Saudi Arabia expresses interest in Nigerian red meat and soybeans
Nigeria aims to diversify its exports beyond the oil and gas sectors to promote non-oil exports and protect its economy from oil price fluctuations
Nigeria battles soaring food prices with tax cuts and imports
To tackle soaring food prices, Nigeria suspends import taxes on staples like wheat and maize for 150 days.
South Africa pursues renewables revolution
The country’s new energy minister pledges an “ultra-aggressive” push for renewables, aiming to become a leader on the continent.
South Africa’s energy crisis arises as blackouts achieve 100 days
South Africa’s Eskom expects a $823 million annual loss despite ending blackouts, attributing the loss to high diesel costs for power generation.
Rwanda gets doubled loan package from South Korea
Rwanda’s Ministry of Finance announced a $1 billion concessionary loan from South Korea to fund development projects in transportation, healthcare, and education.
Kenyan Ruto announces new borrowing plans and spending cuts
President William Ruto of Kenya has announced new borrowing plans and significant spending cuts after protests against tax hikes that resulted in 39 deaths and widespread unrest in the country.
Nigeria’s gasoline debt surpasses $6B amid supplier backlash
President Bola Tinubu’s decision last year to terminate costly fuel subsidies led to a tripling of pump prices initially
Telecom giant fined for squeezing competition in Morocco
A Moroccan court upheld a record $630 million fine against Maroc Telecom for unfair competition practices that stifled competitor Inwi.
Nigeria’s oil regulator approves key onshore asset sales
Nigeria’s oil regulator approved the sale of key onshore assets to Oando and Project Odinmim, while approvals for Exxon Mobil and Shell’s sales remain pending.
Congo secures final loan payment, must improve spending clarity
The IMF finishes disbursing a loan to Congo, with future support contingent on transparency in military spending and mining revenue.
World Bank suspends Gabon’s right to make withdrawals
The World Bank’s active projects in Gabon focus on public health, skills development, and statistics, as listed on its website
World Bank approves $208 million to aid Zambia drought
The World Bank offers a lifeline with a $208 million grant to address the social and economic consequences.
Egypt boosts tourism with new $21 billion North Coast development
Egypt’s TMG unveils a $21 billion investment in SouthMED, a luxury tourism project with villas, marinas, and more.
World Bank grants $208M to aid Zambia’s drought response
In addition to emergency cash assistance, the funding will bolster existing social protection programs in Zambia
OPEC oil output unexpectedly rises in June
A survey reveals OPEC oil production rose in June, defying output cuts. Nigeria and Iran led the increase, while Iraq continued to exceed its quota.
Egypt boosts gas supply with LNG cargoes for summer
Facing a potential summer power crisis, Egypt ramps up domestic gas production and secures LNG imports.
Ivory Coast eyes bigger share from mining
Ivory Coast plans to revise its mining code to increase government revenue from the growing gold sector, aiming to diversify its income beyond cocoa.
Saudi Arabia unearths seven oil and gas deposits
This major discovery of seven new deposits in eastern Saudi Arabia and the Empty Quarter strengthens the country’s energy future.
Tanzania to export $250M worth of maize to drought-hit Zambia
The maize will be supplied from four NFRA warehouses in southwestern Tanzania
Scorching temperatures, power outages frustrate Egyptians
Egyptians face a brutal summer with daily power outages adding to scorching temperatures.
Zimbabwe growth slips due to drought, IMF expects rebound
The IMF predicts slower economic growth for Zimbabwe in 2024 due to a severe drought but anticipates a rebound in 2025.
Germany taps Morocco’s sun for green hydrogen imports
Seeking to reduce emissions, Germany partners with Morocco to develop green hydrogen as a future energy source.
IMF predicts slower growth for drought-stricken Zimbabwe
The drought, exacerbated by the El Niño climate phenomenon, has severely impacted crop yields and disrupted water and electricity supplies across southern Africa
Saudi Arabia eyes major red meat, soybeans import from Nigeria
The deal involves supplying 200,000 tonnes of red meat and 1 million tonnes of soybeans annually.