Oil prices surge amid concerns of supply shortage

Ongoing conflict between Israel, Palestine generating fears of deepening supply deficit for remainder of year

Kenya’s Central Bank governor highlights currency overvaluation

He stated that Kenya’s foreign exchange reserves had decreased to the level of approximately 3.7 months of import cover

London court saves Nigeria from $11 billion payout

The award, initially granted in 2017 and subsequently augmented in 2019 to encompass interest, represented a substantial portion of Nigeria’s foreign reserves

Kenyan shilling reaches all-time low, exchanging at 150 to the dollar

The Kenyan shilling has been on a downward trajectory for a number of years and experienced a nearly 24 percent depreciation in the last year

UAE’s DP World signs port agreements with Tanzania

TPA director general Plasduce Mbossa stated that the contracts will undergo a review every five years

Rising fuel prices drive inflation higher in South Africa

The national statistics agency, StatsSA, reported that annual consumer price inflation escalated to 5.4 percent last month

Nigeria mandates mining firms invest in domestic processing

Nigeria is actively courting investors for its historically underdeveloped mining sector, which has historically accounted for less than 1% of the country’s gross domestic product

Cryptocurrency crime causes around $30B in damages from 2017-2022

Researchers cite technical weaknesses, manipulated cryptocurrencies as main cause of damage

Burkina Faso, Rosatom sign deal for nuclear power plant

The nuclear power plant, once operational, will serve as a means for the country to fulfill its energy requirements, the energy ministry reported.

Zambia secures debt agreement with creditors, confirms IMF chief

In June, Zambia had tentatively reached an agreement with its creditors, encompassing both China and Western nations, on $6.3 billion of its debt

Business leaders from Turkey and Africa convene in Istanbul

Event important for Turkey-Africa trade target of $75B, chairman of Turkey’s Foreign Economic Relations Board says

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

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