The alarming plunge in Nigeria’s per capita income, dropping to a mere $877 in 2024, underscores a deepening productivity crisis within Africa’s largest economy. This decline reflects complex structural challenges that demand urgent reforms in policy, human capital development, and infrastructure investment to prevent further economic decline and poverty expansion. Decline in Income and Rising […]

In a strategic move aimed at revitalizing the economy and addressing long-standing dollar shortages, Nigeria’s Finance Minister, Olawale Edun, announced a new programme designed to encourage Nigerians to repatriate assets and invest them within the country. The voluntary disclosure scheme, which will be in effect for nine months, aims to draw foreign currency assets into […]

South Africa’s headline inflation eased to 3.8% in September 2024, marking a 42-month low. For consumers, this dip offers slight relief as inflation continues to fall below the South African Reserve Bank’s (SARB) target midpoint of 4.5%. However, food inflation held steady at 4.1% year-on-year in September, despite monthly pressures driven by rising fruit and […]

Ghana may soon pivot to sourcing petroleum products from Nigeria’s Dangote Oil Refinery, as the facility nears full operational capacity. This shift could significantly impact Ghana’s energy landscape, helping to reduce the nation’s $400 million monthly fuel import bill and enhancing economic collaboration within West Africa. This potential development was revealed by Mustapha Abdul-Hamid, Chairman […]

Tanzania, Africa’s fourth-largest producer and the world’s eighth-largest grower of cashew nuts, has taken a significant step in transforming its cashew trade by launching the sale of this prized commodity on its newly established Tanzania Mercantile Exchange (TMX). This development has sparked optimism among farmers, traders, and policymakers, as the TMX promises to bring efficiency, […]

As Africa seeks to capitalize on its vast fossil fuel resources, a groundbreaking £19 billion gas pipeline project is underway to extend 4,350 miles from Nigeria to Morocco, traversing 13 countries along the Atlantic coast. This ambitious project reflects the continent’s growing focus on expanding its energy infrastructure to harness untapped resources and stimulate economic […]

The financial landscape in South Africa is set to undergo a significant transformation, with major changes in the country’s interbank lending rates. One of the key shifts involves the Johannesburg Interbank Average Rate (JIBAR), which has long served as a benchmark for unsecured interbank lending but will be phased out by 2026. This transition will […]

Somalia is poised to leverage its extensive maritime resources through an ambitious new fisheries policy aimed at transforming the nation’s economy. As it strengthens its ties within the East African Community (EAC), to which it became a member in 2024, the government is keen to capitalize on the sector’s $2 billion annual potential, while addressing […]

Dr. Akinwumi Adesina, President of the African Development Bank (AfDB), delivered a powerful message at the 90th birthday celebration of former Nigerian President General Yakubu Gowon. Adesina highlighted Nigeria’s pressing economic issues, particularly the alarming youth brain drain, referred to as the “Japa” syndrome, where many young Nigerians are leaving the country due to economic […]

A trade dispute between Rwanda and Tanzania has intensified, with Kigali accusing Dodoma of blocking its dairy exports despite a memorandum of understanding signed earlier this year. This row surfaced during a roundtable discussion held by the East African Business Council (EABC) with the Secretary-General of the East African Community (EAC), where the private sector […]