World Bank president calls for expansion
Ajay Banga, the former CEO of Mastercard and the President of the World Bank, has outlined his strategy to reshape the bank’s mission towards “eliminating poverty on a sustainable planet”
Fuel prices jump to $3 per liter in Sudan
Some stations sell a 20-liter container at prices ranging between $56 and $60
Egypt’s inflation slows to 38% in September from 39.7% in August
Growth of consumer price inflation in Egypt slowed to 38% in September, with continued high prices in food, transportation, energy, and health
Oil bounces back after sharp monthly decline
Both benchmarks have lost over 2% during previous trading session as data indicate oil consumption in the US declined with end of summer driving season
IMF and Ghana agree on initial review of $3 billion program
The three-year extended credit facility is conditional upon domestic and external debt restructuring
Nigerian startups secure $2.1 billion in funding over seven years
According to the company, African tech start-up funding would be down 54 per cent year-on-year
South Africa approves French TotalEnergies for offshore drilling
The company’s area of interest within the block encompasses approximately 10,000 square kilometers and is situated between Cape Town and Cape Agulhas
Bitcoin surpasses $28.5K mark for the first time in over a month
Total value of crypto market up 3% to $1.12T, highest since late August
Crude oil prices rise as investors await OPEC production decision
Rebounding Chinese industrial activity also bolsters prices
UK supports subsea cable project to harness Moroccan renewable energy
Xlinks has stated that the initiative would generate nearly 10,000 jobs in Morocco
Crude oil prices rise as global supply contracts and demand surges
Prices climb higher as demand estimates rise in the world’s two major oil consumers, US and China
Algerian oil company Sonatrach posts $444 mln in profits
The production level reached 7.9 million tons of fuel and various petroleum derivatives
Kenya plans to begin construction of nuclear power plant in 2027
East African nation estimates construction budget of up to $4.07 billion for groundbreaking project
Eni secures two blocks in Egypt’s oil and gas exploration round
In addition, the company clinched a third block in the Mediterranean Sea, partnering with BP (BP.L) and QatarEnergy (QATPE.UL)
Nigeria’s external debt surges amidst naira depreciation
Earlier this year, the Central Bank of Nigeria (CBN) implemented a series of foreign exchange policy adjustments that resulted in a significant depreciation of the naira’s value.
Turkish official: Our trade with Africa exceeded 40 billion dollars
The trade volume between Turkey and the African continent exceeded 40 billion dollars in 2022
Nigeria aims for 2.1 M bpd oil output by December 2024
Oil production reached 1.41 million barrels per day (bpd) in August, marking an 8% increase from July, as indicated by data from the petroleum regulator.
Russian government imposes limitations on export of gasoline, diesel
Temporary restrictions come in bid to stabilize fuel prices in domestic market, says government’s press service
Oil prices down more than $1 ahead of US Fed interest rate decision
The Federal Reserve’s interest rate decision is scheduled to be announced at 1800 GMT
Egyptian pharmaceutical exports to Sudan target 300% increase
Egypt’s pharmaceutical exports to Sudan reached 37 million dollars in 2022, according to Maged George, the President of the Export Council for Pharmaceuticals and Medical Supplies
Istanbul set to host Turkish-African business summit next month
4th Turkey-Africa Business and Economic Forum set for Oct. 12-13 prioritizing energy, infrastructure, agriculture, healthcare and tourism
IMF approves $1.3 billion loan for earthquake-stricken Morocco
Morocco struck by magnitude 7 earthquake, killing nearly 3,000 people, according to official figures
X platform transitioning to monthly user charges
Move aims to get rid of ‘vast armies of bots,’ says X/Twitter owner Elon Musk.
S. Africa reveals cost-cutting measures ahead of November budget
The treasury underscored that tighter financial conditions and a public wage settlement higher than initially budgeted for have made these new cost-saving measures necessary.