Nigeria strike cripples services amidst soaring inflation

New strike disrupts daily life in Nigeria as government struggles to address economic crisis.

Congo ships first LNG cargo, joins exporter list

ENI and Congo celebrate the launch of the Congo LNG project, increasing global gas supply and boosting the African nation’s economy.

Global economy on track for soft landing, but growth remains weak

Rise in commodity prices, tightness in labor market, renewed supply chain tensions could reignite inflation, says report

Google rolls out AI-powered Ad space for Africa

Google announced that the product, which was launched in the US last December, will now be available for African businesses.

Niger stalls border reopening despite lifting of sanctions

Niger delays reopening its border with Benin after ECOWAS lifts coup-related sanctions, raising questions about dialogue and regional stability.

Libya raises oil facility guards’ pay to avert oil shutdown

Negotiations prevent oil shutdown in Libya as PFG salaries increase.

South Africa: Unemployment rises again ahead of election

South Africa’s unemployment rate, already the highest in the world, rose to 32.1% in the fourth quarter of 2023.

UAE pumps $35 billion into Egypt, fueling economic, tourism

A $35 billion investment from the UAE promises to revitalize Egypt’s economy, with a focus on tourism, infrastructure, and debt relief.

Lagos eases soaring costs after protests in Nigeria

Nigeria’s Lagos state governor unveils measures like a 3-day work week and transport discounts to combat soaring inflation after protests erupt due to economic crisis.

S Africa hikes taxes, boosts social grants before May vote

South Africa’s pre-election budget hikes taxes on income, alcohol, and cigarettes, while increasing social grant spending to address poverty and unemployment amid slow growth and high debt.

Djibouti and Turkey sign military, financial deals

A ceremony marks the signing of military cooperation agreements and cash aid protocol between two hypothetical nations.

South Africa braces for impact as Amplats cuts thousands of jobs

Facing low PGM prices and profit plunge, Amplats announces 3,700 job cuts in South Africa, impacting 17% of workforce.

Nigerians protest soaring food prices in south

Nigerians in Ibadan protest economic hardship, demanding action from President Tinubu as soaring food prices cause hunger and hardship.

Kenya redeems $1.4B of $2B international bond

Kenya’s government successfully repurchased over $1.4 billion of its $2 billion international bond, alleviating investor concerns about its strained public finances.

Kenyan company making sustainable textiles out of pineapple waste

As the fashion industry worldwide increasingly embraces more eco-friendly material, an innovative project in Kenya is turning leftover pineapple leaves into footwear.

DRC seeks “mordern investors” for its minerals

The Democratic Republic of Congo is looking for modern investors in its mineral sector.

Israel’s Gaza war spreads in Red Sea harm global trade: IMF, WB

Global leaders at World Governments Summit address risks to the world economy posed by Gaza and Red Sea tensions.

Germany inks first gas deal with Algeria to end Russian reliance

Germany replaces Russian gas with Algerian pipeline, partnering with Sonatrach for long-term supply.

Japan loans $500M to Kenya via Samurai bond

Kenya secures a groundbreaking $500M Samurai bond with Japan, boosting energy efficiency and innovation in its transmission network.

Nigeria, World Bank in talks for economic revamp

World Bank executives confer with Nigerian officials on ambitious economic recovery plans, focusing on critical sectors for sustainable growth.

Egypt’s net foreign assets hit record low: 841B EGP

Central bank data reveals a record deficit of 841 billion pounds in Egypt’s net foreign assets amid commercial bank struggles.

Microsoft’s revenue jumps 18% in final quarter of 2023 with drive in AI

Company sees productivity gains in all sectors by infusing artificial intelligence across every layer, says CEO

Gambia, Morocco sign agreements at joint cooperation commission

Republic of The Gambia and the Kingdom of Morocco signed several cooperation agreements and memoranda of understanding on the sidelines of the 3rd session of the Joint Cooperation Commission between Morocco and The Gambia. The session was held under the co-chairmanship of the Minister of Foreign Affairs, African Cooperation, and Moroccan Expatriates, Nasser Bourita, and his Gambian counterpart, Mamadou Tangara. One of the agreements concerns mutual assistance between the customs administrations of both countries to enforce customs legislation and prevent, investigate, and suppress customs offences. Another agreement was signed in the field of maritime fishing to establish a framework for cooperation between the two parties in various areas of maritime fishing, including fishing, technical and scientific research, aquaculture, fish processing industries, and promoting partnerships in the private sector of maritime fishing.

Nigerian Stock market’s turnover hits 10-year high

Total turnover at the Nigerian equities market rode on the back of intense bargain-hunting to its highest in a decade. The market performance was driven largely by increased transactions by institutional and individual Nigerian investors amid optimism that ongoing economic reforms would lead to improved returns. Official report by the Nigerian Exchange (NGX) at the weekend indicated that total transactions at the equities market rose by 53.94 per cent to N3.578 trillion by the year ended December 31, 2023 as against N2.324 trillion recorded the previous year. The previous highest turnover was in 2014 when the market recorded transactions worth N2.676 trillion. The lowest turnover was in 2016 with total transactions of N1.511 trillion. It had dropped from N2.168 trillion in 2020 to N1.899 trillion in 2021. Transactions over the years included N1.928 trillion in 2019, N2.404 trillion in 2018, N2.543 trillion in 2017, N1.906 trillion in 2015 and N2.051 trillion in 2013. The record surge in transactions’ value further underscored that the record-breaking price appreciation at the Nigerian market was underpinned by strong demand.

Nigeria’s central bank allocates $500M to address Forex backlog

Central Bank of Nigeria intervenes with a $500 million boost to eliminate forex backlog, bolstering economic stability.

Freight rates on 8-week rise amid tensions in Red Sea

Spot freight price of 40-foot container rose to nearly $4,000, according to UK-based maritime research firm.

Egypt’s currency woes worsen, Sisi urges patience amid inflation

Egypt grapples with inflation, debt, and dependence on mega-projects. Sisi seeks IMF lifeline but faces pressure to reform and curb military influence.

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