Business

Crude oil price falls below $64 as OPEC+ countries, Iran flood market.

Oil fell to below $64 a barrel on Monday as rising supply from OPEC+ and higher Iranian output countered signs of a strong economic rebound in the United States and expectations of a wider demand recovery in 2021.

The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, agreed on Thursday to monthly production hikes from May to July. OPEC member Iran, exempt from making voluntary cuts, is also boosting supply.

According to Reuters, Brent crude for June fell $1.36, or 2.1%, to $63.50 a barrel by 1120 GMT. U.S.

West Texas Intermediate crude for May dropped $1.29, or 2.1%, to $60.16.

“The OPEC+ decision, perhaps nudged along by increasing Iranian production heading to China, probably means we have seen the best of the oil rally now for the next few months,” Jeffrey Halley of brokerage OANDA said.

Oil has recovered from historic lows last year with the support of record OPEC+ cuts, most of which will remain after July, and some oil demand recovery that is expected to gather pace in the second half of the year.

While a slow vaccine rollout and return to lockdown in parts of Europe have weighed on the rebound, figures on Friday showed the U.S. economy created the most jobs in seven months in March, with all industries adding jobs.

“The seemingly invincible accelerating U.S. recovery has offset OPEC+’s announcement on Thursday,” Halley said.

In another development that could eventually lead to more supply, investors are focused on indirect talks between Iran and the United States as part of negotiations to revive the 2015 nuclear deal between Tehran and global powers.

Eurasia analyst Henry Rome said he expected U.S. sanctions, including restrictions on Iranian oil sales, to be lifted only after these talks are completed and Iran returns to compliance.

Iran has already boosted exports to China despite the sanctions.

Business

Obejor Computers unveils new E-Commerce platform, showcases array of E-Solutions.

Mr Obed Ndubuisi and his wife

Gloria Odion, reporter

In a landmark and well-attended event on Friday, October 9th, 2026, Obejor Computers Ltd, a trusted brand in the nation’s highly competitive communications and technology industry, unveiled its budding e-commerce portal to the Nigerian public.

As a key player in the bulk and retail sales and distribution of computers, laptops, sophisticated communication gadgets, and related equipment, the company also showcased an array of innovative e-solutions wholly developed by ObejorDev, a subsidiary of the Obejor Group.

The occasion, which took place at the company’s corporate headquarters in Ikeja, Lagos, attracted industry leaders, stakeholders, dignitaries, and loyal customers from all walks of life.

In his welcome address at the event, which commenced around midday, the CEO of the company, Mr. Ndubuisi Okechukwu Obed, expressed his appreciation to the guests for attending and stated that the many successes recorded over the past 23 years since the company commenced operations were largely attributable to its expertise and commitment to delivering top-tier laptops, PCs, telephones, communication gadgets, accessories, equipment, and related solutions.

The Chief Executive Officer further treated the guests to a presentation of the unique features of the e-commerce platform, noting that the company offers both online and offline sales and services.

Specifically, he demonstrated how these innovations would revolutionise online shopping and after-sales services by ensuring seamless transactions and real-time assistance for customers nationwide.

The Managing Director explained that the unveiling of the platform was aimed at creating awareness and educating users about its highly dynamic and robust features.

Giving further insight into the uniqueness of the Obejor e-commerce platform, he disclosed that the platform is integrated with AI assistants and bulk and single-selling options, thereby making it stand out in the highly competitive e-commerce and IT industry.

Notably, the system supports both wholesale and retail business models, including official stores for regional manufacturers, entrepreneurs, and individuals. Other unique features include Buy Now, Pay Later, multiple African currencies as payment options, and more.

Similarly, the management of the Obejor Group used the opportunity to present and demonstrate various e-solutions developed by ObejorDev, the e-solutions company under the Obejor Group.

Throwing more light on the solutions, he explained that some of the company’s highly sophisticated e-solution products include School Management Solutions, Hospital Management Solutions, and POS Management Systems for businesses, among others.

He explained that the POS system is equipped with advanced features such as balance sheets and opening balances, designed to facilitate swift and secure business operations.

He also stated that the platform utilises end-to-end encryption to address cybersecurity concerns, protecting data from the device level to the server level.

He further stated that trust and good conduct are the foundations of long-term business continuity and good supplier relationships, maintaining that integrity, even during financial difficulties, is essential for building lasting professional connections.

He advised the younger generation to pursue their passions and remain committed to achieving success in their respective fields.

The Managing Director disclosed that the company’s vision is centred on long-term growth within the technology industry, even as he encouraged entrepreneurs to remain resilient despite government policies and economic challenges in Nigeria.

He expressed a desire for greater government support through reduced taxes, improved infrastructure, and a reliable power supply to help lower the cost of doing business.

Some prominent figures in attendance also shared glowing remarks about Obejor Computers’ impact on Nigeria’s technology industry.

Business

Taiwo Afolabi calls on African businesses to scale up their operations for global relevance

Gloria Odion, Maritime reporter

Dr. Taiwo Afolabi, Chairman, SIFAX Group, has called on African entrepreneurs, investors, and business leaders to prioritise the growth of large, sustainable corporations capable of competing globally, rather than operating fragmented and small-scale enterprises that limit the continent’s economic potential.

Speaking at the sidelines of the Africa CEO Forum held in Kigali, Rwanda, Afolabi said Africa’s economic transformation would depend significantly on the emergence of strong indigenous corporations with the scale, structure, and capacity to drive industrialisation, create jobs, attract investment, and compete internationally.

According to him, discussions at this year’s forum reinforced the urgent need for African businesses to embrace collaboration, long-term thinking, regional integration, and strategic expansion.

He said: “Africa cannot achieve its full economic potential with thousands of weak and fragmented businesses operating in silos.

“What the continent needs are strong institutions and large corporations that can survive beyond their founders, scale across borders, attract global capital, and compete with the best companies around the world.”

Afolabi noted that while entrepreneurship remains critical to Africa’s growth story, the continent must deliberately move beyond subsistence and lifestyle businesses towards building enduring enterprises with robust governance systems, innovation capacity, and continental reach.

He stressed that African governments, financial institutions, and private sector stakeholders must create enabling environments that support business scalability through improved infrastructure, access to finance, favourable regulations, and intra-African trade.

“The conversations at the Africa CEO Forum clearly showed that Africa’s future lies in integration and scale.

“The African Continental Free Trade Area (AfCFTA) presents a historic opportunity for businesses to expand beyond national borders and build truly pan-African enterprises,” he added.

Afolabi noted that SIFAX Group’s long-term vision is anchored on strengthening intra-African trade and supporting the successful implementation of AfCFTA through investments in logistics, ports, transportation, and digital finance solutions across Africa.

Business

National Single Window goes live in March, 2026

– as FG launches phase 1 of the project for trade facilitation

Funso OLOJO

The Federal Government of Nigeria has announced the commencement of Phase 1 of the National Single Window (NSW) Project, scheduled to launch on March 27, 2026.

The launch marks a decisive step toward reforming Nigeria’s trade ecosystem through technology, transparency, and smarter regulation.

The National Single Window is a centralised digital platform designed to simplify and harmonise trade procedures by enabling traders to submit trade-related information once,

through a single interface, while relevant government agencies access, process, and approve the required documentation seamlessly.

The initiative is expected to significantly reduce delays, eliminate duplication, curb inefficiencies, and lower the cost of doing business at Nigeria’s ports and borders.

Speaking on the transformative potential of the project during the inauguration of the project on the 16th of April 2024, President Bola Ahmed Tinubu described the National Single Window as a cornerstone of Nigeria’s trade and economic reform agenda.

“The National Single Window will change the way trade is done in Nigeria. It will replace fragmentation with coordination, opacity with transparency, and delay with efficiency,” says Presidency.

The President added that the NSW aligns with the administration’s commitment to

economic diversification, non-oil export growth, and improved ease of doing business, noting that efficient trade systems are critical to national development.

Also speaking on the initiative, the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, described the National Single Window as a game-changer that will simplify and

democratize trade in Nigeria.

Dr. Oduwole explained that the platform will streamline trade documentation through a unified window, enabling greater transparency, improved transaction tracking, and

increased trade volumes.

She added that experienced traders, in particular, would benefit from the efficiency gains offered by the system.

Providing insight into the implementation strategy, Mr. Tola Fakolade, Director of National Single Window Project, explained that the Federal Government has deliberately adopted a phased rollout approach, beginning with Phase 1, which will focus primarily on statutory permits and manifests.

“The National Single Window will be rolled out in phases, starting with Phase 1, which concentrates on statutory permits and cargo manifests,” Mr. Fakolade stated.

“This allows us to stabilise the system, build confidence among stakeholders, and deliver immediate value where bottlenecks are most pronounced.”

According to Mr. Fakolade, the decision to phase the launch reflects lessons learned from previous large-scale technology initiatives that adopted a “big bang” approach.

“We have learned from the flaws of past big bang technological rollouts, where attempting to do everything at once created avoidable disruptions,” he noted.

“Phasing the National

Single Window is a deliberate and strategic choice—one that prioritises sustainability, user adoption, and continuous improvement over speed for speed’s sake.”

He further emphasized that subsequent phases will gradually expand the scope of the platform, onboard additional agencies, and deepen integration across the trade value chain, ensuring a resilient and scalable system.

“This approach ensures that the National Single Window grows with the ecosystem, guided by real data, user feedback, and operational realities,” Mr. Fakolade added.

As Phase 1 goes live, the Federal Government reaffirmed its commitment to working closely with the private sector, development partners, and trade stakeholders to ensure a smooth

transition and shared ownership of the reform.

“By simplifying trade processes and leveraging digital innovation, we are unlocking faster movement of goods, strengthening revenue assurance, and creating a more competitive

environment for Nigerian businesses to thrive locally and globally.” Mr. Fakolade added.

With the launch of the National Single Window, Nigeria takes a bold and pragmatic step towards modern trade governance—one that places efficiency, transparency, and learning at the heart of national progress.