Nigeria’s electricity sector underwent a significant shift as the Nigerian Electricity Regulatory Commission (NERC) approved tariff increases targeting approximately 15% of consumers. This decision aims to reduce the strain on public finances by eliminating electricity subsidies for wealthier consumers. Following the announcement by presidential spokesperson Bayo Onanuga, the government moved swiftly to implement the tariff […]

Egypt and Ecuador are laying the groundwork for a strategic collaboration in the oil and gas sectors, as evidenced by the recent high-level meeting between Tarek El Molla, Egypt’s Minister of Petroleum and Mineral Resources, and Denys Toscano Amores, the Ecuadorian Ambassador to Cairo. During the meeting, Minister El Molla highlighted the vast potential for […]

The International Monetary Fund (IMF) has announced that Egypt’s access to its $8 billion financial program will hinge on the country’s commitment to allowing market dynamics to determine its currency’s value. Immediate disbursement of $820 million is scheduled for this week, with an additional $820 million contingent upon a review by the end of June. […]

The Central Bank of Nigeria (CBN) has unveiled a set of new minimum capital requirements aimed at strengthening the country’s banking sector. This move follows the recent call by the CBN for Nigerian banks to enhance their capital bases to ensure greater stability and resilience in the face of economic challenges. Under the revised guidelines […]

Dubai, March 28, 2024: Egypt’s cabinet has greenlit a robust budget of 6.4 trillion Egyptian pounds, equivalent to $135.39 billion, for the upcoming fiscal year 2024/2025. This budget, aimed at addressing economic challenges and fostering growth, demonstrates the government’s commitment to fiscal responsibility. The approved budget includes allocations of 636 billion pounds for social protection […]

Nigeria’s Central Bank, under the leadership of Governor Olayemi Cardoso, has taken decisive action to address the country’s escalating inflationary pressures. In its latest move, the bank announced a notable increase in the monetary policy rate, raising it from 22.75% to 24.75%. This strategic decision marks the second adjustment made by the Monetary Policy Committee […]

In Uganda, bamboo farming is experiencing a significant upswing, driven by both government initiatives and grassroots entrepreneurship. The hardy and fast-growing nature of bamboo has caught the attention of local authorities, who view it as a sustainable alternative to traditional timber sources, such as eucalyptus. This shift is particularly crucial for rural communities, where bamboo […]

Egypt and Singapore showcased their commitment to enhancing economic ties during the official visit of Singapore’s Foreign Minister, Vivian Balakrishnan, to Egypt on March 22nd and 23rd. Minister Sameh Shoukry hosted his Singaporean counterpart, emphasizing the shared goal of bolstering bilateral relations. Discussions centered on fostering investment opportunities, with Minister Shoukry highlighting Egypt’s commitment to […]

Egypt has taken a significant step forward in its economic reform agenda by implementing a fuel price adjustment, as part of its commitment to the International Monetary Fund (IMF) agreement established in November 2022. This move aims to harmonize domestic fuel prices with international energy markets. After facing delays in executing promised adjustments in the […]

Johannesburg, South Africa, faces an acute water crisis, leaving its residents struggling with severe shortages. Driven by scorching temperatures and neglected infrastructure, millions find themselves in desperate need of water. Over the past two weeks, residents, including Tsholofelo Moloi, have been queuing for water, relying on municipal tanker trucks for basic supplies. Dwindling reservoirs and […]