AfDB provides financial support to South Africa’s rail network
The African Development Bank lends $1 billion to South Africa’s Transnet to upgrade its rail and port infrastructure.
Houthi attacks disrupt shipping, hit Egypt’s canal income
Egypt’s Suez Canal revenue dropped 23.4% due to a decline in shipping traffic caused by Huthi rebel attacks in the Red Sea.
Niger, Turkey sign deal to develop oil, gas fields
Cooperation in energy, mining, intelligence, and defense is on the agenda.
Niger’s economy rebounds with oil exports, IMF aid
The IMF approved $71 million for Niger despite a military coup, while urging the country to improve debt management and fight corruption.
AU deliberates 2025 budget and G20 strategy at Ghana meeting
African leaders discuss the African Union’s budget for 2025 and its role at the upcoming G20 Summit during a meeting in Ghana.
Nigeria’s oil sector sees another major exit by Total
TotalEnergies exits a Nigerian onshore oil venture, selling its stake to Chappal Energies for $860 million.
UAE, Ethiopia sign deal to boost trade and investment
Ethiopia signs a currency swap agreement with the UAE, allowing for exchange of local currencies and promoting trade and investment.
Nigerian court frustrated in Binance trial adjournment
A Nigerian court delays a money laundering trial against cryptocurrency exchange Binance and its executives until October.
Ugandan coffee soars as south sees big yields
Uganda’s coffee exports rose 18.2% in June due to a large harvest in the south and southwest regions.
Nigeria, UAE resume travel after visa dispute
After a two-year pause, travel between Nigeria and the UAE is back on track.
African banks face collapse risk from environmental damage
A stress test warns of potential collapse if borrowers in agriculture and mining suffer.
Kenya to cut spending in revised budget after tax-hike rollback
President William Ruto recently fired almost his entire cabinet and pledged to form a broad-based government in response to protester demands
Senegal to renegotiate oil contracts, says President Faye
After taking office in March, Faye ordered an audit of the oil, gas, and mining sectors and emphasized the need for fairer terms with foreign operators
IMF cuts Botswana’s 2024 growth forecast sharply
Falling diamond sales widen the budget deficit, prompting the IMF to advise slowing infrastructure spending.
African Group supports Okonjo-Iweala for another WTO term
The African Group has requested WTO chief Ngozi Okonjo-Iweala to run for a second term, highlighting her historic leadership and the need for continued progress.
Trucking giant JSL eyes Nigeria as Africa expansion heats up
The Brazilian logistics giant eyes the potential of Africa’s most populous nation.
Eastern parliament’s budget rejected by Libya’s HSC
Libya’s High State Council (HSC) rejected a budget passed by the eastern-based parliament.
Uganda central bank starts local gold purchase to boost forex reserves
The move is expected to impact Uganda’s increasing gold exports, which surged to $2.3 billion last year
Libyan parliament unanimously approves extra funds for Benghazi
Libyan eastern parliament approves additional 88 billion dinar budget to support Benghazi government for the rest of 2024
Mali signs nuclear plant deals with Russia’s Rosatom
Russia’s state nuclear company Rosatom expands its footprint in Africa with deals signed with Mali’s military rulers.
China and Guinea-Bissau forge strategic partnership
China and Guinea-Bissau announce a strategic partnership, marking a significant development in their bilateral relations.
Mali flights grounded due to fuel shortage
Mali’s aviation industry faces a crisis as a fuel shortage disrupts flights.
Boakai cuts salary by 40% to boost accountability in Liberia
President Joseph Boakai cuts his salary by 40% to promote accountability and combat poverty and corruption in Liberia.
Egypt, Emirate KSH investment in $500m Cairo venture
Safwat Kaliouby Group and Emirati KSH Investment partner on $500 million Nile project in Cairo.