Uganda is intensifying its efforts to secure adequate oil supplies by diversifying its import routes, a strategy aimed at addressing persistent challenges in meeting its growing demand for petroleum products. The Uganda National Oil Corporation (UNOC) has recently expanded its importation efforts to include the port of Dar es Salaam in Tanzania, supplementing the traditional […]

In response to the ongoing crude oil supply challenges affecting Nigeria’s local refining capacity, the Independent Petroleum Producers Group (IPPG) has called on the Nigerian National Petroleum Company Limited (NNPCL) to utilize its allocated crude oil volumes to support domestic refineries. This recommendation comes amid increasing concerns over the country’s ability to meet its refined […]

Introduction In a move reflecting a favorable outlook on inflation and strong economic growth, Rwanda’s central bank has reduced its key interest rate for the second consecutive time. On August 21, 2024, the National Bank of Rwanda (NBR) announced a 50 basis point cut to its Central Bank Rate, bringing it down to 6.5%. This […]

Ghana has officially commenced the construction of a $12 billion petroleum hub, a monumental project designed to position the West African nation as a leading player in the regional and global energy markets. President Nana Akufo-Addo inaugurated the project on Monday in the southwestern city of Jomoro, marking the beginning of a venture that the […]

In a significant move aimed at bolstering Nigeria’s economy, the Oil and Gas Free Zones Authority (OGFZA) has initiated a strategic collaboration with the Nigerian Financial Intelligence Unit (NFIU). This partnership is expected to play a crucial role in attracting high-value foreign direct investment (FDI) and enhancing the transparency and compliance standards within Nigeria’s oil […]

The East African Community (EAC) Secretariat has raised concerns over the growing trend of partner states requesting stays of application of tax on products that are readily available within the region. This practice, while addressing immediate economic needs, is increasingly distorting intra-regional trade and complicating the implementation of the Common External Tariff (CET). Background and […]

Nigeria’s economic landscape is once again under the spotlight as the National Bureau of Statistics (NBS) reports a decline in the country’s headline inflation rate to 33.40% in July 2024, down from 34.19% in June 2024. This development marks the first drop in the headline inflation rate since December 2022, when the inflation rate was […]

In a strategic move to tackle the growing unemployment crisis among Nigerian youths, President Bola Tinubu’s administration has unveiled an ambitious initiative aimed at creating three million new jobs. Known as the 3 Million Technical Talent (3MTT) Programme, this initiative is positioned as a cornerstone of the administration’s broader vision of integrating youth development into […]

In a landmark collaboration aimed at bolstering Nigeria’s agricultural sector and addressing the nation’s food security challenges, a coalition of agro-allied commodities and cooperatives’ service providers has teamed up with the World Bank to roll out a six-year, $500 million food security programme. The initiative, announced on August 13, 2024, underscores the critical need for […]

The Central Bank of Nigeria’s (CBN) recent move to reintroduce the Retail Dutch Auction System (rDAS) has garnered significant attention and mixed reactions from analysts, economists, and stakeholders across various sectors. The reintroduction of rDAS, which was previously suspended in 2015, is part of the CBN’s broader strategy to stabilize the foreign exchange (FX) market […]