<< Back             Poser >> India turns to Nigeria, other African countries for Soybeans By Cynthia Alo, with Agency report India has turned to Nigeria and other African countries for soybean imports after soaring domestic prices forced Indian traders to cancel soymeal export contracts for the first time since 2021. According to a Reuters report, Indian traders cancelled about 25,000 metric tons of soymeal export contracts and secured about 80,000 metric tons of soybean imports from African countries following a sharp rise in local prices. The development is expected to create export opportunities for Nigeria and other African countries producing non-genetically modified, non-GM soybeans, which India permits for import. Reuters reported that India’s soybean purchases are allowing African exporters to sell the commodity at a premium above global benchmark prices. Founder of agricultural goods exporter Suraj Impex, Vinod Jain, said India was no longer receiving fresh soymeal export orders because of elevated prices. Reuters quoted Jain as saying that the situation had prompted traders to increase soybean imports from African countries. He projected that India’s soybean imports could rise to a record 800,000 metric tons by September 2026, compared to just about 2,000 metric tons imported in the previous year, according to data compiled by the Soybean Processors Association of India. India only permits imports of non-GM soybeans, limiting sourcing options to a few African countries including Nigeria, Benin, Niger and Togo. Vanguard Business News	Lekki Port Phase 2 construction set for kick-off, says Lagos govt By Godwin Oritse Lagos State Governor, Babajide Sanwo-Olu, has announced that work on Phase 2 of the Lekki Port project will commence soon, a move aimed at strengthening the state’s position as West Africa’s leading maritime and logistics hub. Speaking at the Invest Lagos Summit 3.0 held in Lagos earlier in this week, Sanwo-Olu highlighted the […] 3 years of Tinubu: Manufacturers yet to see policies translate into industrial growth — MAN  From intervention funds and industrial roadmaps to fiscal reforms, local content policies and foreign exchange restructuring, the administration has introduced several initiatives CBN bans linked financial entities from extending loans to each other By Elizabeth Adegbesan The Central Bank of Nigeria, CBN, has banned closely linked financial entities from extending loans or guaranteeing the obligations of one another without the bank’s prior approval. The apex bank disclosed this, yesterday, in its Exposure Draft on ring-fencing operations of closely linked entities in the Nigerian financial system. The apex bank stated: […] Businesses’ confidence in macroeconomy rises to 7.9 index points — CBN By Elizabeth Adegbesan Businesses’ confidence in the macro economy rose significantly to 7.9 index points in May 2026 from 3.9 index points in the preceding month of April 2026, even as insecurity, multiple taxation, and high interest rates continued to pose major operational challenges to businesses during the period. This was contained in the latest Central […] Nigeria’s monthly oil output rises 2.2% By Obas Esiedesa, Abuja Nigeria’s total oil production, comprising crude oil and condensates, increased by 2.2 per cent in May to 1.70 million barrels per day (bpd), while crude oil output exceeded the country’s OPEC production quota for the first time this year. Data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Thursday showed […] FCMB appoints Bismarck Rewane as Non-Executive Director, Board of Directors Chairman First City Monument Bank (FCMB) Limited has appointed Mr. Bismarck Rewane as a Non-Executive Director and Chairman of its Board of Directors, following approval from the Central Bank of Nigeria. Mr. Rewane is a respected economist and experienced leader in Nigeria’s financial sector, with more than 40 years of experience in macroeconomic research, investment banking, […]