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Nigeria’s financial sector is set to undergo a significant change with the introduction of a cybersecurity levy on electronic transactions. This decision, communicated through a circular from the Central Bank of Nigeria (CBN) on May 6, 2024, comes as a response to the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024. Under this new levy, deposit […]

In the fields of southern Chad, cotton farmers face an uncertain future as they grapple with the twin challenges of climate change and political neglect. For generations, cotton has been the backbone of communities like Kagtaou, sustaining livelihoods and fueling economic growth. However, the once-thriving industry now teeters on the brink of collapse. Declador Rimleldeoudje, […]

Nigeria’s Federal Government has recently approved a substantial salary boost, ranging between 25% and 35%, for civil servants across multiple consolidated salary structures. Effective January 1, 2024, this enhancement encompasses six key structures, including the Consolidated Public Service Salary Structure (CONPSS),  Consolidated Research and Allied Institutions Salary Structure (CONRAISS), Consolidated Police Salary Structure (CONPOSS), Consolidated […]

Cairo, Egypt – Egypt is embarking on a significant renewable energy initiative with a commitment of over $60 billion towards green hydrogen and ammonia projects. The New and Renewable Energy Authority (NREA) revealed plans to produce nearly 56 million tonnes of green hydrogen and ammonia annually by 2040, aiming to capture 5-8 percent of the […]

South Africa took a significant stride towards reinforcing its financial sector on April 1, 2024, with the introduction of a comprehensive Deposit Insurance Scheme. Administered by the Corporation for Deposit Insurance (Codi), a subsidiary of the South African Reserve Bank (Sarb), this initiative aims to safeguard the deposits of eligible individuals in the event of […]

In a significant move bolstering economic ties between China and Egypt, the China State Construction Engineering Corporation (CSCEC Group) has announced the grand opening of its state-of-the-art steel structures factory in Egypt. With an impressive investment of CNY 87.40 million ($12.06 million), the factory is poised to revolutionize the steel manufacturing landscape in the region. […]

Ahmed Zaki, Secretary-General of the Exporters Division at the Cairo Chamber of Commerce, is spearheading efforts to reinvigorate Egyptian exports through strategic initiatives aimed at enhancing competitiveness and stimulating growth. Zaki’s proposal calls for a comprehensive review of Egyptian export priorities, focusing on high-demand products in international markets. Central to his plan is a two-year […]

The naira’s recent surge against the US dollar came to a halt as it closed at N1,223/$ in the unofficial market on Monday. This pause follows a period of consistent gains by the Nigerian currency. In the black market, the US dollar was priced at N1,207 on Sunday, marking a notable 15 percent decrease from […]

Akinwumi Adesina, President of the African Development Bank (ADB), sounded an alarm at the Semafor World Economy Summit regarding Africa’s mounting debt crisis. With the continent’s debt soaring to $824 billion in 2021, Adesina underscored the urgent need for transparency and accountability in managing these financial obligations. During the event, held on the sidelines of […]

Egypt’s financial landscape witnessed a significant shift as the central bank reiterated its dedication to maintaining a flexible exchange rate regime, ensuring a steady flow of foreign currency reserves. This announcement stands as a crucial component of Egypt’s $8 billion loan program with the International Monetary Fund (IMF). The decision to allow the Egyptian pound […]