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 […]

In its pursuit of an integrated, prosperous, and peaceful Africa, the African Union’s Agenda 2063 outlines a vision driven by African citizens and emphasizes inclusive and sustainable development. For Africa to meet these development goals, the African Development Bank (AfDB) stresses that the continent must achieve sustained economic growth of at least 7% annually. However, […]

The Nigerian Economic Summit Group (NESG) recently concluded its landmark 30th annual summit, bringing together business leaders, policymakers, and stakeholders from across Africa and beyond to discuss Nigeria’s economic challenges and opportunities. With the theme “Collaboration for Action,” the event emphasized a unified effort to address the pressing economic issues facing the country and the […]

Impact of Electricity Tariff Hike on Nigerian Manufacturers The recent 250% increase in electricity tariffs imposed on manufacturers in Nigeria is having a crippling effect on the country’s industrial sector. The Manufacturers Association of Nigeria (MAN) has raised alarm over the rising energy costs, particularly for its members in Band A, who are now faced […]

Nigeria’s banking sector has increasingly relied on the Central Bank of Nigeria (CBN) for liquidity support, with banks borrowing $585 million (N930.7 billion) through the CBN’s Standing Lending Facility (SLF) as of October 11, 2024. This borrowing surge reflects growing liquidity pressures faced by financial institutions, as they struggle to meet customer withdrawal demands and […]

In a significant shift for South Africa’s financial and retirement landscape, the South African Revenue Service (SARS) announced that it has paid out 21.4 billion rand ($1.2 billion) in the six weeks following the enactment of the country’s “two-pot” pension reform. This development is poised to provide much-needed financial flexibility for South African workers, while […]

The recent gazetting of the remote work visitor visa and the introduction of a points-based system for work visas marks a significant milestone in South Africa’s immigration policy. This evolution aims to attract skilled and remote workers, offering a pathway to much-needed economic recovery and growth for the nation. These reforms, introduced by Home Affairs […]

The Nigeria Labour Congress (NLC) has issued a stern call for the Nigerian government to urgently reverse the latest increase in petrol prices, marking the third hike in less than a year. The rising cost of fuel continues to compound the economic pressures faced by citizens, igniting further frustration across the country. With inflation and […]