Senegal has begun an oil-to-gas conversion project
Senegal has commenced the conversion of a key power plant to operate on liquefied natural gas, following the country’s first LNG export last month.
The transition from heavy fuel oil to LNG at the Bel Air power plant in Dakar began on Tuesday, according to a statement from state-owned power company Senelec.
Finnish company Wärtsilä Oyj Abp is handling the upgrade, which will be implemented in two phases. The initial phase involves converting the 335-megawatt plant’s engines. Then the second phase, scheduled for later this year, will change the facility’s fuel source to LNG, explained Arona Balde, director of system operations and purchasing.
The West African nation aims to develop more than three gigawatts of gas-to-power capacity by 2050 as part of its strategy to reduce dependence on oil and coal for electricity generation. Senegal is employing gas as a transitional fuel in its energy development plan.
The US is cutting ‘de minimis’ tariffs on China shipments to 54%
The United States will cut the low-value “de minimis” tariff on Chinese shipments to 54% from 120%, while maintaining a flat fee of $100, effective from May 14, according to a White House executive order issued on Monday.
This modification follows announcements from both Beijing and Washington of a truce in their trade war, with both nations agreeing to roll back most tariffs imposed on each other’s goods since early April.
The de minimis exemption previously allowed items valued at up to $800 shipped from China via postal services to enter the United States duty-free and with minimal inspection.
Shipments entering the US through this tax-free channel have seen explosive growth in recent years, with more than 90% of all packages arriving via de minimis. Of these, approximately 60% originated from China, primarily from direct-to-consumer retailers like Temu and Shein.
The World Bank said Nigeria’s 2025 budget is too “ambitious”
The World Bank has labelled Nigeria’s 2025 federal budget as overly ambitious, cautioning that the Federal Government may need to resort to the Central Bank of Nigeria’s Ways and Means facility to finance expected revenue shortfalls.
This warning came on Monday during the public presentation of the Bank’s latest Nigeria Development Update report titled ‘Building Momentum for Inclusive Growth’ in Abuja.
Speaking at the event, the World Bank’s Lead Economist for Nigeria, Mr Alex Sienaert, stated that despite strong revenue gains recorded in 2024, Nigeria’s 2025 budget assumptions remain optimistic and may prove difficult to meet.
“It’s a very ambitious budget. Even with the very positive revenue sort of tailwind that we have… even considering that, it looks like it’s going to be pretty hard to meet some of the ambitious revenue targets that are in there,” he said.
According to Sienaert, key assumptions such as average daily crude oil production of 2.1 million barrels per day and a benchmark oil price of $75 per barrel are unlikely to hold, noting that current production figures are closer to 1.6 million barrels per day.
China lifted its ban on Boeing deliveries
China has removed its month-long ban on airlines taking delivery of Boeing Co. planes, following a breakthrough in trade talks with the US that has temporarily reduced tariffs on both sides.
According to Bloomberg, officials in Beijing have begun informing domestic carriers and government agencies this week that deliveries of US-made aircraft can resume.
The resumption of deliveries to China will provide an immediate boost to Boeing. This development comes as the world’s two largest economies agreed to a tariff truce, with the US lowering its combined 145% levies on most Chinese imports to 30% for 90 days. China has agreed to reduce its 125% duties on US goods to 10% and remove other countermeasures taken against the US since April 2.
However, the restoration of jet deliveries could prove short-lived if the tariff dispute is not resolved during the three-month reprieve.
Tinubu swore in new INEC commissioners and CCB board members
President Bola Tinubu has officially sworn in new national commissioners for the Independent National Electoral Commission (INEC).
The ceremony occurred on Monday before the Federal Executive Council (FEC) meeting.
The newly appointed INEC national commissioners include Abdulrazak Tukur, representing the north-west zone, and Sunday Aja, representing the south-east.
President Tinubu also swore in board members of the Code of Conduct Bureau (CCB) at the Council Chambers of the Presidential Villa, Abuja. The board members are Ikpeme Ndem from Cross River and Buba Nyaure from Taraba State.
