Five things to know to start your Tuesday

Nigeria, others position selves to tap into $13bn trans sahara gas project opportunities – FG

The Federal Government says that the country, alongside Niger and Algeria, has positioned itself to tap into the 13 billion dollar Trans Sahara Gas Pipelines (TSGP) project.

At a meeting of parties held in Abuja on Monday, Timipre Sylva, the Minister of State for Petroleum Resources, said that all parties involved in the deal have pledged support to make this project a success.

The project, which offers huge financial returns, would run from Nigeria through the Niger Republic and to the Mediterranean coast of Algeria.

The objective is to take the continent’s very large gas reserves to Europe, helping them reduce their dependence on Russia and, in return, making a lot of money for partner countries.

Dangote Cement, Union Bank, others cause market’s over N550bn loss

Nigeria’s equities market opened the new trading week on a negative note after losing about N551billion or 1.97percent of its previous position. This month, the market has decreased by 4.21percent.

“We anticipate return of buying interest in the equities market as investors build their positions ahead of the half-year (H1) 2022 earnings and dividend season. We recommend clients follow suit by investing in our top recommended stocks as we expect bullish momentum will return to the equities market in July,” analysts at Lagos-based United Capital said in their June 20 note.

The negative close on the Nigerian Exchange Limited (NGX) on Monday came as investors sold shares of largest cement maker Dangote Cement Plc and others like Union Bank of Nigeria Plc, International Breweries Plc, Livestock Feeds Plc, and FTN Cocoa Processors Plc.

Click to read more: Dangote Cement, Union Bank, others cause market’s over N550bn loss

Time is running out for Africa to profit from its gas, IEA says

The International Energy Agency (IEA) has warned that Africa needs to act quickly to profit from its abundance of natural gas reserves because the world needs it now until its shift to lower carbon technology.

The agency made this position in its Africa Energy Outlook report for 2022, published on Monday, where it said that the continent could be in a position to profit from the export of around 30 billion cubic metres (bcm) to Europe.

A situation made worse by the decision of Europe to opt-out of Russian supply in the future following the country’s invasion of Ukraine.

The U.N. goal of net zero emissions by mid-century means that starting this year, no investment in new fossil fuels will be carried out as the world looks toward clean renewable energy.

Read also: Nigerians groan as cooking gas, kerosene prices soar

Canon C&N Africa partners Multichoice Talent Factory (MTF) on filmmaking in Africa 

Canon Central and North Africa have announced a partnership with Multichoice Talent Factory (MTF) to promote the creative art of filmmaking in Africa.

Canon announced that it will be doing this through a series of filmmaking and training workshops that are to be managed by MTF of South Africa.

The company said that this partnership will enable them to identify and develop emerging TV and film talents in Africa.

The workshops, which are spread across Africa, have a presence in Nigeria, Kenya, and Zambia.

The workshop will focus on giving participants a thorough theoretical and hands-on experience in cinematography, editing, audio production, and storytelling.

Wheat hits 10-week low

Wheat fell to a 10-week low of $1027/bu following news of a possible increase in global supply.

This news comes from India’s food ministry, which has said that it may re-introduce wheat exports to selected neighbors.

The country, which is the second-largest producer of wheat according to data from the World Population Review, has promised to revisit its decision to restrict exports and restart trade based on availability and other preferences.

Analysts in trading economics believe that once this export is restarted, the global price of wheat will go down much further thereby reducing the prices of wheat-dependent products such as bread.

Read also: Bread price rises 35% in one year