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ABUJA: Nigeria has secured the bid to host the newly established Africa Energy Bank (AEB), surpassing Algeria, Benin, and Ghana in the process. This decision was made at an extraordinary meeting of the Council of Ministers of the African Petroleum Producers Organization (APPO), as announced by Minister of State for Petroleum Resources Heineken Lokpobiri. Photo: […]

In response to the United States’ new subsidies aimed at enhancing domestic electric vehicle (EV) production, Chinese manufacturers are increasingly investing in Morocco. This North African country has become an unexpected hotspot for such investments, with plans for new factories near Tangiers and industrial parks along the Atlantic Ocean. These factories aim to produce parts […]

In a move that could significantly boost Nigeria’s non-oil exports, Agriculture Minister Mohammad Abubakar announced that Saudi Arabia has expressed interest in importing 200,000 tonnes of red meat and one million tonnes of soybeans annually from Nigeria. Economic Diversification and Stability Facing severe dollar shortages and a weakened naira, Nigeria has been actively seeking to […]

The recently inaugurated Dangote Petroleum Refinery, a $20 billion venture by Africa’s richest man Aliko Dangote, is significantly increasing its gasoil exports to West Africa, marking a notable shift in the region’s energy dynamics. In May, the refinery’s gasoil exports surged to nearly 100,000 barrels per day (bpd), almost double the exports from April, according […]

South Africa’s economic landscape saw a notable uptick in the first quarter of 2024, as foreign direct investment (FDI) surged to 24.4 billion rand ($1.34 billion), according to the latest Quarterly Bulletin from the South African Reserve Bank. This marks a significant increase from the revised 2.5 billion rand recorded in the previous quarter. The […]

The International Monetary Fund (IMF) has approved the second review of Ghana’s $3 billion loan program, clearing the way for an immediate disbursement of approximately $360 million. This follows Ghana’s successful agreement with its official creditor committee, a necessary step for unlocking this tranche of funds. This latest disbursement brings the total IMF support for […]

Tunisia took a significant step forward in its development agenda with the signing of four crucial agreements totaling €137 million with the French Development Agency (AFD). The agreements, inked at the Government Palace in Kasbah, aim to bolster key sectors crucial to Tunisia’s socio-economic advancement. Minister of Economy and Planning, Feryel Ouerghi Sebai, joined by […]

Egypt’s food exports to the United States have experienced a notable increase, reaching $67 million in the first quarter of 2024. This marks a 22% rise compared to the $54.9 million recorded in the same period last year, reflecting growing demand for Egyptian food products in the American market, which now represents approximately 4% of […]

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, […]