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’Nigeria needs stronger investment in agricultural processing’

From your experience working with farmers in Osun State, and other parts of Nigeria, what are some of the biggest challenges currently affecting agricultural producers, particularly smallholder farmers?

From our work with farmers in Osun State and other parts of Nigeria, the biggest challenges for smallholder producers include limited access to affordable finance and quality inputs, inadequate storage and post-harvest infrastructure leading to high losses, poor rural road networks that raise transport costs, and price volatility combined with weak market information. Climate variability and limited extension support further constrain productivity and incomes.

Nigeria has enormous agricultural potential but still imports several commodities and processed agricultural products.

What do you believe needs to change for Nigeria to move from being primarily a producer and exporter of raw commodities to becoming a major processor and value-added agricultural economy?

Nigeria needs stronger investment in processing infrastructure, consistent power supply, and supportive policies that encourage local value addition, rather than raw exports. Improved access to finance for agro-processors, skills development, quality standards enforcement, and better linkage between farmers and processors are essential. When local processing becomes competitive, more of the value will be retained in the economy and employment will expand beyond primary production.

Commodity prices can be highly unpredictable, while issues such as transportation, storage, access to finance and inadequate infrastructure also affect agricultural businesses. How does Kehtol manage these challenges and protect both its farmers and its business?

We manage price volatility through careful market monitoring, diversified commodity portfolios, and forward planning with buyers. On operational challenges, we prioritise efficient logistics partnerships, basic aggregation and storage points to reduce losses, and selective use of available financing tools. By maintaining close relationships with farmers and transparent pricing, we help buffer them against extreme fluctuations while protecting our own margins through disciplined cost control and multi-crop operations.

How important are partnerships with local farmers and farming communities to Kehtol’s operations, and what initiatives, if any, does the company have to improve farmers’ productivity, income and access to markets?

Partnerships with local farmers and communities are central to our model. We work directly with farming groups in and around Osogbo, providing market access, quality feedback and, where possible, practical support that improves productivity and income. These relationships give us reliable supply and give farmers a more predictable outlet. We continue to explore ways to strengthen these links through better coordination and shared value.

With growing global demand for Nigerian agricultural commodities, particularly cocoa, cashew and other exportable crops, what opportunities do you see for Kehtol in the international market?

Growing global demand for Nigerian cocoa, cashew and other export crops presents clear opportunities. We see potential to increase volumes of high-quality, traceable produce, strengthen relationships with international buyers, and position Kehtol as a reliable supplier of Nigerian origin commodities. Expanding our export footprint while maintaining quality and consistency will allow us to capture more of this demand.

Looking at the next five years, what are the major plans for Kehtol Global Investment Company Limited?

Over the next five years our priorities include expanding our farming and aggregation operations, increasing export volumes, and exploring limited processing or value-addition activities where feasible. We also aim to deepen partnerships with farmers and end-users while remaining focused on the core commodities that play to our strengths. Disciplined growth and operational excellence remain the guiding principles.

Monk remanded over obstructing Mines Bureau officials in Batticaloa

Ven. Ampitiye Sumanarathana Thera was arrested by Batticaloa Police in connection with obstructing officers attached to the Geological Survey and Mines Bureau in Batticaloa.

Police said the monk was taken into custody over the alleged obstruction. He was subsequently produced before the Batticaloa Magistrate’s Court, which ordered that he be remanded until today (8).

Manufacturing business activity surge signals industrial recovery

Nigeria’s manufacturing sector is showing signs of a stronger recovery as improved business activity and rising corporate confidence point to renewed momentum in industrial production, even as persistent infrastructure and financing constraints continue to weigh on operators.

The latest Nigerian Economic Summit Group (NESG) Business Confidence Monitor shows that manufacturing recorded the strongest business performance among the major sectors in August 2026, with its Current Business Performance Index rising sharply to 120.4 points from 110.5 points in July and 106.2 points in August 2025.

The improvement comes against the backdrop of faster real growth in the manufacturing sector during the second quarter of 2026. Data from the National Bureau of Statistics showed that manufacturing growth increased to 3.24 percent in Q2 2026, up from 1.69 percent in the corresponding quarter of 2025.

However, the sector’s contribution to total economic output remained under pressure. Manufacturing accounted for 7.72 percent of real GDP in Q2 2026, compared with 7.81 percent in Q2 2025 and 9.57 percent in Q1 2026.

This suggests that while manufacturing output is expanding, the sector has yet to translate the improved output into a larger share of overall economic activity.

The Manufacturers Association of Nigeria’s CEO Confidence Index increased to 52.1 in Q2 2026 from 48.7, reaching its highest level in more than two years. The improvement signals that manufacturers are becoming more optimistic about operating conditions and future demand.

‘Specifically, within the second quarter of 2026, manufacturers reported a return of confidence in doing business in Nigeria,’ the MAN report stated.

Manufacturers also pointed to recent policy developments as contributing to the improved outlook, including new tax laws, executive orders, the Nigeria Industrial Policy, and the Nigeria First Policy.

The renewed optimism is being supported by expectations of better foreign exchange access, lower borrowing costs, and greater policy stability, factors that could encourage manufacturers to increase production, rebuild inventories, and undertake delayed investments.

The NESG report reinforces this positive sentiment. Its Future Business Expectations Index rose to 129.3 points in August from 128.3 points in July, while manufacturing recorded the highest sectoral optimism at 161.2 points, ahead of trade at 149.2 points.

This means manufacturers are not only reporting stronger activity currently but also expect conditions to improve over the next one to three months.

Food, chemicals lead manufacturing expansion

The August improvement was broad-based, with Food, Beverage and Tobacco and Chemical and Pharmaceutical Products recording particularly strong expansion, according to the NESG report.

Several other subsectors also moved from contraction into expansion during the month. Plastic and Rubber Products, Pulp, Paper and Paper Products, Wood and Wood Products, and Motor Vehicles and Assembly all recorded expansion after contracting in July.

Textile, apparel and footwear also remained in expansion and performed better than in the previous month, while cement maintained an elevated level of activity despite a marginal pullback. Basic metals, iron and steel, also remained in expansion.

The breadth of the recovery is significant because it suggests that the improvement is not being driven solely by one or two manufacturing segments.

However, the recovery remains uneven. Electrical and Electronics moved into contraction, while Non-Metallic Products remained below the expansion threshold.

Policy reforms lift expectations

The improving sentiment coincides with the Federal Government’s efforts to reposition manufacturing as a central driver of domestic production and economic growth.

The Nigeria Industrial Policy, launched in the first quarter of 2026, has recorded progress in areas including financing, skills development, industrial infrastructure, exports, and support for local manufacturing.

The Ministry of Trade and Investment said it had mobilised more than $380 million in strategic financing within the first 90 days of implementation and advanced plans for a proposed N350 billion MSME Development Fund.

The government’s Nigeria First Policy has also sought to prioritise domestic industries and increase patronage of locally manufactured goods.

These measures appear to be improving business sentiment, with manufacturers increasingly expecting government policies to create a more supportive operating environment.

Despite the stronger performance, the NESG data show that the recovery is taking place under significant cost pressures.

The NESG’s August assessment found that the Cost of Doing Business Index stood at 56.7 points, while the Prices Index was 58.7 points. Both remained below the neutral 100-point threshold, indicating that a net majority of businesses continued to report rising costs and producer prices.

Manufacturers continue to face inadequate electricity supply, shortages of raw materials, high rental costs, and limited access to financing.

These constraints could limit the extent to which improved confidence translates into new factory capacity, capital expenditure, and employment.

The wider business environment nevertheless strengthened in August. Nigeria’s composite Current Business Performance Index rose to 112.7 points from 108.6 in July and 107.3 in August 2025, with manufacturing emerging as the strongest-performing sector.

Stronger Q3 outlook

Manufacturers’ Q3 expectations reinforce this outlook, with business conditions, employment, and production indices projected at 55.6, 55.2 and 63, respectively.

The NESG survey also found that manufacturing had the strongest near-term optimism among all sectors, suggesting that manufacturers are positioning for higher demand and activity.

Still, sustaining the momentum will depend on whether policy improvements are matched by tangible reductions in production costs, better power supply, easier access to credit and foreign exchange, and improved infrastructure.

Poor Reading Habit Cause For WASSCE Decline – WAEC

The West African Examinations Council (WAEC) has blamed poor reading habits, grammatical weaknesses and the increasing use of informal social media language for the decline in candidates’ performance in English Language in the 2026 West African Senior School Certificate Examination (WASSCE).

Although overall performance in the 2026 examination improved compared with the previous year, English Language was the notable exception, with the proportion of candidates attaining grades A1 to C6 falling to 62.40 percent.

Head of Public Affairs at WAEC, John Kapi, said the decline was a source of concern, particularly as the subject continued to expose weaknesses in candidates’ command of written English.

‘The results have been an improvement on the previous year’s performance except for English Language, which saw a decline,’ he said in an interview with Accra-based Citi FM.

The latest performance represents a further drop in the pass rate for the subject. The proportion of candidates securing A1 to C6 declined from 73.11 percent in 2023 to 69.52 percent in 2024, 69 percent in 2025 and 62.40 percent in 2026.

According to Mr. Kapi, findings contained in the Chief Examiner’s report pointed to recurring problems with concord, spelling, grammar, comprehension and summary writing.

He said the situation was also linked to declining reading habits among students, with some candidates finding it difficult to respond appropriately to questions based on prescribed literary works.

Another concern, he said, was the growing influence of informal communication on social media, particularly the abbreviated forms and expressions commonly used in platforms such as WhatsApp.

‘They might only use the contracted forms as if they were the standard, and that is one area that is worrying,’ Mr. Kapi said.

He stressed the need for students to distinguish between informal online communication and the standard forms of English expected in academic and formal settings.

The WAEC official said stronger reading habits could help students improve their vocabulary, comprehension and ability to express themselves clearly in written examinations.

While English Language performance declined, WAEC recorded an improvement in Core Mathematics compared with 2025.

Mr. Kapi said candidates demonstrated strengths in areas including arithmetic progression, coordinate geometry and business mathematics.

However, he said weaknesses remained in translating word problems into mathematical statements and in some other areas of the subject.

In the 2026 examination, 60.75 percent of candidates obtained grades A1 to C6 in Core Mathematics, compared with 62.40 percent in English Language.

FG tightens foreign travel rules for government appointees

The federal government has tightened controls on overseas travel by political appointees and senior public officials, requiring prior clearance from the Office of the Secretary to the Government of the Federation (OSGF) before they can embark on official foreign trips.

The new directive also requires the Ministry of Foreign Affairs to demand proof of approval from the Secretary to the Government of the Federation’s office before processing official travel documentation, including diplomatic, official and service visas for government appointees.

The measure was contained in a circular signed by George Akume, Secretary to the Government of the Federation (SGF) and circulated to ministers, permanent secretaries, heads of government agencies and other senior officials.

The government said the directive was necessary because some officials had continued to travel abroad on official assignments without obtaining the required authorisation. The circular said officials were acting ‘contrary to extant government directives and established administrative procedures regulating official travels outside the country.’

The requirement applies to ministers, heads of ministries, departments and agencies, members of government boards and committees and other federal appointees. It exempts cases where a different arrangement is expressly permitted by law or directed by the president.

The government said the policy was aimed at reinforcing control over official foreign engagements, improving accountability and limiting unnecessary public expenditure. It cited several previous directives issued between 2012 and 2023 governing foreign travel by ministers, agency heads, board chairmen and other public officials.

Despite those measures, the government said violations had persisted. ‘Despite these directives, instances of non-compliance continue to be recorded,’ the circular said.

The latest move comes as the government faces increased scrutiny over people and organisations claiming to act on behalf of the federal administration, including foreign engagements conducted in Nigeria’s name.

The controversy surrounding Prince Adeniyi Adeyemi, who described himself as Director-General of the purported Presidential Foreign Intervention Promotion Council (PFIPC), has intensified questions about how individuals can present themselves as government representatives without clear evidence of official authorisation.

The new rules, however, extend beyond such cases and apply broadly to federal government appointees travelling abroad on official business.

Under the directive, the Ministry of Foreign Affairs is to make evidence of valid approval from the Office of the Secretary to the Government of the Federation part of the documentation required for official travel-related requests. This includes applications for Notes Verbales, diplomatic facilitation and official foreign travel.

Foreign missions and embassies accredited to Nigeria are also to be notified of the requirement. Applications for official, diplomatic or service visas by government appointees are expected to carry the relevant travel approval where applicable.

The government said the move would give foreign missions an additional mechanism for confirming that officials seeking official travel documents had received authorisation from the Nigerian government.

The directive also places responsibility on the Auditor-General for the Federation to verify compliance during audits. Officials who travel abroad at public expense may be required to produce evidence that the trip had received the necessary clearance.

Public expenditure associated with unauthorised foreign travel will also face scrutiny, with the government warning that such spending could be reported under applicable financial and audit rules.

Accounting officers, permanent secretaries and heads of federal agencies have been instructed to ensure that public funds are not released for official foreign travel unless the required approval has already been obtained.

The circular said the requirement was intended to support ‘due process, centralised coordination of government business and prudent management of public resources.’

The SGF directed ministers, permanent secretaries, accounting officers and agency heads to enforce the policy immediately. It also said the new instruction would override administrative practices that conflict with the directive, while leaving existing laws and regulations on official foreign travel intact.

The circular was distributed to senior officials across the executive, legislative and judicial arms of government, as well as security agencies, financial regulators, revenue bodies, anti-corruption institutions and government-owned companies.

Ugandan traders flee Kenya in panic

Hundreds of foreign traders operating in Kenya were yesterday thrown into panic and uncertainty after President William Ruto last week ordered a crackdown on foreigners engaged in small-scale trade.

The directive, issued on September 2 during a meeting with Micro, Small and Medium Enterprises (MSME) traders, triggered a rush for travel documents, the closure of some businesses and reports of threats and harassment in parts of the country. Ugandan traders were among those who fled Kenya after they reportedly received threats on their lives and businesses following Dr Ruto’s orders.

At the heart of the confusion is what foreigners say they understood as an order to leave and the government’s subsequent clarification that the crackdown is aimed at those operating in violation of immigration, work permit and other regulatory requirements.

Some of the Ugandans, who returned from Kenya, told this publication that errant Kenyans were taking advantage of Dr Ruto’s pronouncements to take the law into their own hands.

Mr Ibrahim Wafula, a Ugandan, who has been dealing with public transport in Embakasi, Nairobi, said he left Kenya after threats to his life and business were imminent.

‘A section of the population in Kenya has a feeling that we have taken their jobs. They were threatening to attack foreigners; that is why I left yesterday,’ Mr Wafula said after crossing the Busia Border yesterday.

Carrying a few of his belongings, including a mattress, a bag and jerry cans, Mr Wafula rode to his home in Namayingo District, Uganda.

He said he abandoned his household items in his rented room in Embakasi.

Across Kenyan towns, the uncertainty spilled into fear, with reports of foreigners keeping away from their businesses, abandoning their homes and, in some areas, alleging harassment and theft.

Burundi Embassy

In Nairobi, hundreds of Burundians turned up at their embassy seeking travel documents and assistance, with some saying they were preparing to return home because they no longer felt safe in Kenya. Long queues stretched outside the mission as anxious traders sought clarity on their status. The scenes came as the government’s enforcement drive took effect on Monday.

Some carried documents and personal belongings while others sought assistance to regularise their stay or obtain papers that would allow them to return home. At the Burundian Embassy, some nationals who spoke to the press said they had left their country in search of economic opportunities and had made Kenya their second home.

‘Our country is small, faced by unemployment and we don’t have much activities taking place there and that is why we struggled to come to Kenya to make our lives better. We have known Kenyans as peaceful people and the best country in Africa but I have not eaten for the last two days when it came to my mind that we are being kicked out,’ said Erick Bizimana, who came to Kenya in 2022.

The government insists, however, that the crackdown is not a blanket order for foreigners to leave Kenya. Officials said the target is those operating businesses without the required work permits, licences or immigration status, while legally documented foreign traders remain protected.

Trade Cabinet Secretary Lee Kinyanjui said some foreigners had been misusing visa and entry arrangements by engaging in business while on investor or tourist status without the required work permits.

‘There has been deliberate misuse of visa applications by some visitors, leading to persons on investor or tourist status engaging in activities contrary to the provisions of the grant, owing to the high number of foreigners involved in the retail and local trade sectors, there is therefore a need to align their activities and ensure compliance with work permit provisions,’ he said.

Mr Kinyanjui said foreigners found to be in breach of immigration requirements would have their visas revoked in accordance with the law.

‘Visa-free entry or exemption from eTA requirements does not in itself confer the right to engage in employment, trade or business in Kenya. Such activities remain subject to the applicable immigration, work permit and other regulatory requirements,’ he said.

Foreign Affairs Principal Secretary Abraham Korir Sing’oei also sought to assure foreigners that

President Ruto’s remarks should not be interpreted as a blanket order against all foreign traders. He said small and large traders and employees of all nationalities who have the requisite documentation, including work permits and licences, are legally protected to operate in Kenya.

‘Burundian nationals and all East Africans and Africans for that matter are free to live in Kenya as long as they conduct their businesses or work according to the requirements of our law,’ he said.

The clarification came as the East African Community dimension of the directive emerged as a major concern, with many of those affected being nationals of neighbouring countries.

National Police Service spokesperson Michael Muchiri also dismissed reports of widespread attacks against foreigners as propaganda, adding that Kenya remained a tolerant country.

‘We have not reported any such incidents in our police stations. Those are speculations and sometimes some of these things can be hyped up,’ Mr Muchiri said.

Formal registration

The government spokesperson, Mr Charles Owino, last evening announced that the government is preparing a formal registration and documentation window for foreign nationals, particularly those from Burundi, whose status may not be regularised.

Mr Owino said the details of the registration exercise would be communicated after consultations with the respective high commissions.

He added that the exercise was linked to the proposed Local Content Bill 2015 and was intended to protect vulnerable sectors of the domestic economy, safeguard local livelihoods and strengthen the integrity of national identification systems.

‘Due to regional dynamics, a number of East African nationals including Burundians, reside and operate in Kenya without full documentation. This leaves them vulnerable to exploitation, health emergencies and unnecessary harassment by law enforcement,’ Mr Owino said.

Crucially, Mr Owino said those undergoing registration would be presumed legally present in Kenya for the duration of the designated registration period. He also issued a warning against harassment and xenophobia.

‘This window is designed to bring our brothers and sisters out of the shadows ensuring they can access health, banking and legal protection without fear. The government maintains a zero tolerance to any form of harassment, intimidation or xenophobia,’ he said.

Many other Ugandans, Congolese and Rwandan nationals were seen crossing to Uganda by bus yesterday.

Ruto’s remarks

While making the remarks last week, Dr Ruto mentioned that he would first meet the Ugandan traders. Dr Ruto said small-scale businesses, like retail trade, should be left To Kenyans.

Viral videos showed Kenyan youths looting food stores of suspected foreigners. Other videos showed motorcyclists suspected to be foreigners being stopped by youths before being seized.

Mr Arnold Kimera, a trader based in Nairobi commonly known as King of Errands, said many Ugandan traders didn’t open their shops yesterday for fear of being a victim of looting.

‘The situation was not so bad for Ugandans today compared to Burundians. Burundians have been hawking tea and mandazi on all streets. They were the main target because they are in public display. Most Ugandans operate in shops. They didn’t open their shops today,’ Mr Kimera said yesterday.

He said Burundians take on odd jobs in the markets and on construction sites, and accept very low wages, which angers their local competitors.

He said Ugandans operate saloons, garment shops, food stores and boda bodas.

‘Ugandans aren’t sure of what will happen tomorrow from their local competition,’ he said.

Curiously, Kenya, a member of the East African Community, assented to the free movement of goods and people across the Customs Union.

Mr Kinyanjui said Kenya will consider the EAC Customs Union protocols while dealing with citizens of EAC partner states.

The Former National Resistance Movement chairman for Eastern Uganda, Capt Mike Mukula, yesterday condemned Dr Ruto’s actions against foreigners from Africa, saying the Kenyan president is opening a Pandora’s Box.

‘These small people – hawkers and vendors – aren’t taking jobs from Kenyans. They are just business peddlers, which can be done by anyone. If he wanted to solve this problem well, he would have taken the issue to the EAC’s heads of state and told them that too many of their citizens have flocked to his country and are causing political and economic challenges. The heads of state would have resolved the issue,’ Capt Mukula said.

Sunday chaos

Mr David Irangagisha, who has been hawking bed sheets in Eldoret, Bungoma and Homa Bay in Kenya, said he fled on Sunday when he heard that youth had started attacking and looting businesses belonging to non-Kenyans.

‘They were attacking and threatening to take my merchandise without paying. That is when I left,” he said.

Mr Musirimu Balikowa, an owner of a shop in Kenya, said he returned without carrying any item from his shop.

‘People have been forced to leave without carrying any of their belongings and merchandise,’ Mr Balikowa said.

‘The ultimatum given by President Ruto was too short, and that is why many of us have been forced to leave behind our property,’ Mr Balikowa said.

Capt Mukula said in the violent 2007 Kenya General Elections, many Kenyans fled to Uganda, and they were received well before they were integrated into the community.

‘Many Kenyans joined businesses, farming and services. Some of them have never returned to Kenya. No one is bothering them in Uganda,’ he said.

He said if the late Raila Odinga, the former Prime Minister of Kenya, were still alive, he wouldn’t have allowed such discrimination to happen in Kenya.

‘We call upon the community to sober up, especially Kenya. African fundamentals are unstable. It is important that this issue is handled at the highest level…,’ Capt Mukula said.

Kenya’s presidential advisor Prof Makau Mutua, however, defended his government’s position, arguing that requiring foreigners to regularise their status and comply with the law was not xenophobic.

Citizens from several African countries with economic and political instabilities are flocking to stable economies in their regions, causing competition in the labour market and small-scale businesses.

Recently, the South African government and its local allies embarked on a deportation campaign of illegal aliens, which prompted locals to turn violent against foreigners, whether they were documented or not.

Ugandans were among the victims. More than 1,000 Ugandans who had been left homeless were evacuated by the Ugandan government.

Biometric SIM Verification To Begin Before End Of 2026 – Sam George

The Minister of Communications, Digital Technology and Innovations, Samuel Nartey George, has announced that the government will introduce biometric verification as part of Ghana’s SIM registration process before the end of 2026.

Mr. George made the announcement at the Government Accountability Series at the Jubilee House in Accra yesterday.

According to the Minister, Parliament has passed the Legislative Instrument (LI) on SIM registration, paving the way for the next phase of the exercise.

Under the new system, subscribers will be required to provide biometric information, such as fingerprints, as part of the registration process.

Subscribers are expected to be given a specified period to complete the verification, with possible sanctions for those who fail to comply.

The biometric verification system is expected to strengthen subscriber identification, improve the integrity of SIM registration data and help create a more secure telecommunications environment.

The sector minister said the government was committed to ensuring that Ghana’s regulatory framework kept pace with developments in the digital space.

‘The work is far from finished, and I will not pretend otherwise. But the direction is unmistakable, the results are measurable, and the resolve of this Ministry is unshaken,’ he said.

The new requirement comes after several challenges with the SIM registration exercise, which began in October 2021.

The initial process required subscribers to link their SIM cards to their Ghana Cards and subsequently complete biometric registration at the customer care centres or authorised agents of their network providers.

By October 2022, about 28.96 million SIM cards had been linked to Ghana Cards, representing 67.28 per cent of the total number of SIM cards issued. However, only 18.93 million, representing 44.28 per cent, had completed both stages.

The exercise officially ended on May 31, 2023, following several extensions. However, more than 10 million subscribers had only partially completed the registration process.

At the end of the exercise, telecommunications operators began blocking unregistered SIM cards, with MTN Ghana alone blocking about 5.4 million.

The Ministry and the National Communications Authority (NCA) have since acknowledged gaps in the previous registration exercise, particularly in achieving its objectives of reducing fraud and improving public confidence in communication services.

The new biometric verification system is therefore intended to ensure that SIM cards are linked to verified identities through biometric data, making it more difficult for individuals to use fraudulent identities to register SIM cards.

APC, PDP challenge Adeleke’s Osun gov’ship re-election at tribunal

The All Progressives Congress (APC) and the Peoples Democratic Party (PDP) in Osun State have filed separate petitions challenging the re-election of Governor Ademola Adeleke at the Osun State Governorship Election Petition Tribunal.

The two petitions were displayed on the notice board of the tribunal secretariat in Osogbo on Monday, formally setting the legal process in motion over the outcome of the August 15, 2026, governorship election.

The display of the petitions marks the commencement of the tribunal process, which is expected to include the service of processes on the parties and subsequent proceedings.

The APC petition, marked EPT/OS/GOV/01/2026, was filed by Asiwaju Munirudeen Bola Oyebamiji, its governorship candidate, against Adeleke, the Accord Party and the Independent National Electoral Commission (INEC).

The PDP petition, with suit number EPT/OS/GOV/02/2026, was filed by Adebayo Olugbenga Adedamola against Adeleke, INEC and the Accord Party.

Adeleke was returned for another term following the August 15 governorship election, but the separate petitions by the APC and PDP have now brought the election outcome before the tribunal for judicial determination.

At the opening of the tribunal on Monday, Pefe Belemore, secretary of the tribunal, was in the courtroom with other officials of the secretariat as preparations were underway for the commencement of proceedings.

Presidents of Cyprus and Egypt discuss bilateral relations in a meeting in El Alamein

President of the Republic, Nikos Christodoulides and his Egyptian counterpart, Abdel Fattah al-Sisi, held a meeting Tuesday morning in El Alamein during which they discussed bilateral relations.

An announcement issued here today says that President Christodoulides pays Egypt a one-day visit at the invitation of President Sisi. He arrived in Egypt in the morning accompanied by the Minister of Foreign Affairs and the Government Spokesperson.

During the meeting with President Sisi, they discussed, inter alia, bilateral relations in areas such as Energy and Defence, regional developments, as well as EU-Egypt relations and the role played by the Republic of Cyprus in further strengthening these relations.

Subsequently, the two Presidents visited the venue of the international airshow organised by Egypt and toured the pavilions of various countries, after which they watched an aerial display.

At 1 p.m., a Trilateral Summit of Cyprus – Greece – Egypt will take place, with the participation of the two Presidents and the Prime Minister of Greece, Kyriakos Mitsotakis, at the Presidential Palace in El Alamein. After the Trilateral Summit, the three leaders will make statements to the media, followed by an official lunch hosted by the President of Egypt.

Goldman Sachs raises its oil forecast: what it means for Azerbaijan’s economy

Goldman Sachs’s $5 per barrel increase in its oil price forecast may at first glance seem like a normal piece of news about the global energy market. However, for the Azerbaijani economy, which is significantly dependent on oil revenues, this change has broader macroeconomic implications. It is especially noteworthy that this decision coincides with a period when Azerbaijan’s foreign exchange reserves have reached record levels, deposits in the banking sector have grown, and the country’s current account surplus is maintained.

Goldman Sachs expects Brent oil prices to average $85 in December 2026 and $80 in 2027. WTI forecasts are $80 and $75, respectively. The bank’s forecast is based on the assumption that disruptions in shipping in the Middle East will continue until next year. However, the $5 increase in the forecast also indicates that a large and long-term oil shortage is not expected in the market.

The most important indicator for Azerbaijan is the price of oil actually exported by the country. On September 8, the price of Azeri Light reached $107.31. This is $42.31, or about 65 percent, higher than the $65 oil price used in the preparation of Azerbaijan’s 2026 state budget.

This difference is also reflected in the main financial indicators of the Azerbaijani economy. According to official data from the Central Bank, the institution’s foreign exchange reserves reached $15,301.3 million as of August 31. This is an increase of $3.8 billion, or 33 percent, since the beginning of the year. In August alone, the Central Bank bought about $1.5 billion from the foreign exchange market. The Central Bank attributes this situation to the current account surplus and de-dollarization in the financial sector. It should also be noted that this is the highest indicator since the devaluation in 2015.

Here, the importance of the oil price becomes apparent. When oil prices are high, the volume of dollars entering the country from exports increases. This allows the current account to remain in surplus, the supply of dollars in the foreign exchange market to increase, and the Central Bank to accumulate additional foreign exchange when favorable conditions arise. In other words, although a $5 increase in oil prices does not change the exchange rate of the manat by itself, it strengthens one of the fundamental factors supporting the stability of the manat.

This process also coincides with the trends observed in the banking sector. As of August 1, the population’s deposits in the banking sector amounted to 17,896.7 million manat. At the same time, the volume of total deposits in the banking sector exceeded 44 billion manat. These figures indicate that a significant amount of domestic financial resources have been accumulated in the economy.

Thus, several positive factors are currently moving in the same direction in the Azerbaijani economy: high oil prices, a current account surplus, Central Bank reserves of $15.3 billion, deposits in the banking sector of more than 44 billion manat, and savings of the population of about 17.9 billion manat.

The $5 increase in Goldman Sachs’ forecast gains importance precisely against this backdrop. If high oil prices continue for a long time, more favorable conditions will be created for the state’s oil revenues, foreign exchange inflows will be supported, and the Central Bank’s ability to accumulate reserves will expand. This means a further increase in the macroeconomic buffer against external shocks.

However, there is a difference to consider here. Goldman Sachs’s $80 Brent forecast for 2027 is not a negative scenario for Azerbaijan. On the contrary, this price is $15 higher than the $65 envisaged in the 2026 budget. However, since Azerbaijan’s actual oil is currently above $100, the $80 scenario represents a certain normalization at today’s income level.

Therefore, the main message of Goldman Sachs’ forecast for Azerbaijan, ‘oil will increase by another $5,’ is that the likelihood of high oil prices continuing for a longer period of time is increasing. Against the backdrop of Azerbaijan’s current $15.3 billion in foreign exchange reserves and a strong domestic deposit base, this could further strengthen the country’s resilience to external financial shocks.

Ultimately, the most important issue for Azerbaijan is not how much oil will increase in the short term, but how long the high price will last. Because rather than a few-day price spike, a long-term oil price in the $80-100 range can have a more lasting impact on the country’s budget, balance of payments, foreign exchange reserves, and manat stability. Current indicators show that Azerbaijan is entering such a period with a larger foreign exchange buffer than in previous years.