TotalEnergies SE and the Nigerian National Petroleum Corporation (NNPC) are set to invest $550 million in a new gas processing facility in Nigeria’s Rivers State, according to sources. This investment aims to enhance both export capabilities and domestic gas supply, marking a significant development for Nigeria’s energy sector. Facility Development and Capacity The facility will […]

Africa Data Centres, a subsidiary of Cassava Technologies, has finalized a significant $110 million investment agreement with Rand Merchant Bank (RMB) aimed at enhancing its presence in South Africa’s digital infrastructure landscape. The financing, structured by RMB, underscores the strategic importance of meeting the growing demand for cloud computing services in the region. “This funding […]

Unifonic, a prominent AI platform and Software as a Service (SaaS) provider in the MENA region, has officially opened a new office in Egypt as part of its strategic expansion efforts. This move underscores Unifonic’s commitment to enhancing customer satisfaction and fostering innovation through localized support and advanced solutions. Founded in 2008, Unifonic has been […]

The Tunisian government has announced a comprehensive set of reforms aimed at enhancing investment and economic growth. These measures were revealed by Economy and Planning Minister Féryel Ouerghi during the opening of the 21st edition of the Tunisia Investment Forum (TIF) 2024, organized in partnership with the European Union (EU). New Initiatives to Attract Investment […]

Senegal has embarked on a significant milestone with the commencement of production at its first offshore oil project, announced by Australian energy firm Woodside Energy on Tuesday. The production vessel is situated approximately 100 kilometers (60 miles) offshore at the Sangomar oil fields, with a target of producing 100,000 barrels of oil per day. “This […]

Fidelity Bank Nigeria Plc has received a substantial financial boost from the African Export-Import Bank (Afreximbank) to aid its expansion strategy. The $40 million disbursement, sourced from Afreximbank’s intra-African investment facility, signifies a strategic collaboration aimed at facilitating Fidelity Bank’s acquisition and recapitalization of Union Bank UK. The funds, divided into two tranches of $20 […]

 HSBC Egypt has announced the launch of a new fund valued at EGP 1.5 billion (approximately $31.5 million) to support small and medium-sized enterprises (SMEs) in the fintech sector. This initiative is part of HSBC’s broader strategy to foster technological innovation and economic growth in Egypt. The fund, expected to be operational by the third […]

The African Development Bank (AfDB) is calling for a $25 billion replenishment of its African Development Fund and more favorable lending terms to help the continent recover from the economic impacts of the COVID-19 pandemic and global interest rate hikes. AfDB President Akinwumi Adesina highlighted the urgent need for international support to avoid what he […]

Africa, despite its pressing energy needs, is set to receive a mere 2% of the $2 trillion global clean energy investment projected for 2024, a recent report by the International Energy Association (IEA) reveals. With clean energy investments worldwide expected to reach $2 trillion, Africa’s share amounts to approximately $40 billion, a fraction of the […]

In a significant development for the African media industry, Sub-Saharan pay-TV leader Multichoice has endorsed a US$2.9 billion takeover offer from French media giant Canal+. This acquisition, expected to be finalized by April 2025 pending regulatory approvals, marks a pivotal shift in the continent’s broadcasting landscape. Strategic Consolidation Canal+, owned by Vivendi, already holds a […]