Algeria has officially been authorized to join the BRICS New Development Bank (NDB), marking a significant milestone in the North African nation’s economic and financial integration into the global system. The announcement was made on Saturday by NDB President Dilma Rousseff during the Ninth Annual Meeting of the NDB, held in Cape Town, South Africa. […]

China’s trade with Africa continues to flourish, demonstrating resilience and growth despite global economic challenges. In the first seven months of 2024, trade between China and Africa rose by 5.5% year-on-year, reaching 1.19 trillion yuan (approximately 166.6 billion U.S. dollars), according to the General Administration of Customs (GAC). This steady growth underscores the deepening economic […]

In a significant move to enhance agricultural production, trade, and finance, Nigeria and Belgium are set to deepen their collaboration, with a particular focus on leveraging the agricultural potential of Ibadanland. This partnership comes at a crucial time as Nigeria seeks to diversify its economy, reduce dependence on oil, and boost food security, while Belgium […]

Nigeria’s economy saw a notable improvement in the second quarter of 2024, with the Gross Domestic Product (GDP) growing by 3.19%, according to the National Bureau of Statistics (NBS). This growth rate reflects an increase from the 2.51% recorded in Q2 2023 and a slight uptick from the 2.98% observed in the first quarter of […]

The Federal Government of Nigeria has launched a new agricultural initiative, “ProjectEarnFromTheSoil,” aimed at revitalizing the agricultural sector across the South-South region. The project, unveiled in Bayelsa State on August 26, 2024, seeks to empower smallholder farmers, fisherfolk, agribusinesses, and coastal communities, with a strong emphasis on integrating women into the agricultural economy. Project Overview: […]

Uganda is intensifying its efforts to secure adequate oil supplies by diversifying its import routes, a strategy aimed at addressing persistent challenges in meeting its growing demand for petroleum products. The Uganda National Oil Corporation (UNOC) has recently expanded its importation efforts to include the port of Dar es Salaam in Tanzania, supplementing the traditional […]

In response to the ongoing crude oil supply challenges affecting Nigeria’s local refining capacity, the Independent Petroleum Producers Group (IPPG) has called on the Nigerian National Petroleum Company Limited (NNPCL) to utilize its allocated crude oil volumes to support domestic refineries. This recommendation comes amid increasing concerns over the country’s ability to meet its refined […]

Introduction In a move reflecting a favorable outlook on inflation and strong economic growth, Rwanda’s central bank has reduced its key interest rate for the second consecutive time. On August 21, 2024, the National Bank of Rwanda (NBR) announced a 50 basis point cut to its Central Bank Rate, bringing it down to 6.5%. This […]

Ghana has officially commenced the construction of a $12 billion petroleum hub, a monumental project designed to position the West African nation as a leading player in the regional and global energy markets. President Nana Akufo-Addo inaugurated the project on Monday in the southwestern city of Jomoro, marking the beginning of a venture that the […]

In a significant move aimed at bolstering Nigeria’s economy, the Oil and Gas Free Zones Authority (OGFZA) has initiated a strategic collaboration with the Nigerian Financial Intelligence Unit (NFIU). This partnership is expected to play a crucial role in attracting high-value foreign direct investment (FDI) and enhancing the transparency and compliance standards within Nigeria’s oil […]