NNPC to invest $550M in Nigerian gas facility
Nigeria, boasting Africa’s largest natural gas reserves, often flares gas due to infrastructure limitations and capital constraints
Diamond sales slump casts doubt on Botswana’s growth goal
Botswana’s central bank warns the country’s economic growth may fall short of the government’s 4.2% target due to sluggish global diamond markets.
Ghana’s economy shows signs of recovery in Q1
Despite a positive economic upturn in Q1, Ghana restarts negotiations with bondholders to address its $13 billion debt.
US retail sales below expectations in May
Total retail sales reached $703.1 billion in May, marking a slight 0.1 percent increase from April’s revised 0.2 percent decline
African development banks risk losing privileged debt status
Uncertainty surrounds the privileged creditor status of African development banks in the wake of debt challenges in Zambia, Ghana and Malawi.
Nigeria’s annual inflation reaches highest in 28 years with 33.95%
The surge in prices has been driven by President Bola Tinubu’s economic reforms
Kenyan president calls on G7 to revamp global lending
At the G7 summit, Kenyan president William Ruto stressed the need for financial system reforms to support developing countries with debt relief and emphasized Africa’s demand for a permanent UN Security Council seat.
Nigeria borrows $2.25B to ease cost-of-living crisis, support reforms
The World Bank approved a $2.25 billion loan to help Nigeria address its cost-of-living crisis and support economic reforms implemented by President Tinubu.
NNPC Drops Challenge to $1.3B Exxon Deal, Seplat says
An NNPC spokesperson did not immediately comment on the development
Ghana aims for IMF-approved deal with bondholders on $13B
After securing a deal with official creditors, Ghana reopens talks with bondholders on a sustainable debt solution.
New budget and tax hikes spark criticism in Kenya
Kenya’s finance minister presented the largest budget in the country’s history, including contentious tax proposals that critics say will burden an already struggling population.
Ugandan economy rebounds, budget plans infrastructure projects
The government prioritizes concessional loans for infrastructure projects, aiming to control debt and maintain economic growth.
Zambia eyes bigger share of mining pie with new business model
Zambia establishes a new entity for mineral investment and trading to increase national benefits from its resources, moving from a dividend model to production sharing.
Apple briefly reclaims top spot from Microsoft on AI platform launch
Apple’s new AI platform, Apple Intelligence, sparked a stock surge, briefly surpassing Microsoft.
Bitcoin back above $70,000 as us inflation cools
Bitcoin’s price surges after lower-than-expected inflation data in the US rekindles hopes of a Federal Reserve rate cut.
Nigerian president stays committed to reforms amid hardships
Tinubu, in office for a year, tackled long-standing issues such as the petrol subsidy and currency devaluation, resulting in high inflation
Loan lifeline for Tunisia: EIB invests €450 million
The European Investment Bank announces a €450 million aid package for crisis-hit Tunisia.
Report: Big profits for companies, low wages for miners in DRC
NGOs condemn the exploitative working conditions for cobalt and copper miners in DR Congo, vital for green energy, urging better wages and safer environments.
Mali financial union extends strike
Bah was arrested on Wednesday following a complaint accusing him of document forgery related to an internal union matter
Power outages lead to massive protests in Ghana’s capital
In a significant protest, Accra residents marched against power outages, carrying signs and calling on the government to provide a reliable electricity supply for all.
Nigerian pay-tv giant fined for ignoring price hike order
MultiChoice, Africa’s biggest pay-TV company, faces a fine and has to offer free service to Nigerian subscribers after defying a court order on price hikes.
Unemployment in Gaza surges to 80 percent due to Israel’s war
UN findings reveal that Gaza’s unemployment rate has reached nearly 80 percent amid the conflict, highlighting the devastating impact on the region’s economy.
Ivory Coast turns to solar power to energize clean energy agenda
Opened in June 2023, the Boundiali plant endeavors to bolster electricity provisions for over 430,000 households
BRICS: Multipolar economy to curb global economic instability
Developed countries not capable of providing solutions to persistent problems that the world is facing, says Dilma Rousseff.
Benin detains Niger nationals in pipeline dispute escalation
Benin accuses Niger of false pretenses after detaining Niger nationals at an oil pipeline terminal. Niger claims they were inspectors.
IMF loan unlocks $820 million for Egypt’s reforming economy
The IMF greenlights a loan of $820 million for Egypt, conditional on accelerating economic reforms.
Nvdia nears $3T valuation, threatens Apple’s second place
The chipmaker nears a staggering $3 trillion valuation and threatens to dethrone Apple for the second-place spot among the most valuable companies globally.