Commodities

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Commodities Oil and Gas

Oil and gold markets surge amid geopolitical and economic shifts

London. March 21, 2025 In recent weeks, global markets have experienced notable fluctuations, particularly in the commodities sector, with significant movements in oil and gold prices. Oil Market Dynamics Oil prices have risen for the second consecutive week, influenced by geopolitical developments and strategic decisions by major oil-producing entities. Brent crude futures increased by 0.3% to $72.21 per barrel, while U.S. West Texas Intermediate (WTI) crude futures climbed 0.4% to $68.32 per barrel. Both benchmarks are on track to register approximately a 2% weekly gain, marking the largest since early …

Commodities

Gold set for sixth successive weekly gain, US payrolls report in focus

Bengaluru,  Feb 7, 2025 – Gold prices rose on Friday, hovering near record-high levels and set for a sixth successive weekly gain, as trade war concerns fuelled safe-haven buying ahead of the key U.S. payrolls report. Spot gold was up 0.3% at $2,864.11 per ounce, as of 0721 GMT, and has gained more than 2% this week. Bullion hit an all-time high at $2,882.16 on Wednesday “It’s still a trending market and we will continue to see gold prices pushing to newer heights because now it’s uncharted territory,” said Brian …

Commodities

FG’s lifting of 5-year ban on mining in Zamfara, a boost for Nigeria’s mining sector – TSF 

Abuja, Dec. 30, 2024 – The Tinubu Stakeholders Forum (TSF) has commended the federal government for lifting the five-year ban on mining activities in Zamfara State.  The group made the commendation in a statement signed by its Chairman Ahmad Sajoh and Secretary Josiah Afolabi. It described the decision as a good move that will boost the economic diversification agenda of the President Bola Tinubu administration. The statement reads: “This decisive action, as announced by the Minister of Solid Minerals Development, Dr. Dele Alake marks a significant milestone in harnessing the …

Commodities

FG lifts 5-year ban on mining activities in Zamfara State

Abuja, Dec. 22, 2024 -The Federal Government says it has suspended the five-year ban on mining activities in Zamfara State. Dele Alake, the Minister of Solid Minerals Development, disclosed this in a statement on Sunday. “The Federal Government has lifted the ban on mining exploration activities in Zamfara State, citing significant improvements in the security situation across the state. “Nigeria has a lot to gain from reawakened economic activities in a highly mineralised state like Zamfara that is imbued with vast gold, Lithium, and copper belts,” the statement read. “The …

Commodities

TSF commends FG for launch of first ultra-modern mineral analysis laboratory in Nigeria

Abuja, Dec. 20, 2024 – The Tinubu Stakeholders Forum (TSF) has welcomed the unveiling of an ultra-modern mineral analysis laboratory in Sabon-Wuse, Niger State, as a major achievement in Nigeria’s journey towards excellence in the mining sector. In a statement signed by its Chairman Ahmad Sajoh and Secretary Josiah Afolabi, the group said it was a groundbreaking development by the federal government which aligns perfectly with President Bola Tinubu’s Renewed Hope Agenda. “For us, the inauguration of this laboratory, the first of its kind in Nigeria, represents a crucial step …

Commodities Manufacturing/Industry

Biden finally to block Nippon Steel sale deal

Washington, Dec. 11, 2024 – President Joe Biden plans to formally block the $14.1 billion sale of United States Steel Corp. to Nippon Steel Corp. on national security grounds once the deal is referred back to him later this month, people familiar with the matter said. The Committee on Foreign Investment in the United States panel, which has been reviewing the proposed takeover for much of this year, must refer its decision to Biden by Dec. 22 or 23, said the people, who asked to not to be identified discussing …

Commodities Foreign

Ghana’s illegal mining boom seeps into presidential election

Accra, Dec. 5, 2024 – Dressed in a white singlet with a scarf tied around his head, Frank crouched near a muddy pit, preparing to plunge his hands into the soil in search of gold. Around him, shirtless men, their bodies smeared with dirt and glistening with sweat, worked tirelessly under the blazing sun, near Ghana’s capital Accra. But their activities come at a cost — degraded farmlands, polluted water bodies, shrinking forests and damage to Ghana’s cocoa crops, a major source of export revenue. Ghana, the world’s sixth-largest gold …

Commodities

Nigeria, France MoU on mining, a landmark achievement – TMV

Abuja, Dec. 4, 2024 – The Tinubu Media Volunteers (TMV) has applauded the Memorandum of Understanding (MoU) signed between Nigeria and France on mining during the recent state visit by President Bola Tinubu to France. In a statement signed by its Chairman, Chukwudi Enekwechi, and Secretary Shadrach Sunday, the group said the MoU would go a long way in making the solid mineral sector more lucrative and vibrant.  “We note that for the first time in Nigeria, clarity and sanity are being witnessed in the solid minerals sector under the …

Commodities

Gold climbs to record high as Mideast, US elections drive demand

Lagos, Oct. 21, 2024 – Gold reached a record high on Monday, with safe haven demand continuing to support prices as traders monitored escalating tensions in the Middle East and the increasingly tight US election race. Bullion climbed as much as 0.3% to an all-time high of $2,729.30 an ounce, topping last week’s peak by a few dollars. The bullish sentiment has also spilled over to silver, which was trading at the highest since 2012. Markets are focused on geopolitical risks in the Middle East, with Israel discussing its next …

Agriculture Commodities Foreign Manufacturing/Industry Maritime/Shipping

Ghana’s economy grew by 6.9% in Q2 2024, fastest in five years

Accra, Sept. 18, 2024 – Ghana’s economy grew by 6.9% year-on-year in the second quarter of 2024, the fastest rate in five years, boosted by expansion in several key sectors, the country’s statistics agency said on Wednesday. The strong growth represents a significant recovery for the producer of gold, oil and cocoa which has been grappling with its worst economic crisis in a generation due to skyrocketing public debt. “The 6.9% growth rate is highest since the second quarter of 2019 and it was driven largely by strong expansion in …