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Crude oil prices surged above $94 per barrel on Wednesday, extending their rally to fresh five-week highs as the conflict between the United States and Iran intensified, threatening two of the world’s most critical oil shipping routes and raising fears of a prolonged global supply disruption.

Latest market data showed Brent crude climbing to $94.33 per barrel, up 3.65 percent, while West Texas Intermediate (WTI) rose to $87.51 per barrel, a gain of 3.76 percent, as traders priced in mounting geopolitical risks. The gains build on an earlier rally that pushed Brent above $92 during Asian trading.

The benchmarks have now risen consistently since the July 4 holiday period, with Brent adding more than $10 per barrel over recent sessions as military exchanges across the Middle East show little sign of easing.

The latest advance followed an 11th consecutive night of US military strikes on Iranian targets.

According to the US Central Command (CENTCOM), American forces targeted Iranian military operations centres, maritime assets, aircraft hangars, drone storage facilities and logistics infrastructure in a bid to weaken Tehran’s ability to threaten commercial shipping.

CENTCOM said Iran had attacked more than 30 commercial vessels over the past three months, insisting the Strait of Hormuz remains open to international navigation.

However, traders and shipping insurers remain focused less on whether the waterway is technically open than on whether commercial vessels can transit safely without the risk of attack.

The Strait of Hormuz carries roughly 20 percent of global oil consumption and a substantial share of global liquefied natural gas exports, making any disruption a major threat to world energy supplies.

Red sea becomes new flashpoint

Attention is increasingly shifting beyond Hormuz to the Bab el-Mandeb Strait, where Yemen’s Iran-backed Houthi movement has threatened to block vessels transporting Saudi crude through the Red Sea.

Saudi Arabia has increasingly relied on exports from its Yanbu terminal on the Red Sea as security conditions around Hormuz have deteriorated.

Any disruption to the Bab el-Mandeb would significantly reduce one of the few remaining alternative export routes available to Gulf producers.

In a sign that security risks are already affecting commercial shipping, three Saudi oil tankers reportedly made U-turns in the Red Sea on Tuesday after the Houthis declared a blockade on Saudi oil shipments transiting the Bab el-Mandeb.

The latest development has heightened concerns that both of the Middle East’s principal oil export corridors could face simultaneous disruption.

Military escalation continues

The latest US operations followed reports that Kuwait intercepted Iranian drones, marking another expansion of hostilities involving US allies in the Gulf.

President Donald Trump also indicated that Washington was preparing for a prolonged military campaign, saying the United States currently had ‘no interest’ in resuming negotiations with Tehran.

The absence of diplomatic progress has reinforced expectations that geopolitical tensions will remain the dominant driver of oil markets in the near term.

Supply risks outweigh inventory data

Market participants also assessed fresh US petroleum inventory figures released by the American Petroleum Institute (API), which showed increases in crude oil and distillate stockpiles last week, while gasoline inventories declined.

Traders are now awaiting official inventory data from the US Energy Information Administration (EIA) later on Wednesday for further indications of demand conditions in the world’s largest oil-consuming nation.

For now, however, analysts say geopolitical developments continue to overshadow market fundamentals.

With military operations expanding across the Gulf, commercial shipping becoming increasingly constrained around both Hormuz and the Bab el-Mandeb, and diplomatic efforts stalled, oil traders are increasingly pricing in the risk of a prolonged supply disruption that could push crude prices even higher in the weeks ahead.

Nigeria is seeking to turn more than $50 billion in investment commitments into actual factories, businesses and jobs as the government shifts focus from attracting investors to delivering economic output.

Jumoke Oduwole, minister of industry, trade and investment, said Nigeria’s priority was now ‘conversion’, ensuring that investment commitments, government policies and reforms translate into production, exports and enterprise growth.

Speaking at the 17th meeting of the National Council on Industry, Trade and Investment (NCITI) in Enugu on Wednesday, the minister said Nigeria’s next phase of economic reforms must focus on ‘conversion’, moving from policies and commitments to actual business expansion.

‘Our priority this year as mandated by Mr President is conversion, turning our commitments, policies and reforms into scaling businesses through financing into production, and training into jobs and enterprise growth,’ Oduwole said.

She added that competitiveness would determine whether Nigeria could transform its resources and investment opportunities into stronger production, exports and shared prosperity, particularly as the country seeks to benefit from regional markets under the African Continental Free Trade Area (AfCFTA).

The minister said Nigeria’s industrial and trade ecosystem had recorded progress, citing approximately $6.1 billion in non-oil exports, N636 billion in Bank of Industry (BOI) disbursements, 527,000 micro, small and medium enterprises (MSMEs) captured in the national database, and 289,000 Nigerians supported through skills programmes.

However, analysts say converting investment announcements into actual projects remains a major challenge for Nigeria, where investors have historically cited infrastructure gaps, regulatory bottlenecks, foreign exchange constraints and policy uncertainty as barriers to execution.

According to Oduwole, the government is working to address these challenges through improved investment facilitation, stronger trade processes and industrial development initiatives.

She said the Nigeria Investment Policy was providing a framework to attract, facilitate and retain capital, adding that investor issues raised during the 2025 Domestic Investment Summit were being addressed more quickly.

‘At the 2025 Domestic Investment Summit, 75 percent of investor issues were resolved on-site and all outstanding matters within five working days,’ she said.

The minister also highlighted ongoing efforts to improve export competitiveness through the Export Track of the National Single Window, which she said would reduce the time, cost and uncertainty associated with trade processes.

She said Nigeria must take advantage of market access opportunities, including the United Kingdom’s Developing Countries Trading Scheme, to increase exports of products such as cocoa, cashew, shea, sesame, soybean and cowpea.

On industrial development, Oduwole said the government was focused on expanding manufacturing, agro-processing, industrial clusters, special economic zones, technology and skills development.

She said initiatives such as the National Talent Export Programme (NATEP) were aimed at positioning Nigerian workers for global services exports, while the implementation of the National Intellectual Property Policy and Strategy would support innovators and creative businesses in protecting and commercialising their assets.

The minister stressed that competitiveness must extend beyond major commercial centres, urging states to convert their comparative advantages into productive clusters and investment-ready projects.

‘States must convert their comparative advantages into productive clusters, bankable projects and viable routes to market, working in partnership with the private sector and development partners to deliver measurable economic value,’ she said.

Nigeria’s AfCFTA push was also central to the minister’s address, as she said the country had gazetted its Provisional Schedule of Tariff Concessions and was advancing implementation of the Digital Trade Protocol.

Oduwole said Nigeria’s role as chair of African ministers responsible for trade for 2026/2027 would require stronger coordination to ensure the country’s leadership translated into commercial opportunities.

She urged states to prepare investment-ready projects ahead of major continental trade events, including CANEX WKND 2026 and the Intra-African Trade Fair 2027.

The minister said outcomes from the council must move beyond resolutions, with each commitment requiring a clear owner, timeline and measurable outcome.

‘The 17th NCITI must mark a decisive shift from policy to production, investment interest to projects, and market access to transactions,’ she said.

The National Agency for Food and Drug Administration and Control (NAFDAC) has commenced a nationwide enforcement operation to remove alcoholic beverages packaged in sachets and polyethylene terephthalate (PET) bottles below 200ml from circulation, in line with the Federal Government’s ban on the production, importation, distribution, sale and use of such products.

In a post published on its official X account, the agency said the enforcement exercise is being carried out across Nigeria’s six geopolitical zones following the closure of non-compliant manufacturing facilities as part of efforts to safeguard public health.

According to NAFDAC, enforcement teams have been deployed to markets, motor parks, retail outlets, bars and other distribution channels to identify, seize and remove the banned alcoholic products from circulation.

The agency directed manufacturers, importers, distributors, wholesalers, retailers, transporters and other stakeholders still in possession of the affected products to immediately surrender their remaining stock.

‘Continued possession or sale of the banned products constitutes a violation of the law and may attract seizure, regulatory sanctions and prosecution,’ the agency said.

NAFDAC said the nationwide operation is aimed at reducing underage drinking, harmful alcohol consumption and substance abuse, particularly among children and young people.

The agency also called on members of the public to support the enforcement exercise by refraining from purchasing banned products and reporting anyone producing, distributing or selling them to the nearest NAFDAC office or through its dedicated hotline.

PanAfrican Capital (PAC) Foundation has graduated 25 young Nigerian women from the fourth cohort of its Girls Can Code initiative after an intensive 13-week training programme in cybersecurity and data analysis, strengthening efforts to equip more women with digital skills needed to compete in Nigeria’s rapidly expanding technology sector.

The graduates, who earned professional certifications after successfully completing the programme, posted an average performance score of 87 percent, while 14 participants achieved scores of 90 percent and above. Of the 30 young women admitted into the programme, 25 met the graduation requirements, representing an 83 percent completion rate.

The initiative, implemented in partnership with NexQuantum Academy, is designed to bridge the gender gap in technology by providing young women with practical, industry-relevant digital skills that enhance employability and prepare them for careers in the global digital economy.

Throughout the 13-week programme, participants underwent intensive training in Cybersecurity Fundamentals and Data Analysis through a blend of instructor-led classes and structured self-paced learning delivered on a Learning Management System (LMS). They also completed practical assignments, quizzes and real-world projects while receiving continuous guidance and mentorship from experienced facilitators.

Speaking on the successful completion of the programme, Executive Secretary of PanAfrican Capital Foundation, Omolola Ojo, said the initiative reflects the foundation’s commitment to investing in the next generation of female technology professionals.

‘At PanAfrican Capital Foundation, we believe that empowering young women with relevant digital skills is one of the most impactful investments we can make for Nigeria’s future,’ Ojo said.

She described Girls Can Code as more than a technology training programme, saying it serves as a platform that builds confidence, unlocks career opportunities and prepares young women to thrive in an increasingly competitive global digital economy.

‘We are proud of the achievements of this cohort and remain committed to expanding access to quality technology education for many more young women,’ she added.

The graduation ceremony, held on July 18, celebrated the participants’ transformation from technology beginners into professionals equipped with practical knowledge and globally relevant skills in two of the world’s fastest-growing technology disciplines.

Building on the success of the fourth cohort, the foundation said it is exploring plans to expand future editions of the programme by increasing enrolment, introducing additional technology tracks and strengthening mentorship and participant support systems to deliver even greater impact.

Since its inception, the Girls Can Code initiative has continued to empower young women with practical digital skills, mentorship and career opportunities, reinforcing the PanAfrican Capital Foundation’s commitment to promoting inclusive economic growth and creating pathways for women to participate meaningfully in Nigeria’s digital economy.

Nigeria’s largely invisible nutrition crisis is quietly eroding the country’s economic potential, with experts warning that widespread deficiencies in folate (vitamin B9) and vitamin B12 are driving preventable birth defects, poor cognitive development, lower educational outcomes and reduced workforce productivity.

Nutrition specialists are now urging the federal government to make the fortification of bouillon cubes with folic acid and vitamin B12 mandatory, describing the measure as one of the country’s most cost-effective public health investments and a critical step toward building a healthier and more productive population.

Their call comes as Nigeria records an estimated 7.5 million births every year, with about 11,000 babies born annually with neural tube defects (NTDs), serious congenital abnormalities of the brain and spinal cord that are strongly linked to folate deficiency. Scientific evidence shows that adequate folic acid intake before conception and during early pregnancy can reduce the risk of these defects by as much as 70 percent.

Experts say the economic consequences extend far beyond hospitals.

Children born with preventable neural tube defects often require lifelong medical care, repeated surgeries, rehabilitation and specialised support. Those costs are borne not only by families but also by the healthcare system and the wider economy through reduced educational attainment, lower labour productivity and lost human capital.

‘As Nigeria seeks to accelerate economic growth and human capital development, addressing hidden hunger must become a national priority. A healthier population is a more productive population,’ nutrition experts said

Neural tube defects are the second most common congenital neurological abnormalities in Nigeria. They include spina bifida, where the spinal cord does not develop properly; anencephaly, a severe underdevelopment of the brain that is usually fatal; and encephalocele, in which brain tissue protrudes through an opening in the skull.

While some children born with neural tube defects survive into adulthood with specialised care, others die shortly after birth or live with permanent disabilities that place enormous emotional and financial burdens on their families.

Health experts argue that many of these cases could be prevented if women receive adequate folic acid before conception and during the first four weeks of pregnancy, a period when many women are not yet aware they are pregnant.

That is why nutrition advocates are pushing for the mandatory fortification of bouillon cubes, one of the most widely consumed food products in Nigeria.

Unlike supplements, which depend on women accessing healthcare and remembering to take them daily, fortified bouillon cubes would deliver folic acid and vitamin B12 through a food already consumed in virtually every household, regardless of income or geography.

Dr. Jamila Lawal, a Nigerian nutritionist and public health expert, said fortifying foods that people already consume every day is a proven public health strategy.

‘What is wrong with fortifying the food people are already eating? We already fortify several staple foods. Nobody argues that flour should stop being fortified with vitamin A simply because some people choose not to eat bread. Bouillon cubes are part of our food culture and are consumed in almost every household. They are an appropriate vehicle for delivering folic acid, especially for women before and during pregnancy,’ Lawal said.

She said reliance on folic acid tablets alone has not delivered the desired public health outcomes because many women either begin taking supplements too late or do not take them consistently.

‘Fortification does not replace supplementation. It complements it by ensuring women receive essential nutrients through their everyday diet,’ she said.

Olusola Malomo, assistant director dietetics Lagos State Health Service Commission, General Hospital, Badagry, agreed that fortification could significantly reduce neural tube defects but warned that strict regulatory oversight would be essential.

‘If this initiative is meant to tackle neural tube defects in children, then it is a good one. Government must ensure that the right quantity of folic acid is added to the bouillon cubes so women are neither getting too little nor too much. Regulators must also verify that manufacturers are adding the correct vitamins, not just changing the flavour,’ Malomo said.

He urged manufacturers to conduct rigorous scientific testing before launching fortified products and called for nationwide awareness campaigns to educate women about the importance of taking folic acid before conception and during the first eight weeks of pregnancy.

To address concerns over sodium intake from seasoning cubes, Malomo suggested manufacturers could also develop fortified variants specifically targeted at women planning pregnancy and pregnant women.

The push for mandatory fortification is supported by growing scientific evidence.

A landmark Condiment Micronutrient Innovation Trial (CoMIT), involving more than 2,000 women and children in Ghana, found that bouillon cubes fortified with folic acid and vitamin B12 significantly improved blood levels of both nutrients across different population groups. Researchers concluded that bouillon is an effective vehicle for delivering essential micronutrients at population scale in West Africa, where household consumption is nearly universal.

Nigeria introduced voluntary standards for bouillon fortification in September 2024, allowing manufacturers to add folic acid, vitamin B12, iron, zinc and iodine. However, experts say voluntary adoption has been too slow to produce meaningful nationwide impact.

More than 40 percent of Nigerian women of reproductive age are estimated to have inadequate folate intake, while vitamin B12 deficiency remains common among low-income households with limited access to animal-source foods.

For nutrition experts, the debate is no longer about whether fortification works but whether policymakers are prepared to act.

With Nigeria striving to improve human capital and meet global nutrition targets by 2030, they argue that mandatory bouillon fortification is no longer simply a health intervention, it is an economic strategy capable of protecting future generations while reducing avoidable healthcare costs and strengthening the country’s long-term productivity.

Spiro, Africa’s largest electric mobility company, on Tuesday unveiled its first Sustainability Report, committing to achieve net-zero Scope 1 and Scope 2 greenhouse gas emissions by 2040 and positioning itself among the first electric vehicle companies on the continent to publish a comprehensive environmental, social and governance (ESG) baseline.

Africa’s electric mobility industry is entering a new phase where investors and policymakers are demanding more than rapid expansion. Companies are now being judged on their ability to measure and reduce their environmental impact, and Spiro is attempting to set the pace.

The report marks a shift in Africa’s electric vehicle industry from reporting fleet growth to measuring climate, economic and social impact, as global investors increasingly tie financing to sustainability performance and transparent emissions reporting.

‘This report reflects how far SPIRO has come-not only in terms of growth, but in our ability to measure and improve our impact. As we expand across Africa, sustainability will remain a core business driver, shaping how we invest, manufacture, innovate and partner for the long term,’ said Anant Badjatya, group chief executive officer of Spiro.

The company said it completed its first end-to-end greenhouse gas inventory covering Scope 1, Scope 2 and Scope 3 emissions across its operations and value chain, creating what it describes as a benchmark for measuring future progress. It also registered with the Science Based Targets initiative (SBTi) and aligned its reporting with the Global Reporting Initiative (GRI) standards, signalling its intention to meet internationally recognised ESG disclosure practices.

Beyond its long-term net-zero ambition, Spiro projects that its expanding electric mobility ecosystem could help avoid as much as 700,000 tonnes of carbon dioxide emissions annually by 2030 as more commercial riders switch from petrol-powered motorcycles to electric alternatives.

The report also provides one of the clearest pictures yet of the environmental footprint of an African electric mobility company. Spiro reported approximately 243 tonnes of Scope 1 emissions and about 16,652 tonnes of Scope 2 emissions in 2025, figures that will serve as its baseline for future emissions reductions.

Industry experts say such disclosures are becoming increasingly important as development finance institutions, climate funds and commercial investors require measurable ESG performance before committing capital.

‘Having grown up in India, I have witnessed firsthand the impact of vehicle emissions on public health and urban environments. At SPIRO, our responsibility as founders is not only to scale innovation, but to ensure that the systems we build endure economically, socially and environmentally for generations to come,’ said Gagan Gupta, founder of Spiro and chairman of Equitane.

The report shows the company is looking beyond vehicle deployment to decarbonise its operations. Spiro is evaluating the installation of 80-125 KVA solar systems at selected battery-swapping stations to reduce dependence on electricity grids, while smart energy management initiatives at its assembly facilities have already lowered energy consumption by between 15 and 25 percent.

The company said it also plans to expand battery reuse, second-life energy storage and recycling programmes as part of a broader circular economy strategy.

While environmental commitments dominate the report, Spiro argues that electric mobility is becoming an economic necessity as much as a climate solution.

According to the company, commercial riders using its electric motorcycles reduce operating costs by between 70 percent and 80 percent compared with petrol-powered motorcycles through lower energy and maintenance expenses while avoiding the impact of volatile fuel prices.

The report also highlights the company’s growing investment in local industrial development. Through the Spiro Academy, more than 4,000 people were trained across Africa in 2025 in electric vehicle maintenance, battery management and technical operations. Spiro also launched what it describes as Africa’s first women-led electric motorcycle assembly line, part of a broader effort to increase female participation in advanced manufacturing.

The company now operates more than 100,000 electric motorcycles supported by over 2,500 battery-swapping stations across six African countries. It says more than 30 million battery swaps have been completed since its launch, replacing petrol-powered transport with electric alternatives.

The report reflects the maturation of Africa’s electric mobility industry. While early competition focused on expanding fleets and attracting venture capital, the next stage is likely to be defined by companies’ ability to demonstrate measurable climate impact, stronger governance and sustainable business models.

By publishing its first comprehensive ESG baseline, Spiro is positioning itself ahead of that shift, raising the reporting standard for an industry expected to play a growing role in Africa’s energy transition, urban transport and climate agenda.

Stars Builders, a fast-rising Nigerian football Academy, has announced a partnership agreement with Greenpeg Engineering ahead of the 2026/27 football season.

Stars Builders’ management disclosed that the partnership will help the team accelerate the growth of the academy in no distant future.

‘We have been trying our best, and along the line, we realised that we needed partners who can help us grow. Thankfully, Greenpeg came along,’ Ayodeji Adegbenro, CEO, Stars Builders, stated.

He added that the management wants the Academy’s growth to be organic, which informed its current status in the Nationwide League One (NLO).

‘It is a partnership that started many years ago in a hostel room in FUTA about 25 years ago, even though we are just signing the papers now.

Our values align, and Greenpeg is the perfect partner to accompany us on this journey. We do hope that this is the start of something beautiful and long-term,’ Adegbenro stated

He also disclosed that the Academy hopes to compete in the NPFL against the likes of Enyimba, Sporting Lagos, among others.

Since its establishment in 2021, Stars Builders have made rapid strides in Nigerian grassroots football.

After winning the Ogun State League in their debut campaign in 2022, the academy achieved back-to-back promotions to reach the Nationwide League One (NLO), the third tier of Nigerian football, ahead of the new season.

‘We are excited about this partnership with Stars Builders,’ Bolaji Adekunle, MD, Greenpeg Engineering, stated.

According to him, Greenpeg Engineering is a multifaceted engineering firm that specializes in procuring essential and hard-to-find industrial components.

‘What Stars Builders are doing is not entirely different from that. So it makes it easier for us from an impact perspective; the interest has grown so far and will continue to grow,’ Adekunle stated.