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Asian shares stabilize, China reform agenda in focus

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TOKYO – Asian shares inched higher on Tuesday after a three-day run of losses, with investors turning their attention to the Chinese Communist Party policy meeting for clues to its economic agenda for the next decade.

The dollar rallied to a seven-week high against the yen, extending gains after a surprise rise in U.S. October jobs growth on Friday, which has raised the prospect of the Federal Reserve reducing its stimulus drive sooner than thought. The greenback also kept pressure on emerging Asian currencies.

MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS added 0.1 percent in a choppy session.

China’s CSI300 Index .CSI300 advanced 0.8 percent and Seoul shares .KS11 rose 0.9 percent, while Tokyo’s Nikkei benchmark .N225, helped by the softer yen, climbed 2.2 percent to a three-week high.

CHINA STOCK“The recent decline opened up room for bargain-hunting, but thin trading volume underscores investors’ search for clues on the timeline for the Fed’s stimulus cutback,” said Lim Dong-rak, an analyst at Hanyang Securities in Seoul.

Financial bookmakers expected major European indexes .FTSE .GDAXI .FCHI to open steady to slightly higher, with both Britain and German inflation in focus.

Overnight, U.S. stocks edged up, lifting the Dow Jones industrial average .DJI to another record closing high in light Veterans Day volume. .N U.S. S&P 500 E-mini futures edged up 0.1 percent in Asian trade on Tuesday.

All eyes will be on the unveiling of China’s economic blueprint for the next decade after a four-day closed-door meeting ends on Tuesday.

Beijing seeks to balance the need to overhaul the world’s second-largest economy while it tries to preserve stability and to reinforce the Communist Party’s power.

“In terms of the effect on the market, some people actually believe it might be slightly negative and the reason for that is … you have a situation where the current investment in Chinese infrastructure slows down as these laws are changed,” said Evan Lucas, market strategist at IG in Melbourne.

But on a medium-term view, changes to the Chinese economy would boost growth in the region, he said.

DOLLAR IN BUOYANT MOOD

The dollar was up 0.4 percent at 99.55 yen, edging close to the 100-mark, a level not seen since September 11.

The greenback rose 0.3 percent to $0.9331 to the Australian dollar, hitting a six-week peak after a measure of Australian business confidence pulled back from 3-1/2 year highs in October as sales and profits stayed subdued.

The euro dipped 0.1 percent to $1.3388 after bouncing 0.3 percent on Monday, ending two days of losses that saw the common currency briefly touch an eight-week low last Thursday when the European Central Bank unexpectedly cut interest rates.

The outlook for the dollar was upbeat with expectations building that the Fed might soon taper its $85 billion-a-month bond-buying program after U.S. employers added more than 200,000 new jobs last month — many more than forecast by analysts.

Emerging currencies remained on the defensive, reflecting concerns about capital outflow when the Fed scraps its cheap money policy.

The rupiah was down 0.6 percent to a six-week low at 11,625 per dollar, adding to Monday’s 1.3 percent slide, while the Philippine peso eased 0.3 percent to 43.70 to a dollar, a near two-month low.

Indonesia’s central bank is likely to keep its benchmark reference rate on hold at its monthly meeting on Tuesday, with inflation stabilized and the current-account deficit expected to narrow — relieving pressure on the ailing rupiah.

The Indian rupee fell 0.5 percent to 63.573 per dollar, its weakest since September 17, as investors awaited inflation and industrial output data.

Indian inflation is forecast to have risen to uncomfortable levels for policymakers last month, adding to the pressure for further interest rate increases.

In the commodities markets, U.S. crude prices slipped 0.3 percent to below $95.0 a barrel, giving up some of the 0.6 percent rise on Monday after Iran and six world powers failed to reach a deal on Tehran’s nuclear program and after Chinese data pointed to a rise in fuel demand. <O/R>

Gold dipped 0.2 percent to below $1,280 an ounce, hovering near a three-week low touched overnight. <GOL/>

– REUTERS

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Dangote Refinery’s Expansion to 1.4m bpd Creates Jobs for 95,000 Skilled Workers

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President of the Dangote Group, Aliko Dangote, has announced that the expansion of the Dangote Refinery to a production capacity of 1.4 million barrels per day will generate employment for no fewer than 95,000 skilled workers at peak construction.

Dangote disclosed this at the weekend in Lagos during his induction as an Honorary Fellow of the Nigerian Academy of Engineering (NAE), describing the project as a major milestone in Nigeria’s industrial transformation.

According to him, the expansion underscores the Group’s continued commitment to engineering excellence, job creation, and sustainable economic growth.

“This award is particularly meaningful because it recognizes what we are doing in the industry, especially our commitment to employing engineers and skilled professionals. At the peak of construction for this expansion, we expect to have about 95,000 skilled workers on site, and we will continue to grow,” Dangote said.

Upon completion, the expanded Dangote Refinery will surpass the Jamnagar Refinery in India to become the largest refinery in the world, significantly strengthening Nigeria’s refining capacity.

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Dangote noted that the project would rely heavily on Nigerian expertise, creating substantial opportunities for engineers, technicians, artisans, and other skilled professionals. He added that the expansion reflects the Group’s long-term vision for industrialization in Nigeria and across Africa.

Beyond employment generation, the refinery expansion is expected to stimulate local manufacturing, enhance technology transfer, and deepen Nigeria’s oil and gas value chain. It will also improve fuel security, reduce dependence on imported petroleum products, and deliver significant foreign exchange savings for the Nigerian economy.

“The scale of this expansion reflects our confidence in Nigerian capacity and our belief that Africa has the ability to build world-class infrastructure that meets global standards,” Dangote stated.

In his remarks, President of the Nigerian Academy of Engineering, Engr. Prof. Rahamon Bello, described the honour as well deserved, noting that Dangote’s impact transcends physical infrastructure.

“What makes this recognition fitting is not only what has been built, but what has been inspired. Alhaji Aliko Dangote’s journey continues to motivate a new generation of engineers, entrepreneurs, and innovators to think boldly, act decisively, and believe in the immense possibilities within our continent,” Bello said.

Photo Caption
From Left: GED Oil & Gas, Dangote Industries Limited, Fatima Aliko Dangote; GED Operations, Dangote Sugar Refinery Plc, Mariya Aliko Dangote; President/CE, Dangote Industries Limited, Aliko Dangote; President, The Nigerian Academy of Engineering, Engr. Prof. Rahamon Bello, at The Nigerian Academy of Engineering Induction of Aliko Dangote as Honorary Fellow in Lagos on Friday, April 24, 2026.

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Airlines Threaten Shutdown over Skyrocketing Fuel Price

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Alleging unbearable and unsustainable aviation fuel prices, domestic operators have set Thursday, April 30, 2026 as the shutdown date of local flights in Nigeria.

According to industry insiders, the airlines had engaged both the Federal Government and oil marketers without a breakthrough, and appeared left with no option but to ground flights from Thursday.

The looming shutdown comes after several complaints by operators, who have watched the price of Jet A1 surge by over 300 per cent compared to February levels, pushing operating costs to the brink.

Passengers, many of whom rely on domestic flights for business and urgent travel, now face uncertainty.

In a bid to avert the crisis, the Minister of Aviation and Aerospace Development, Festus Keyamo, convened a meeting with airline operators and fuel marketers in Abuja last week. However, findings indicate that the tripartite talks ended in a deadlock, with operators unwilling to shift their stance unless decisive action is taken.

ALSO READ: Dangote Leads East Africa’s Industrial Revolution

At the end of the two-day meeting, the minister announced a 30 percent reduction in aviation-related taxes as part of efforts to ease the burden on airlines. While the gesture was acknowledged, operators insist it falls short of addressing the root problem.

On the first day of the meeting, Vice President of the Airline Operators of Nigeria, Allen Onyema, welcomed the government’s intervention but maintained that fuel marketers must account for the sharp rise in prices.

Onyema said, “This government has helped the industry more than anyone since 1999, and the President is even willing to waive 30 percent of the debts airlines are owing.

“But the truth is that the marketers must be brought to book to explain how they came about the 300 percent increase when even Dangote is surprised because what he is selling to us is still the cheapest.”

At the end of the second day, Onyema issued a stark warning, giving a seven-day ultimatum from midnight last Thursday for action to be taken. “Since the advent of the US-Iran war, there has been a spike in aviation fuel in Nigeria, which we, the Airline Operators of Nigeria, feel is not proportionate to the hike internationally.

“We expect that in the next 48 hours something drastic should be done because no airline will fly in this country in the next seven days if nothing is done, not because they don’t want to fly, but because fuel may not be available to us at sustainable pricing.”

Providing further insight into the financial strain, Onyema disclosed that fuel prices have skyrocketed from about N900 per litre before the crisis to between N2,700 and N2,900, with some marketers selling as high as N3,500.

“Before the crisis, we were buying fuel at about N900 per litre. Now it has risen to between N2,700 and N2,900, with some selling as high as N3,300 to N3,500,” he said.

According to him, airlines are now operating primarily to service fuel costs. “All the airlines in Nigeria have been flying to pay fuel marketers only, and you don’t want to compromise safety,” he added.

Despite speculations about indebtedness, senior airline officials who spoke to our correspondent in confidence on Sunday, due to the sensitive nature of the matter, insisted that operators are up to date with payments to key aviation agencies, including the Federal Airports Authority of Nigeria (FAAN) and the Nigerian Airspace Management Agency (NAMA).

Consequently, the Airline Operators of Nigeria (AON) have formally requested additional relief measures from the government.

In the letter dated April 21 and signed by AON President Abdulmunaf Sarina, the group called for the immediate suspension of aviation taxes, fees, and charges for at least six months.

The operators argued that the unprecedented rise in fuel costs threatens not only airline operations but also jobs and the stability of the aviation sector. Among other demands, the AON proposed the introduction of a non-taxable fuel surcharge, a standard practice in international aviation to help airlines manage rising costs.

They also urged the government to direct oil marketers to issue credit notes to airlines affected by what they described as excessive and arbitrary price hikes. In addition, the group called for the establishment of an industry tax reform committee to review existing charges, assess their relevance, and align them with global standards.

As the deadline approaches, uncertainty hangs over Nigeria’s aviation sector. Another airline executive, who spoke anonymously on Sunday because he was not authorised to comment publicly, warned that the shutdown threat remains real. “If nothing is done, no airline will be flying by Thursday,” he said.

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Dangote Leads East Africa’s Industrial Revolution

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The ship of industrial revolution is about to berth in East Africa, with the continent’s leading industrialist, Alhaji Aliko Dangote, making clear his intention to take the driver’s seat on investments conceived to lead the continent into energy security and industrial revolution.

To this end, Alhaji Dangote whose company operates the largest petroleum refinery on the continent has offered to lead a consortium to build a major crude oil refinery in East Africa, as governments across the region push for greater energy self-sufficiency following supply disruptions linked to the Iran conflict.

The cost profile of the proposed East Africa Refinery was not disclosed but the proposed facility, to be located in the Tanzanian port city of Tanga, is expected to mirror the scale and capacity of Dangote’s flagship refinery in Lagos, which processes about 650,000 barrels per day.

The project is being discussed as a joint regional initiative, with crude supplies expected from Democratic Republic of Congo, Kenya, South Sudan and Uganda.

Kenyan President William Ruto stated at a conference in London that the refinery would serve multiple East African economies, many of which remain heavily dependent on imported refined petroleum products.

The region currently relies largely on supplies from the Middle East, leaving it exposed to global price volatility and logistical disruptions, including those caused by instability around the Strait of Hormuz.

Dangote said he would take the lead in delivering the project if participating governments reached agreement, with a proposed construction timeline of four to five years.

The move reflects a broader shift across Africa toward building domestic refining capacity after recent geopolitical shocks exposed vulnerabilities in fuel supply chains.

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In Nigeria, Dangote’s refinery has already reshaped the domestic energy landscape since operations began in 2024, significantly reducing the country’s long-standing dependence on imported fuel despite being Africa’s largest crude producer.

The facility has also positioned the Dangote Group as a central player in regional energy markets.

The proposed East African refinery is expected to complement emerging upstream production in the region, particularly in Uganda, which is preparing to begin commercial oil output. Kampala has also announced separate plans for a smaller refinery project in partnership with a United Arab Emirates-based investor.

Beyond refining, Dangote indicated plans to expand industrial investments across the continent, including the development of around 20 fertilizer blending plants by 2028 to support agricultural productivity and reduce import dependence.

He also signaled that a future listing of the Nigerian refinery could be opened to African investors, encouraging broader continental participation.

According to Dangote, the expansion strategy is aimed at building integrated industrial capacity that keeps more value within Africa while reducing exposure to external supply shocks.

Analysts say the success of the Tanga project will depend on regional coordination, regulatory alignment and financing, but note that it represents one of the most ambitious attempts yet to create a shared energy infrastructure serving multiple African economies.

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