000 barrels-per-day refinery and the Sunshine Free Trade Zone in Ilaje, Ondo State — a project set to transform the state into one of Nigeria’s major refining and export hubs.

The financing, facilitated through a joint venture partnership with NEFEX Holdings of Canada, marks one of the largest private-sector commitments to industrial infrastructure in Nigeria’s southwest region. The initiative follows the Memorandum of Understanding (MoU) signed between Backbone Infrastructure and the Ondo State Government in July, laying the groundwork for large-scale energy and industrial development.

According to project stakeholders, the proposed refinery aims to strengthen Nigeria’s downstream oil capacity and reduce the nation’s reliance on imported refined petroleum products. The Sunshine Free Trade Zone — a key component of the project — will serve as a strategic hub for energy processing, logistics, and export activities, creating significant employment and investment opportunities within the region.

Officials familiar with the plan noted that the funding structure combines equity participation, project finance, and strategic investments from international partners, ensuring a sustainable framework for long-term operations.

Ondo State Governor Lucky Aiyedatiwa had earlier emphasized that the project aligns with the administration’s vision to industrialize the coastal zone and leverage the state’s natural resources for economic diversification.

When completed, the refinery and trade zone are expected to boost Nigeria’s refining capacity, stimulate regional trade, and enhance the nation’s standing as a key energy player in West Africa.

— Ranks Africa Business Desk

President Tinubu Seeks IMF Support to Develop Transparent Fuel Price Modulation Framework

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The Federal Government of Nigeria has sought technical assistance from the International Monetary Fund (IMF) to design a transparent fuel price modulation mechanism aimed at cushioning domestic consumers from volatile global oil market shocks.

The request was made by the Permanent Secretary, Ministry of Petroleum Resources, Dr. Vitalis Obi, during a joint technical engagement in Abuja involving officials of the ministry, key petroleum regulatory agencies, and a visiting IMF Fiscal Affairs Department mission on climate policy.

Dr. Obi explained that the proposed framework would establish a more predictable pricing structure for petroleum products, ensuring that short-term fluctuations in international crude prices do not translate into sudden or excessive domestic pump price hikes. The initiative, he added, forms part of broader efforts to stabilize Nigeria’s downstream sector and strengthen energy affordability for citizens following the deregulation of fuel pricing.

According to ministry sources, the IMF team is expected to provide technical guidance on fiscal modeling, data transparency, and policy calibration, drawing from international best practices in energy pricing and subsidy management.

The partnership also aligns with Nigeria’s commitment to balance economic reforms and social impact mitigation, as the government continues to manage the post-subsidy transition and pursue long-term energy sector sustainability.

Officials noted that the collaboration will include consultations with domestic regulators such as the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Nigerian National Petroleum Company Limited (NNPCL) to ensure coherence across fiscal, regulatory, and social policy objectives.

— Ranks Africa Energy Desk

Nigeria’s Private Sector Records Strongest Output Growth in Six Months — Stanbic IBTC PMI

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Business activity in Nigeria’s private sector strengthened notably in October 2025, posting the highest output growth in six months, even as firms contended with power supply disruptions and delayed client payments that constrained operations.

According to the Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) report compiled by S&P Global, the headline index rose to 54.0 in October from 53.4 in September, signaling a further improvement in overall business conditions. A reading above 50.0 points reflects expansion, while a figure below that threshold indicates contraction.

The latest data marks the 11th consecutive month of growth in private sector activity, driven by steady gains across key industries — manufacturing, agriculture, construction, and services. Analysts say the trend highlights the economy’s resilience despite persistent infrastructure bottlenecks and cost pressures.

The report attributed the rise in output to a sharper increase in new business orders, supported by product diversification and stronger customer demand. Among the four broad sectors monitored, manufacturing recorded the fastest growth, as companies leveraged new product offerings to attract clients and expand market share.

While businesses continued to raise selling prices in response to rising input and wage costs, the pace of inflationary pressure was comparatively subdued. The report noted that output charges rose at the second-slowest rate since April 2020, reflecting a moderation in price growth despite ongoing cost challenges.

However, input cost inflation ticked slightly higher in October, driven by increases in purchase and staff expenses, though it remained below the levels recorded in 2023 and early 2024.

Overall, the latest PMI figures suggest a cautiously optimistic outlook for Nigeria’s private sector heading into the final quarter of 2025, with businesses showing adaptability amid economic headwinds and a gradual easing of inflationary trends.

— Ranks Africa Business Desk

JAMB Mandates Admission Status Declaration for 2026 UTME Applicants to Curb Exam Malpractice

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The Joint Admissions and Matriculation Board (JAMB) has announced a new policy requiring all candidates registering for the 2026 Unified Tertiary Matriculation Examination (UTME) to declare their current admission status, indicating whether they are already enrolled in any tertiary institution.

According to the Board, the directive is a key part of its renewed efforts to combat impersonation and examination malpractice, issues that intensified during the 2025 UTME cycle.

Findings from JAMB’s 2025 UTME Infraction Report revealed a troubling pattern — over 90% of candidates implicated in various forms of malpractice were existing students of tertiary institutions who attempted to exploit the system for fraudulent purposes, including multiple admissions and identity manipulation.

In a statement, JAMB emphasized that the new measure is designed to enhance transparency and accountability within Nigeria’s tertiary admissions process.

“Beginning with the 2026 UTME registration, every candidate will be required to make a clear declaration regarding their current studentship status,” the Board stated.

The declaration, JAMB added, will become a compulsory component of the registration process, allowing the Board to cross-check candidates’ information with institutions’ enrollment databases.

Education analysts have lauded the move as a necessary reform to safeguard the integrity of the examination system, though they caution that proper data integration and verification mechanisms will be essential to ensure effective implementation.

The new rule is expected to take effect when registration for the 2026 UTME opens in early 2026.

— Ranks Africa Education Desk

Airtel Africa’s London Shares Surge 139% as Valuation Gap with Nigerian Listing Widens to 58%

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Lagos, Nigeria — Airtel Africa Plc, one of Nigeria’s most valuable companies and a leading telecom operator on the London Stock Exchange (LSE), has recorded a striking divergence in valuation between its foreign and domestic listings, raising questions about investor sentiment and currency dynamics in Nigeria’s capital market.

Data as of November 3, 2025, show that Airtel Africa’s LSE share price has soared from £1.17 at the start of the year to £2.80, marking a remarkable 139% year-to-date (YTD) increase. The performance underscores strong investor confidence in the company’s growth outlook and regional earnings strength across its African markets.

However, on the Nigerian Exchange (NGX), the telecom giant’s shares have been largely stagnant, inching up only 7.1% over the same period — from ₦2,156.90 to ₦2,310.50.

When converted using the prevailing exchange rate of ₦1,903.5 per Pound Sterling, Airtel’s LSE price translates to ₦5,329.9 per share, more than double its NGX valuation, resulting in an estimated 58% valuation discount for its Nigerian listing.

The persistent disparity reflects the complex interplay between foreign exchange rates, liquidity constraints, and investor confidence within Nigeria’s local equities market. Analysts note that foreign investors continue to price Airtel’s LSE shares in hard currency, while domestic investors face tight naira liquidity, FX scarcity, and limited access to international trading platforms.

Airtel Africa, with a market capitalization exceeding ₦8.68 trillion, remains a key member of the Stocks Worth Over One Trillion (SWOOT) group on the NGX. Despite this, the company’s local share price has remained unchanged since June 18, 2025, even as its foreign listing continues to outperform.

Market watchers suggest that unless Nigeria’s FX and capital market reforms deepen, such valuation gaps between cross-listed stocks could persist, reflecting a dual reality between global and domestic investor ecosystems.

— Ranks Africa Business Desk

Daniel Etim Effiong’s The Herd Shatters Box Office Records with ₦131.6 Million Opening Weekend

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Nollywood’s pulse just got louder and Daniel Etim Effiong is right at the center of it.

The celebrated actor-turned-director has achieved a major industry milestone with his feature film, The Herd, which dominated cinemas nationwide to become Nigeria’s number one movie, grossing an impressive ₦131.6 million in its debut weekend.

The film’s explosive performance signals a new era for Nollywood thrillers one defined by meticulous storytelling, refined cinematography, and emotionally charged performances. From the first frame, The Herd grips its audience with an atmosphere thick with suspense, moral tension, and psychological depth, hallmarks of Effiong’s increasingly distinctive directorial voice.

Industry watchers describe the film’s momentum as a breakthrough moment, reflecting Nigerian audiences’ growing appetite for high-quality, homegrown productions with global cinematic appeal.

A Star-Studded Ensemble

Part of the film’s allure lies in its powerhouse cast a blend of Nollywood legends and next-generation talents. The lineup includes Genoveva Umeh, Kunle Remi, Mercy Aigbe, Tina Mba, Norbert Young, Linda Ejiofor-Suleiman, Deyemi Okanlawon, and Patrick Doyle, alongside Bolaji Ogunmola, Adedimeji Lateef, Jaiye Kuti, Emeka Nwagbarocha, and Abba A. Zakky. Their combined screen chemistry brings Effiong’s vision to life with precision and emotional authenticity.

Nationwide Acclaim and Social Media Buzz

Since its release, The Herd has sold out screens across Lagos, Abuja, Port Harcourt, Benin, Ibadan, and Enugu, with many theaters adding late-night showings to meet audience demand. Viewers have praised its layered narrative, striking visuals, and the haunting realism that runs through its plot.

Online, the film continues to trend across platforms, with fans dissecting its themes of greed, sacrifice, and power. Influencers and critics alike have hailed it as one of Nollywood’s most compelling releases of 2025, drawing comparisons to global thrillers while maintaining a distinctly Nigerian identity.

A Triumph for Nollywood Storytelling

Produced by a dynamic creative team and distributed by FilmOne Entertainment, The Herd stands as a testament to Nollywood’s evolving craftsmanship and growing box office potential. It also cements Daniel Etim Effiong’s reputation as a filmmaker capable of merging artistic depth with mainstream appeal a balance rarely achieved in the industry.

With The Herd continuing its strong run in cinemas nationwide, projections suggest the film could cross the ₦200 million mark in the coming weeks, positioning it among the top earners of the year.

For audiences yet to experience it, The Herd is more than a movie it’s a cinematic event redefining what modern Nollywood can be.

Distributed by FilmOne Entertainment.

Ranks Africa Magazine

Prosper Light, Raphael Niyi Lead In Ogwa Studios’ Upcoming Drama A Rainbow For Christmas

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An emotional holiday story exploring self-acceptance and unconditional love on Christmas Eve

OGWA Studios has announced its upcoming holiday short film, A Rainbow for Christmas, starring Prosper Light and Raphael Niyi in the lead roles. The emotionally charged drama delves into themes of identity, family, and courage, capturing the true essence of self-acceptance during the most reflective time of the year — Christmas Eve.

Written and directed under OGWA Studios, A Rainbow for Christmas follows Ezra (played by Prosper Light), a young man who gathers the courage to come out to his family on Christmas Eve. What begins as a night of festivities and warmth soon turns into an intimate exploration of truth, fear, and love. Raphael Niyi joins the ensemble, bringing depth and authenticity to a story that reflects both personal and universal struggles for acceptance.

This film is very close to my heart,” says Prosper Light, who also serves as the creative producer under OGWA Studios. “It’s about finding light in the most vulnerable moments — where fear meets freedom, and love becomes the greatest gift of all.

Shot in a single day, A Rainbow for Christmas is a five-minute short that combines cinematic intimacy with raw emotion. The film captures the magic of the holiday season while addressing conversations often left unspoken in African homes.

“Our goal with this project is to celebrate courage — the courage to live truthfully and to love unconditionally,” says the OGWA Studios team. “We believe stories like this can heal, connect, and inspire others to embrace authenticity.”

The film is set for premiere on December 12, 2025 and forms part of OGWA Studios’ growing slate of powerful, socially resonant films. The studio, known for its motto “Authentic stories, boldly told,” continues to champion narratives that spotlight diversity, human emotion, and representation.

Following the acclaimed release of The Sun’s Glory and other awareness-driven films, A Rainbow for Christmas marks another bold step in OGWA Studios’ mission to amplify voices that challenge stereotypes and redefine African storytelling.

Title: A Rainbow for Christmas
Genre: Drama / Holiday Short Film
Studio: OGWA Studios
Starring: Prosper Light, Raphael Niyi
Duration: 5 minutes
Premiere Date: December 12, 2025
Studio Motto: “Authentic stories, boldly told.”
Contact: ogwatvmedia@gmail.com | +234 808 930 4907

Gingerrr Makes History as 2025’s Highest-Grossing Nollywood Film

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Nollywood’s energy-packed blockbuster Gingerrr has cemented its place in history, officially becoming the highest-grossing Nigerian film of 2025 and securing the 8th spot on the all-time list of highest-grossing Nollywood releases.

Gingerrr Makes History as 2025’s Highest-Grossing Nollywood Film

The vibrant comedy-drama, celebrated for its bold storytelling and star-studded cast, has captured hearts across the country, filling cinemas week after week since its debut. Its success marks another milestone for a film led entirely by women — from concept to execution — a rarity in the male-dominated world of African cinema.

At the core of Gingerrr’s success are its four powerhouse executive producers: Bukunmi Adeaga-Ilori (Kiekie), Bolaji Ogunmola, Bisola Aiyeola, and Wumi Toriola — each bringing unique creative force and charisma to the project. The film’s strong performance reflects the growing appetite for dynamic, authentic, and unapologetically Nigerian stories that blend humor, culture, and emotion.

Following the announcement of the box office record, the producers took to social media to share their gratitude and excitement.

Kiekie

Kiekie, who has become one of Nollywood’s fastest-rising creative entrepreneurs, wrote:

“Ladies and gentlemen, the moment has finally arrived! The biggest news of my year! This girl with mad, mad dreams now has the highest-grossing Nollywood film of 2025! We’re now sitting at #8 on the all-time list. Ah, Oluwabukunmi! Look at the woman you’ve become! Who says dreams aren’t valid? With God, all things are possible!”

Her post, which quickly went viral, was flooded with congratulations from fans, industry colleagues, and top Nollywood figures who praised her relentless drive and innovative storytelling style.

Co-producers Bisola Aiyeola, Bolaji Ogunmola, and Wumi Toriola also expressed heartfelt appreciation to audiences nationwide for their unwavering support, describing the film’s success as “a collective victory for Nigerian women in film and entertainment.”

Industry watchers note that Gingerrr’s record-setting run is a reflection of Nollywood’s evolution — where marketing savvy, relatable storytelling, and digital buzz now play as much of a role in success as the traditional cinema model.

With Gingerrr now breaking ceilings and setting new benchmarks, fans and critics alike are already wondering what the team will do next. But one thing is certain — the Gingerrr crew isn’t slowing down anytime soon.

As Kiekie put it best, “We’re not stopping anytime soon. Eyes on the goal.”

— Ranks Africa Magazine