No crude oil supply talks between Libya and Nigeria: NOC
Libya’s National Oil Corporation has categorically denied reports of negotiations to supply crude oil to Nigeria’s Dangote refinery.
French company reports major losses due to challenges in Niger
The French nuclear fuel specialist reported a loss of 133 million euros for the first half of the year, a sharp decline from the 117 million euros net profit in Q1 2023. The company’s difficulties this year include Niger’s decision in June to revoke its rights to the Imouraren mine, the world’s largest with estimated reserves of 200,000 tons. Additionally, its subsidiary Somair, which is 63% owned by Orano, is facing issues exporting uranium from its Arlit operations in northern Niger due to an export ban imposed by the military government in Niamey. As a result, the company had to sell its uranium production, which was initially intended to finance the site’s closure.
Petroleo bids for stake in Namibia’s massive oil field
Amid growing opposition to oil exploration in Brazil, Petrobras is pursuing opportunities abroad, including a bid for a share in Namibia’s Mopane oil field.
Dangote refinery reselling crude amid technical issues
The plant is reselling imported and Nigerian crude due to technical issues, impacting oil prices and raising concerns about its operations.
Tanzania launches new electric railway
A new era of rail transportation begins in Tanzania as the first electric train journeys between Dar es Salaam and Dodoma.
Terrorist attacks force Chinese oil firm to halt Niger work
A Chinese state-owned oil company has halted construction at an oilfield in Niger due to increasing terrorist attacks in the region.
Botswana enacts new law for 24% local stake in mines
In a bid to boost local participation in the mining industry, Botswana is enforcing a new law requiring mining companies to offer 24% stake to locals.
Nigeria’s Central Bank hikes rate again to curb inflation
Faced with rising inflation and a struggling naira, Nigeria’s central bank has hiked its interest rate for the fourth time this year.
Egypt cuts $14 billion from external debt in five months
Egypt has made a significant stride in addressing its debt crisis, with a staggering $14 billion reduction in external debt over the past five months.
Nigeria looks into refinery woes, dirty diesel
Nigeria probes fuel shortages, dirty fuel imports, and a clash between Dangote Refinery and regulators.
Bitcoin hits $67,500 after 5 weeks
The price of Bitcoin hit $67,500 again on Friday — the first time after more than five weeks. Bitcoin saw its price climb to as high as $67,503 during the day, while it was trading just below $67,000 at 6.20 p.m. EDT for a daily gain of 4.7%. It soared 15.9% in the last seven days. Ethereum, the world’s largest altcoin by market cap, was trading at $3,520 for a daily increase of more than 2.5%, while it jumped 12.7% in the past week. The value of the cryptocurrency market stood at $2.43 trillion, rising 4.1% for the day, according to CoinMarketCap, a digital asset price-tracking website. Bitcoin, the world’s biggest cryptocurrency, plummeted to as low as $53,727 on July 5, erasing all gains of the last four and a half months, while the value of the crypto market then stood at approximately $2 trillion. The rally comes as investors hope there will be a more crypto-friendly administration if Donald Trump and his running mate JD Vance win the White House in November. Vance held as much as $250,000 worth of Bitcoin in 2022, according to multiple reports. After surviving an assassination attempt at a campaign rally in the state of Pennsylvania last weekend, Trump said he will attend the Bitcoin Conference in Nashville, Tennessee, from July 25 – 27.
DR Congo province suspends mining activities
The decision aims to restore order and improve control over mineral production.
Nigeria fines Meta $220 million for data violations
A $220 million fine follows accusations of data exploitation and privacy violations on Facebook and WhatsApp.
AfDB approves $1B loan to revamp South Africa’s rail and ports
To address South Africa’s ailing rail and ports, the African Development Bank approves a $1 billion loan for Transnet.
Egypt’s canal revenue drops 23.4% due to Red Sea attacks
The decline is a blow to Egypt’s economy as it faces a financial crisis.
Niger, Turkey deepen ties in energy, defense
Turkey and Niger sign a deal to develop Niger’s oil and gas fields, deepening their partnership after Niger expels Western forces.
IMF approves $71 million for coup-stricken Niger
The country’s economy is expected to rebound due to oil exports and lifted sanctions, but the IMF urges reforms.
Africa’s top diplomats meet in Accra to discuss budget, G20 role
From budget talks to the G20, African leaders have a full agenda at the AU Executive Council meeting in Ghana.
TotalEnergies exits Nigerian oil venture for $860 million
The move follows Shell’s recent divestment, highlighting a shift for oil majors towards cleaner energy and away from troubled assets.
Eurozone inflation holds steady at 2.5% in June
Consumer prices hike 0.2% on a monthly basis matching initial estimate, 2nd reading shows
Ethiopia swaps currency with UAE to ease forex shortage
The agreement boosts trade, investment, and financial integration between the nations.
Nigeria Binance money laundering trial delayed until October
A sick executive and missing medical documents lead to delays in the money laundering case.
Uganda’s coffee exports jump 18.2% on bumper crop
This boost comes as the key harvest season is underway for the country’s biggest export.
Kenya plans a 2% spending cut in its revised budget
Kenya plans a 1.9% spending reduction for the 2024-25 fiscal year and will widen the fiscal deficit to 3.6% of GDP after tax increases were rolled back amid protests.
Visa issues resolved, travel between Nigeria, UAE restarts
Nigeria and the United Arab Emirates have resolved a visa and currency dispute, allowing Nigerians to travel to the UAE again with flights resuming in October.
African banks at risk as nature loss hits borrowers
A new study shows how nature loss could devastate African economies by crippling banks.
NNPC’s stake in Dangote refinery cut due to non-payment: CEO
NNPC had agreed three years ago to buy shares worth $2.7 billion in the 650,000 barrels-per-day refinery