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Ethiopia’s economic woes deepened as Fitch Ratings delivered a significant blow, downgrading the nation’s credit rating to “C.” The downgrade, triggered by a recent failure to meet a $1 billion Eurobond payment, marks the lowest level before an outright default. Challenges Mount: Economic Struggles and Civil Unrest Fallout The missed payment exacerbates Ethiopia’s existing economic […]

Egypt is set to embark on a comprehensive economic reform agenda post the presidential elections, with global investment giant Morgan Stanley steering the nation’s financial strategy. The renowned bank recommends a meticulous approach, emphasizing a “phased devaluation of the pound in the short term” instead of a sudden exchange rate floatation. The strategy aims to […]

In a significant announcement during COP28 in Dubai, the African Development Bank Group (AfDB) revealed its strategic plan to introduce a $1 billion insurance facility, designed to safeguard over 40 million farmers across Africa from the adverse impacts of climate change. Known as the Africa Climate Risk Insurance Facility for Adaptation (ACRIFA), the initiative gained […]

Nigeria has achieved a significant milestone in its economic journey as the Dangote Petroleum Refinery, backed by Africa’s wealthiest entrepreneur, Aliko Dangote, receives its first shipment of one million barrels of crude oil. This development signals progress in the launch of the much-anticipated 650,000 barrel-per-day refinery, set to become the largest of its kind in […]

The Economic Community of West African States (ECOWAS) court has dismissed Niger’s junta’s plea to lift sanctions imposed by neighboring nations in response to the unconstitutional coup that ousted President Mohamed Bazoum in July. The swift response from ECOWAS included border closures, suspension of financial transactions, and freezing of assets, with Nigeria going so far […]

In a joint statement on Tuesday, military leaders of Mali and Niger announced the termination of tax cooperation treaties with France, citing persistent hostility and the imbalanced nature of existing agreements, which they argue have resulted in substantial revenue losses. The decision, effective within the next three months, signifies a pivotal moment in the evolving […]

In a recent revelation from the AFEX Wet Season Crop Production Report for 2023, Nigeria faces a critical challenge as the demand for rice significantly outpaces local production. The annual supply gap of approximately 2 million metric tonnes has triggered a noteworthy 37% surge in rice prices in 2023. Impact on Rice Dealers Rice dealers […]

Former Minister of Work and Housing, Mr Babatunde Fashola, delved into a pressing concern affecting Nigeria’s economic stability— the absence of a petroleum refinery, which contributes significantly to the nation’s foreign exchange demand, estimated at 30%. Fashola highlighted the far-reaching consequences of Nigeria’s reliance on imports due to the absence of a critical infrastructure like […]

In a significant stride towards enhancing Angola’s energy landscape, Abu Dhabi’s clean energy company, Masdar, has revealed plans to construct a 150-megawatt solar power plant. The project, set to be located in Angola’s Quipungo region, aims to bring electricity to 90,000 homes, aligning with the country’s target to achieve a 60% national electrification rate by […]

In response to growing concerns about potential funding reductions for crucial government initiatives, the South African Reserve Bank (Sarb) has entered into discussions with the National Treasury to explore the utilization of the Gold and Foreign Exchange Contingency Reserve Account. The Institute for Economic Justice, along with economists, academics, and civil society organizations, is advocating […]