<< Back             Poser >> German finance minister warns against economic panic over Iran war FILED – In the light of the war with Iran, German Finance Minister Lars Klingbeil advises the Germans keeping a cool head and act prudently. Photo: Bernd von Jutrczenka/dpa German Finance Minister Lars Klingbeil on Saturday warned against scaremongering over inevitable consequences of the Iran war for the German economy. “It is important to keep a cool head now, to see the dangers, but also not to talk them up,” Klingbeil, who is also the country’s vice chancellor, told the RND media group. He was responding to a question about possible strong inflationary effects cause by the escalating conflict in the Middle East. “We are currently experiencing what always happens at the beginning of a crisis, namely fluctuations in the markets,” Klingbeil said. “But Germany has shown time and again that we can deal with crises well and responsibly.” At the same time, Klingbeil conceded that there are clearly risks to Germany’s economic growth, which is just slowly regaining momentum: “They affect not only our country, but also the international economy and trade.” Supply chains are now experiencing disruptions again in some areas, the minister noted. However, it was not yet possible to say in which direction the situation will develop, and the only certainty is the need for a quick negotiated settlement to the crisis, the finance minister said. “The longer this war lasts, the greater the economic consequences will be,” said Klingbeil. Germany is already feeling the effects of the war in the form of sharply rising petrol and gas prices. Steps should be taken to prevent the price gouging of customers, he stressed. Source: dpa Ghana Business News	Decline in textile sector persists as GDP contribution falls 3.6% in 2yrs By Yinka Kolawole Activities in Nigeria’s cotton, textile and garment industry continued to trend downward in 2025, with the industry’s contribution to the nation’s Gross Domestic Product, GDP, declining to N4.384 trillion, reflecting persistent structural challenges confronting the sector. Data from the National Bureau of Statistics (NBS) shows that the sector’s output has recorded a steady […] 30 banks meet CBN recapitalisation requirements The Central Bank of Nigeria (CBN) has disclosed that 30 banks have met the revised minimum capital requirements under its ongoing recapitalisation programme. Manufacturing VAT surges 54.7% to N875bn in 9 months …Surpasses 2023 full-year figure By Yinka Kolawole The contribution of Nigeria’s manufacturing sector to Value Added Tax (VAT) in 2025 significantly increased with payments rising to N875.420 billion in the first nine months of the year (9M’25), surpassing both the N566.011 billion recorded in the corresponding period of 2024 (9M’24) and the N578.394 billion generated in […] Nigeria’s non-oil exports to EU lag at 10% despite $21.87bn trade— NEPC By Progress Godfrey  The Nigerian Export promotion Council (NEPC) has urged agro-exporters to tap the European Union’s over 400 million-strong consumer market, warning that non-oil exports account for only 10 percent of total trade with the bloc despite a $21.87 billion trade volume in 2024.   Executive Director and CEO of NEPC, Mrs Nonye Ayeni, made the […] Vitafoam shareholders endorse N3.75 bn dividend, bonus shares Shareholders of Vitafoam Nigeria Plc , have approved a N125 million capital injection through a bonus share issue and endorsed a N3.75 billion dividend payout, signalling strong investor confidence in the company’s improving financial performance. Dangote Refinery commits to energy stability amid global refineries shutdown By Udeme Akpan Dangote Petroleum Refinery & Petrochemicals has indicated its commitment to stabilising energy supply to Nigeria amid recent shocks in the international oil market.  The ongoing conflict in the Middle East has led to the shutdown of some refineries and cuts in refinery production across the world, resulting in a global scarcity of petroleum […]