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Nigeria’s Central Bank, led by Governor Olayemi Cardoso, has announced a robust plan to combat the country’s surging inflation rates, aiming for a substantial decline to 21.4%. Against the backdrop of December’s alarming inflation figure of 28.92%, the move comes as a proactive measure to stabilize the economy. In a recent speech, Governor Cardoso emphasized […]

In the latest report by S&P Global Ratings, Nigeria’s mobile money landscape comes under scrutiny, revealing a gap compared to its counterparts, Ghana and Kenya. Despite a commendable surge in mobile phone usage, reaching 93 percent (103 million) in 2023 from 90 percent in 2020, registered mobile money accounts in Nigeria still fall short. Fintech […]

The International Monetary Fund (IMF) has undertaken a pivotal mission to Cairo this week, marking a significant step in the ongoing discussions surrounding Egypt’s $3 billion loan program and crucial reform initiatives. Headed by Jihad Azour, Director of the IMF’s Middle East and Central Asia Department, the visit comes on the heels of a recent […]

In a strategic move preceding the launch of its securities exchange later this year, Ethiopia is set to issue licenses to foreign investment banks. Brook Taye, Director General of the Ethiopian Capital Market Authority, disclosed to Reuters that the justice ministry has authorized the regulator to proceed with this pivotal step. The liberalization initiative, designed […]

In a significant move towards regional collaboration, Prime Cabinet Secretary and Foreign Affairs Cabinet Secretary of Kenya, Musalia Mudavadi, held talks with Tanzanian Foreign Affairs Minister Dr January Makamba on the sidelines of the Non-Aligned Movement (NAM) Member States Summit. Mudavadi reaffirmed Kenya’s dedication to fostering integration within the East African Community (EAC), emphasizing the […]

In a strategic move to streamline its portfolio and exit onshore oil production in the Niger Delta, Shell has entered into a $2.4 billion agreement to divest its Nigerian onshore subsidiary, The Shell Petroleum Development Company of Nigeria Limited (SPDC), to Renaissance, a consortium of five companies. Under the terms of the deal, Shell will […]

In a strategic move, the African Development Bank (AfDB) has announced a pivotal shift in its approach to funding Kenya’s infrastructure projects. Beginning this year and extending through 2028, the bank will streamline its financial support, channeling resources exclusively into transport and water projects, deeming them vital for economic productivity. This recalibration of priorities comes […]

The Suez Canal, a linchpin in global maritime trade, is facing a challenging start to 2024, with revenues witnessing a substantial 40% decline in the first 11 days of the year. Chairman of the Suez Canal Authority (SCA), Osama Rabie, disclosed this alarming figure, shedding light on the canal’s current economic turbulence. A pivotal factor […]

In a pivotal economic juncture, Capital Economics’ recent assessment has spotlighted potential challenges for Egypt as it contemplates expanding its $3 billion loan program with the International Monetary Fund (IMF) to a substantial $6 billion. The implications of this move extend beyond the financial realm, impacting local and international stakeholders who are carefully monitoring for […]

The latest World Bank report on Global Economic Prospects provides a detailed analysis of Sub-Saharan Africa’s economic performance in 2023. The region, while demonstrating commendable resilience, experienced a slight dip in growth, registering 2.9 percent compared to 3.7 percent in 2022. A key highlight is the moderation in growth within the region’s economic powerhouses – […]