The Nigeria Labour Congress (NLC) has strongly criticized the National Assembly over its exclusion of workers and trade unions in the deliberations surrounding the contentious Tax Bill. The organization emphasized the importance of fairness, inclusivity, and stakeholder engagement in the formulation of tax policies, warning that ignoring these principles could undermine Nigeria’s economic development and […]

The Nigerian Senate has taken a bold step towards enhancing the value and independence of the Naira by introducing a Bill to prohibit the use of foreign currencies for domestic transactions. The legislation, titled A Bill for an Act to Alter the Central Bank of Nigeria Act, 2007, No. 7, to Prohibit the Use of […]

Zambia has received a disbursement of $184 million from the International Monetary Fund (IMF) following a successful fourth review of its Extended Credit Facility (ECF) arrangement. This brings the total disbursement under the 38-month program to $1.3 billion. The funding offers crucial support as Zambia grapples with economic challenges, including high inflation, drought-induced agricultural declines, […]

The International Monetary Fund (IMF) has approved $204.5 million in additional funding for Tanzania following a successful review of the country’s economic reform program. This milestone underlines Tanzania’s progress in implementing reforms aimed at bolstering economic stability and inclusive growth while addressing emerging challenges such as climate change and fiscal sustainability. The funding, approved on […]

The formal non-agricultural sectors of South Africa’s economy contracted significantly in the third quarter of 2024, with around 130,000 jobs lost, marking a 1.2% decrease compared to the previous quarter. The latest Quarterly Employment Survey (QES) highlights a troubling trend of job losses across multiple industries, raising concerns about the country’s broader economic stability and […]

In a groundbreaking achievement for Africa’s energy sector, Dangote Refinery and Cameroon-based Neptune Oil have jointly announced the first export of Premium Motor Spirit (PMS) from the world-class Dangote Refinery to Cameroon. This landmark transaction signals a new era of intra-African energy collaboration, showcasing the potential of African resources to drive economic growth and regional […]

The International Monetary Fund (IMF) has approved a disbursement of $10 million to Somalia under its Extended Credit Facility (ECF). This funding, part of a larger program aimed at fostering economic development and reducing poverty, brings Somalia’s total disbursement under the ECF to approximately $60 million. The announcement comes as Somalia continues to face significant […]

The Nigerian government has committed over $450 million to its Presidential Compressed Natural Gas Initiative (PCNGi), which aims to transform the nation’s energy and transportation sectors by promoting Compressed Natural Gas (CNG) as a cleaner, more affordable alternative to petrol. This investment reflects the government’s broader strategy to leverage Nigeria’s abundant natural gas reserves, which […]

The Abu Dhabi Fund for Development (ADFD) has signed an agreement to finance the first phase of Côte d’Ivoire’s Social Housing Program, marking its initial venture in the West African nation. This ambitious initiative, valued at AED 183.5 million (US$50 million), will focus on the construction of 25,000 housing units in Abidjan, aiming to address […]

The Nigerian Federal Government has unveiled a groundbreaking N20 billion ($12.4 million) consumer credit fund aimed at boosting demand for locally assembled automobiles. Set to launch in January 2025, this initiative is part of President Bola Ahmed Tinubu’s broader economic agenda to stimulate industrial growth and create job opportunities across related sectors. A Catalyst for […]