The Federal Government of Nigeria has reassured citizens that the price of petrol will stabilize as supply increases across the country. This announcement comes amid concerns over rising fuel prices, which have put additional strain on the already challenged economy. Background: Deregulation of Nigeria’s Petroleum Sector In recent years, Nigeria has undergone significant changes in […]

On September 5, 2024, Ghana initiated a significant step in its economic recovery by inviting holders of approximately $13 billion in international bonds to participate in a restructuring offer. This move comes after a prolonged period of financial distress, exacerbated by a combination of internal and external factors, including the COVID-19 pandemic, the war in […]

In a landmark announcement at the Forum on China-Africa Cooperation (FOCAC) Summit, Chinese President Xi Jinping pledged $51 billion in fresh financing to Africa, promising to support 30 major infrastructure projects across the continent and create at least 1 million jobs. This substantial financial commitment underscores China’s deepening economic ties with Africa and its strategic […]

In a bold move that promises to reshape Nigeria’s foreign exchange landscape, President Bola Tinubu’s administration has introduced the ‘naira for crude’ initiative, which allows indigenous refineries to purchase crude oil using either the naira or the U.S. dollar. This policy, praised by business magnate Aliko Dangote, is expected to significantly reduce the demand for […]

Introduction China and Africa have long enjoyed a robust economic and trade relationship, which has seen significant expansion and diversification over recent years. According to Assistant Minister of Commerce Tang Wenhong, Sino-African economic and trade cooperation has reached unprecedented levels since the 2021 Forum on China-Africa Cooperation (FOCAC). This collaboration has delivered tangible benefits across […]

Algeria has officially been authorized to join the BRICS New Development Bank (NDB), marking a significant milestone in the North African nation’s economic and financial integration into the global system. The announcement was made on Saturday by NDB President Dilma Rousseff during the Ninth Annual Meeting of the NDB, held in Cape Town, South Africa. […]

China’s trade with Africa continues to flourish, demonstrating resilience and growth despite global economic challenges. In the first seven months of 2024, trade between China and Africa rose by 5.5% year-on-year, reaching 1.19 trillion yuan (approximately 166.6 billion U.S. dollars), according to the General Administration of Customs (GAC). This steady growth underscores the deepening economic […]

In a significant move to enhance agricultural production, trade, and finance, Nigeria and Belgium are set to deepen their collaboration, with a particular focus on leveraging the agricultural potential of Ibadanland. This partnership comes at a crucial time as Nigeria seeks to diversify its economy, reduce dependence on oil, and boost food security, while Belgium […]

Nigeria’s economy saw a notable improvement in the second quarter of 2024, with the Gross Domestic Product (GDP) growing by 3.19%, according to the National Bureau of Statistics (NBS). This growth rate reflects an increase from the 2.51% recorded in Q2 2023 and a slight uptick from the 2.98% observed in the first quarter of […]

The Federal Government of Nigeria has launched a new agricultural initiative, “ProjectEarnFromTheSoil,” aimed at revitalizing the agricultural sector across the South-South region. The project, unveiled in Bayelsa State on August 26, 2024, seeks to empower smallholder farmers, fisherfolk, agribusinesses, and coastal communities, with a strong emphasis on integrating women into the agricultural economy. Project Overview: […]