Nigerians staged protests against economic hardship on their country’s independence day, demanding better opportunities and jobs.

Ethiopia seeks creditor nation agreement on debt restructuring by December 2024.

As the cocoa season begins, Ivory Coast boosts the farmgate price to 1,800 CFA francs per kg to help farmers recover from a 25% decline in production during the 2023/24 season.

In addition to education and health, the World Bank emphasized that part of the funding will also focus on enhancing dam safety to safeguard communities against flooding

Suez Canal is one of Egypt’s main sources of foreign currency

The U.S. government has granted Sierra Leone $480 million to expand electricity access to 4.6 million people.

The move is seen as a signal of the government’s determination to strengthen its ties with Russia and other non-Western powers.

The recently inaugurated Faye administration attributed the discrepancies to misleading reports from the former government

According to sources cited by Bloomberg, the funds would largely be raised through the issuance of new special sovereign bonds

The IMF warns of economic difficulties in Senegal, urging the government to implement reforms to reduce public debt.

The European Union has pledged $6 million in humanitarian aid to help those affected by the disaster.

Libya’s crude oil exports have plummeted due to a political crisis that has shut down much of its oil production.

The ANC government is seeking to strengthen its Black Economic Empowerment policy amid rising inequality and criticism of the program’s effectiveness.

Italy’s Eni plans to resume exploration activities in Libya’s Ghadames Basin next year, despite ongoing political instability.

The Kansanshi mine, which produced over 134,000 tonnes of copper and nearly 69,000 ounces of gold last year, has experienced previous safety incidents

Dry weather and high moisture content have created favorable conditions for cocoa development in Ivory Coast.

Nigeria’s inflation rate experienced a slight decrease in August, dropping from 33.40% in July to 32.15%. However, the declining value of the naira and rising fuel prices are undermining this progress, potentially reigniting inflation. Michael Anthony, an engineer and father of four, continues to face steep costs despite the small dip in inflation. “In July, I bought a bag of rice for 65,000 naira, but just three days ago, it cost me 95,000 naira,” he said, expressing concern that prices may rise again due to fuel costs. At a market in Abuja, food trader Blessing Ochuba is feeling the pinch. With customers unable to purchase in bulk, she’s reducing her stock and adjusting prices to stay afloat. “Customers who used to buy in bags are now buying half or a quarter because they can’t afford more,” she explained. “I used to buy 10 bags of rice, but now I can barely afford five. Everything is going up.” Despite the reported dip in inflation, Nigeria’s currency has weakened significantly, moving from 1,200 to 1,600 naira to the dollar, and gasoline prices have surged from 620 to nearly 1,000 naira per liter in just three months. Development economist Hauwa Mustapha attributed the slight decline in inflation to a government policy exempting food imports from excise duty for 90 days. “That helped boost food supply, but it doesn’t indicate a long-term recovery,” she noted, emphasizing the need for effective government measures. To manage inflation in both the short and long term, Mustapha suggests focusing on food supply policies. “As we approach harvest season, it’s crucial to minimize post-harvest losses to maintain a steady food supply.” Experts believe the government’s upcoming actions will determine if this inflation decrease marks a genuine recovery or merely a temporary reprieve.

Sierra Leone has requested a 38-month Extended Credit Facility (ECF) from the International Monetary Fund, valued at approximately $253 million

Prime Minister Mostafa Madbouly announced plans to settle arrears with production companies and restore normal output by summer 2025.

The project, estimated to cost 8.5 billion euros, will significantly boost the country’s electricity supply and reduce reliance on fossil fuels.

Nigeria’s Dangote refinery, with a capacity of 650,000 b/d, has started selling gasoline domestically, exclusively to the state-owned NNPC. For September deliveries, NNPC is paying Dangote in US dollars, but a crude-for-gasoline swap will begin in October, settled in naira. The refinery’s ex-refinery price for gasoline is set at $736 per tonne, equivalent to 898.78 naira per litre ($0.55/l), while the retail price in Lagos is N950.22/l, reflecting recent increases due to reduced government subsidies. Gasoline pricing is negotiated directly between parties under Nigeria’s Petroleum Industry Act. NNPC has traditionally relied on imports to meet domestic gasoline needs but anticipates that Dangote’s operations will help reduce this dependency. Currently, the refinery is ramping up production, supplying 16 million litres over the weekend, which is still below its full capacity of 57 million litres per day. Full operations are expected to commence by October or November once the residual fluid catalytic cracker (RFCC) is fully operational. Starting in October, NNPC will supply Dangote with 385,000 b/d of crude, with gasoline sold exclusively to NNPC for domestic distribution, while diesel will be available to other buyers.

With $44.4M in funding, the EU is backing Rwanda’s bid to become a pharmaceutical hub, with plans to improve access to health products, skills development, and regulatory support.

Senegal’s growth forecast has been revised down to 6.0% from an earlier projection of 7.1%, due to weaker performance in mining, construction, and agro-industry sectors

Fitch Ratings said Monday that it upgraded Tunisia’s long-term foreign currency issuer default rating to “CCC+” from “CCC-.” The rating agency said the upgrade reflects the country’s stronger external position and the government’s ability to meet its large fiscal financing needs. Those factors, however, are balanced against limited access to external financing, uncertainty over the ability and willingness of the banking sector to take on large volumes of domestic debt, and a budget that remains vulnerable to external shocks. Fitch said the Tunisian government requires 10% of GDP in long-term domestic financing this year and 10%-12% in 2025 and 2026. “We believe the domestic banking sector could help meet the sovereign’s financing needs, as deposit growth and weak credit demand support sector liquidity,” the rating agency said in a statement. “Nevertheless, this will increase banks’ exposure to the public sector, which already represents about 20% of the banking sector’s total assets, necessitating refinancing to local banks by the central bank,” it added.