The Coalition of Civil Society Organisations has expressed strong support for the Central Bank of Nigeria’s (CBN) proposed recapitalization of commercial banks, viewing it as essential for strengthening the banking sector and attracting foreign investment. Alesta Wilcox Advocates for Recapitalization At a press conference in Ikeja, Lagos, Alesta Wilcox, past chairman of the Institute of […]
In a strategic effort to enhance economic ties, a high-level Egyptian trade delegation, organized by the Egyptian Business Council for International Cooperation (EBCCI), recently visited Uzbekistan from June 3rd to 6th. The delegation included members of parliament, senators, and prominent business leaders from major Egyptian companies across various sectors. Moataz Raslan, Chairperson of the EBCCI, […]
Ghana has reached a significant agreement in principle with its bondholders to restructure $13 billion of its international debt, sources told Reuters on Thursday. This agreement follows a recent accord with the country’s official creditors, providing a crucial step towards stabilizing Ghana’s financial situation. The restructuring deal will require bondholders to accept a reduction in […]
South Africa’s decision to increase tariffs on clothing imports from Chinese e-commerce giants Shein and Temu has sparked debate over its economic impact and implications for consumers. Set to take effect next month, the tariff hike from 20% to 60% aims to level the playing field for domestic retailers, addressing concerns of unfair competition enabled […]
Africa will need $240 billion annually by 2030 to address its growing energy demands, according to a recent report by the International Energy Agency (IEA). The report, titled “Clean Energy Investment for Development in Africa,” underscores the urgent necessity of substantial investment in clean energy projects to alleviate the continent’s energy crisis. Current Energy Landscape […]
Nigeria’s official foreign exchange (FX) market is experiencing significant volatility, with turnover dropping sharply by 75.98% to a three-week low of $92.68 million on Thursday, down from $385.91 million at the close of trading on Tuesday. This marked decline, the second in recent weeks, underscores ongoing challenges in the nation’s FX market. On June 6, […]
President Emmerson Mnangagwa has revealed Zimbabwe’s intention to join the BRICS economic bloc, marking a strategic move that could significantly impact the country’s economic trajectory. The announcement was made during Mnangagwa’s visit to Russia, where he attended a high-level economic forum. BRICS: A Key Economic Bloc BRICS, which initially comprised Brazil, Russia, India, China, and […]
Africa’s remittance market is on track to expand significantly in the coming years, driven by a projected growth to $500 billion by 2025, according to analysts at a leading investment bank. In 2022, remittances to the continent neared $100 billion, with intra-African flows contributing $20 billion to this total. Despite their economic importance, the cost […]
Ethiopia anticipates a budget deficit of 2.1% of its gross domestic product (GDP) for the upcoming fiscal year, according to Finance Minister Ahmed Shide. This projection comes as the nation strives to recover from multiple economic challenges. The Ethiopian economy has been significantly impacted by the COVID-19 pandemic, a two-year conflict in the Tigray region, […]
The surge in transportation costs in Nigeria is significantly driving up commodity prices, affecting the daily lives of citizens. The country’s reliance on land transport for haulage, coupled with the recent removal of fuel subsidies, has led to a sharp increase in the cost of moving goods. Paul Kyan, a transporter, noted a dramatic rise […]
