Business
China to Further Pressure North Korea Over Nuclear Program
BEIJING – U.S. Secretary of State John Kerry said Friday he received firm commitments from Chinese leaders to take additional steps to pressure North Korea over its nuclear program.
Mr. Kerry met in Beijing with Chinese President Xi Jinping and Foreign Minister Wang Yi, seeking to tamp down regional tensions over North Korea’s nuclear ambitions and China’s more assertive military posture.
A Chinese Foreign Ministry spokeswoman, Hua Chunying, said earlier Friday, before Mr. Kerry’s statement, that Beijing recognized its “responsibility” to address North Korea’s nuclear program and is playing its part in trying to find a settlement through various channels and to restart international talks.
Mr. Kerry said he cautioned the Chinese against taking unilateral steps that could further provoke already anxious neighbors, warning of the dangers of a military miscalculation. The U.S. has challenged Beijing’s territorial claims in the disputed South China Sea and has cautioned Beijing against unilaterally declaring a new air-defense zone there, messages delivered by Mr. Kerry Friday.
The top U.S. diplomat offered no details about what he described as the “specific” measures that Chinese leaders told him they were prepared to take to move Pyongyang toward denuclearization and international talks.
Mr. Kerry and other U.S. officials have credited China with taking limited steps over the past year to pressure North Korea but they say more concrete action is needed now because Pyongyang appears to have only dug in more deeply. Mr. Kerry has said that China is in a unique position to pressure Pyongyang because the regime depends so heavily on Beijing for economic support.
“China could not have been more emphatic or made it more clear that they will not allow a nuclear program over the long run, that they believe deeply in denuclearization, that denuclearization must occur, that they’re committed to doing their part to make it happen,” Mr. Kerry told reporters.
If North Korea doesn’t move toward denuclearization, then China is “prepared to take additional steps in order to make sure that their policy is implemented,” Mr. Kerry said. “There is a very firm commitment to achieving that.”
Mr. Kerry said the U.S. and China were now discussing the “specifics” of what those additional steps would be.
“They put some ideas on the table. And we put some ideas on the table. And both of us are taking those under evaluation,” Mr. Kerry said.
The message from Mr. Kerry, who began a five-day trip to the region Thursday with meetings in Seoul, amounted to a challenge to China, both to take more responsibility in reining in North Korea and to lowering tensions with Asian neighbors.
In the run-up to Mr. Kerry’s visit, senior U.S. officials have pointedly criticized Chinese territorial claims in the disputed South China Sea, calling Beijing’s actions part of an “incremental” effort to assert control over disputed waterways and to undermine the claims of neighbors that are close U.S. allies.
Officials have described these incremental actions as an attempt by China to assert its position through “extralegal” and “nondiplomatic” means.
Speaking in Beijing Friday, Mr. Kerry toned down the public criticism.
Mr. Kerry said Chinese leaders told him that they believed the country’s territorial claims needed to be “resolved in a peaceful and legal manner, and that they need to be resolved according to international law.”
Mr. Kerry added that Chinese leaders believe they have a “strong claim” to make “based on history, based on fact,” and complained that other countries had taken specific actions which provoked the Chinese.
Mr. Kerry said he wanted “all countries” involved in the disputed areas to refrain from stoking tensions.
U.S. officials have been particularly alarmed by Beijing’s declaration in November of an air-defense identification zone over disputed islands in the East China Sea, and by the possibility that China will establish a similar zone in the South China Sea.
Mr. Kerry stopped short of publicly saying that such a new declaration would provoke a U.S. response, but he cautioned against a move which he said could be misconstrued by China’s neighbors.
“We’ve made it very clear that a unilateral, unannounced, unprocessed initiative like that can be very challenging to certain people in the region, and therefore to regional stability. And we urge our friends in China to adhere to the highest standards of notice, engagement, involvement, information sharing in order to reduce any possibilities of misinterpretation,” Mr. Kerry said.
– WALLSTREET JOUNAL
Nigeria’s economic fortune is benefiting from the Middle East crisis, as the impact of capital inflows from stronger crude oil earnings has seen her foreign reserves climb to record $53.1 billion, beating the $51.04 billion year-end target.
Data available on the Central Bank of Nigeria’s (CBN) website indicated that the reserves closed at $53.1 billion on August 24, which is the highest level in almost 18 years.
Any analyses of the growth shows that the difference in reserves position places the Nigerian economy in good stead, because it can cover over 12 months import.
It is noteworthy that Nigeria’s external reserves fuel the CBN’s capacity to support the local currency and meet external obligations, have continued to rise steadily, since the face-off between the United States and Iran.
Further analysis of the data displayed by the CBN showed that the liquid portion of the external reserves stood at $52.5 billion.
Biztellers reports that Brent crude traded around $87 per barrel, within the week, well above Nigeria’s 2026 federal budget benchmark of $64.85.
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With the Middle East crisis not showing signs of abating, analysts believe the price rebound would largely bolster Nigeria’s fiscal revenues.
The line of thought is popular among those who know, because as a crude oil exporter, Nigeria will continue to earn more petrodollars, which they argue would support the domestic currency – naira’s stability, while pumping the volume of external reserves.
In its economic projections for 2026, the CBN targeted stronger oil earnings, foreign exchange market reforms and improved external capital inflows to achieve the year-end reserves projection.
According to analysts, the current reserves position reinforces the steady growth in Nigeria’s external buffers.
The founder/Chief Executive Officer of the Centre for the Promotion of Public Enterprise (CPPE), Dr Muda Yusuf, earlier hinted at a positive outlook for Nigeria’s external reserves as he does not see anything derailing the forex and fiscal reforms that have brought about stability and improvement in external reserves, as reported by The Nation.
Yusuf said: “Well, the outlook for me is positive because I don’t see anything derailing these forex reforms, fuel subsidy etc. It is these reforms that have brought about stability.”
The CBN data further showed that Nigeria’s external reserves have maintained a steady upward surge in recent months.
The reserves started June at $49.80 billion and crossed the $50 billion mark by June 5, reaching $50.12 billion.
On June 15, reserves had increased further to $50.81 billion before rising to the current position. The reserves stood at $51.9 billion on July 31, and continued.
The sustained increase reflects stronger foreign exchange inflows and improved liquidity conditions in the country’s external sector.
The CBN Governor, Olayemi Cardoso, said: “This strong buffer continues to reinforce investor confidence in the Nigerian economy and support exchange rate stability.”
The CBN’s decision to clear over $7 billion unsettled FX backlogs raised investors’ confidence in the economy, supporting dollar inflows and foreign reserves accretion, Cardoso added.
The CBN boss had explained that although he had no idea where the fund for the backlog clearance would come from, when he assumed office, he believed it was the right thing to do, and gave investors his word.
He said: “Credibility is at the heart of any central bank. If you don’t have credibility, people do not trust you and they do not invest in your economy. When I took office, I made a promise we would pay the backlog, the verifiable backlog of monies that were owed by Nigeria to third parties.
“And it was, at the time, estimated at over $7 billion US dollars. And to be honest with you, I had no idea how I was going to do it, but I just felt it was not something to be negotiated.”
Cardoso explained that Nigeria needed to ensure that its integrity is maintained. Analysts believe the higher reserve level could enhance the CBN’s capacity to support exchange rate stability and meet external obligations.
Up to 30% equity in the upcoming Dangote Refinery in Kenya, has been placed on the table for East African countries, which makes about $1.5 billion worth of the planned project available to regional investors.
David Ndii, Kenyan President William Ruto’s economic adviser, disclosed this on Thursday at a capital markets forum in Nairobi, where he said Kenya would take a 10% stake while Ethiopia and Rwanda had also expressed interest.
Dangote’s planned refinery is expected to be developed in Lamu, a coastal town in southeastern Kenya, though the project was initially proposed for Tanga in Tanzania.
According to the billionaire industrialist, the decision to move the proposed location to Kenya was informed by commercial and technical considerations.
Ndii disclosed that Kenya’s proposed 10% participation would be worth approximately $500 million.
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He said the combined regional participation could amount to about $1.5 billion, with Dangote prepared to support the project if some participating countries are unable to commit as crude off-takers.
“The total for the region is about $1.5 billion,” he said. “I don’t actually see a challenge in doing that, and if some of them are not off-taking we will backstop.”
The proposed regional participation would give East African countries a direct equity interest in a major energy infrastructure project while potentially securing access to refined petroleum products for participating markets.
The United Nations Geoscheme (UNG) for Africa defines Eastern Africa as comprising 18 sovereign countries, alongside two French overseas territories, meaning the proposed 30% allocation could potentially involve a broader regional investor base beyond Kenya, Ethiopia and Rwanda.
The Nigerian authorities have been called upon to focus on strengthening domestic refining capacity.
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) made the call in a communiqué issued at the end of the three-day PENGASSAN Energy and Labour Summit (PEALS 2026).
It stressed the need for adequate protection for refineries operating in the country.
The PENGASSAN said Nigeria must reduce the economic inefficiency of exporting crude oil while importing significant volumes of refined petroleum products by creating an environment that supports domestic refining and other value‑adding activities.
The communiqué, signed by the union President, Festus Osifo, and General Secretary, Jerry Amah, stressed the need to protect refineries, including Dangote Refinery and Waltersmith Refinery.
The association said the expansion would enable Nigeria to retain a greater share of the value generated from its petroleum resources while creating jobs, conserving foreign exchange and stimulating industrial development. PENGASSAN linked the growth to wider opportunities in petrochemicals, gas processing and other downstream activities.
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The communiqué reads in part: “The summit called for sustained policies and investments to expand Nigeria’s domestic refining capacity and reduce the economic inefficiency of exporting crude oil while importing significant volumes of refined petroleum products. The need to protect refineries (such as Dangote Refinery, Waltersmith Refinery, etc.) within Nigeria’s jurisdiction was emphasised.
“Nigeria must progressively retain more value from its petroleum resources through domestic refining, petrochemicals, gas processing and other value‑adding activities capable of generating employment, conserving foreign exchange and stimulating industrial growth.
“Ultimately, the strength of Nigeria’s oil and gas industry will not be measured merely by the resources beneath the ground, but by the projects delivered, the value created, the Nigerian capabilities developed, the decent jobs sustained and the prosperity generated for the Nigerian people.”
The association also warned that abrupt policy changes, overlapping mandates, repetitive approvals and conflicting directives increase the cost of doing business and weaken Nigeria’s competitiveness for global energy capital.
The PENGASSAN called for faster regulatory approvals, digitalised processes and clearer timelines, arguing that the effectiveness of regulation should be measured by its impact on investment, production, government revenue, job creation and national value rather than simply by the number of licences or approvals issued.
On gas, the PENGASSAN advocated an integrated approach to developing Nigeria’s more than 215 trillion cubic feet of proven reserves, including investments in processing facilities, pipelines, storage, LNG, LPG and CNG infrastructure. It said gas should be deployed more aggressively for power generation, manufacturing, transportation, fertiliser and petrochemical production.
The association also urged stronger protection of workers’ rights, occupational safety and employment during mergers, acquisitions, divestments and asset transfers, saying sustainable investment requires skilled and fairly treated workers and that increased production must not come at the expense of workers’ lives and wellbeing.
In addition, the PENGASSAN said the next phase of Nigeria’s petroleum industry must focus on execution with measurable targets and clearly assigned responsibilities to ensure policies translate into projects, production, investment and sustainable employment.
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