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In a significant legal development, Nigeria has emerged victorious in its endeavor to challenge an $11 billion damages bill associated with a defunct gas processing project. This was achieved on the grounds of an alleged campaign of bribery. The dramatic legal saga saw Nigeria facing off against Process & Industrial Developments (P&ID), a British Virgin […]

In a move met with mixed reactions and public protests, Tanzania’s government officially signed a port management agreement with DP World, a Dubai-based logistics giant, on Sunday. The deal, endorsed in the presence of Tanzania’s President, Samia Suluhu Hassan, aims to enhance trade with neighboring landlocked countries and expedite operations at the nation’s largest port, […]

S&P Global Ratings downgraded Egypt’s sovereign credit ratings. Egypt’s long-term foreign and local currency credit ratings have been lowered from “B” to “B-” with a stable outlook. The decision, communicated through an official statement on October 20th, is attributed to persistent delays in implementing essential monetary and structural reforms in the North African nation. The […]

Johannesburg, South Africa – Inflation in South Africa exhibited a notable uptick in September, primarily propelled by surging food and fuel prices, with transport costs also playing a contributing role. According to data released by Statistics South Africa, headline consumer inflation rose from 4.8% in August to 5.4% year-on-year in September. This has created new […]

The Suez Canal Authority has announced plans to adjust transit fees for different vessel categories, with an upcoming 15% increase for petroleum and natural gas carriers and a 5% rise for dry bulk vessels. These changes are scheduled to take effect in mid-January 2024. In a bid to maintain the Suez Canal’s economic viability, the […]

Nigeria’s annual inflation surged to 26.72% in September, up from 25.8% the previous month, as reported by the country’s Bureau of Statistics today. The primary drivers of this spike were identified as food and non-alcoholic beverages, causing significant financial strain on consumers. The catalyst for this latest inflationary surge can be traced back to President […]

Zambia has reached a pivotal milestone by successfully negotiating a debt agreement with its foreign creditors. The official announcement was made during the IMF-World Bank annual meeting in Marrakesh, Morocco, signifying a major step toward the country’s financial recovery. Zambia faced a challenging financial journey, being the first African nation to default on its debt […]

Tunis, Tunisia – Tunisia’s efforts to secure a long-awaited $1.9 billion International Monetary Fund (IMF) loan are currently on hold, as the nation is yet to submit new proposals for the loan’s terms. Speaking at a recent news briefing during the IMF-World Bank annual meetings in Morocco, Jihad Azour, the IMF’s Middle East and Central […]

The IMF’s annual meeting with the World Bank in Marrakech unveiled substantial financial commitments and discussed the ever-pressing issue of debt sustainability. At the heart of the announcement was the revelation by the director of the IMF’s Middle East and Central Asia Department, who highlighted the institution’s rapid response to the challenges faced by countries […]

In a bid to address mounting economic concerns and prevent a return to dollarization, Zimbabwe has unveiled a gold-backed digital currency, named Zimbabwe Gold (ZiG). This initiative comes amidst growing worries over the stability of the country’s economy under President Emmerson Mnangagwa’s administration. Zimbabwe’s central bank has launched ZiG, a digital token denominated in milligrams, […]