Egypt’s government is forecasting a significant drop in petroleum exports, predicting they will fall to $7.95 billion for the fiscal year 2024-2025, down from $10.22 billion in the previous year. Economic Challenges Ahead This expected decline in petroleum exports comes amid broader economic challenges for Egypt. The central bank recently reported a shift in the […]

Qatar Chamber warmly welcomed a delegation from Burundi led by Victor Ndabaniwe, Chief of the Teacher’s Housing Foundation, and His Excellency Isidore Ntirampeba, Ambassador of Burundi to Qatar. The meeting, chaired by Qatar Chamber’s first vice-chairman, Mohamed bin Towar al-Kuwari, aimed to strengthen economic cooperation between the two nations. Exploring New Investment Avenues The discussions […]

Galiche Buwa, a 75-year-old widow, has survived civil wars, famine, and natural disasters. Her grocery business has been her lifeline through these turbulent times. However, the recent rupture of a key pipeline in Sudan has put even this staple of stability at risk, shaking the foundations of South Sudan’s economy. The pipeline, crucial for transporting […]

In a significant move to bolster its development, Rwanda has secured a $1 billion funding agreement from South Korea. This new deal, covering the period from 2024 to 2028, replaces and doubles the previous four-year $500 million agreement that was set to end in 2026. Investment in Key Sectors The Rwandan Finance Ministry announced on […]

ABUJA: Nigeria has secured the bid to host the newly established Africa Energy Bank (AEB), surpassing Algeria, Benin, and Ghana in the process. This decision was made at an extraordinary meeting of the Council of Ministers of the African Petroleum Producers Organization (APPO), as announced by Minister of State for Petroleum Resources Heineken Lokpobiri. Photo: […]

In response to the United States’ new subsidies aimed at enhancing domestic electric vehicle (EV) production, Chinese manufacturers are increasingly investing in Morocco. This North African country has become an unexpected hotspot for such investments, with plans for new factories near Tangiers and industrial parks along the Atlantic Ocean. These factories aim to produce parts […]

In a move that could significantly boost Nigeria’s non-oil exports, Agriculture Minister Mohammad Abubakar announced that Saudi Arabia has expressed interest in importing 200,000 tonnes of red meat and one million tonnes of soybeans annually from Nigeria. Economic Diversification and Stability Facing severe dollar shortages and a weakened naira, Nigeria has been actively seeking to […]

The recently inaugurated Dangote Petroleum Refinery, a $20 billion venture by Africa’s richest man Aliko Dangote, is significantly increasing its gasoil exports to West Africa, marking a notable shift in the region’s energy dynamics. In May, the refinery’s gasoil exports surged to nearly 100,000 barrels per day (bpd), almost double the exports from April, according […]

South Africa’s economic landscape saw a notable uptick in the first quarter of 2024, as foreign direct investment (FDI) surged to 24.4 billion rand ($1.34 billion), according to the latest Quarterly Bulletin from the South African Reserve Bank. This marks a significant increase from the revised 2.5 billion rand recorded in the previous quarter. The […]

The International Monetary Fund (IMF) has approved the second review of Ghana’s $3 billion loan program, clearing the way for an immediate disbursement of approximately $360 million. This follows Ghana’s successful agreement with its official creditor committee, a necessary step for unlocking this tranche of funds. This latest disbursement brings the total IMF support for […]