World Bank cuts CBN grant to $6.8m
The World Bank has slashed funding for the Central Bank of Nigeria’s technical assistance program from $10.5 million to $6.8 million, with board approval now scheduled for March 27. The grant, financed through the Finance for Development Multi-Donor Trust Fund, is designed to strengthen the CBN’s technology-enabled oversight of Nigeria’s banking sector and payment systems. The project has advanced from concept review to the decision meeting stage, though the financing envelope has been reduced. World Bank sources indicate such revisions are normal during the preparation phase. The project is expected to close in February 2029 and carries a moderate environmental and social risk rating.
Nigeria’s refineries haemorrhage N13 trillion
Nigeria’s three state-owned refineries absorbed an estimated N13.2 trillion in 2023 and 2024, with NNPC’s new chief executive, Bayo Ojulari, publicly acknowledging that the facilities operate at a “monumental loss” to the country. The Port Harcourt refinery’s obligations to NNPC surged from N1.99 trillion to N4.22 trillion in just one year, while Warri and Kaduna refineries saw similarly steep increases. Ojulari revealed that despite regular crude oil supplies, utilisation hovered around 50-55 per cent, with no clear path to recovery. The Port Harcourt facility resumed operations in November 2024 but was shut down again in May, while the Warri refinery went comatose barely a month after its December reopening. Ojulari has halted refinery operations to prevent further value erosion, despite rejecting calls to sell off the assets.
Elon Musk pivots SpaceX to lunar city
Elon Musk announced SpaceX has shifted its priority from Mars to building a “self-growing city” on the moon, achievable in less than 10 years. The pivot reflects logistical realities: launches to the moon are possible every 10 days with a two-day trip time, while Mars missions require 26-month planetary alignments and six-month journeys. SpaceX told investors it would prioritize the moon first and attempt a Mars trip later, targeting March 2027 for an uncrewed lunar landing. Musk stated SpaceX will still strive to build a Mars city in five to seven years, but the overriding priority is securing civilization’s future through the faster lunar route. The announcement follows SpaceX’s $1 trillion valuation in a deal that also valued its AI outfit xAI at $250 billion.
Jimmy Lai receives 20-year sentence
A Hong Kong court sentenced media mogul Jimmy Lai to 20 years in prison, the heaviest penalty ever imposed under Beijing’s national security law. The 78-year-old founder of the now-defunct Apple Daily newspaper was convicted of two counts of conspiring to collude with foreign forces and sedition. Six former Apple Daily executives received sentences ranging from six years, nine months to 10 years. British Prime Minister Keir Starmer and U.S. President Donald Trump have both raised Lai’s case with Chinese President Xi Jinping, while diplomats suggest negotiations for his release may intensify following sentencing.
U.S. challenges China for African minerals
The United States is deploying offtake deals and state-backed funding to compete with China for African critical minerals, focusing on Zambia, Guinea, and the Democratic Republic of Congo. Vice President JD Vance proposed a trading bloc to counter China’s supply chain dominance at a Washington summit attended by officials from over 50 nations. Congo’s state miner Gécamines is preparing to ship around 100,000 tons of copper to U.S. buyers this year. At the same time, Washington announced a $12 billion critical minerals stockpile called “Project Vault,” supported by $1.67 billion in private capital and a $10 billion Export-Import Bank loan.
